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Ambode Orders Recruitment of 1,000 Teachers in Lagos

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  • Ambode Orders Recruitment of 1,000 Teachers in Lagos

Governor Akinwunmi Ambode of Lagos State has announced the commencement of the recruitment of 1,000 teachers in the state.

Ambode spoke at the state’s Third Quarter Town Hall Meeting, the 12th in the series, at the Community Primary School, Iberekodo in the Ibeju Lekki Local Government Area.

The governor, who also directed that a physically-challenged resident and graduate of Computer Studies, Michael Ogunyemi, be employed from August 1, 2018, said, “more teachers will be recruited as the need arises.”

He called on the Federal Government to revive the ports in other states of the federation in order to solve the perennial traffic congestion in the Apapa area of Lagos.

He said beyond getting other ports up and running, the issue of tankers queuing up to lift petroleum products from tank farms in Apapa was also a major issue causing gridlock and damaging road infrastructure.

“This issue has become perennial and in the last six years, it has always been there. It comes and goes, but the challenge is to be able to find a permanent solution. We believe strongly that every layer of government should collaborate to resolve this Apapa crisis,” he said.

The governor also noted that oil pipelines should be revived to discourage the trend of thousands of trucks coming from other parts of the country to lift petroleum products from Apapa.

“It is bad that we still use truck to lift petroleum products from Apapa to other parts of the country. As it is now, other ports in Nigeria must begin to work immediately to decongest gridlock in Lagos; what has led to the use of trucks to lift fuel, which is vandalism of pipelines, should be addressed immediately.

“We believe that this will allow the roads to become free. We don’t need to continuously use taxpayers’ money to build roads that will be destroyed by tankers,” he said.

The Governor also expressed concern about the approval for the development of tank farms in the Ijegun area of Lagos, saying tank farms should be located in areas that were not populated.

“We don’t need tank farms within Lagos metropolis anymore. There are 68 tank farms in Apapa alone. Beyond Apapa, they have approved tank farms in Ijegun and that is where we have a huge population,” he said.

Speaking on the efforts of his administration to develop the economy of the state, Ambode said his administration had continued to ensure that the future of Lagos remained on a sound pedestal.

“Our promise from the beginning was that we are going to give you a government of inclusion and it’s very clear that we are on track. When we look at our scorecard, which is to keep Lagos on a trajectory of growth and development, we are on that track,” he said.

Ambode also said the construction of the Epe Airport and reconstruction of the coastal road were on course, adding that the 27 network of roads in Ojokoro, Ayinke House, among other projects would be completed before the next quarter.

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.

Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday

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Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

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Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

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Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

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Gold

Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin

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Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges

Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.

The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.

The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.

We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.

Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.

Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.

In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.

The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.

 

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