|
The contributions of the real estate and construction sector to Nigeria’s real Gross Domestic Product increased by $19.3bn in the fourth quarter of 2022, according to the latest GDP report released by the National Bureau of Statistics.
The sector’s GDP contribution rose to $62.8bn despite high-interest rates, inflation, and cost of building materials, amongst other challenges, faced last year. The report showed that construction services raked in $12.4bn while real estate contributed $6.7bn to the GDP in the fourth quarter. More details at: https://punchng.com/real-estate-construction-sectors-add-n8-9tn-to-gdp-report
0 Comments
BUA Cement Plc, yesterday announced that it would commission its three million metric tons (MT) Sokoto Line 4 cement plant and 48 megawatts (MW) power plant today.
The group Chairman of BUA, AbdulSamad Rabiu announced the commissioning on the group’s official LinkedIn page. According to him, the event would also see the ground-breaking of the three million metric ton line 5 by President Muhammadu Buhari… More details through: https://dailytrust.com/bua-to-commission-3m-ton-sokoto-cement-48mw-plants-today The construction of N1.13 trillion ($2.016 billion) Ibom Deepsea Port project has been shifted to 2022 after it was delayed for two years.
The construction of the port was slated to begin in 2019 and scheduled for completion in 2021. However, the state government failed to start the project after the Federal Executive Council (FEC) granted approval for the construction in 2018. The Governor of Akwa Ibom State, Udom Emmanuel, said during the presentation of the state’s 2022 budgetary outlay of N582.115 billion that government would commence the construction of Ibom Deep Seaport and development of the Ibom Industrial City to complement government efforts in the creation of enduring structures for 300,000 jobs, wealth creation and increased Internally Generate Revenue (IGR)… More details through: https://www.newtelegraphng.com/construction-of-n1-13trn-ibom-port-to-commence-in-2022/ A $600m pact has been signed for the building of cement and power plants in Moba, Kogi State scheduled to be completed in early 2024.
Chief Executive of Mangal Industries Limited, Engr Fahad Mangal, in a statement on Thursday, said the Mangal Industries had signed an agreement with a Chinese Firm, Sinoma, for the construction of three million metric tons per year cement plant and 50 megawatts captive power plant in Moba, Kogi State. He explained that the project is part of an “ambitious investment programme” to be implemented by Mangal Industries Limited… More details through: https://dailytrust.com/new-kogi-cement-power-plant-projects-to-gulp-600m Allott Consulting Nigeria Ltd on Tuesday announced the commencement of an environmental and social impact assessment of the proposed 2,854 kilometres Kano to Maradi Rail track project estimated to cost $1.9bn. This was disclosed at a stakeholders’ engagement workshop held in Kano.
The Managing Director of the consulting firm, Attahiru Usman, said the routes selected are located in western Kano, linking Lagos and Niger-Nguru, which will also link the northern states to the eastern part of the country… More details through: https://punchng.com/contractors-begin-preliminary-work-on-1-9bn-kano-niger-republic-rail-line/ BUA Group, one of Africa’s leading industrial companies, is set to commence the construction of a 2,000tons/day Plaster of Paris (Gypsum Powder) production plant. This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the world’s leading equipment suppliers for plaster production, for the supply the plant equipment. Upon completion in 2022, BUA’s P.O.P (gypsum powder) production plant will be Nigeria’s largest plaster (gypsum powder) production facility.
Speaking at the signing ceremony, BUA Group Chairman, Abdul Samad Rabiu, said that the signing marked another milestone in the Group’s journey to becoming Africa’s leading manufacturing and infrastructure Company… More details through: https://www.sunnewsonline.com/bua-mmm-erba-of-turkey-sign-agreement-on-2000tons-day-plaster-plant/ The African Development Bank (AfDB) says the $430 million highway project linking Enugu to Bamenda in Cameroon will be completed this year. The bank, in a statement issued on Monday, said that it was part of its investments in West Africa which currently stood at $16 billion.
The statement quoted the President of AfDB, Dr Akinwunmi Adesina, as disclosing this in a speech at the 59th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Ghana. According to Adesina, the $430 million-highway project will transform trade opportunities between the two countries… More details through: https://www.sunnewsonline.com/430m-enugu-cameroon-highway-project-ready-this-year-afdb/ The Lagos State Government is completing modalities for the award of contract for the Fourth Mainland Bridge. The government gave an assurance on Tuesday that by December, the reserved and preferred bidders would be known, the News Agency of Nigeria reports.
Governor Babajide Sanwo-Olu’s Special Adviser on Works and Infrastructure, Mrs Aramide Adeyoye, made the disclosure during a ninisterial press briefing to mark the second anniversary of the Sanwo-Olu administration… More details through: https://punchng.com/lagos-to-award-fourth-mainland-bridge-contract-december/ Dangote Cement Plc, Africa’s biggest producer of the building material, will ramp up capacity by more than a third to meet Nigeria’s burgeoning demand as the economy recovers.
“We are expanding capacity from about 50,000 tons a day at the beginning of the year to 70,000 tons a day at the end of the year,” Edwin Devakumar, group executive director at Dangote Industries Ltd., said by phone. The cement manufacturer, owned by Africa’s richest man Aliko Dangote, is reactivating idle capacity at its Gboko plant, in Benue state, because of a 40% increase in demand in Africa’s largest economy, in the past seven months, Devakumar said… More details through: https://www.bloomberg.com/news/articles/2021-04-23/africa-s-top-cement-maker-boosts-capacity-to-meet-demand-surge Governor Babajide Sanwo-Olu of Lagos State on Thursday performed the groundbreaking for the first phase of the Lagos Rail Mass Transit (LRMT) Red Line project to improve mobility, promote economic growth and enhance the living conditions of the people.
The construction of infrastructure for the standard gauge Red Line which would share tracks with the Lagos-Ibadan Railway Modernisation Projects is divided into two phases. The Red Line is a 37-kilometre railroad with 12 proposed stations. According to the governor, the first phase will cover Oyingbo to Agbado with nine stations. Three of the stations will be constructed with the Lagos – Ibadan Railway Modernisation Projects by the federal government at Agbado, Agege and Ebute Metta Junction… More details through: https://dailytrust.com/sanwo-olu-launches-lagos-rail-project |
Categories
All
Archives
May 2023
News Archive from before July 2018
|
RSS Feed