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Task Force Reaffirms Commitment to End Gridlock in Apapa, Lagos

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  • Task Force Reaffirms Commitment to End Gridlock in Apapa, Lagos

The Presidential Task Force on Apapa gridlock has reaffirmed its commitment to end traffic congestion in Apapa, Lagos State.

In a town hall meeting held on Tuesday to lay bare the affairs of the task force as well as open the floor for suggestions on ways to support the free flow of traffic in Apapa, the Vice Chairman of the Task Force, Kayode Opeifa assured residents that the traffic will be eliminated in no time.

He said, “We have busted the issue of extortion which was a by-product of the demurrage system that was hitherto in operation; which the Nigerian Shippers Council (NSC)  and the ship owners are already working on with terminal operators.”

“The NSC has been able to negotiate a slash in the demurrage and we believe once this is put into operation, it would reduce the pressure to get into Apapa and the number of trucks would drastically reduce.”

The task force which was established on May 24, by the Federal Government was issued a presidential directive to resolve the Apapa gridlock and to reinstate law and order in Apapa and its environs. The initial deadline for achieving the aim of the task force was was June 7 but was extended to June 24.

Emphasizing the commitment of the task force to the fulfillment of its goals, Opeifa said, “We have been able to ensure that no trucks stay on the roads anywhere in Apapa”.

The task force is chaired by Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbanjo and supervised by its Vice Chairman, Kayode Opeifa.

The membership of the task force comprises; The Presidential Enabling Business Environmental Council (PEBEC), Nigerian Ports Authority (NPA), Nigerian Shippers Council, Nigerian Police Force, Federal Road Safety Corps (FRSC), Representatives of the Truck Transport Union and the Lagos State  Government.

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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