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World Bank Approves 8 Erosion Sites in Anambra for NEWMAP

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World Bank

The World Bank Group has approved eight more erosion sites in Anambra State for construction and remedial measures for the Nigeria Erosion and Watershed Management Project (NEWMAP).

The World Bank Environmental Specialist and its Task Team Leader in Nigeria, Dr. Amos Abu disclosed this on Friday shortly after inspecting the ongoing construction work at some erosion sites in the state.

While briefing the state Governor, Willie Obiano who was represented by his deputy, Dr. Nkem Okeke, at Best Western Meloch Hotels, Awka, Abu noted that the World Bank through the NEWMAP was making spirited efforts to end the scourge of erosion in Nigeria.

“This is a joint World Bank, FAO, and Federal Government of Nigeria implementation and technical support mission; the states that are implementing the Nigeria Erosion and Watershed Management Project (NEWMAP).

“This is a project that started with seven states but as of today, it has been oversubscribed such that we have 19 states and we had to dialogue with the federal government to put moratorium until the next midterm review. By then we will be able to take stock and determine whether we will be able to add one additional state.

“When NEWMAP was conceived, in particular during the preparation, Anambra State was the lead state; it was setting the pace but along the line something happened. It appeared to have lost that lead role but we are very happy to report that the momentum is back.

“As at the last count, we promised His Excellency that the design of the priority site as identified by the state remains a priority for us in terms of our reviewing. And with this we have given it accelerated review process. And we are happy to report that as at today eight priority sites designs have been approved for Anambra State.

“Not just that, we are also happy to report that the bidding document for each site has also been given review by the World Bank and as of today, four of these sites, their bidding documents are ready for implementation. So we are very happy for the significant progress we have recorded in Anambra with the support, the zeal and the interest of His Excellency, and the entire members of his cabinet”, he explained.

Responding, Dr. Okeke, regretted that erosion had reduced the size of the state such that it was now the smallest state in the federation. He pointed out that the state government would provide every needed support to ensure that the team succeeds in their good mission in the state.

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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Oil

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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