CBN Governor Inspects Lagos Free Zone Port

Expresses Confidence Facility Will Solve Perennial Traffic Congestion On Apapa & Tin Can Island Ports Access Roads.

The Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele is confident that with the completion of the Lagos Free Zone Port, the perennial traffic decongestion on the Apapa and Tincan Island ports roads would be a thing of the past.

Speaking on Sunday during an inspection of the project at Ibeju-Lekki area of Lagos State, Mr Emefiele underlined that one of the biggest problems in Nigeria is congestion at Apapa and Tincan Island Ports.

He however stated that government has been doing everything possible to tackle the problem with the Lagos Free Zone Port that is nearing completion, being one of the interventions.

Mr Emefiele, who expressed regret that the only single road in the Lagos free zone area which is the Lagos-Epe-Lekki road, was already congested with traffic, stressed that the condition would likely worsen when the Dangote refinery which is on that axis starts operations.

The Governor stressed that the newly established Infraco, aimed at accelerating the provisions of critical infrastructures through engagement with the Lagos State and the Federal Government would go a long way in sustainably decongesting traffic in the area.

The CBN Governor said the bank would be working with Lagos State and federal government to ensure the vision of the Free Zone Port is achieved.

Emefiele said “N100 billion from CBN intervention under the Differentiated Cash Reserves Requirement (D-CRR) or through the Commercial Agriculture Credit Guarantee loan has been injected to the Tolaram group, a holding company headquartered in Singapore with diversified business interests in consumer goods, fintech, infrastructure and industrials”.

The CBN Governor further stated that the Lagos Free Zone is a project of about $2 billion, which is about N1 trillion and the Apex bank has done about N100 billion, which is percent.

“You can see we have sown a seed and we have also given support through making foreign exchange available for them to bring in the equipment to get this port operation to work well.

“We will support any entrepreneurs who wish to do business in Nigeria. We will provide Naira funding and also advise that if your revenue is in Naira you go and take cheap Naira loan instead of dollar, 10 years loan, two years moratorium and single digits interest rate maximum 9 percent”.

Mr. Emefiele also promised that the bank would ensure it did everything possible to make the environment friendly for companies and businesses to thrive.

The Lagos free trade zone which is being constructed on 850 hectares of land at Ibeju-lekki that was acquired about 15 years ago, is expected to commence operations in September this year.

Story by Ebere Obike

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