- Lagos to Save $300m from Lekki Roundabouts Revamp
Managing Director of Planet Project Limited, Abiodun Otunola has stated that the ongoing redevelopment of roundabouts along the Lekki-Epe road by the Lagos State Government will save the state about $3 million a year when completed.
He stated this in a chat with newsmen during the test run of the redeveloped 4th and 5th roundabouts along the road.
According to him, “Our studies revealed that Lagos is losing $1 billion every to traffic every year. If we can get traffic to improve by 20 per cent we can unlock about $300 million of that back to the economy. In terms of man hour spent in traffic, in terms of cost of fuelling vehicles and even the cost of sleeping and waking up early to beat traffic. By the time we are through with the remodelling we would have improved the transport situation and enhance the state’s gross domestic products (GDP).
“We have about nine round about on this corridor and during the peak period it takes commuters over 30 minutes to cross each round about if you multiply that by nine you will see that you spend one hour from the first round about to Lekki phase one. The traffic is horrendous and unimaginable. So as a way of solving this problem the present administration decided to remove the roundabout. This is because based on studies that we have done the roundabout were the major cause of the problem. What we are doing now is what we called junction improvement.”
He added that part of the solution is to remove the roundabout and signalise the junction.
This, he added, is a solution that has been adopted all over the world stressing that, “If you notice, most of the cities of the world you will not find this kinds of roundabouts. In traffic engineering once your traffic gets up to 10, 000 vehicles per day the roundabout becomes inefficient. What we are doing now is a solution to take away the roundabout and provide pedestrian walkway.
“One of the problems was that there were a lot of interactions between the pedestrians and vehicles. We are providing three metres of pedestrian walkway to take that interaction away from the traffic. The reality is that we need to close the roundabouts completely, the work is about 85 per cent completed but in other for us to complete the work we needed to close the roundabout completely and open the middle of the road to traffic and complete all the side roads and complete the project.
The state’s Acting Commissioner for Transportation, Anofi Elegushi, who promised that the project will be completed in the first week of January 2017, noted the development will reduce travel time on the road, “and commercial vehicles will enough turnarounds and make more money.”
He said: “The state will save time, save money on fuelling vehicles and the state revenue will increase. We removed the roundabouts because we discovered that it has served its purpose. We then resolved to do traffic sharing and signalise it. From the simulation that we have done, we have seen that the traffic is now flowing very well. Simultaneously we are working on the 4th, 5th and the 8th roundabouts and in the 2017 budget we have provision for others too. This is the way to go.”
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.
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.
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.
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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