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Apapa Gridlock: Council, NPA, Others Endorse Prosecution of Traffic Violators



  • Apapa Gridlock: Council, NPA, Others Endorse Prosecution of Traffic Violators

The Apapa Local Government Area, Nigerian Ports Authority (NPA) and other stakeholders Tuesday agreed that owners of articulated vehicles that violated Lagos Road Traffic Law, 2012, should be prosecuted.

The stakeholders, including the Road Transport Employers Association of Nigeria (RTEAN), Residents’ Association of Government Reserve Areas, banks and law enforcement agencies, agreed to a 24-hour monitoring and enforcement of one-lane policy as a measure to ease gridlock in Apapa.

These positions were held yesterday at a stakeholders’ meeting which the Chairman of Apapa council, Mr. Owolabi Adele, addressed on the need to end diverse challenges which the stakeholders said had been undermining socio-economic activities in Apapa and its environs.

After exhaustive deliberation at the meeting that lasted almost three hours, the stakeholders agreed that for sanity, law and order to return to Apapa and its environs, owners of articulated vehicles parked indiscriminately in the area should be prosecuted.”

Also, the stakeholders agreed to a 24-hour enforcement and monitoring initiative of one-lane policy, which the Apapa council unfolded to reduce the hardship the residents and owners of businesses daily undergo in Apapa and its environs.

Earlier at the meeting, the council chairman proposed a 24-hour monitoring and enforcement initiative of one-lane policy which he argued would stem the hardship the people “are experiencing in Apapa’s gridlocks on a daily basis.”

Adele, therefore, lamented that the traffic situation had crippled the socio-economic activities in the town, noting that it would deploy enforcement teams “on strategic areas to ease the flow of traffic in and out of Apapa.

“Our presence here marks a turning point in our collective attempt to resolve permanently and move forward in our onerous task. As it has been repeatedly re-echoed, the damage done to our economy and the suffering of our people as a result of the traffic menace cannot be over-emphasised.”

He assured stakeholders that the council would begin repairing all roads, calling for intensive training for all tanker drivers to stem overloading and reckless driving that have resulted in avoidable road accidents.

Also at the meeting, the NPA General Manager, Mr. Biodun Gbadamosi, blamed the worrisome situation in Apapa on non-adherence to its original master plan and years of neglect by successive governments in the country.

He, however, commended the Apapa council for the stakeholders’ meeting to brainstorm on way forward and suggested inter-modal transport system that will reduce pressure on the road as the way out.

Gbadamosi noted that several meetings had been held on how to provide a long term solution to the traffic in Apapa for the return of socio-economic activities to the area as since Managing Director of NPA, Ms. Hadiza Bala-Usman, assumed office, nothing much had been achieved.

On behalf of Apapa GRA Residents Association, Brigadier-General Ayo Vaughan suggested the erection of barriers on Liverpool Road to regulate the use of the road by the articulated vehicles while also calling for action to end the menace of commercial motorcyclists and bus drivers in the area.

Vaughan regretted that lack of measures “to check the manner commercial motorcycle operators and bus drivers operate in Apapa and environs had made security in the area porous and inimical to residents and businesses there.”

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

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend




Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.


  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return



Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather




Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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