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Cross River Opens Garment Factory, Employs 300

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The Cross River State Governor, Prof. Ben Ayade, on Thursday approved the employment of 300 applicants as workers in the Calabar Garment Factory built by his administration.

The governor announced the employment after applicants from the southern senatorial districts of the state had participated in a job screening exercise by the garment factory.

In a statement made available to our correspondent, the governor said the gesture was not only in fulfilment of his dream to create jobs for citizens of the state but to inspire young people who were not from privileged homes.

He promised the newly employed workers good salaries and welfare package, while reiterating the commitment of his administration to the welfare of the poor in the state.

Ayade said, “When we set up this factory, the intention was not just to create jobs but to guarantee that young men and women, who have been challenged by circumstances of their births, have the opportunity to better their lots.

“I’m so excited at what I am seeing here today – the number of people and their energy – and it is an indication that our factory has taken off. Remember, the factory has the capacity to create 3,000 jobs.

“Truly, if you call yourself a leader, your focus should be on the vulnerable and the weakest that we are engaging today. We will guarantee you good salaries, food and proper transportation.”

Ayade urged the new employees, who he tagged ‘great fashion engineers’, to leverage the opportunity to express their innate potential and be the pride of the state.

He said, “We want to show to the world that we have skills, great fashion engineers. I call you engineers because you are going to provide the skills that we have not seen before.”

The President and founder, Africa Young Entrepreneurs, Oluwa-Summy Francis, who was at the event along other entrepreneurs from other parts of Africa, said Ayade had justified the belief that youths could excel in leadership positions.

He said, “This is what happens when a youth becomes a governor – someone who truly has everything on his side like age, exposure, connections and commitment. When you have a youth in the saddle, we should expect things like this.”

Meanwhile, Ayade has launched the Rice Borrowers Anchor Programme of the Central Bank of Nigeria, in line with the Federal Government’s plan to diversify the economy.

A statement quoted the governor as lauding the Federal Government’s proposition to make agriculture the mainstay of Nigeria’s economy.

He said, “We must seize this opportunity to thank President Muhammadu Buhari for introducing this programme. We must thank him because if you follow the road map, plan and vision for this initiative, you will definitely know that this is the beginning of the emancipation of Nigerians from their continuous dependence on imported rice.

“This is what President Buhari wants to stop because it has the nationalistic outlook to put an end to the declining rate of the naira to the dollar. When we stop importing rice, we will be adding value to our naira.

“It is key that you appreciate at this point the CBN governor (Godwin Emefiele) and in particular, President Buhari, for it is a concept that we must support.”

Ayade said the Federal Government’s rice production scheme was in tandem with the Cross River State’s vision to become self-sufficient in rice production.

“We will add our own dimension to it. The government of Cross River is going to set up a proper professional food bank, the very first in Nigeria.

“We are going to set up a food bank, one in each local government area and the essence is to serve as the catalytic financial muscle that will pick up and buy off every single seed of rice that you will produce.

“The kind of farming we are going to do in Cross River State is going to be special because we are known for class, style and beauty. We will provide an agricultural mechanism centre to provide an industrialised support for farming.”

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.

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Crude Oil

Oil Slips With Energy Prices in Europe Halts Record Rally

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Oil dipped toward $72 a barrel in New York after prices of energy commodities in Europe halted a record-breaking run.

West Texas Intermediate futures fell 0.6%, having reached the highest intraday level since early August on Wednesday. A rally in European gas and power prices to unprecedented levels was set to end as industries were starting to curb consumption. The surge in energy rates could temporarily boost diesel demand by as much as 2 million barrels a day as consumers switch fuels, according to Citigroup Inc.

Still, the bullish signals for oil are continuing to increase. U.S. crude inventories dropped by more than 6 million barrels last week to a two-year low, according to government figures, as coronavirus vaccination programs permit economies to reopen. Chevron Corp. Chief Executive Officer Mike Wirth warned that the world is facing high energy prices for the foreseeable future.

The investor optimism is showing up in key oil time spreads widening. Trading of bullish Brent options also surged to a two-month high on Wednesday.

Prices have been pushed higher in recent days “by supply outages combined with expectations of switching from gas to oil in the power sector,” said Helge Andre Martinsen, a senior oil market analyst at DNB Bank ASA. “We still believe in softer prices toward year-end and early next year as curtailed production returns and OPEC+ continues to increase production.”

Strong prices for gas, liquefied natural gas and oil are expected to last “for a while” as producers resist the urge to drill again, Chevron’s Wirth told Bloomberg News. Norway’s Equinor ASA said Thursday it also expects European gas prices to remain high over winter.

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Energy

Fuel Scarcity: Petrol Sells N220 Per Litre in Nsukka

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Premium Motor Spirit, otherwise called petrol, now sells for between N200 and N220 per liter at the independent marketers’ service stations in Nsukka, Enugu State.

The News Agency of Nigeria is reporting the hike in the price against the official pump price of N162 per liter.

It said it started about a fortnight ago due to the scarcity of the commodity in the town and its environs.

Some residents of the town expressed deep worry over the development in separate interviews with NAN on Wednesday.

A civil servant, Stephen Ozioko, said the situation had further compounded the economic difficulties in the area.

Ozioko said many private car owners had been compelled to park their vehicles at home and move around in public transport.

He said: “Since the scarcity started, I decided to park my car and take public transport to the office and back home. N220 per liter is exorbitant and I cannot afford it considering my salary as a civil servant. I shall continue to use public transport until the situation returns to normal.”

A building material dealer, Timothy Ngwu, said the development had also led to an increase in transport fare in the area.

Ngwu said: “Some people now trek from Nsukka Old Park to Odenigbo Roundabout because of the 100 percent hike in fares from N50 to N100 by tricycle.

“Before now, transport fare from Nsukka to Enugu was N500, but transporters now charge between N800 and N1000.”

Also, a commuter bus driver, Victor Ogbonna, described the scarcity and hike in the price of petrol as “unfortunate and an ugly development”.

Ogbonna added: “Today, only a few filling stations are selling the commodity in Nsukka town, while others are shut.”

He alleged that some filling stations, which claimed to be out-of-stock, were selling to black marketers at night.

He said: “This is why black marketers have sprung up everywhere in the town, selling the commodity for about N300 per liter.”

NAN reports that virtually all the major marketers in the area have stopped the sale of petrol, claiming to be out-of-stock.

The people called on the government to urgently intervene in order to bring the situation under control and also put an end to its harsh economic effects on the messes.

NAN.

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Energy

DPR Targets N3.2T Revenue by Year-End

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Nigeria’s Department of Petroleum Resources (DPR) will hit the N3.2 trillion revenue target by December 2021, according to its Director/ Chief Executive Officer, Mr Sarki Auwalu.

Auwalu made the disclosure when he led a delegation of the DPR management team to the Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr Bello Gusau, in Abuja on Wednesday.

He said that 70 percent of the revenue projection had already been met. “Last year, we exceed our revenue budget. We were given N1.5 trillion but we were able to generate N2.7trillion.

“This year, our revenue budget was N3.2 trillion. By the end of August 2021, we have generated up to 70 per cent.

“So, we with September, October, November and December, it is only the 30 per cent that we will work over,’’ he said

He noted that the government took advantage of fiscal terms within the old and new legislation, thereby creating a level of increased signature bonuses.

“We reorganise the work programme that is normally being done in the DPR to key into the new operational structure as we see it in the bill, now an act.

“That programme is being handled by the planning and strategic business unit as against what we use to have because the entire work programme is supposed to show not only technical but also commercial and viability of oil fields and to guarantee the return on investment for investors.

“We have also created an economic value and benchmarking unit to key into the new fiscal provisions of the PIA,’’ he said.

Commenting on capacity, Auwalu said the country stands at the advantage of exporting skills to emerging oil and gas countries across Africa with proper implementation of the newly passed Petroleum Industry Act.

This, he said, the DPR was ready to partner with the Fund to continue to build capacity in the oil and gas sector

He noted that the Federal Government was determined to create leeway that would encourage investors and drastically improve the nation’s petroleum industry.

He further noted that no fewer than 300 legal battles in the oil and gas industry in Nigeria, which had been stalled for the past 20 years in courts, had been resolved through alternative dispute resolution.

According to Auwalu, the DPR is strategising well to ensure effective implementation of the PIA.

Responding, Gusau commended the DPR for enabling the industry and enhancing business activities in the oil and gas sector.

He said that DPR remained the head of the oil and gas industry in Nigeria adding that the Fund was grateful to benefit from the wealth of ideas from DPR.

“The last time we visited, we had a good discussion and issues raised are being implemented like tracking the inflow of funds in signature bonus accounts.

“We extended the meeting and involved ministry of Finance, Accountant General office and even the Central Bank of Nigeria (CBN).

“Sitting at field development plans and attending significant meetings, helped us to know where and what the industry is trying to do and it also helps to inform our decisions in training and capacity plans,’’ he said

He urged the DPR to continue on its effort to ensure an efficient and productive petroleum industry in Nigeria

He assured collaboration with all as the head of the implementation committee of the Petroleum Industry Act. (NAN)

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