Connect with us

Markets

Ambode Orders Recruitment of 1,000 Teachers in Lagos

Published

on

ambode
  • 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.

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.

Continue Reading
Comments

Crude Oil

IOCs Stick to Dollar Dominance in Crude Oil Transactions with Modular Refineries

Published

on

Crude Oil - Investors King

International Oil Companies (IOCs) are standing firm on their stance regarding the currency denomination for crude oil transactions with modular refineries.

Despite earlier indications suggesting a potential shift towards naira payments, IOCs have asserted their preference for dollar dominance in these transactions.

The decision, communicated during a meeting involving indigenous modular refineries and crude oil producers, shows the complex dynamics shaping Nigeria’s energy landscape.

While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had previously hinted at the possibility of allowing indigenous refineries to purchase crude oil in either naira or dollars, IOCs have maintained a firm stance favoring the latter.

Under this framework, modular refineries would be required to pay 80% of the crude oil purchase amount in US dollars, with the remaining 20% to be settled in naira.

This arrangement, although subject to ongoing discussions, signals a significant departure from initial expectations of a more balanced currency allocation.

Representatives from the Crude Oil Refinery Owners Association of Nigeria (CORAN) said the decision was not unilaterally imposed but rather reached through deliberations with relevant stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

While there were initial hopes of broader flexibility in currency options, the dominant position of IOCs has steered discussions towards a more dollar-centric model.

Despite reservations expressed by some participants, including modular refinery operators, the consensus appears to lean towards accommodating the preferences of major crude oil suppliers.

The development underscores the intricate negotiations and power dynamics shaping Nigeria’s energy sector, with implications for both domestic and international stakeholders.

As discussions continue, attention remains focused on how this decision will impact the operations and financial viability of modular refineries in Nigeria’s evolving oil landscape.

Continue Reading

Energy

Nigeria’s Dangote Refinery Overtakes European Giants in Capacity, Bloomberg Reports

Published

on

Aliko Dangote - Investors King

The Dangote Refinery has surpassed some of Europe’s largest refineries in terms of capacity, according to a recent report by Bloomberg.

The $20 billion Dangote refinery, located in Lagos, boasts a refining capacity of 650,000 barrels of petroleum products per day, positioning it as a formidable player in the global refining industry.

Bloomberg’s data highlighted that the Dangote refinery’s capacity exceeds that of Shell’s Pernis refinery in the Netherlands by over 246,000 barrels per day. Making Dangote’s facility a significant contender in the refining industry.

The report also underscored the scale of Dangote’s refinery compared to other prominent European refineries.

For instance, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000 barrels per day, while the GOI Energy ISAB refinery in Italy was built with a refining capacity of 360,000 barrels per day.

Describing the Dangote refinery as a ‘game changer,’ Bloomberg emphasized its strategic advantage of leveraging cheaper U.S. oil imports for a substantial portion of its feedstock.

Analysts anticipate that the refinery’s operations will have a transformative impact on Nigeria’s fuel market and the broader region.

The refinery has already commenced shipping products in recent weeks while preparing to ramp up petrol output.

Analysts predict that Dangote’s refinery will influence Atlantic Basin gasoline markets and significantly alter the dynamics of the petroleum trade in West Africa.

Reuters recently reported that the Dangote refinery has the potential to disrupt the decades-long petrol trade from Europe to Africa, worth an estimated $17 billion annually.

With a configured capacity to produce up to 53 million liters of petrol per day, the refinery is poised to meet a significant portion of Nigeria’s fuel demand and reduce the country’s dependence on imported petroleum products.

Aliko Dangote, Africa’s richest man and the visionary behind the refinery, has demonstrated his commitment to revolutionizing Nigeria’s energy landscape. As the Dangote refinery continues to scale up its operations, it is poised to not only bolster Nigeria’s energy security but also emerge as a key player in the global refining industry.

Continue Reading

Crude Oil

Brent Crude Hits $88.42, WTI Climbs to $83.36 on Dollar Index Dip

Published

on

Brent crude oil - Investors King

Oil prices surged as Brent crude oil appreciated to $88.42 a barrel while U.S. West Texas Intermediate (WTI) crude climbed to $83.36 a barrel.

The uptick in prices comes as the U.S. dollar index dipped to its lowest level in over a week, prompting investors to shift their focus from geopolitical tensions to global economic conditions.

The weakening of the U.S. dollar, a key factor influencing oil prices, provided a boost to dollar-denominated commodities like oil. As the dollar index fell, demand for oil from investors holding other currencies increased, leading to the rise in prices.

Investors also found support in euro zone data indicating a robust expansion in business activity, with April witnessing the fastest pace of growth in nearly a year.

Andrew Lipow, president of Lipow Oil Associates, noted that the market had been under pressure due to sluggish growth in the euro zone, making any signs of improvement supportive for oil prices.

Market participants are increasingly looking beyond geopolitical tensions and focusing on economic indicators and supply-and-demand dynamics.

Despite initial concerns regarding tensions between Israel and Iran and uncertainties surrounding China’s economic performance, the market sentiment remained optimistic, buoyed by expectations of steady oil demand.

Analysts anticipate the release of key economic data later in the week, including U.S. first-quarter gross domestic product (GDP) figures and March’s personal consumption expenditures, which serve as the Federal Reserve’s preferred inflation gauge.

These data points are expected to provide further insights into the health of the economy and potentially impact oil prices.

Also, anticipation builds around the release of U.S. crude oil inventory data by the Energy Information Administration, scheduled for Wednesday.

Preliminary reports suggest an increase in crude oil inventories alongside a decrease in refined product stockpiles, reflecting ongoing dynamics in the oil market.

As oil prices continue their upward trajectory, investors remain vigilant, monitoring economic indicators and geopolitical developments for further cues on the future direction of the market.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending