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Ford Aims to Make a Difference by Promoting Safe Driving in Nigeria

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7 years ago

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ford - Investors King

As a committed and responsible corporate citizen in Nigeria, Ford is making a significant contribution to promoting safe driving with the introduction of its global Ford Driving Skills for Life (DSFL) programme next month in Nigeria. This is in line with Ford’s decision to roll out this successful international programme to more countries in Sub-Saharan Africa.

This successful driver training programme was launched in South Africa in 2014 and it was introduced into Angola last year.

Ford launched DSFL in the United States in 2003 and the system has been improved and adapted to suit local conditions in many global markets over the years.

DSFL is a free, advanced driving skills programme for newly-licensed drivers as well as a means of improving the defensive driving ability of experienced drivers. It is funded by the not-for-profit Ford Motor Company Fund as an effective method of improving driving skills globally and so contributing to road safety.

The half-day DSFL training starts with a one hour theoretical session followed by practical training where the trainee is accompanied by a professional driver trainer in cars provided by Ford. The practical exercise includes a pre-trip inspection, experiencing braking distances from 60km/h and 120km/h as well as staggered following distances. Then there is an ABS braking exercise, a reaction test and finally a slalom activity to evaluate car control.

The Nigerian Auto Journalists’ Association (NAJA), the umbrella body for all journalists in Nigeria covering the automobile and automotive industry, is already setting a good example by insisting that its members undergo annual training, and Ford’s DSFL will form part of this programme.

“This year the Nigerian Auto Journalists’ Association is undertaking a program to re-invigorate our members through a number of relevant training courses to improve their skills and knowledge levels,” explained Mike Ochonma, the vice president of the NAJA and a member of the NAJA event organising committee.

“We are very pleased that we have been able to partner with Ford so that we can include the Driving Skills for Life training into our overall program. This driver training is very important for our members as it is at the core of their profession. It is also supportive of the government’s initiatives to improved road safety in our country and to cut the death toll on our roads.”

This positive move by the motoring journalists has already been highly praised by the Nigerian Automobile Manufacturers’ Association (NAMA).

The first DSFL training session in Nigeria will take place at the Lekki premises of Coscharis Motors on July 30.

The issue of improving road safety has been in the news lately in Nigeria, so the timing for the launch of Ford’s DSFL initiative is excellent.

Only recently the Corps Marshal of the Federal Road Safety Corps (FRSC), Boboye Oyeyemi, appealed to Nigerian motorists to abide by traffic rules and regulations to ensure the success of the Corps’ campaign against road carnage in the country. He added that road safety is a shared responsibility in which all road users must be active participants.

Oyeyemi went on to say that his organisation is committed to meeting its 2016 goals of reducing road traffic accidents in Nigeria by 15 percent and reducing fatalities by 20 percent. He added that globally road accidents account for the deaths of 1.24-million people a year and they are the major cause of death among young people aged between 15-29 years.

“In addition, 91% of the world’s fatalities on roads occur in low- and middle-income countries even though these countries have only half the world’s vehicles driving on their roads,” Oyeyemi commented.

“The timing for the introduction of Driving Skills for Life by Ford in Nigeria comes at the right time with so much government focus on road safety,” commented Eugene Herbert, the CEO of MasterDrive, and organisation which facilitates Ford’s DSFL programme in many parts of the world. “My team is looking forward to introducing young Nigerians to the many benefits that flow from undergoing a Ford DSFL course.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Stable Amid OPEC+ Anticipation and Global Economic Concerns

Published

2 days ago

on

November 30, 2023

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Crude Oil - Investors King

Oil prices remained relatively unchanged on Thursday as investors awaited the outcome of an eagerly anticipated OPEC+ meeting, which could potentially result in deeper supply cuts in 2024.

Brent crude oil increased by 70 cents to $83.80 a barrel, while U.S. West Texas Intermediate crude inched up by 55 cents to settle at $78.41 a barrel.

The OPEC+ group, comprising the Organization of Petroleum Exporting Countries and allies like Russia, is scheduled to conduct virtual meetings on Thursday to discuss additional production cuts, potentially ranging from 1 million to 2 million barrels per day in early 2024.

Implementing these additional cuts may lead to an immediate surge in prices, but their long-term impact is viewed skeptically by industry experts.

Tamas Varga, an oil broker at PVM, expressed doubt about compliance and suggested that the global oil balance might be less tight than OPEC estimates.

Factors such as the latest U.S. commercial inventory data, revealing an unexpected increase of 1.6 million barrels, and persistently high interest rates in major economies could dampen oil demand.

Despite the surprise build in U.S. crude oil stocks reported by the Energy Information Administration on Wednesday, oil prices remained resilient, with investors focused on the OPEC+ meeting.

Adding to concerns about the demand side, China’s economic challenges persist, highlighted by recent factory data indicating contraction for the second consecutive month in November.

This economic backdrop adds a layer of uncertainty to the oil market, as China is a significant player in global oil consumption.

Investors are closely monitoring the OPEC+ decisions, and the outcome is expected to influence short-term oil prices, although underlying economic challenges continue to cast shadows on the broader outlook for the industry.

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Crude Oil

Oil Prices Hold Steady Ahead of Crucial OPEC+ Meeting Amidst Fed Rate Hike Signals

Published

3 days ago

on

November 29, 2023

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markets energies crude oil

Oil prices maintained their significant gains as traders anticipate the outcome of a crucial OPEC+ meeting on supply while considering signals from the Federal Reserve regarding interest rate policies.

Global benchmark Brent hovered below $82 a barrel, having surged over 2% on Tuesday, while West Texas Intermediate traded under $77.

The OPEC+ meeting, scheduled for Thursday to set policies for 2024, is currently grappling with a dispute over output quotas for some African members.

The recent rise in crude prices is underpinned by a weakening dollar, with a Bloomberg gauge of the US currency reaching its lowest level since August.

Federal Reserve policymakers, including Governor Christopher Waller, have hinted at an impending pause in the series of rate hikes, contributing to the bullish sentiment in oil markets.

A softer dollar enhances the appeal of commodities for international buyers.

Yeap Jun Rong, a market strategist for IG Asia Pte in Singapore, commented on the interplay of factors, stating, “The US dollar was dragged lower on a build-up in dovish expectations, which was very much cheered on by oil prices.”

However, concerns persist about OPEC+’s ability to address the challenges in the oil market effectively.

Despite the recent gains, oil is on track for a consecutive monthly decline due to increased supply from non-OPEC countries, intensifying pressure on the cartel and its allies to consider more significant output cuts.

The International Energy Agency’s earlier assessment indicated a potential return to a global crude surplus in the coming year.

In the US, the American Petroleum Institute reported a 817,000-barrel decline in nationwide inventories last week, potentially marking the first drop in six weeks, pending confirmation from government data.

This development may add support to oil prices and impact the ongoing dynamics in the energy market.

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Crude Oil

Oil Prices Stabilize as OPEC+ Weighs Deeper Output Cuts Amid Global Supply Concerns

Market Evaluates OPEC+ Decision Amidst Bearish Sentiment and Global Supply Worries

Published

4 days ago

on

November 28, 2023

By

Crude Oil - Investors King

Oil prices steadied after a recent downward trend as the market assessed the possibility of OPEC+ implementing deeper output cuts to balance the scales against signs of a global supply surplus.

Brent crude hovered below $80 a barrel following a four-day decline, while West Texas Intermediate dipped below $75.

OPEC+’s leader, Saudi Arabia, has urged other member nations to reduce their production quotas to bolster markets, though resistance from some members complicates the decision.

Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank Ltd, cautioned oil bears against underestimating Saudi Arabia’s determination, although achieving unanimous support from member states could prove challenging.

The oil market has witnessed a roughly 20% decline since late September due to ample supplies and concerns about the global economic landscape.

This has spurred expectations for the 23-nation alliance to take corrective action at its upcoming online meeting.

A Bloomberg survey revealed that approximately half of respondents anticipate OPEC+ implementing additional measures to tighten the market.

Failure to announce an extra cut of around 1 million barrels per day on top of Saudi Arabia’s existing curbs might result in prices sinking to the low $70s per barrel, according to analysts at Eurasia Group led by Raad Alkadiri.

Reflecting this bearish sentiment, hedge funds have significantly reduced their combined net-long positions in Brent and WTI to the lowest levels since late June.

The International Energy Agency’s warning earlier this month of an impending surplus in markets next year due to a significant deceleration in demand growth has added urgency to OPEC+’s deliberations.

Meanwhile, disruptions caused by a storm in the Black Sea have halted commodity loadings, including crude, from key ports in Russia and Ukraine.

The storm is expected to persist throughout the week, according to Russia’s oil-pipeline operator Transneft PJSC.

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