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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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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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