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Access Bank Pledges Sustainable Growth and Economic Resilience in Lagos through Landmark Trade-Enabling Projects

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1 year ago

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Access Bank Pledges Sustainable Growth and Economic Resilience in Lagos through Landmark Trade-Enabling Projects

 

 

 

Leading financial institution, Access Bank PLC has entered into an agreement with the African Export-Import Bank (Afreximbank) to support and finance key trade-enabling projects in Lagos State to the tune of $1.352 Billion.

 

 

 

The signing ceremony, which took place on the sidelines of the 2023 AfriCaribbean Trade and Investment Forum in Georgetown, Guyana, had in attendance key delegates including the Executive Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Bank PLC, Herbert Wigwe; Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, and more.
Commenting on the agreement, Herbert Wigwe, Group Chief Executive Officer of Access Holdings PLC, said, “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the continent’s trade potential. Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.

 

 

Access Bank Pledges Sustainable Growth and Economic Resilience in Lagos through Landmark Trade-Enabling Projects

 

 

“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue (IGR) in order to spur the growth in its GDP and achieve widescale economic resilience. Across the Access Group, we will continue to make deliberate effort towards championing sustainable initiatives that will change the global narrative about Africa and Africans,” Wigwe added.

 

 

 

 

Some of the legacy projects highlighted in the collaboration include the Fourth Mainland Bridge, the second phase of the Blue Line Rail, the Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe.

 

 

 

 

Speaking at the signing ceremony, Dr. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network. The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an intra-continental trade investment development frontier as it is only through supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realize the potential value of its much-vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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19 hours ago

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December 21, 2024

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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1 day ago

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December 21, 2024

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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2 days ago

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December 20, 2024

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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