Ehingbeti 2014: UK Trade And Investment To Support Lagos Development

mike purvesThe Director of UK Trade and Investment, Mike Purves has said that part of the reasons he was at the Lagos Economic Summit, Tagged Ehingbeti 2014 was to see how the UK could help in partnering and developing Lagos State in terms of investments.

He stated that his industry had a strong relationship with the Lagos State Government and which will help encourage investors from the UK to come and invest in the state.

He emphasized the importance of partnership between the UK Government and Lagos State Government.

Speaking on Channels Television Business Morning, Mr. Purves gave assurance of his support in the development of Lagos.

Focusing on power, agriculture, housing and transportation, Mr. Purves insisted that investment can only develop when there is a strong partnership between the two countries.

He noted that there had been a high increase of UK companies coming to Lagos to invest, assuring that when he gets back to his country, talks would begin between both countries on how to further expand the relationship.

Ehingbeti2014: Commissioner Highlights Importance of Power To Tourism

commissioner olusolaThe Lagos State Commissioner for Commerce and Industry, Olusola Oworo has said that power is the main enabler for economic development for any state and Nigeria as a whole.

She disclosed that Lagos State has embarked on three power plants and two others are being worked on at the moment.

In terms of Commerce and Industry, she mentioned that the Lekki Free Trade Zone would be used as a tourism sight but stated that one of the main challenges was power.

She added that investors had been seeking to invest in the resort center but power remained one of the factors affecting the investment because power can only be generated in a limited quantity following the current regulation.

Speaking on Channels Television programme, Business Morning , which held live from the venue of the Lagos Economic Summit tagged ‘Ehingbeti 2014’, the Commissioner revealed plans for the Lekki Free Trade Zone, stating that her industry was putting a 24megawatts plant but would be doing this in two phases, starting with 12megawatt plant which would be powered by Compressed Natural Gas (CNG).

She also mentioned that there were key infrastructural projects coming up along the Lekki axis such as the Deep Sea Port, refinery and petrol-chemical plant, proposed international airports.

The Commissioner advocated the need for natural gas to get to the Lekki axis to help in powering these key infrastructure development projects, noting that one of the essence of the summit was to look at how to get natural gas to Lekki.

She also revealed that Lagos State was working on having three enterprise zones because of the SMEs, as Ikorodu, Lekki and Badagry would be provided with power and would be metered.

Ehingbeti 2014: Fashola Reaffirms State’s Readiness For Private Partnership In Power Sector

gov. fasholaThe Governor of Lagos State, Babatunde Fashola, has said that the essence of the Lagos Economic Summit, tagged Ehingbeti 2014 was for the private sector to draw the attention of the Government to places where its activities would enable the private sector achieve its potential in terms of delivering of service, provision of opportunities and growth of the economy.

Speaking on Channels Television breakfast programme, Sunrise Daily, Governor Fashola said that the summit which holds bi-annually was to check the progress of the resolutions carried out in the previous summit and how they had been implemented.

In an effort to further emphasize its mission to encourage more private sector involvement in the development of Lagos State, Governor Fashola spoke about different areas of the state’s economy, providing insight into his administration’s efforts at creating a conducive environment for investment.

Power generation came to the fore, being the focus of Ehingbeti 2014. He stated that the distribution and generation of power were now in the hands of the private sector, which makes it easier for people that have investments in the sector.

Governor Fashola disclosed that for about 4 years, Government had invested in a transformer manufacturing company in Badagry, and this was because they anticipated that when power generation ultimately became sufficient, there would be need to get power into homes, which called for buying of cable, transformers, and meters to measure the power.

He stated that a large number of these assets had been imported into the country but Nigerians could not wait to have power supply in their homes, unaware that “after these assets come into the country there might not be transformers”, but the good news was that “ transformers are now produced in the country.”

The Governor also revealed that the Akute Power Plant now enables the powering of Iju Water Works and increases the utilization capacity of the water works, “Power that should have gone to Iju is now available on the grid for the supplier to deal with and distribute to the ordinary consumer”.

Governor Fashola further mentioned the Alausa Power Plant which he said had freed off 10megawatts of power demand by government from public power.

He noted, “Power is available on the grid and should go ordinarily to private citizens” and according to him, the same goes to the State House, High Court, Magistrate Court, 14 schools, adding that his government had supported some other public amenities that were not state owned, like churches, police formations amongst others.

He also mentioned that in about 6 years, his government had been able to develop three independent power plants, with two more to be completed in Lekki and Ikeja, and for the sustainability of its efforts, he urged that Nigerians should conserve power, “People must shut down appliances that they are not using , it saves money in your pocket.” He also emphasized the need to save water, urging the media to help preach the message.

Speaking on the Resident Registration Exercise, Governor Fashola stated that the exercise was essential and useful for the power sector and telecommunications, to enable them know where their customers and consumers are, noting that it would also require auditing.

“This exercise will require auditing of information for future purposes”, he said.

On the recent controversies surrounding the payment of toll at the Lekki area of Lagos, Gov. Fashola said that the Lagos State Government had appealed the court judgement stopping it from collecting toll at the Lekki-Ikoyi bridge, and had asked for an order to stay execution of the judgement. He explained that when a party is applying that the enforcement of a judgement should be stayed, it is technically a suspension of the enforcement of  that judgement until the court determines if the application would succeed.









Saakashvili Urges Private sector To Open Market For Investment

saakashviliThe former president of Georgia, Mikheil Saakashvili, has urged the private sector in Nigeria not to limit the sector but to open it for more investors to come in and invest.

He advocated the legalisation of power tariffs and urged the Energy Regulatory Commission (ERC) to ensure that tariffs provided by private power companies were not speculated, pointing out, however, that margins should be left for private companies to be profitable.

Speaking on Wednesday at the ongoing 7th Lagos Economic Summit, Ehingbeti2014, President Saakashvilli said electricity could come from two supplies, gas power station and hydro power, insisting that monopoly should not be given on supply.

“Its very important not to give anybody monopoly on your supply,” he cautioned.

Giving his experience as the former president of Georgia,  he condemned corruption and stressed the need for justice, explaining that the punishment of corrupt public office holders would go a long way in ending corruption in Nigeria.

He further stressed that he inherited a corrupt system that triggered the privatisation of the hydro power sector to prevent more corrupt practices in the system

Mr Saakashvilli advised Nigerians to desist from corruption, as it brings dishonesty and lack of trust in the leadership.

He further urged the public and private sectors to invest in power to enable Nigerians have consistent power supply.