- 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.
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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