The Lagos State Government on Friday announced that traffic will be diverted away from Eko Bridge to facilitate emergency repairs by the Federal Ministry of Works. 

The diversion, according to the Commissioner for Transportation, Mr Oluwaseun Osiyemi, will commence on Monday, 16th September 2024, and will last for 8 weeks.

“The repairs will be carried out in four phases, during which the bridge will be intermittently fully or partially closed, depending on the work schedule”, Osiyemi stated, advising Motorists to use the following alternative routes during the repairs:

*Motorists heading to the Island from Funsho Williams Avenue can make use of the service lane at Alaka to connect to Costain and access Eko Bridge to continue their journeys.

*Alternatively, Motorists heading to the Island can access Costain to connect Eko Bridge to link Apongbon for their destinations.

*Motorists can also connect Apongbon inwards Eko Bridge to link Costain to access Funsho Williams Avenue.

*Motorists can also make use of Costain inwards Alaka/Funsho Williams Avenue or alternately go through Apapa Road from Costain and link Oyingbo to access Adekunle to link Third Mainland Bridge for their desired destinations.

*In the same vein Motorists heading to Surulere are advised to use Costain to link Breweries inward to Abebe Village to connect Eric Moore/Bode Thomas to get to their destinations.

The Commissioner for Transportation, Mr Oluwaseun Osiyemi, assures that Lagos State Traffic Management Authority officers will be deployed to the rehabilitation areas and alternative routes to minimize travel delays and inconvenience.

The Centre for the Promotion of Private Enterprises (CPPE) has urged the Federal Competition and Consumer Protection Commission (FCCPC) not to adopt a price control mindset in a bid to tackle inflationary pressures.

CPPE Founder, Dr Muda Yusuf, gave the advice in a statement on Sunday in Lagos.

Yusuf expressed concerns over the approach, methodology and recent threats by the FCCPC targeted at market leaders, traders and supermarket owners.

He stated that the approach made the FCCPC appear to be unwittingly transforming into a price control agency rather than a consumer protection commission.

He noted that the core mandate of the commission was the creation of a robust competition framework across sectors and the protection of consumer rights and interests.

“Consumer protection is not about directly seeking to control price at the retail end of the supply chain and this is why the CPPE is concerned about the FCCPC’s approach.

“The commission seems to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy,” he said.

Yusuf said that the best way to protect consumers from exploitation theoretically and empirically, was to diligently promote competition across sectors.

According to him, the experience with the telecoms sector amply validates this position.

Yusuf stated that the emphasis should not be on pricing but on deepening the culture and practice of competition and a level playing field for all investors.

He noted that intense competition made profiteering difficult and diminished the chances of exploitation of consumers.

“The retail sector of the economy is characterised by a multitude of players as there are an estimated eight million retailers in the trade sector of the Nigerian economy.

“The truth is that the retail segment of the economy is the least vulnerable to price gouging or consumer exploitation on a sustainable basis, contrary to the thinking of the commission.

“The reality is that the risk of profiteering increases with monopoly powers. This is why the attention of the commission should be focused on creating a good competition framework to deepen competition across sectors,” she said.

The CPPE boss urged the commission to get a proper comprehension of the dynamics of pricing and the key drivers of inflation such as naira exchange rate depreciation, and high energy costs among others.

“Our view is that the proposal by the FCCPC to traverse markets across the country to ensure price regulation is unlikely to yield concrete outcomes and this is not a sustainable strategy.

“What we need to fix are the fundamentals driving production, operating and distribution costs which resulted in spiralling inflation in the first place.

“The commission needs to be more diligent and thorough in its analysis before alleging consumer exploitation by the trading community,” he said.

The CPPE boss also appealed to the FCCPC to refrain from further intimidation of the operators in the retail sector of the economy most of whom are micro and small businesses, with many in the informal sector.

He said if the trajectory continued, there was an emerging risk of market suppression and private enterprise repression by the FCCPC, marking an elevation of regulatory risk in the Nigerian economy and detrimental to investors’ confidence.

Yusuf instead, urged the commission to collaborate with other government agencies to tackle the fundamental causes of inflation in the economy. 

The Nigerian National Petroleum Company Limited (NNPC Ltd) is experiencing financial strain, which has put considerable pressure on the company and threatened the fuel supply’s sustainability.

Mr Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, affirmed this in a statement on Sunday, acknowledging reports in national newspapers regarding the company’s significant debt to petrol suppliers.

Already, incessant fuel queues occasioned by pronounced scarcity in Lagos and Ibadan have resulted in several petrol stations currently selling petrol between N950 and N1,000 per litre.

Industry stakeholders put the NNPCL’s debt at about $6 billion, which has caused the product suppliers to become reluctant about importing Premium Motor Spirit (PMS) for the company.

The NNPCL has however kept mum on the actual amount it owes, only acknowledging that she currently owes.

Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security,” he said.

Soneye added that the company was collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.