Data from the National Bureau of Statistics (NBS) shows that 2,080 road accidents occurred in the second quarter of 2020.ยน Accounting for 47 percent of crashes, speed violation was reported to be the leading cause of crashes, followed by wrongful overtaking which accounted for 10 percent. A total of 855 lives were lost in road crashes with 5,535 people injured during the period. In both cases of injury and death, adults formed the majority amounting to 93 percent and 92 percent respectively. According to the report, men were approximately 4 times more likely to be a victim of road accident than women. The leading number of road accident cases occurred in the following states: Kaduna (177), Ogun (170), FCT (165), and Oyo (138). While the Federal Road Safety Corp (FRSC) penalizes traffic violations, it is imperative to display speed limits, sensitize the public on penalties/fines, and implement an automobile speed violation detection system across the country, particularly in urban areas. This will curb accidents as a result of over speeding and also increase the revenue accruing the government through payment of penalties/fines.
November 6, 2020
Nigeria Economic Update (Issue 40)
Related
Nigeria Economic Update (Issue 11)
In the crude oil market, OPECs weekly
basket price increased 1.07 percent from $29.02 per barrel in February 19 to
$29.33 per barrel in February 26. A combination of factors were
responsible for the slight price increase. First, a decrease in the number of
active oil rigs in the US2 (the lowest since 2009) may have
marginally eased the glut in the crude oil market. The ongoing efforts by OPEC
and other major oil producers such as Russia to freeze oil production have also
played a significant role in stemming the downward trend in oil prices. With
the current market conditions, the price of crude oil is expected to maintain a
fairly stable and modest upward trajectory in the near term.
Nigeria Economic Update (Issue 30)
Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.