- CBN Governor, Varsity Don Clash over Apex Bank Policies on Economy, Poverty
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele and former Vice Chancellor of Bowen University and Pioneer, Aso Villa Chapel Chaplain, Prof Yusuf Obaje, yesterday clashed in Abuja over allegations by the latter against the apex bank of doing nothing to fight poverty but rather implementing anti-people policies not in tune with the prevailing economic realities.
According to Obaje, the country was currently facing economic recession because most of the economic policies of the federal government were not in touch with the reality on ground.
Obaje stated this while speaking in Abuja at the National Economic Summit organised by the Coalition of Civil Society Groups (CCSG) tagged; ‘Sustainable Policy Participation strategy in the Face of Economic Recession.’
The university don maintained that right from the Soludo-led administration to the present CBN under the leadership of Godwin Emefiele, the apex bank had failed to look inwards to fashion out policies that are in line with the Nigerian situation.
He opined that “the situation is getting worse today and everybody is busying abusing the man at the helm of the affairs.
“Most of the policies formulated were not in touch with the reality of the Nigerian people. The policies did not even come out of our own intellectual engine room, they are all borrowed ideas.”
Obaje contended that the only antidote to the current economic crisis in the country was for Nigeria to develop her own national ideology, adding that lack of national ideology was responsible for all kinds of problems faced in the country.
“I have canvassed for the need to have national ideology in the last national conference organised by Jonathan administration and they told me that it was the future.
“National ideology is a priority for our economic emancipation. Every human behaviour is rooted in ideology; our lives are controlled by idea.
“Any borrowed ideology that is not in conformity with the reality is bound to create suffering. Idea must find its root in the soil of the particular people it is meant for,” he said.
Responding, Emefiele debunked the claims of alleged anti-people policies by the apex bank in impoverishing Nigerians instead of benefiting them.
He charged critics to avoid condemning its efforts in improving the economic situation by focusing on lopsided pattern of analogy that lack basic economic principles.
Emefiele who was represented by his Special Adviser on Financial Market, Emmanuel Ukeje, maintained that “part of the benefits we are reaping today are out of some reforms carried out” by CBN in the past.
He noted that some critics of the CBN policies had failed to look at the policies critically and see what it had benefited the country and the people; rather they choose to see it from one angle without thinking of its benefits to the country.
Emefiele observed that “when CBN take position, we don’t have any interest than the best for the public and Nigeria,” adding that, “investment should be in the sectors that will create value.
“We are making sure that the banking system supports the real sectors of the economy to improve the situation. We need to take a look into our industrial policy, we have the capacity to produce and earn foreign exchange,” he said.
Speaking, President of the coalition, Comrade Bassey Etuk Williams called on the economic team to look into the economic policies with a view of find-tuning it in line with the reality on ground.
He said; “I beckon on the economic team as presently constituted to work in synergy with all relevant stakeholders and the critical Nigerian mass like never before in ensuring the continuous development of sustainable programmes and policies potent enough to pull the country out of the present economic doldrums,” Williams stated.
In search Of Alternative Power Supply, Nigerians Spend N7T On Power Generation Annually
Nigerians, and by extension, their businesses, expend about N7 trillion annually on power generation, the Executive Director and Chief Operating Officer, Off-Grid Tech Solutions Ltd, Stephen Ogboko has said.
Ogboko, who made this known at a virtual news conference in Lagos said that inadequate power supply had been a major challenge facing businesses in the country, forcing them to source alternative power supply for their operations.
“Nigeria is among the countries with a very high need of electricity.
“A significant amount of the economy is powered largely by small-scale generators and almost 50 percent of the population have limited or no access to the grid.
“This could be effectively tackled with the deployment of off-grid renewable energy solutions by making electricity more cost effective and environmentally friendly,” Ogboko said.
He described renewable energy from off-grid resources as sustainable and cost-effective for farmers and Small and Medium Enterprises (SMEs).
Ogboko said Off-Grid Tech Solutions Ltd. partners with the global innovators of off-grid solutions to provide reliability.
“This is cost-effective and lasting solutions to societal problems toward improving the lives of people in developing nations.
“Our team of experts have worked all over Africa, and continue to work to provide solutions to a variety of sectors.
“We have marketed and delivered smart off-grid solutions for many years, providing permanent, efficient, safe and affordable solutions,” He said.
Ogboko said that the firm specialises in the marketing of heat lamps and incubators, gas-powered air conditioners and cooling fridge, mobile power solution-solar energy box, pressure cookers, among others.
He said that notable partners of the initiative were the Federal Ministry of Agriculture and Rural Development (FMARD), United Kingdom Department for International Trade (UK-DIT), International Institute of Tropical Agriculture (IITA), All Farmers Association of Nigeria (AFAN), Buckler Group, and Tywit.
The News Agency of Nigeria (NAN) reports that off-grid renewable energy solutions support the expanding access to modern energy services in an environmentally sustainable manner.
Off-grid renewable will deliver a wide spectrum of electricity services for households, public services, and also serve commercial and industrial purposes.
Off-grid energy solutions are one of the key drivers of the nation’s push for industrialisation.
Goldman Sachs Revised Down Brent Oil Forecast for Q3 2021
Goldman Sachs Group, an American multinational investment bank and financial services company, has revised down its Brent oil price projection for the third quarter (Q3) of 2021 by $5 from $80 per barrel previously predicted to $75 a barrel following the surge in Delta variant COVID-19.
The investment bank predicted that the surge in Delta variant COVID-19 cases will weigh on Brent oil price in Q3 2021 even with the expected increase in demand.
However, the bank projected a stronger second half of 2021, saying OPEC+ adopted slower production ramp-up will offset 1 million barrel per day demand hit from Delta.
Goldman said, “Our oil balances are slightly tighter in 2H21 than previously, with an assumed two-month 1 mb/d demand hit from Delta more than offset by OPEC+ slower production ramp-up.”
The leading investment banks now projected a deficit of 1.5 million barrels per day in the third quarter, down from 1.9 million barrels per day previously predicted.
Therefore, Brent crude oil is expected to average $80 per barrel in the fourth quarter, a $5 increase from the $75 initially predicted and the bank sees 1.7 million barrels per day in the fourth quarter.
“The oil market repricing to a higher equilibrium is far from over, with the bullish impulse shifting from the demand to the supply side,” the bank said.
Goldman added that even if vaccinations fail to curb hospitalisation rates, which could drive a longer slump to demand, the decline would be offset by lower OPEC+ and U.S. shale output given current prices.
“Oil prices may continue to gyrate wildly in the coming weeks, given the uncertainties around Delta variant and the slow velocity of supply developments relative to the recent demand gains,” it said.
Oil Extends Gains on Thursday on Expectations of Tighter Supplies
Oil prices rose about $1.50 a barrel on Thursday, extending gains made in the previous three sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis.
Brent crude settled at $73.79 a barrel, up $1.56, or 2.2%, while U.S. West Texas Intermediate (WTI) settled at $71.91 a barrel, rising $1.61, or 2.3%.
“The death of demand was greatly exaggerated,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “Demand is not going away, so we’re back looking at a very tight market.”
Members of the Organization of the Petroleum Exporting Countries and other producers including Russia, collectively known as OPEC+, agreed this week on a deal to boost oil supply by 400,000 barrels per day from August to December to cool prices and meet growing demand.
But as demand was still set to outstrip supply in the second half of the year, Morgan Stanley forecast that global benchmark Brent will trade in the mid to high-$70s per barrel for the remainder of 2021.
“In the end, the global GDP (gross domestic product) recovery will likely remain on track, inventory data continues to be encouraging, our balances show tightness in H2 and we expect OPEC to remain cohesive,” it said.
Russia may start the process of banning gasoline exports next week if fuel prices on domestic exchanges stay at current levels, Energy Minister Nikolai Shulginov said, further signalling tighter oil supplies ahead.
Crude inventories in the United States, the world’s top oil consumer, rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, up for the first time since May, U.S. Energy Information Administration data showed.
Inventories at the Cushing, Oklahoma crude storage hub and delivery point for WTI, however, has plunged for six continuous weeks, and hit their lowest since January 2020 last week.
“Supplies fell further by 1.3 million barrels to the lowest level since early last year, theoretically offering support to the WTI curve,” said Jim Ritterbusch of Ritterbusch and Associates.
Gasoline and diesel demand, according to EIA figures, also jumped last week.
Barclays analysts also expected a faster-than-expected draw in global oil inventories to pre-pandemic levels, prompting the bank to raise its 2021 oil price forecast by $3 to $5 to average $69 a barrel.
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