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Relief as Magboro, Others Get Electricity After 10 Years

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  • Relief as Magboro, Others Get Electricity After 10 Years

Some communities in Magboro, Ibafo and Mowe in Ogun State have been connected to the power grid after 10 years of total blackout that hampered business activities and forced some residents to relocate.

Our correspondent gathered that over 50 areas in the communities had received power supply following the connection to the grid.

According to the Ibadan Electricity Distribution Company Plc, whose areas of coverage are Oyo, Osun, Kwara and Ogun states, and part of Ekiti and Niger states, the now connected areas include Abule-Ibafo, Opeyemi, Ilupeju, Magada I, Magada II and Oremeji, all in Ibafo.

In Magboro, the connected areas are Victory Estate, Giwa, Too Estate, Akeran Village, Eko Close, Alamo, Imperial Estate, Miracle, Oke-Afa I, Oke-Afa II, Breintfield Estate, and Champion Estate.

“In Mowe: Unilag Estate, Ofada roundabout, Ifesowapo, God is one, Omu-Arogun I and II, Arigbawonwo I and II, Daluwon, Graceland, Ebenezer, Rock of ages, Leadway Estate, Omu Isoko, Omu Arire, Jubilee Estate, Ashimolowo, Pro Silver, Olororo, Olapeju Estate, Loburo village, Thuraya, Habitation of Hope, OPIC Road, Oke Sioni, Jacob, Odebiyi, Imedu Olori, Cele, Market, Lotto I and II, Emerald 1, 2 and 3, Obabiolorunkosi and Ikugbonmire,” the IBEDC stated.

The Leader, Community Development Councils, Obafemi Owode Local Government Area, Mr. Jimi Olusanya, said the communities, including Asese, Ofada and Oke-Afa, had been starved of power supply for the past 10 years.

He told our correspondent, “The communities have been connected to the old line that is coming from Mowe. By mid-January, the one they promised us, the new line from Abeokuta or Oke-Aro will be connected to that, and all of us will have better electricity supply. Areas where there is no supply are mostly those where their transformers have been vandalised.

“The power firm fulfilled the Christmas period deadline they promised the communities. Some people have packed out of the communities because of lack of electricity. I know some of them will be moving back to their houses. Some of them went to rented apartments in Lagos.”

The IBEDC had said in November that it would spend N60m to link the communities to the existing distribution line from the new Abeokuta 132/33KV substation of the Transmission Company of Nigeria.

The Chief Technical Officer, IBEDC, Mr. Ade Ayileka, during a tour of the substation and the examination of the construction of the line and poles to link the communities, had said, “This is a new transmission station; the power capacity here is available and it is much more than the power capacity that is coming from Ojere.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

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Crude Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

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Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.

Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.

While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.

On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”

“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.

Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.

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Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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