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43KM Lagos-Ibadan Expressway Reconstructed, Open for Use

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  • 43KM Lagos-Ibadan Expressway Reconstructed, Open for Use

The reconstruction of the Lagos-Ibadan Expressway, spanning 43km, has reached 40% completion, says Federal Controller of Works, Mr. Adedamola Kuti.

He stated this recently at KM 15, the site of the MFM Prayer City Magboro, while on tour with representatives of the Federal Ministry of Power, Works and Housing and other stakeholders.

He said the 1st section of the road which is from Ojota old toll gate to Shagamu is now opened for use and urged Nigerians to appreciate the efforts channelled by the contractor to ensure that the project was completed in good time.

He explained to Nigerians that the gridlock which occurred recently was as a result of the ongoing work on the road. This was uncalled for, if road users had adhered to traffic rules, he said.

Kuti stated that Lagos-Ibadan Expressway is the busiest road in Africa. The busiest part is the Ojota-Shagamu, which was under construction, and required road users to drive at 50km per hour, failure to comply with this as well as breakdown of vehicles, will result in gridlock. Nigerians need to be disciplined, running 5 lanes instead of 2, or following 1-way is definitely not the solution, he said.

He assured Nigerians that funding of the project is not an issue as the Presidency has set aside funds under Nigeria Sovereign Investment Authority, NSIA, to ensure the success of the project.

The Sector Commander, FRSC, Ogun State, Mr. Clement Oladele, stated that road users indiscipline and age of articulated vehicles all resulted in the breakdown and crashes on our roads. Rapid response to these breakdown and crashes is hindered by this road construction, as towing vehicles and cranes have difficulties in assessing the road.

He urged Nigerians to exercise patience and slow down at construction zones, in order to curtail harm to both themselves as well as other road users. This will ensure smooth driving for everyone.

He reminded them of the National Road Traffic Regulation of 2012 which specified that at construction zones, road users should not exceed 50km per hour. This regulation was given for 2 reasons; to ensure the safety of construction workers, as well as the Law Enforcement Agents, which includes the emergency officers on duty. Also, road users should not drive against traffic.

Road users who drive against traffic will be apprehended and charged for dangerous driving with penalties, failure to pay these penalties after 6months will result in impounding of the vehicles.

The Regional Technical Manager, Region West, Julius Berger, Mr Thomas Baizuweit, corrected the impression that the attitude of the company towards the project was lethargic but rather the opposite.

A very robust and professional traffic management system, both FRSC and Julius Berger safety team has been put in place to safely channel the flow of traffic at construction site. Also a review of the road situation is ongoing and measures are put in place to increase effectiveness. However, we count on the cooperation of road users and their discipline during this period, and a huge success is guaranteed, he said.

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 long experience in the global financial market.

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Economy

Oil Prices Decline on Rising COVID-19 Cases

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Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally

Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.

Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.

global Oil prices While the price of US West Texas Intermediate (WTI) crude oil dipped from $40.97 per barrel it traded on Thursday to $38.78 on Friday.

Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.

“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.

Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.

As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.

This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.

In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.

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Economy

We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos

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Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff

The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.

Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.

The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.

Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.

“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.

The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.

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Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries

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Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations

The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.

Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.

The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”

Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.

“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.

“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”

He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.

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