Business
Sanwo-Olu Flags Off Construction Of Logistics Hub In Epe
Lagos State government has flagged off the construction of what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
Lagos State government has flagged off the construction of what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
Governor Babajide Sanwo-Olu, on Wednesday, performed the sod turning at the site of the facility being built on 1.2 million square metres of land in Ketu-Ereyun, Epe.
Establishment of the food park is a component of an audacious five-year Agricultural and Food Systems Road Map (2021–2025) launched last year by the Sanwo-Olu administration to enhance food sufficiency in Lagos.
When completed, the central food and logistics hub is expected to create direct wealth for more than five million traders in the agricultural value chain, while guaranteeing uninterrupted food supplies to more than 10 million Lagosians, at least 90 days, in a period of scarcity.
The hub will have storage facilities for more than 1,500 trucks that will daily service the needs of thousands of operators within food value chain throughout the year, while large commercial transactions would be processed in the facility.
Besides, Sanwo-Olu visited the site of the State-owned Neuro-Psychiatric Hospital in Ketu-Ereyun, where the Governor inspected the level of construction work on the project.
Transactions on food items in Lagos are estimated to be N5 trillion yearly, just as farmers daily lose 40 per cent of produce worth millions due to lack of post-harvest storage system.
Sanwo-Olu said the central food hub would guarantee greater returns for farmers and investors in the agro-allied sector, as the facility would cut out several layers of middlemen and facilitate improved access to modern processing and packaging services.
The Governor said market matrix generated from the facility would help the Government generate useful data for public planning and for the use of private sector players to project investment.
He said: “Today’s flag-off of the Food Security Systems and Central Logistics Park is proof of our administration’s commitment to addressing the challenges of stakeholders in the Agri-space and giving hope to the people through improved quality of life. I make bold to say this is one of the most important interventions in agricultural sector that Nigeria has ever seen. The fact that this project is taking off in Lagos, the fastest-
growing sub-national entity, means that it is bound to have significant national, regional, and continental impact.
“This hub will provide a better buying experience for consumers, help achieve a reduction in logistics costs, while guaranteeing the standardisation of quantity and quality for agricultural products. It also will improve productivity, guarantee greater returns for farmers, by cutting out several layers of middlemen. It will facilitate improved access to modern processing and packaging services for farmers and generate useful data for the use of government agencies, private sector players, and multilateral agencies.”
Sanwo-Olu said the choice of the location for the project was strategic, given its easy access and proximity to agrarian settlements. He said the State had secured a well thought out funding scheme to kick off the project, which he promised will be delivered in last quarter of 2024.
Lagos agricultural road map, the Governor said, sought to take full advantage of all value chains in which the State has competitive and comparative advantages, with a view to scale up self-sufficiency in food production from 18 to 40 per cent.
The Governor said the hub, when completed, would add to the catalogue of life-changing projects sited within Epe Division, which include 32-metric tons per hour Rice Mill in Imota, Agbowa-Ikosi Timberville, and Ketu-Ereyun Psychiatric Hospital, among others.
“The development of this all-important Central Logistics Hub will be achieved through a collaboration between the State Government and the private sector and will be implemented through a Design-Build-Finance-Operate-and-Transfer model. At every step of the way, we will be counting on the contributions of the private sector, in terms of financing and technical advisory and support,” Sanwo-Olu said.
Commissioner for Agriculture, Abisola Olusanya, said the current global food shortages were parts of the harsh consequences of climate change and global warming, which, he said, had led to economic instability in some countries.
The Commissioner stressed that a continuous disruption in food distribution sequence could portend catastrophic consequences on security of the people, pointing out that Lagos initiated the agricultural plan to protect its residents from the effects of food shortages. The only way forward, she said, is to build a resilience that will protect Lagos.
“Upon completion, the Central Food and Logistics Park will unleash the potential in both the upstream and downstream of agricultural sector. This project will further reaffirm the leadership of Lagos as the first destination for agricultural produce along the West African corridor,” Olusanya said.
The project partner, Origin Group, assured the first phase of the project, which requires building storage facilities, would be delivered in the next seven months.
The hub will be operated on off-grid power source of 900 megawatts, and is expected to provide 16,000 direct jobs.
Amenities that will come to the facility include aggregation facilities, administrative offices, trading area, packaging facilities, processing facilities, cold chain/dry goods services, and logistics services.
Others are trailer park, water treatment plant, health centre, fuel station, fire station, abattoir and lairage.
Business
We’ve commenced fuel lifting from Port Harcourt, Warri refineries – PETROAN
The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.
The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.
This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.
However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.
According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.
“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”
The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.
“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.
Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.
Business
Dangote refinery slashes petrol price to N890/litre
Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.
The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.
Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.
Business
SA billionaire Johann Rupert maintains Africa’s richest man record, Dangote New position revealed
South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.
According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.
His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.
Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.
-
News1 week ago
Uvisuals Studios and Ark and Rainbow Development Foundation screens short film – LOTUS
-
News1 week ago
Four arrested in Anambra for burning 74-yr-old woman to death
-
News1 week ago
2027: I’m not against coalition – Peter Obi
-
News6 days ago
LAGOS BEGINS 3-DAY FREE HIV TESTING AND COUNSELLING SERVICES IN 19 RIVERINE COMMUNITIES
-
Politics1 week ago
Osun 2026: Aregbesola, political family dump APC
-
News1 week ago
Remedy Yange, EFCC Operative, Dies Suddenly on Lagos Street
-
News1 week ago
You’re bloodthirsty tyrant – Reno Omokri links El-Rufai to killings in Kaduna
-
News1 week ago
Afe Babalola withdraws suits against Farotimi