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Lagos Reiterates Support For The Construction Industry

The Governor stated this during the official opening ceremony of the ‘Big 5 Construct Nigeria’ at Landmark Centre, Victoria Island, Lagos

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Lagos State Governor, Mr. Babajide Sanwo-Olu has reiterated his administration’s determination to continue to support the construction industry by planning, coordinating and facilitating strategic investment in infrastructure that will produce the foundation for the long-term growth of the State.

The Governor stated this during the official opening ceremony of the ‘Big 5 Construct Nigeria’ at Landmark Centre, Victoria Island, Lagos, adding that Lagos State was very fortunate to be hosting such an array of experts knowing the critical role that construction and provision of infrastructure play in achieving sustainable socio-economic development, especially in a fast-growing and highly competitive global economy such as Lagos.

Sanwo-Olu, represented at the event by the Special Adviser on Works and infrastructure, Engr. Aramide Adeyoye declared that the State has a target to generate a strong economic base for the productivity of the people with its attendant impact on employment and innovation and a target to make Lagos the preferred investment destination in Africa.

In his words: “The Big 5 Construct Nigeria is West Africans’ largest event which has continued to attract more participants every year. This annual event has brought together buyers, suppliers, influencers, decision-makers and innovators, experts and educators from Nigeria and beyond. This year’s event parades investors from all works of life and countries such as Kuwait, Turkey, Dubai, China and Saudi Arabia among others”.

While acknowledging the opportunity and benefits that the event presents, he maintained that without adequate and quality infrastructure, it will be impossible to create jobs at the rate required to engage the growing population of the youths.

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While commending conveners of “The Big 5 Construct Nigeria” for sustaining the annual exhibition, the Governor averred that it has always been an event to look forward to, being an excellent platform to network with professionals, visitors, exhibitors and construction industry experts as well as to better understand the construction opportunities in Nigeria.

Also speaking at the event, Builder Adeniyi Andrew Abiona (MCIOB, FMP), Project Coordinator, Southwest Zone Projects, Royal Builders Limited, emphasized the importance of Quality Control and ISO standardization in the built sector, enjoining participants to be conscious of delivering building infrastructure in terms of quality.

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Abuja stampede: Wike orders free treatment for victims

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Minister of the Federal Capital Territory, FCT, Nyesom Wike, has mandated government hospitals to provide free treatment to the people that sustained injuries during a stampede at the Holy Trinity Catholic Church in Maitama, Abuja.

This was contained in a statement by his Senior Special Assistant on Public Communications and New Media, Mr Lere Olayinka, on Saturday in Abuja.

Gakeeper recalls that at least 10 people, including children died, while 10 others sustained injuries to the stampede on Saturday during the distribution of food items to less privileged and the elderly by a Catholic church in the Maitama Area of Abuja.

According to Wike, the FCT Administration would ensure that the injured received adequate medical attention.

He sympathized with the victims and directed that henceforth, police permission should be obtained by individuals or organizations planning public distribution of palliatives, either food items or cash.

While describing the incident as painful, the Minister prayed for the repose of the souls of the lives that were lost and fortitude for their families to bear the irreparable loss.

He applauded the police and other security agencies for their prompt intervention.

“The promptness in which security agencies responded to the incident was commendable,” he said.

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Ibadan stampede: Tinubu mourns victims, demands investigation

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President Bola Tinubu has mourned the victims of the stampede at a children’s funfair in Ibadan, Oyo State, which claimed several lives and left many others injured.

Gatekeeper reports that a day after the tragic incident, 35 minors have been confirmed dead.

In a statement by his spokesman, Bayo Onanuga, the President extended his condolences to the government and people of Oyo State and, particularly, to the grieving families who have lost their children in the unfortunate event.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly.

“The President extends his heartfelt condolences to the Government and people of Oyo State, as well as to the grieving families who have lost their beloved children.

“In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event,” the statement read.

The President stressed that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.

Tinubu also urged the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.

He reiterated his administration’s commitment to the safety and well-being of children, arguing that no event should ever compromise their safety or take precedence over their lives.

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Nigeria’s $42bn external reserves can finance importation for at least 9 months — CBN

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The Central Bank of Nigeria, CBN, on Wednesday, in Abuja, announced that the country’s external reserves of $42.01 billion can finance the importation of goods and services for more than nine months.

The apex bank also assured Nigerians of improved economic prospects in 2025.

CBN Governor Olayemi Cardoso disclosed this while presenting the bank’s performance index report to the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East).

According to him: “External reserves rose from $38.35 billion as of September 30, 2024, to $42.01 billion as of December 12, 2024.

“The increase in external reserves during this period was largely driven by receipts from crude oil-related taxes and third-party inflows in Q3 2024.

“We maintained a current account surplus and witnessed remarkable improvements in our trade balance.

“Our external reserves level can finance over 9.09 months of imports of goods and services or 13.91 months of imports of goods alone. This is significantly higher than the international benchmark of three months and provides a robust buffer against economic shocks,” he explained.

On the issue of cash shortage, the CBN governor reiterated the implementation of a new policy imposing a fine of N150 million on any bank branch found engaging in the illegal distribution of new naira notes to currency hawkers or other unscrupulous individuals.

He also expressed confidence that Nigeria’s economy would improve in the 2025 fiscal year through policies and measures already implemented.

“Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism.

“The gradual stabilisation of the forex market, ongoing banking sector recapitalisation, and positive growth trends in key sectors—especially the services sector—indicate a path toward recovery and stability,” he said.

The chairman of the committee, apparently impressed by the presentation, remarked that the CBN governor deserved a round of applause—although applause is not permitted in the Senate chamber.

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