World Business News

The mega mall expected to cost US$50m will be constructed on the same location as the old Alade market after the structure was dismantled and the whole land was fenced off to indicate that the land will fully be used on the mall construction.

Master Reality International Concept Ltd is the company that took over the old market after the Lagos State Government and the President-General of Association of Commodity Market Women and Men, Chief Folashade Tinubu-Ojo, authorized the shopping mall.

Tinubu-Ojo applauded the government and the market concessionaire for the mega and much anticipated redevelopment plan of the market.

According to the developer, the new mall dubbed Alade Market will stand magnificently on four floors and upon 1.5 hectares of land.

A tractor assembling factory in Tanzania is set to be constructed in Kibaha area after the government secured soft loan worth US $55m from Poland.

The Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr Adelhem Meru, says that the construction plans for the tractor assembling factory in Tanzania were being finalised.

The National Service economic wing (SUMA-JKT) and a Polish company Ursus S.A signed the contract for tractor supply and development of an assembling plant.

The signing which was held at National Service (JKT) Headquarters was witnessed by former Tanzania’s Prime Minister Mizengo Pinda and the former Polish president Lech Walesa.

Tanzania standard gauge railway gets financial support

The construction of Tanzania standard gauge railway Line has received much needed impetus after the China Exim Bank agreed to support the project with a USD7.6m loan.-

According to the ministry of transport officials the Tanzania standard gauge railway is expected to cover about 2,190-kilometre and will be implemented by Chinese contractors in assistance with local contractors.

The statement also added that the loan given will be able to fund the construction of the project fully and it’s expected to begin in the current financial year as the government has also allocated funds for the same.

The Nigerian National Petroleum Corporation (NNPC) has plans to establish energy renewable plant in Nigeria using agricultural products. The energy renewable plant in Nigeria will be constructed in Benue State,is among the Federal Government’s effort to diversify the country’s economy.

Rabiu Suleiman, Corporation’s Group General Manager in charge of Renewable Energy Division, confirmed that the project will cost about US$300m. He added that the project will receive financial boost from a joint venture which is made up foreign partners. However, technical partners have already been secured by the corporation.

The Federal Government conceived the renewable energy using agricultural products to diversify energy generation from the existing sources in 2005 and since then the new renewable energy proposal has been in the government’s pipeline to fulfil it.