Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has promised to work with the Infrastructure Corporation of Nigeria Limited (InfraCo), relevant federal and state government agencies, as well as the private sector, to develop road infrastructure in the Lagos Free Zone to support the growing industrial activities along the Lekki-Epe axis.

He explained that this was necessary due to the expansion of industries in and around the Free Trade Zone, particularly Dangote Refineries and Tolaram Group, which have attracted economic activity and created heavy traffic.

Emefiele made the remarks during a tour of Tolaram Group’s industries in the Lagos Free Zone, which occupy 850,000 acres of land and have a $2.1 billion industrial investment.

With the active collaboration of the federal and state governments, he claims that InfraCo will decongest the environs of the Lagos Free Zone by assisting with road construction.

He specifically stated that the establishment of the Lagos Free Zone will aid in the alleviation of the Apapa-Tincan Island port congestion.

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Emefiele also stated that the apex bank would work with the federal and state governments to determine how InfraCo could ensure cargo evacuation from the port area, which he described as a major problem.

He claimed that the CBN had raised about N23 billion to fund road infrastructure so that cargo could be evacuated smoothly from the port.

“The whole idea is that with this Lagos Free Zone Port, we should be able to see a complete decongestion of Apapa and Tin Can Island Port simply by diverting traffic away from Apapa.”

“We also fear that the situation will worsen with the single road we have, which is the Lagos-Epe-Lekki road, which is already congested with traffic, even with Dangote Refinery.” Yes, it’s something we’re seeing, and I’m here today because I’ve been to Dangote Refinery several times and know how long it takes to drive there by road.

“What I’m trying to say is that we’ve identified the issue.” Fortunately, InfraCo is chaired by the CBN; the InfraCo board has been formally constituted; InfraCo has a CEO; and I will be calling on InfraCo to begin the engagement as soon as we leave this meeting. I’ll also be working with the Lagos state government and the federal government through the Federal Ministry of Works to see what can be done about evacuating out of Lagos, as well as how we can decongest traffic for those who live near this axis.

“I want to reassure you that this is something that will be addressed.” “This would be the middle of a long-term strategy,” he explained.

The governor of the Central Bank of Nigeria (CBN) urged entrepreneurs and business owners to take advantage of the apex bank’s various interventions, saying that the CBN was keen on promoting industrialisation through long-term single-digit loans.

“For any entrepreneur wishing to do business in Nigeria, we will provide both Naira and dollar funding, and I will always advise against taking out dollar loans, especially if your revenue stream is in naira.” Take out low-cost Naira loans with low-interest rates and a two-year grace period. I doubt you’d ever come across something like this again. I always encourage people to take advantage of it because it is available, especially since we want to drive industrialisation in Nigeria and resurrect the manufacturing sector.

“We would support not only the Tolaram Group, the Dangote Group, or the BUAs; we would give you all the support you need if you mean well and want to do business in Nigeria,” he explained.

The Tolaram Group, according to Emefiele, has made immediate plans to evacuate their products through the port to Ikorodu, Festac, and Warri via trucks, which will not cause road congestion for the time being. Road expansion, he claims, is a much-needed investment that will also help with exports.

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“We are pleased that this port infrastructure has arrived; it will address our problem of ease of doing business,” he said. One of our issues with ease of doing business, or in this case, ease of export, is that when Nigerians want to export, they can do so through the Lagos Tin Can or Lagos Apapa ports. People prefer to transport their products and goods by road to neighboring countries and then ship them out of those countries, implying that Nigeria loses the benefit of being referred to as “exported from Nigeria.”

“I believe with this port, and we will be engaging them, I’m glad the Customs and the Nigerian Ports Authority are involved; we would also seek to work with the Lagos Free Zone by having a dedicated export desk that would make it easier for goods to be exported out of this port.” That is a very important issue that we must address because, again, in a selfish manner, we require foreign exchange. We earn foreign exchange if we export, and I’m going to start working with them to ensure that the Lagos Free Zone is designated as an export zone,” he added.

“Certainly, over N100 billion has gone from CBN intervention under CRR or through agriculture credit route to the Tolaram Group,” Emefiele said when asked how much the CBN has helped the group. Remember that this project costs around $2 billion, or about N1 trillion, and N100 billion is only 10% of that. As a result, we’ve also planted a seed. At least N1 trillion has been invested in this project, and we have contributed about N100 billion, or about 10%,” he said.

The CBN governor also stated that the bank would do everything possible to make the environment conducive to the growth of companies and businesses.

“So, we’re looking into how we can ensure that the policy regulations are reviewed; we have concerns about how free trade zones operate in terms of tax exemptions, duty free exemptions, and other things.”

“We’d like to collaborate with you to see how we can establish a clear line of demarcation between companies that operate as free trade zones or in free trade zones and those that will not.”

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“However, a company may want to operate as a free trade zone while also operating in the opposite direction. As a result, we need to define how this will work so that revenue is not lost,” he said.

Following the announcement that the hotel chain plans to open in the United Kingdom, some tourism operators in Nigeria want Marriott International to bring St. Regis to Nigeria. Marriott International, Inc. announced the signing of a management agreement with Cola Holdings and The Westbury Hotel Limited to bring the luxury St. Regis brand to the United Kingdom. The new entrant, which is located in one of London’s most enticing neighborhoods, is expected to open in 2023.

By 2025, St. Regis will open 11 new resorts around the world. The announcement was made at a recent Marriot Virtual Press Briefing, which was hosted by Satya Anand, President, EMEA and Senior Vice President, Design Hotels & EMEA Brand Portfolio, who also gave a rundown of some of Marriott’s outstanding openings this year.

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The Nigerian operators expressed their delight, saying that if the prestigious St. Regis is represented in Nigeria on a franchise basis, business travelers will have the best time possible. According to them, the newly opened Marriott property in Ikeja, Lagos, is already delivering results after the agreement was signed.

Chioma Egu, an event planner from Lagos, applauds the move, saying, “St. Regis is a few luxury away.” She wants Marriott to bring the brand to Nigeria so that it can compete in the thriving Lagos hotel market.

“At this time, the St. Regis brand is not represented in Nigeria. “We anticipate the cherished St. Regis brand debuting in Nigeria,” she exclaimed. “Not only will the anticipated St. Regis Hotel add more beds to the competitive Lagos market, but it will undoubtedly be well received by the executives,” Egu continued.

Ibiso Lawal, another tourism operator in the country, is counting on Marriott to provide more beds. Ibiso, a Nigerian travel expert, urged Regis Hotels & Resorts to bring the ‘leader in luxury’ here while commenting on Marriot International’s new achievement.

“I believe their policy goes beyond purely commercial gains, however important they may be. The St. Regis brand will be noticeable. I’d be delighted if Marriott managed a St. Regis hotel in Nigeria so that Nigerians could experience the luxury brand,” he said.

“Nigeria has hotels,” he asserts. We have brands like Sheraton, Hilton, and Golden Tulip, to name a few. Which hotel chain is not represented in Nigeria, is the question. However, we would like to see more saleable rooms in the upmarket segment. Marriott International is already causing a stir in Lagos. We want the St. Regis, just like Oliver Twist, and you know what that means for the Nigerian accommodation market: lower rates.”

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Insiders in the travel industry want more sellable rooms in the upmarket segment of the Abuja and Lagos hotel industry to lower rates. Price control has been difficult in the past. Lagos has one of the highest hotel rates in the world. When it comes to hotel rates, Lagos Tourism has a bad track record. The cost of a hotel room in Lagos remains high. Guestroom rates at Sun Heaven Hotels & Resorts in Ikoyi, Lagos, for example, range from N45,000 to N150.000 per night.

Eko Hotels & Suites, a Lagos hotel, has higher rates that range from N69,000 to N300.000 per night (Eko Signature).

The problem is market forces, a demand-supply mismatch in which more guests are looking for a few standard guestrooms. As a result, the prices for the sellable rooms are extremely high.

“Nigeria has hotels and more are coming,” said Illan Ben-Joseph, a MASHAV expert from Israel, earlier on the topic of hotels. People should be concerned about budget hotels, he said. “The majority of hotels in Nigeria are located in Lagos. What happened to places like Jos, where good hotels are hard to come by? “The government should provide tax relief to entrepreneurs who develop hotels and attractions in specific areas,” Ben-Joseph said.

Meanwhile, the St. Regis brand continues to expand its renowned global portfolio with the addition of this highly sought-after Mayfair address. The former Westbury Mayfair Hotel will undergo a $122 million (90 million pound) redevelopment and transformation, including the addition of an eighth floor.

On the corner of Bond Street and Conduit Street, the St. Regis London, which has 196 rooms and suites, is offering a highly personalized guest experience that will blend the brand’s modern glamour with the best of British style and service.

The hotel will be designed by Morrison Design’s Peter Newman-Earp, with interiors by Richmond International. In addition, the property will receive an extension to the back of the hotel, resulting in improved public areas, as well as renovations to the building’s façade and the drop-off area outside the main entrance. A signature restaurant, speakeasy jazz bar, fitness center, and spa are all in the works.

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The iconic Polo Bar, originally designed for the Phipps family of America, avid polo players and creators of the Westbury Hotel in New York and London, will be retained at the St. Regis London, where guests will be able to enjoy a local twist on the St. Regis’ signature cocktail, the Bloody Mary.