In Nigeria, the Lagos state government has revealed plans to raise N100billion ($290 million) in bond offering to finance critical infrastructural projects in the state, according to the Commissioner of Finance, Economic Planning and Budget, Akinyemi Ashade.
“We have a lot of projects in the area of tourism. We have the facelift of Lagos Marina, Onikan, and the construction of about six theatres in the state. We also have stadium to be constructed in order to engage the youths. We have key roads to be constructed also. We have the elderly care homes and other projects. We will focus on special taxes, consumption taxes, and find out other ways which would help us in furthering the 2018 budget,” he said at the 2018 budget consultative forum organized by the Ministry in Lagos.
He added that the state government was aware of the huge infrastructural deficit in the budget adding that the state has a very stable revenue base, but the challenges are huge. “In terms of Foreign Direct Investment (FDI) the numbers are not in. But Lagos is a viable destination for investment. We know that there are quite a lot of projects that foreign investors are involved in. We always are open for business.”
According to him, in 2016 the state raised about N47billion ($136 million) through bond offerings.
Anita Fatunji
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...
Nigeria’s government launched a partnership to integrate digital literacy into rural primary and secondary schools. The initiative aims to tackle...
• Rwanda cut multidimensional child poverty nearly in half among 5–14-year-olds—from 25.3% to 11.9% between 2016 and 2024.• Free basic education and...
South32 plans to revise its 2026 production forecast for the Mozal aluminium smelter due to unresolved energy supply negotiations. The current...
The world’s renewable energy capacity grew by 582 GW in 2024 but still falls short of the 2030 tripling target. Africa’s renewable capacity...
Malawi’s Mount Mulanje and Cameroon’s Diy-Gid-Biy added to UNESCO World Heritage List Africa still holds 25% of endangered sites, despite recent...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...