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Banks, oil firms and traders fret over Third Mainland Bridge’s repairs

By Peter Alao

Anxiety has gripped operators of financial institutions, oil companies and traders,
as the Federal Government, begun the repairs of the Third Mainland Bridge, in Lagos.
Regarded as the second longest bridge in Africa, as it stretches over 11.8kilometres, the bridge holds much prospects to businness in the Lagos Island and Mainland respectively.
With repairs billed to last more than six months, as it would run between July 2020 and January 2021, analysts said the development, would further compound the economic woes of many Nigerians.
The issue would result in the loss of an estimated N200 billion, in firm of taxes and profits.
The Director General, Lagos Chamber of Commerce and Industry LCCI, Mr Musa Yusuf, said the government and other businesses are going to lose a colossal amount of money.
In a chat with BoldNews, Yusuf said many Blue Chip companies have their offices within Victoria Island and Ajah axis, adding that the development would affect mobility in those areas.
He said: ” Already the economic is in its lowest performance ever, due to imbalance in the macro and micro narratives. The international price of crude oil has fallen drastically, coupled with our dependence on imported products to the detriment of our local production. All these have affected the country’s Gross Domestic Product (GDP) greatly. Now that businesses are going to suffer for more than six months, we should expect more economic strains. ” he said.
In a related development, the Managing Director, Power Can Nigeria Limited, Mr Abiodun Ogunleye, said the effects of the repairs would cut across sectors.
According to him, the operation of the power,oil, maritime, transportation and other sectors, is going to suffer, since they would engage in the movement of physical and human goods from one place to another.
He said the resultant effect of the repairs of Third Mainland Bridge, is loss of working hours, profits and other tangible economic benefits.

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