Excitement as oil prices soar on Pfizer’s COVID-19 vaccine success - Newstrends
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Excitement as oil prices soar on Pfizer’s COVID-19 vaccine success

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6 years ago

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  • Trump, Biden, Buhari, WHO laud American manufacturer
  • Nigeria may wait longer to get vaccine — PSN

The world reacted with undisguised joy on Monday to Pfizer’s announcement of its COVID-19 vaccine recording 90 per cent success and almost an instantaneous jump in global oil price and stocks.

Oil prices jumped by almost 10 per cent, its biggest daily gain, in more than six months.

Pfizer and BioNTech said Monday that a vaccine they jointly developed was 90 per cent effective in preventing COVID-19 infections in ongoing phase three trials.

The message of hope drew applause from the world audience, bringing the United States President, Donald Trump, and the President-elect, Joe Biden, to their first convergence in recent months, as both congratulated Pfizer on its scientific trial.

President Muhammadu Buhari also welcomed the development and expressed the hope that the vaccine would be available for all when it finally hit the market.

America’s Pfizer and its German partner, BioNTech, promised to make 50 million doses of the vaccine available before the end of the year.

It also said it would produce 1.3 billion doses of the vaccine for 650 million people by the end of 2021.

The Chief Executive Officer, BioNTech, Ugur Sahin, said, “With effectiveness for the first vaccines previously expected to be in the range of 60 per cent to seven per cent, more than 90 per cent is extraordinary. It shows that COVID-19 can be controlled. At the end of the day, it’s really a victory of science.

“The data do have limits. For now, a few details on the vaccine’s efficacy are available. It is not known how well the shot works in key subgroups, such as the elderly. Those analyses haven’t been conducted. And it isn’t known whether the vaccine prevents severe disease, as none of the participants who got COVID-19 in this round of analysis had severe cases.”

While the global benchmark, Brent crude, was up $3.37, or 8.5 per cent, to $42.82 a barrel, the US West Texas Intermediate crude was up $3.54, or 9.5 per cent at $40.68.

Both contracts rose by more than $4 earlier in the session.

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, also said the OPEC+ deal on oil output cuts could be adjusted if there was consensus among members of the group.

The Saudi minister was commenting after being asked whether OPEC+ – which groups OPEC states, Russia and other producers – would stick to existing cuts of 7.7 million barrels per day (bpd) rather than easing them to 5.7 million bpd from January.

Key members of the Organisation of the Petroleum Exporting Countries (OPEC) are wary of the US.

Reacting to the vaccine discovery, Trump on his Twitter page, said, “Stock market up big. Vaccine coming soon. The report shows 90 per cent effectiveness. Such great news.”

Biden, who inaugurated a COVID-19 taskforce Monday said, “I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope.”

But he cautioned it is “important to understand that the end of the battle against COVID-19 is still months away.”

The president-elect said the announcement was “part of a previously announced timeline by industry officials” and that it does not alter the fact that “Americans will have to rely on masking, distancing, contact tracing, hand washing, and other measures to keep themselves safe well into next year.”

In Nigeria, President Buhari Monday night hailed the delivery of the first COVID-19 vaccine after a period of a successful trial.

Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, said the President, in his reaction to the news that the vaccine had completed 90 per cent trial, described the feat as a milestone in medical advancement.

The statement read, “President Muhammadu Buhari has welcomed the arrival of first effective coronavirus vaccine after a successful human trial phase.

“Reacting to the news that the vaccine has recorded 90 per cent effectiveness against the disease, the president described the development as a major milestone in medical advancement but warned that the world must unite in facilitating the equitable access and distribution of these vaccines to protect people in all countries.

“President Buhari reiterated his earlier call that ‘only a people’s vaccine with equality and solidarity at its core can protect all of humanity and get our societies safely running again. A bold international agreement cannot wait.”

However, renewed European lockdown measures to contain rising COVID-19 cases still appear set to weigh on the outlook for global oil demand, an International Energy Agency (IEA) official said.

Eight months into the worst pandemic in a century, the Pfizer vaccine development represents the most encouraging scientific advancement so far in the battle against COVID-19.

And its preliminary results pave the way for the companies to seek an emergency-use authorisation from regulators if further research shows the shot is also safe.

The vaccine findings are based on an interim analysis conducted after 94 participants, split between those who got a placebo and those who were vaccinated contracted COVID-19.

Pfizer Senior Vice President, Mr. William Gruber, said, “The trial will continue until 164 cases have occurred. If the data hold up and a key safety read-out also looks good, it could mean that the world has a vital new tool to control a pandemic that has killed more than 1.2 million people worldwide. This is about the best news for the world, the United States and for public health. It was better than even the best result we had hoped for.”

The vaccine is being tested in a two-dose regimen. The trial started in July and since most participants only received their second dose much more recently, nobody knows how long any protection will last.

However, the strong reading from the first large-scale trial to post efficacy results holds well for other experimental vaccines, in particular, one being developed by Moderna Inc. that uses similar technology.

Pfizer expects to get two months of safety follow-up data, a key metric required by US regulators before an emergency authorisation is granted in the third week in November.

If those findings raise no problems, Pfizer could apply for authorisation in the US this month.

A rolling review began in Europe last month and Sahin said regulators there were working with BioNTech to “further accelerate the process.”

So far, the trial’s data monitoring committee has identified no serious safety concerns, Pfizer and BioNTech said.

The positive preliminary data mean the US pharma giant and its German partner are on track to be first with a vaccine, after signing advance deals with governments worldwide for hundreds of thousands of doses.

However, Pfizer has found itself drawn into a contentious political debate about how quickly regulators in the US should allow a vaccine to be given to Americans.

President Donald Trump had pushed to have a shot approved before Election Day, but regulators put in place rigorous standards that largely pushed that goal out of reach.

On October 16, Pfizer Chief Executive Officer, Albert Bourla, had said the companies could seek an emergency use authorisation from US regulators by late November if the trial results were to show the shot is safe and effective.

Moderna is considered the next closest vaccine frontrunner. It has said it could get safety and efficacy data from its late-stage trial this month.

Johnson & Johnson, which has a one-shot vaccine using a different technology could get efficacy data from a final-stage trial by the end of this year. AstraZeneca Plc is also working on a vaccine using different technology, with results from studies in the UK and Brazil expected by year-end.

WHO, Canada hail vaccine progress

The World Health Organisation (WHO) and the Canadian government have hailed Pfizer and BioNTech’s announcement.

While the Director-General of WHO, Dr Tedros Ghebreyesus, described the news as “encouraging,” the Prime Minister of Canada, Justin Trudeau, said the results were “promising.”

“We welcome the encouraging vaccine news from @Pfizer & @BioNTech Group & salute all scientists & partners around the world who are developing new safe, efficacious tools to beat #COVID19,” WHO’s director-general said in a tweet.

“The world is experiencing unprecedented scientific innovation & collaboration to end the pandemic,” he said.

As of mid-October, the WHO has identified 42 “candidate vaccines” at the stage of clinical trials, up from 11 in mid-June.

President of the Pharmaceutical Society of Nigeria, PSN, Mazi Sam Ohuabunwa, who described the development as a success for the world, lamented that Nigerians might have to wait a little longer to have access to the vaccine because the Federal Government failed to make early financial commitments to the companies working on the vaccines.

According to him, even when the vaccine is ready, the companies will first satisfy countries and governments that have put down resources to complement their works.

He said, “There is a possibility that with this vaccine the country will be able to access it like any other country, however, our fear is that it will take time for Nigerian to be able to get the vaccine as you are aware that the American government has put down millions of dollars for the companies.

“All the companies that are producing vaccines would want to supply to those that put their money down to help them complete their work before selling to other countries.

“What is also worst is that the procurement especially in the area of this kind of infectious diseases is through donor funding. We are going to be waiting for those who put their money down. How I wish I am in the ministry of health.

“If I were the President, I will be looking at how we can put our money down like others did, no matter how small. We cannot be waiting until those who participated in the trail are satirised and we will now be getting crumbs.

“It is a good development and it shows that we have got to the point where we can have control over the infection. The vaccine is what is going to help us to control this pandemic.  I think the virus is going to stay with us for a long time just like those other reoccurring viruses like HIV.”

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NCC Deploys Device Checker App to Tackle Fake, Cloned Phones in Nigeria

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11 hours ago

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October 31, 2026

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NCC Deploys Device Checker App to Tackle Fake, Cloned Phones in Nigeria
NCC Deploys Device Checker App to Tackle Fake, Cloned Phones in Nigeria

The Nigerian Communications Commission (NCC) has deployed a new device-checking application to strengthen efforts to eliminate counterfeit, cloned and unauthorised mobile phones from Nigeria’s telecommunications market.

The application, designed to help authorised industry stakeholders verify mobile devices, allows users to scan International Mobile Equipment Identity (IMEI) numbers and upload device information directly to the commission’s Device Checker Platform.

The NCC Lagos Zonal Controller, Tunji Jimoh, disclosed this on Thursday during a media briefing at the commission’s zonal office in Lagos.

Jimoh, who represented the Executive Vice-Chairman of the NCC, Aminu Maida, said the initiative was part of efforts to ensure that devices connected to Nigerian telecommunications networks comply with established technical and regulatory standards.

According to him, the platform supports the verification of the Type Approval status of SIM-enabled devices and will help address the circulation of counterfeit, cloned and unauthorised equipment in the country.

Jimoh explained that the application would make it easier for authorised stakeholders, including importers, distributors and phone dealers, to verify large volumes of devices and identify irregularities in their identification numbers.

He said the commission had also intensified engagements with industry players to improve compliance with its device verification and licensing requirements.

The NCC official disclosed that the commission had streamlined its licensing and regularisation process, enabling several device dealers in Kano State to obtain the necessary licences.

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He added that the commission had conducted sensitisation programmes for importers and other industry participants in Lagos and other parts of the country to educate them on their responsibilities under the Device Checker framework.

Jimoh said the measures were designed to strengthen accountability across the mobile device supply chain, improve regulatory compliance and protect consumers from substandard products.

Addressing concerns about privacy, the NCC representative stressed that the Device Checker Platform was not designed to monitor mobile phone users or access their personal information.

He explained that the system does not access private messages, photographs, contacts, financial information or other personal content stored on mobile devices.

According to him, the platform’s functions are limited to device identification and verification of compliance with regulatory requirements.

The commission also urged manufacturers, importers, distributors and dealers to familiarise themselves with its Type Approval and Device Verification guidelines.

Meanwhile, the NCC has encouraged consumers to check the approval status of mobile phones before purchasing them, particularly second-hand devices, to avoid buying counterfeit or non-compliant products.

Consumers can access the commission’s *Device Checker service by dialling 315# or visiting its official website at https://www.ncc.gov.ng/DeviceChecker.

To verify a device, users may need its 15-digit IMEI number, which can be retrieved by dialling *#06# on the phone.

The commission explained that the IMEI is a unique identification number assigned to mobile devices and helps distinguish one device from another. Some phones, particularly dual-SIM models, have more than one IMEI.

The NCC has also clarified that the enhanced device verification framework, which took effect on October 7, 2026, does not require existing phone users to register their devices again. Devices already connected to Nigerian networks before the implementation date were automatically verified.

New devices brought into Nigeria by importers, however, must undergo the applicable verification process before accessing local telecommunications networks.

The commission said the framework covers SIM-enabled devices, including smartphones, feature phones, tablets, routers, laptops and Point-of-Sale terminals.

It further advised consumers to patronise reputable and licensed dealers and use only official NCC channels for device verification.

The initiative forms part of the commission’s broader efforts to combat phone theft, device cloning, counterfeiting and the circulation of unauthorised telecommunications equipment in Nigeria.

NCC Deploys Device Checker App to Tackle Fake, Cloned Phones in Nigeria

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Nigeria Loses ₦3.6tn to Logistics Inefficiencies as NRC Pushes Integrated Transport System

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3 days ago

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October 28, 2026

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Nigeria Loses ₦3.6tn to Logistics Inefficiencies as NRC Pushes Integrated Transport System

 

The Nigerian Railway Corporation has unveiled an ambitious plan to expand Nigeria’s railway network from approximately 4,000 kilometres to 10,000 kilometres within five years.

This is coming as it pushes for an integrated transportation and logistics system to reduce business costs, boost trade and strengthen the nation’s economic competitiveness.

The NRC also has a long-term target of extending the rail network to about 20,000 kilometres, with plans to optimise existing railway assets, revive dormant corridors, expand freight operations and attract private investment into passenger and cargo services.

Managing Director of the corporation, Dr Kayode Opeifa, disclosed these plans at the BusinessDay Mobility and Logistics Conference in Lagos, where he identified an efficient, interconnected transport system as a critical driver of economic resilience and productivity.

Speaking on the theme, “Scaling the Future: Building a Resilient and Efficient Mobility and Logistics Ecosystem in Nigeria,” Opeifa warned that inefficiencies across the country’s transportation network were contributing to congestion, rising logistics costs, delayed deliveries, reduced productivity and higher prices of goods and services.

He argued that integrating rail, road, maritime and air transportation would help address these challenges by improving connectivity between production centres, markets, seaports and distribution hubs.

According to him, rail transportation occupies a strategic position in developing an efficient national transport network because of its capacity to move large volumes of passengers and freight over long distances while reducing pressure on highways.

“Rail should not be viewed as a competitor to road, maritime or air transportation, but each should continue to develop as complementary components of an effective integrated transport system,” he said.

Opeifa explained that while road transport remained essential for cargo collection and last-mile delivery, maritime transport facilitated international trade, and inland terminals supported cargo handling and distribution, rail provided the high-capacity link connecting these facilities with industrial and commercial centres.

He said seamless coordination among the different modes would reduce avoidable logistics costs, promote regional commerce, improve access to markets and enhance the competitiveness of Nigerian products.

PRIVATE SECTOR PARTICIPATION

Outlining the NRC’s priorities since assuming office, the managing director highlighted the corporation’s track access policy, which provides opportunities for private investors to operate passenger and freight services along designated railway corridors.

He said the policy was part of efforts to improve the utilisation of existing infrastructure, expand railway services and mobilise investment to accelerate the development of the sector.

Under its Vision 2:5:10:20, the corporation is focusing on optimising existing railway assets, restoring viable dormant corridors, expanding freight operations, strengthening private-sector partnerships and progressively extending the national network.

Opeifa said immediate priorities included improving the utilisation of Nigeria’s two legacy narrow-gauge lines and three standard-gauge lines, restoring operational capacity, expanding freight services and strengthening connections between railway infrastructure, ports and inland terminals.

He maintained that maximising the value of existing assets would be essential to achieving the corporation’s expansion targets and building a more commercially viable railway system.

NEW RAILWAY PROJECTS

The NRC chief also highlighted ongoing and planned railway infrastructure projects under President Bola Ahmed Tinubu’s administration, including efforts to extend the standard-gauge railway to Apapa Port and establish a connection to Tin Can Island Port in Lagos.

The proposed connections are expected to strengthen the relationship between rail and maritime transportation, improve cargo evacuation and reduce the pressure on roads leading to the ports.

Opeifa further said the Kano–Maradi railway line was expected to be completed in 2027, while plans were ongoing for a central railway corridor linking the Warri–Itakpe line to Abuja.

He added that the government planned to commence construction of the Marina–Lekki railway line, alongside efforts to support the Kaduna–Kano inter-state train service and the Kano State Government’s proposed intra-state rail services.

The projects, he said, formed part of broader efforts to expand rail connectivity, improve passenger mobility and facilitate the movement of goods across the country.

₦3.6TRN LOGISTICS LOSSES

Also speaking at the conference, the Director-General of the Africa Centre for Supply Chain, Dr Obiora Madu, estimated that Nigeria loses more than ₦3.6 trillion to inefficiencies and distortions in the transportation and logistics sector.

He warned that small-scale businesses would continue to struggle to operate efficiently unless the country addressed the disconnect among its transport and logistics networks.

“If we don’t get the logistics right, the small-scale businesses would not be optimised. We do not need digital islands, we do not need superlative infrastructure, what we need is connected systems,” Madu said.

He argued that building a resilient logistics ecosystem required more than expanding individual infrastructure projects, stressing the importance of coordination, connectivity and the ability of the entire system to withstand disruptions.

Similarly, the Managing Director of JanksMay Global Services Ltd., Ifeanyi Onwuachu, said infrastructure deficits continued to undermine the operations of small-scale players in the logistics industry.

He called attention to the need for better infrastructure and more efficient transport connections to support businesses and improve operational performance.

Earlier, the Deputy Editor-in-Chief of BusinessDay, Dr Innocent Nna, described the conference as a platform for examining persistent gaps in Nigeria’s logistics sector and identifying practical solutions.

He urged stakeholders to engage in frank discussions on the challenges confronting the industry and develop strategies to improve efficiency across the sector.

The conference brought together industry stakeholders to explore ways of building an integrated, efficient and resilient mobility and logistics ecosystem capable of supporting economic growth and improving the competitiveness of Nigerian businesses.

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AutoFast By CFAO Assures Former Moove Drivers of Continued After-Sales Support, Free Diagnostics

Published

4 days ago

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October 28, 2026

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AutoFast By CFAO Assures Former Moove Drivers of Continued After-Sales Support, Free Diagnostics

As the exit of mobility platform Moove from Nigeria raises concerns over vehicle maintenance and repair costs among affected drivers, AutoFast by CFAO has moved to reassure them of continued access to professional servicing, quality lubricants and affordable spare parts.

The company said its commitment to supporting former Moove drivers remained unchanged, despite the platform’s withdrawal from the Nigerian market, stressing that it would continue helping them keep their vehicles roadworthy, minimise downtime and protect their livelihoods.

AutoFast by CFAO, which has serviced and maintained the vehicles for more than four years, said it understood the concerns drivers might face regarding maintenance, repairs and the availability of essential spare parts following Moove’s exit.

To address these challenges, the company is introducing dedicated service support for former Moove drivers, including free vehicle diagnostics, access to quality Motul lubricants and a loyalty programme offering exclusive discounts to returning customers on their third service.

The initiative, according to the company, is designed to make vehicle maintenance more accessible, convenient and affordable, while enabling drivers to get their vehicles back on the road without unnecessary delays associated with service approvals.

Speaking on the initiative, General Manager of Winpart by CFAO and AutoFast by CFAO, Mr. Eric Fantodji, said the company recognised the critical role the vehicles played in the daily operations and income generation of the drivers.

“Our relationship with these drivers spans more than four years, and we understand how important their vehicles are to their livelihoods. Our priority is to ensure they continue to have access to dependable after-sales support, professional servicing and affordable maintenance solutions,” Fantodji said.

He also underscored the importance of using the appropriate engine lubricants, particularly for vehicles equipped with small-capacity engines that require specific lubricant standards.

“From the beginning of our partnership, we have used Motul lubricants to service these vehicles. Maintaining consistency with the manufacturer-recommended lubricant specification is particularly important for the sensitive 0.8-litre or one-litre engines. Switching to unsuitable or lower-quality lubricants can have serious consequences for engine performance and potentially increase repair costs,” he said.

According to him, using the correct lubricant helps protect engine components, maintain performance and reduce the risk of avoidable mechanical problems.

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He therefore urged drivers to adhere to the recommended lubricant specifications when servicing their vehicles, warning that cutting corners on essential maintenance could lead to more expensive repairs in the long run.

Beyond routine servicing, Fantodji said AutoFast by CFAO was also making essential maintenance components, including oil filters, air filters, brake pads and other spare parts, available at affordable prices.

“We want drivers to know that they can continue to count on AutoFast by CFAO for quality products, professional service and support that recognises their needs,” he added.

The company said former Moove drivers could access the support services at its Sanusi Fafunwa and Amuwo Odofin service stations, where offerings include free diagnostics, priority servicing, quality spare parts, lubricants and a customer loyalty programme.

AutoFast by CFAO provides multi-brand vehicle maintenance, servicing and repair solutions for individual motorists and businesses. Its services are complemented by access to spare parts and lubricants supplied through Winpart by CFAO.

The latest initiative underscores the importance of reliable after-sales support in Nigeria’s automotive and mobility sectors, particularly for drivers whose vehicles are essential income-generating assets.

For former Moove drivers, continued access to professional maintenance, appropriate lubricants and affordable spare parts could prove critical to keeping their vehicles operational, controlling repair expenses and sustaining their daily earnings following the platform’s exit from the country.

 

AutoFast By CFAO Assures Former Moove Drivers of Continued After-Sales Support, Free Diagnostics

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