NIGERIA TO USE CHINESE MONEY TO REVAMP INFRASTRUCTURE

The Federal Government has announced that it will use $1.1 Billion borrowed from the Chinese Export Import Bank to finance the construction of 11 international airport terminals across the country; build a light rail line for its capital city, Abuja, and improve local communication systems. The minister of aviation, Stella Oduah, announced that the $550 million being earmarked for airports will be used to construct six commercial and five cargo terminals over the next two years. Abuja, Enugu, Kano and Port Harcourt and Lagos are set to benefit from the loan.

The light rail project, expected to cost $500 million, will transport commuters from Abuja's suburbs and neighbouring Nasarawa state to the city's international airport, while another $100 million will be used to improve Nigeria's internet capability.

Can you read in between the lines? The Chinese are penetrating Africa real good.

Comments

Ogun plans low cost housing scheme

The Ogun State Housing Corporation has said that it is planning to deliver low and middle income housing estates across the state. In a statement, the corporation said its flagship scheme, Plainfields Estate, was already being developed as a community housing prototype that would provide the citizens an opportunity to buy into its plan over the next few years. According to the statement, the estate will, upon completion, have a variety of apartment units. The statement read in part, “The corporation will deliver houses and serviced plots across the three senatorial districts, but will avoid a blanket approach. “This means that these projects will be tailor-made to suit the needs of the locality and the market. Everyone who has recognisable means of livelihood in the formal and informal sectors is qualified to buy. “However, the corporation is keen to help those who need mortgages and who are first time buyers. Because our objective is to encourage home owne...

Informal sector leads job creation in Nigeria

According to the International Labour Organisation (ILO), Africa’s working-age population is estimated to have reached over 490 million in 2012, representing a quantum leap of 259% since 2000 at an annual compound growth rate of 2.8%. Therefore, employment of the continent’s teeming labour population is key to economic development within the region and indeed, globally. Sub-Saharan Africa’s absorption of its working-age population in employment compares favourably to other regions as contained in the ILO’s 2013 global employment trends report.Subsequently, total estimated number of jobs created in the Nigerian economy for the first quarter of 2013improved by 12% over the previous quarter. This development, in line with the latest job creation report released by the National Bureau of Statistics (NBS), indicate that 174, 326 new jobs were added to the nation’s economy. Overall, conducting quarterly labour force surveys is a positive trend for Nigeria considering ...

Quick fixes for quick profits in real estate

It has been said several times that ‘ideas rule the world’ and this holds true in real estate investing as well. We want to examine a time-tested idea that guarantees quick turnaround time and good returns on investment in most real estate markets. We’ll be examining guidelines for making a good return in rehabilitating and selling properties. First, you need to find a property that is in need of repairs or renovation but is located in a good area.

Rullion's Blog

Search This Blog