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Invest in Agriculture to Tackle Unemployment, Youths Urged

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Agroexports

As part of efforts to address the unemployment challenges facing the country, Nigeria youths have been charged to invest in agriculture and harness the useful potentials of the sector.

The advice was given at a recent interactive session organised by the Centre for Ethics and Cultural Orientation (CECO) in Lagos.

Speaking at the one of the resources persons, Pastor Michael Awopetu urged the youths around the country to determine what they aspire to become in life, adding that government needs to provide the right enabling environment to encourage the youths to engage into profitable ventures. According to Awopetu, “agriculture is one important area in which youths can develop themselves.”

He stated that over the years there have been good policy intentions from various governments in power, which were not realised, and therefore “government should provide skills acquisitions programmes to enable these youths gain skills and knowledge. Government should create an internship programme where members of the National Youth Service Corps (NYSC) will venture into agriculture and acquire skills that will enable them make a viable living.”

Awopetu expressed hope that if this is done, it would tackle the food crisis facing the nation, while urging government to see this opportunity as a means to meaningfully empower the youths and change their orientation of depending only on white collar jobs.

“If we want to diversify our economy, we should start from the youths. We should give them practical agriculture for the one year National youth service programme and you will discover that the country will be better. Nigeria has enough land for agriculture and natural resources which can be of immense use to the nation’s economy. Agriculture is a wide area that youths can go into; there is aqua-culture, arable crop production and others.

“Agriculture can be a strong foreign exchange earner for the nation. There is no plan for Nigerian youths and except they take control of their affairs, they will not be able to survive. The main challenge we have in Nigeria is that we conceive ideas, but those ideas are not sustainable. Due to lack of sustainable youth development programmes, we have now youth uprising as the Niger Delta Avengers (NDA).”

In her address, the Sunday Punch Editor, Toyosi Ogunseye, advised the Nigeria Institute of Journalism (NIJ) students to focus on their dreams and dedicate their time on their potentials, adding that hard work, mentoring and walking in the company of the right group of friends is very important.

According to her, “the only way to create a signature is discovering what others are not doing.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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