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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.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Markets

Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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