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Government earmarks N90b for special economic zones, to earn $200b from Lekki Deep Seaport

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The Federal Government yesterday said that it had in the past two budgets provided an aggregate of N90 billion for the development of special economic zones.It said the Lekki Deep Seaport project is in line with the objectives of creating such economic zones.

Also, barring any unforeseen circumstances, Nigeria is expected to rake in over $200 billion from the operations of the deep seaport as President Muhammadu Buhari expressed commitment to a conducive-business environment that would aid investments.Buhari, who spoke yesterday during the flag-off of the construction of the Lekki Deep Seaport, represented by Vice President Yemi Osinbajo, said when completed, the project would generate up to 170,000 direct and indirect jobs in the economy.

Minister for Transportation, Rotimi Amaechi, commended the Nigerian Ports Authority (NPA), Tolaram Group and China Harbour for the development of the landmark project.Amaechi said: “This will be the first deep seaport in Nigeria. What we have had are river ports. This will help to improve the capacity of Nigerian ports with modern procedure.He said the ports concession agreement covered 45 years on a build, own, operate and transfer basis.
Meanwhile, Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, has said that the vision of the NPA is to provide the enabling environment for Nigeria to have the best ports in Africa and the event moves the nation closer to that reality.

She said: “Funding for the Lekki Deep Sea Port project is structured at equity and debt ratio of 20:80 respectively. And in line with the commitment of the Federal Government to promote private sector investment, the NPA has a fully-paid five per cent minimal investment enough to give it a stake, to give the investors comfort and enable it perform its oversight technical regulatory functions without being unduly hindered by commercial considerations. The other 95 per cent interest is owned in 18:8 ratio by the Lagos State Government and the Tolaram Group respectively.

“As statutory regulators of ports in the country, the NPA is committed to providing the technical support and regulatory environment that would see to the timely completion of construction work and ensure efficient operations and management of the port upon commissioning.”

“We will work with all stakeholders to see the Lekki Deep Sea Port becomes a world class facility and an enviable edifice that can stand the test of time, become an institution that will be the pride of all stakeholders and encourage more of such investments in the country.”

Managing Director, Tolaram, Haresh Aswani, assured that the project would be completed within three years, and it would generate over $200 billion revenue for Lagos and Federal Government.He said the project would support and enhance the growth of various free zones in the area.

The Governor of Lagos State, Akinwunmi Ambode, represented by his deputy, Idiat Oluranti Adebule, said “this port, which is expected to be delivered by 2020, will be one of the biggest in West African sub-region.“Lagos State government has a 20 per cent equity stake in the Lekki port project, and is an indication of the faith of the Lagos State government in the project,” he said.

Guardian

MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

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Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

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FOREIGN

Beyoncé Achieves Historic Milestone As Most Certified Female Artist

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Beyoncé is most RIAA certified female artist of all time | fab.ng

Renowned singer Beyoncé has solidified her position as the most certified female artist of all time, a distinction bestowed upon her by the Recording Industry Association of America (RIAA).

Her recent surge in song certifications has propelled her to an impressive total of 103 RIAA-certified titles, surpassing all other female artists in this category.

The RIAA celebrated this monumental achievement in a post on X on Tuesday.

“Crowning achievement! Congratulations to @Beyonce, who now holds the record for the most certified titles for a female artist in RIAA history, including her first two Diamond singles! @parkwood @columbiarecords,” RIAA announced in a post on X on Tuesday.

Among her numerous accolades are Diamond certifications for two iconic singles: “Halo” and “Single Ladies (Put a Ring on It).” These certifications signify extraordinary sales and streaming figures.

Additionally, Beyoncé boasts a string of impressive certifications for her albums. “Renaissance” has achieved 2x Platinum status, “Lemonade” has attained 4x Platinum, and both “Sasha Fierce” and “Dangerously In Love” have earned 7x Platinum certifications.

This latest milestone further solidifies Beyoncé’s legacy as one of the most influential and successful artists of all time.

Her ability to consistently deliver groundbreaking music that resonates with audiences worldwide has undoubtedly contributed to her unparalleled success.

Check out more music updates here.

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