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Business

Sanwo-Olu to Flag off Eti-Osa-Lekki-Epe Expressway Project

When completed, Lekki-Epe Expressway project, will eliminate the perennial traffic gridlocks, improve socio-economic activities.

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#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu, Covid-19: Sanwo-Olu discloses how Lagos intends to fund vaccination programme

Lagos State Governor, Mr Babajide Sanwo-Olu, has announced that the state is ready to flag off the Eti-Osa-Lekki-Epe Expressway project on Sunday 1st November, 2020.

This was disclosed in a statement issued by the Senior Special Assistant (SSA) to the Governor of Lagos State on New Media, Gawat Jubril, via Twitter.

The statement issued by Gawat Jubril disclosed that the flag-off of the reconstruction and upgrade of the Eti-Osa-Lekki-Epe Expressway road is in line with the Lagos State Government’s plan to rebuild the major road. It is also expected to bring a new motoring experience on the Eti-Osa-Lekki-Epe Expressway.

Gawat reported that there was a road inspection earlier today, where the Special Adviser to the Lagos State Governor on Works and Infrastructure, Engineer Aramide Adeyoye, said that despite the disruption of economic activities by the COVID 19 pandemic and the recent civil unrest spiked by the #EndSARS protest, Governor Babajide Sanwo-Olu remains focused on promoting economic prosperity through the provision of sustainable road infrastructure throughout the state.

What you should know

  • The project, which is programmed for two phases to manage the huge financial outlay required, takes cognisance of the rapid industrialisation envisaged along the Lekki axis.
  •  The first phase of the project and reconstruction will be an 18.75km stretch spanning Eleko Junction to Epe T- Junction. The second phase of the 26.7km will start at Abraham Adesanya Roundabout to Eleko Junction.
  •  The project will be handled by Messrs Craneburg Construction Company Limited which has proven capacity and track record in the delivery of quality road projects.
  • The Eti Osa-Lekki-Epe Expressway was constructed over 40 years ago, from Victoria Island to Epe T-junction. The builders adopted a rural road cross-section without drainage, except for chutes provided at intervals to allow water percolate into the soil along the verges.

What they are saying

Mrs. Adeyoye stated that other attendant benefits of the laudable project include the positive impact it would have on the lives of residents, businesses, commuters and Lagosians at large.

She said:

Aside the fact that the Lekki-Epe Expressway project, when completed, will eliminate the perennial traffic gridlocks, it would ultimately improve socio-economic activities in and around Lekki and reduce drastically the travel time of commuters.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

4 Comments

4 Comments

  1. Anonymous

    October 31, 2020 at 8:03 am

    What of Ijegun Ijegamo road?

  2. ABDULWAHAB INENEMO

    October 31, 2020 at 8:20 am

    I believe this is the time to also prioritise the coastal road linking the Victoria Island with Abraham Adesanya. This road will decongest and alleviates the suffering of commuters living along the VI – Abraham Adesanya axis. It will also preserve the currently toll road.
    A supposedly 25 minutes drive along VI – Abraham Adesanya axis could take 3 hours.

  3. Anonymous

    October 31, 2020 at 8:37 am

    This is good news. But it will be good if some sections of the receives an immediate attention especially Abijo to makek cz Sangotedo to Ogido. Some kind of immediare surface smoothening to improve traffic instead of waiting proper work is done. We have all worn out.

  4. Joseph Najite

    October 31, 2020 at 9:49 am

    Welcome news but still in doubt of LASG sincerity . Already, excuses and blame game have started in your press statement . We want to hold our leaders accountable . Publish detailed scope of these projects( Phases 1&2) . Funding mechanism ,, milestone payment to contractors, Start and completion of projects., commissioning date if any . Hope these roads infrastructure will withstand the tests of time . Wish LASG best of luck. Pls, do not give us excuses in year 2023 when you are soliciting for second term in office. May God keep us alive in Jesus Name Amen .
    NB: I am not a politician but a retiree . Just crying LOUD to hold our LEADERS ACCOUNTABLE while in OFFICE

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Business

Key takeaways from the OPEC+ meeting

Here are key takeaways from OPEC’s recent meeting as the organisation shows admirable strategy in the global oil market management.

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Saudi, Russia agree to cut oil by 20 million barrel, Further oil production cut required to keep oil price above $40 in 2020 , OPEC + deal to boost Nigeria’s earnings by $2.8 Billion

The 14th Meeting of OPEC and non-OPEC Ministers took place via video conference on Thursday 4th of March, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair His Excellency Alexander Novak, Deputy Prime Minister of the Russian Federation.

In theory, OPEC+ is an organization but in practice, the Group operates like a “cartel” as Ex-US President, Donald Trump describes it. His Royal Highness Abdul Aziz Bin Salman is the well-articulated Head Honcho. The manner in which he has high-handedly managed the oil markets was evident in his responses at the latest meeting.

Here are a few takeaways from the meeting.

OPEC+ getting back control of the Oil markets

In one of his addresses, Saudi Arabia’s energy minister Prince Abdulaziz said that the OPEC Plus cut combined with his country’s voluntary cut managed to accelerate the recovery process of the market.

Evidently, the market has been in an uptrend since the negative prices experienced early last year. Although the markets have experienced a few hurdles externally (geopolitics) and internally (quota cheats and disagreements), prices have rebounded to the highest since 2019. What makes this more remarkable is there is still a pandemic and jet fuel has yet to rebound as aviation has not recovered.

OPEC+ riding the wave of the financial markets

With the bond market on the edge on the signs of inflation, it appears investors are hedging inflation with commodities. That is why all commodities appear to be on the upside. Commodities tend to shine during periods of inflation. With gold prices melting, it appears funds are exposing their portfolio to oil. Hence, why some analysts have argued current prices are not a reflection of supply and demand. They believe the recent oil price rally might have been caused more by financial players rather than improvements in physical oil market fundamentals.

Caution and Vigilance needed to balance the markets

During one of OPEC’s chair remarks, Prince Salman reiterated how important compliance has been in the recovery process. He also commended HE Timipye Sylva’s in his diplomatic management as he compensated on previous failed quotas and his mission as Special Envoy to Congo, Equatorial Guinea, Gabon and South Sudan in complying with their quotas. In his words to the Minister of State for Petroleum Resources, “you have earned your graduation”.

Prince Salman also reiterated how important caution and vigilance are needed in these markets. He said, “we have learned in the course of the past year, the difficulty of making hard predictions in such an unpredictable environment.”

He further added that, “We Have mitigated the impact of the last three waves of pandemic by avoiding complacency. To buttress his speech, he said ‘we did not cast caution to the winds, nor endanger our achievements over the past year. We have elected to follow a careful and proactive approach that has proved successful.”

OPEC+ unity getting stronger

In every successful relationship, understanding and unity are very key tenets needed. Although Russia has a separate agenda of theirs, with regards to the U.S shale, market share and their domestic needs, they still understand that the ultimate priority is to keep the group united. This was reiterated by Alexander Novak,  the Russian Minister agreed that the market hasn’t fully recovered but it’s in a better state than it was a few months ago. He also stressed the importance of conformity to the pact.

The fact that the group even had a majority consensus on the decision not to rollover cuts for April shows that there is a lot of unity in the group. Nigeria also supported the views that there should not be additional supply.

On U.S Shale and Joe Biden

“Drill, baby, drill is gone forever.” These were the words of the Saudi Energy Minister Prince Abdulaziz bin Salman, who in all indications is boasting that the U.S shale revolution has ended. It appears U.S shale is kneecapped as most shale companies suffered financial bankruptcies during the last oil crash. Also with little Capital expenditure and demand for American oil, OPEC has regained dominance in the markets. Personally, I noted this when the markets still went up after an EIA report on a 20 million barrel build in U.S crude inventories which is very unusual.

On the other hand, Saudi Arabia is going to have some sort of love-hate relationship with Joe Biden. With talks of a sanction on Saudi Arabia over the death of Jamal Khashoggi and other human rights which has forced the U.S to ‘recalibrate’ their issues with the Middle-East nation. However, Prince Salman must love having an American President who is so focused on climate change, energy transition and renewable energy which inadvertently means the rise of OPEC+ and oil prices will have a smooth sailing.

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India and China will have to use their stockpiles

When asked about India, The OPEC chair, Prince Salman said that India should start pulling oil out of the cheap stocks they bought last year. Notably, when prices were down, a lot of oil-importing nations filled their inventories with cheap oil. Saudi Arabia’s Energy Minister is of the belief that India and the rest should exhaust what they have accumulated during the oil price crisis. This would be disappointing to India, as they wanted more supply (lower prices) to boost their economic recovery.

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Conclusion

Oil traders and stakeholders did not see this coming. Every speculator short in the market will be “ouching like hell” as HRH Prince Salman warned last year. Kudos to Egypt for hedging against high prices as it seems that prices will keep rising in the foreseeable future. OPEC once again has shown admirable strategy in the global oil market management. Additionally, Saudi Arabia is extending its voluntary output cut by another 1m b/d, and the cartel isn’t increasing output for April.

You can find the full press statement from OPEC here 

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Business

Update: Fire outbreak as tanker explodes

A fuel tanker has exploded around an NNPC filling station on Alagbole-Akute road.

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There is a fire outbreak as a tanker carrying Premium Motor Spirit (PMS), popularly called Petrol exploded around an NNPC filling station on Alagbole-Akute road, Ogun State on Saturday.

This was disclosed by some eyewitnesses in the area.

Witnesses said the fire started at about 6:45am while the firefighters were immediately contacted, and they arrived at the scene at about 7:23am.

No injury or death was recorded as a result of the incident.

The incident occurred in a border community with Lagos while the firefighters seen at the scene were officials of the Lagos State Emergency Management Agency (LASEMA).

Officials of the Federal Fire Service were also said to have arrived at the scene of the incident shortly after the fire had been put out.

 

 

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