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Lagos Evacuates 12,600 Tonnes of Waste from Streets, Drains in Operation Deep Clean

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  • Lagos Evacuates 12,600 Tonnes of Waste from Streets, Drains in Operation Deep Clean

The Lagos State Ministry of the Environment in collaboration with Visionscape has swung into action and cleared over 12,600 metric tonnes of solid waste from over 80 locations across the state within 10 days in an exercise tagged ‘Operation Deep Clean’.

The cleanup of refuse dumps all over the State began in July with Visionscape clearing up black spots – illegal waste dumpsites.

Commissioner for the Environment, Dr. Babatunde Adejare, in a statement, affirmed the government’s resolve to rid the state of refuse heaps and solicited the support of all residents for the soon-to-be fully launched Cleaner Lagos Initiative.

“Since the exercise began, over 80 locations across the State have been covered and we are building momentum in spite of the heavy rainfall this season. We are building a new culture of waste management in Lagos State. We are optimistic that all communities in Lagos State will see overall benefits of this drive to put an integrated waste management system in place,” he said.

Many Lagosians have commended Operation Deep Clean, positing that the impact would be phenomenal once it spreads to all parts of the state.

Speaking in an interview, Mrs Abiodun Yusuff, a shop owner in Egbeda area of the state, said the good job being done by the government deserved commendation, adding that the government was silently revolutionizing waste management in the state. She said the positive impact of the Cleaner Lagos Initiative is being felt in the state.

“I was getting worried about the seriousness of the State Government to address waste management because at some point and even in some areas now, you still find heaps of refuse on the road. But I commend the government officials for the good job they did in our area. My only charge to them is that they should not relent but keep on cleaning everywhere and ensure that the state is free of waste,” she said.

A chieftain of the Peoples’ Democratic Party (PDP) in Lagos State, Prince Yakub Abiola Aromasodu has also commended the Lagos State Government for the prompt evacuation of debris from Akobi Crescent in Surulere, saying that the development attests to the commitment of the Governor Akinwunmi Ambode-led administration to address waste management in line with international best practices.

Following the torrential rain in the state last week, many areas including Akobi Crescent were flooded and overtaken by debris, with people unable to access their streets and homes. Within hours, officials of the Ministry of Environment including the Commissioner were on site and the new waste management partner of the State Government, Visionscape, moved to the area and cleaned it up.

Responding to the development, Aromasodu, who also resides in Surulere, said the fact that the debris was evacuated within few hours speaks volumes about the ability of the State Government to appropriately respond to issues affecting the state.

Aromasodu, who is a former PDP Youth Leader in Lagos State and former Coordinator of National Programme for Eradication of Poverty (NAPEP) in the state, said government must now intensify the campaign to educate the people on desisting from dumping waste in drainage channels and on highways and streets.

“I must commend the State Government and particularly Governor Ambode for the swift response in addressing the situation. I was worried myself when I saw the pictures of Akobi Crescent online showing how the situation was but within hours, the whole area was cleaned up. This is simply a serious confirmation of the fact that the government of the day is committed to transforming the waste management sector as the Governor has said on several occasions and I want to ask them to keep up the good work,” Aromasodu said.

Over 80 locations have been cleared up spanning from Abijo along Lekki Expressway in Eti Osa Local Government, Oke Afa Bridge around Oke Afa Bus Stop in Ejigbo, Osapa Junction in Lekki, Awori-Oniyaya/Balogun Ilawe in Agege, Alabama Suru Market in Ifelodun area, Durbar Road, Mile 2 (Jakande Estates) Amuwo Odofin, Olaogun Street in Ebute Meta Yaba, Roju Avenue in Kosofe/Ojota, Church Bus Stop at Igando Road, Igando Ikotun, St Finbars College in Akoka, Moshood Abiola Model Market in Agege Lagos, among others.

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

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Crude Oil

Nigeria Pumps 236.2 Million Barrels in First Half of 2024

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Nigeria pumped 236.2 million barrels of crude oil in the first half of 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

This figure represents an increase from the 219.5 million barrels produced during the same period in 2023.

In January, Nigeria produced 44.2 million barrels of crude oil while February saw a slight dip to 38.3 million barrels, with March following closely at 38.1 million barrels.

April and May production stood at 38.4 million barrels and 38.8 million barrels, respectively. June’s output remained consistent at 38.3 million barrels, demonstrating a stable production trend.

Despite the overall increase compared to 2023, the 2024 production figures still fall short of the 302.42 million barrels produced in the same period in 2020.

This ongoing fluctuation underscores the challenges facing Nigeria’s oil sector, which has experienced varying production levels over recent years.

On a daily basis, Nigeria’s crude oil production showed some variability. In January, the average daily production peaked at 1.43 million barrels per day (mbpd), the highest within the six-month period.

February’s production dropped to 1.32 mbpd, with a further decrease to 1.23 mbpd in March. April saw a modest increase to 1.28 mbpd, which then fell again to 1.25 mbpd in May. June ended on a positive note with a slight rise to 1.28 mbpd.

The fluctuations in daily production rates have prompted government and industry leaders to address underlying issues.

Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), has highlighted the detrimental effects of oil theft and vandalism on Nigeria’s production capabilities.

Kyari emphasized that addressing these security challenges is critical to boosting production and attracting investment.

Kyari also noted recent efforts to combat illegal activities, including the removal of over 5,800 illegal connections from pipelines and dismantling more than 6,000 illegal refineries.

He expressed confidence that these measures, combined with ongoing policy reforms, would support Nigeria’s goal of increasing daily production to two million barrels.

The Nigerian government remains focused on stabilizing and enhancing oil production. With recent efforts showing promising results, there is cautious optimism that Nigeria will achieve its production targets.

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Oil Prices Steady Amid Mixed Signals on Crude Demand

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Oil prices remained stable on Thursday as investors navigated conflicting signals regarding crude demand.

Brent crude oil, against which Nigerian oil is priced, settled at $85.11 a barrel, edging up by 3 cents, while U.S. West Texas Intermediate (WTI) crude dipped by 3 cents to $82.82 a barrel.

The stability comes as the U.S. economy shows signs of slowing, with unemployment benefit applications rising more than expected.

Initial claims increased by 20,000 to a seasonally adjusted 243,000 for the week ending July 1, prompting speculation that the Federal Reserve might cut interest rates sooner than anticipated. Lower rates could boost spending on oil, creating a bullish outlook for demand.

Fed officials suggested that improved inflation and a balanced labor market might lead to rate cuts, possibly by September.

“Healthy expectations of a Fed rate cut in the not-so-distant future will limit downside,” noted Tamas Varga of oil broker PVM.

However, rising jobless claims signal potential economic easing, which could dampen crude demand.

John Kilduff of Again Capital highlighted the impact of a slowing economy on oil consumption despite a significant drop in U.S. crude inventories last week.

Global factors also weighed on the market. China’s economic policies remain steady, though details are sparse, affecting investor sentiment in the world’s largest crude importer.

Meanwhile, the European Central Bank maintained interest rates, citing persistent inflation.

An upcoming OPEC+ meeting in August is expected to assess market conditions without altering output policy, according to sources. This meeting will serve as a “pulse check” for market health.

Overall, oil prices are caught between economic concerns and hopes of a rate cut, maintaining a delicate balance.

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Crude Oil

Oil Prices Slide on China Demand Concerns, Brent Falls to $83.73

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Oil prices declined on Tuesday for the third consecutive day on growing concerns over a slowing Chinese economy and its impact on global oil demand.

Brent crude oil, against which Nigerian oil is priced, dipped by $1.12, or 1.3% at $83.73 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $1.15, or 1.4%, to close at $80.76.

The dip in oil prices is largely attributed to disappointing economic data from China, the world’s second-largest economy.

Official figures revealed a 4.7% growth in China’s GDP for the April-June period, the slowest since the first quarter of 2023, and below the forecasted 5.1% growth expected in a Reuters poll.

This slowdown was compounded by a protracted property downturn and widespread job insecurity, which have dampened fuel demand and led many Chinese refineries to cut back on production.

“Weaker economic data continues to flow from China as continued government support programs have been disappointing,” said Dennis Kissler, Senior Vice President of Trading at BOK Financial. “Many of China’s refineries are cutting back on weaker fuel demand.”

Despite the bearish sentiment from China, there is a growing consensus among market participants that the U.S. Federal Reserve could begin cutting its key interest rates as soon as September.

This speculation has helped stem the decline in oil prices, as lower interest rates reduce the cost of borrowing, potentially boosting economic activity and oil demand.

Federal Reserve Chair Jerome Powell noted on Monday that the three U.S. inflation readings over the second quarter “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target in a sustainable fashion.

This has led market participants to believe that a turn to interest rate cuts may be imminent.

Also, U.S. crude oil inventories provided a silver lining for the oil market. According to market sources citing American Petroleum Institute figures, U.S. crude oil inventories fell by 4.4 million barrels last week.

This was a much steeper drop than the 33,000 barrels decline that was anticipated, indicating strong domestic demand.

The International Monetary Fund (IMF) also weighed in, suggesting that while the global economy is set for modest growth over the next two years, risks remain.

The IMF noted cooling activity in the U.S., a bottoming-out in Europe, and stronger consumption and exports for China as key factors in the global economic landscape.

In summary, while oil prices are currently pressured by concerns over China’s economic slowdown, the potential for U.S. interest rate cuts and stronger domestic demand for crude are providing some support.

Market watchers will continue to monitor economic indicators and inventory levels closely as they gauge the future direction of oil prices.

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