Federal government will toll all major roads in the country upon completion of construction and renovation because Nigerians are ready to pay for good roads once their safety and convenience are guaranteed, according to Dave Umahi, minister of Works.

Dave Umahi, minister of Works

“We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.

He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others.

The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”.

Umahi said private sector members have been engaged “to bring in funds, construct these roads, work with the Infrastructure Concession Regulatory Commission and the Ministry of Works to toll these roads”.

The minister said the government would start with the Keffi-Makurdi Road that has been completed, stating that his ministry has been engaging with the Ministry of Finance for a paperless mode of payment.

He said, “For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos. These roads are going to be tolled. But we are not just tolling them, we are bringing confidence in the use of these roads.

“If people can travel at night because we are bringing security, where the response time will be 10 minutes on the entire corridor, where you have solar light permanently there and then reduce travel time, and through the tolling, the roads are maintained, then, there will be confidence because Nigerians will pay if the roads are good.”

He said before now, road developments have not been handled as investments but the administration of President Bola Tinubu has been handling road developments more professionally.

He said the present administration inherited a total of 300 damaged roads and bridges, adding that more road constructions would commence from October 1, 2024, across the six geopolitical zones of the country.

Afrinvest (West Africa) Limited (“Afrinvest”), a leading investment management holding company acting through its wholly owned subsidiary, Afrinvest Asset Management Limited, a fund manager licensed by the Securities and Exchange Commission (SEC), has announced a strategic integration with Western Union, a global leader in money transfer services.

The integration, according to a statement, enables Nigerians in the diaspora to remit funds directly for financial investments through the Optimus by Afrinvest investment platform.

This integration, a first for Western Union with a partner company in Africa, enables Nigerians to remit funds from nearly every country worldwide for financial market investments in Nigeria without relying on family, friends or other intermediaries.

“We are thrilled to integrate with Western Union to bring this groundbreaking service to Nigerians in the diaspora. This integration aligns perfectly with our mission of simplifying investment, improving access to investment opportunities, and guiding people on how to create wealth.

“By providing a direct channel to remit funds for investment, we are making it easier for Nigerians in the U.S., U.K., Cameroon, Ghana, Canada or wherever Western Union operates worldwide to create wealth while participating in the growth of the Nigerian economy,” said Chief Executive of Afrinvest Group, Dr. Ike Chioke.

Ayodeji Ebo, Chief Business Officer of Optimus by Afrinvest, said, “We are excited to offer a robust, convenient, and secure platform for Nigerians to access a wide range of investment options that suit various risk appetites and nancial goals. Optilock, our high- yield investment plan returns as high as 20% and 7% per annum for the Naira and Dollar options, respectively.”

He said, “the Nigeria International Debt Fund offers investors with low to medium risk appetite access to longer term fixed-income securities like FGN Bonds, Corporate Bonds and selected money market instruments. Investors who opt for the Afrinvest Dollar Fund get access to Eurobonds and other dollar-denominated securities.”

PayU GPO has announced the appointment of Eze Ugochukwu as Country Manager in Nigeria. As part of PayU’s strategic investment and expansion in Nigeria, Ugochukwu’s appointment underscores our commitment to growth and innovation in the market.

Ugochukwu – who has extensive fintech experience spanning 17 years – has served as PayU’s Director/Product Manager in Nigeria for nearly a decade, leading in the conceptualization and development of customer centric solutions critical to the market.

PayU Africa CEO Karen Nadasen stated, “Nigeria is a pivotal and rapidly growing economy for the African region, offering immense opportunities for digital payments and e-commerce expansion.”

“Ugochukwu’s appointment is testament to our investment in this market, as his experience and leadership will mark an exciting era of digital technology driving wider financial inclusion.”

As Africa’s biggest e-commerce market, Nigeria is primed for greater growth, as consumer spending and revenue is set to continue in its rise, and along with it will be the growth of the payments industry in enabling convenient and seamless payments processing.

Beyond appointing a new Country Manager, PayU plans to hire 10 developers in Nigeria to boost local tech capabilities within the country and drive growth and innovation.

Further, the online payment service provider plans to enhance local infrastructure to reduce data costs, and boost technology and talent as part of its long-term investment in the country.

“At PayU, we are dedicated to broadening our local services and capabilities and strengthening our foothold in Africa. We remain steadfast in our mission to offer the best in efficient alternative payment methods that cater to the needs of consumers in each market,” Nadasen added.

PayU prides itself in having local expertise with a global reach, offering seamless online payments services in over 50 emerging markets.