Crude oil prices experienced a sharp decline this week, dropping to $65 per barrel — a level not seen since 2021. This downturn follows a combination of geopolitical and market factors, including new U.S. import tariffs and an unexpected supply increase from the OPEC+ alliance.....KINDLY READ THE FULL STORY HERE▶

Last week, prices had seen a brief uptick after U.S. President Donald Trump imposed tariffs on countries importing oil from Venezuela. However, that gain was short-lived. By Friday, Brent crude fell below $65 per barrel, a price point last recorded in August 2021.

As reported by Oilprice.com, the slump was triggered by a triple impact: the U.S. tariffs, OPEC+ accelerating the rollback of production cuts, and China’s retaliatory trade measures. The global benchmark for oil dropped by $10 per barrel due to these developments.

U.S. West Texas Intermediate (WTI) crude also took a hit, closing at $61.99 — down by $4.96 or 7.4%.

“With market backwardation showing little change from earlier in the week, it’s likely the U.S. tariffs were the primary driver of this price decline,” Oilprice.com noted. “Nonetheless, this week marks a significant downturn in global oil market history.”

In a further escalation of trade tensions, China — the world’s largest oil importer — announced plans to impose a 34% tariff on all U.S. goods starting April 10. This move has intensified fears of a global economic slowdown, pushing investors to brace for a potential recession.

In addition to the trade friction, OPEC+ contributed to market pressure by announcing it would accelerate its production increase. The group now plans to add 411,000 barrels per day to the market in May — a significant jump from the previously scheduled 135,000 bpd.

These combined actions have triggered volatility in the energy markets, with industry analysts closely watching how global supply-demand dynamics and geopolitical tensions will evolve in the coming weeks.

A serious traffic disruption occurred on Saturday along the Apapa-Oshodi Expressway following a multiple-vehicle accident at the Cele Bus Stop axis. The incident involved a container-laden truck that toppled onto its side, colliding with seven other vehicles.....KINDLY READ THE FULL STORY HERE▶

According to an official update shared by the Lagos State Traffic Management Authority (LASTMA) via its X (formerly Twitter) account, emergency response teams were promptly deployed to the scene and are actively managing the situation.

The statement reads:
“A multiple-vehicle accident occurred at Cele along the Apapa-Oshodi Expressway, involving a container-laden truck and seven other vehicles. Emergency responders are already on the scene, attending to victims, while our personnel are working to manage the resulting traffic congestion.”

LASTMA further reported that the accident has led to extensive traffic delays, with the gridlock stretching back to Ijesha and spilling over into surrounding areas.

“Traffic backlog has extended to Ijesha and is currently spreading,” the agency noted.

Authorities continue to urge motorists to exercise caution and consider alternative routes while rescue and traffic management efforts are ongoing.

The Nigerian government has reaffirmed its strategic partnership with Senegal, citing shared historical experiences, democratic principles, and strong economic ties as core pillars of the bilateral relationship.....KINDLY READ THE FULL STORY HERE▶

Naija News reports that Vice President Kashim Shettima made this statement during Senegal’s 65th Independence Day celebration held at Place de la Nation in Dakar on Friday. Shettima represented President Bola Ahmed Tinubu at the event, which was hosted by Senegalese President Bassirou Diomaye Faye and attended by dignitaries from across Africa and beyond.

Speaking on the sidelines of the celebration, Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, highlighted the robust cooperation between Nigeria and Senegal, emphasizing that both nations gained independence in 1960 and have since remained steadfast in promoting democracy and regional security.

“Senegal and Nigeria enjoy deep-rooted bilateral relations built on shared history and common aspirations,” Odumegwu-Ojukwu noted. “Both countries have continuously championed democratic values and constitutional governance across the African continent, while also collaborating in the fight against terrorism and the strengthening of regional institutions.”

The minister further revealed that Senegal is Nigeria’s leading trade partner within the Economic Community of West African States (ECOWAS), accounting for an impressive 68.7% of Nigeria’s total exports to the region. She described this as a strong indicator of the mutually beneficial economic cooperation between the two nations.

Ambassador Odumegwu-Ojukwu also disclosed that President Faye had visited Nigeria last year to engage in high-level discussions with President Tinubu on enhancing bilateral ties and exploring areas for increased collaboration.

According to a statement by Stanley Nkwocha, spokesperson for Vice President Shettima, President Faye used his Independence Day address to commend Senegal’s democratic achievements and reiterated his administration’s commitment to comprehensive reforms aimed at national transformation.

President Faye emphasized the importance of fiscal responsibility, budgetary transparency, and efficient debt management as key steps toward economic stability and sustainable development.