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Oyo Govt. Satisfied With Ibadan Inland Dry Port, Standard Rail Works’ Spate

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The spate of works at the Ibadan Inland Dry Port at Akinyele local government in Ibadan and the ongoing construction of Lagos-Ibadan railway track have been described as satisfactory by Oyo State government.

 

The Director-general, Oyo State Investment and Public-Private Partnership Agency, Hon. Segun Ogunwuyi made this assertion when he embarked on inspection of the two projects on Thursday.

 

Ogunwuyi, alongside officials of Nigeria Shippers Council (NSC) and the Railway Corporation of Nigeria took a ride of the standard rail from Ibadan to Lagos to ascertain level of work done after which they visited the Inland Dry Port at Akinyele.

 

He added that the two projects would positively affect economic activities and standard of living of the people of the State, as they would provide job opportunities for the youths while the rail transport would ensure easy movement of people and goods at a cheap cost

 

“We have taken a train trip to see the level of work done towards Lagos and back, we moved to the Ibadan Inland Dry Port as well and I can say the level of work done is satisfactory.

 

“These two projects are commendable as they are going to have a lasting positive effect on our people, you can imagine the number of people that will be directly and indirectly engaged in the activities of the Inland Dry Port and the consequential economic impact.

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“We all know also that rail transport is the cheapest, it will afford our people to move to and from Lagos with less cost, while goods will be transported with ease as cargo rail will be there to haul goods.

 

“Look also at the relief that will be there for the roads that have been overburdened by movement of heavy trucks and thereby make the roads quickly get spoilt,” he said.

 

Hon. Ogunwuyi reiterated that Oyo state would continue to nurse the good relationship between the State and the Nigeria Shippers’ Council so as to achieve the desired economic transformation, targeted by the Seyi Makinde administration.

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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