- Dangote Foundation Scales Up Donations to IDPs to N1.3 Billion
Moved by the plight of the Internally Displayed Persons (IDPs) and returnees in Yobe State, many of whom have been hit by starvation, Dangote Foundation has flagged off the distribution of food and other relief items worth over N100 million to IDP camps in the state, thus growing its intervention to N1.3 billion.
The Foundation said its support to the IDPs and other returnees across the North eastern states has grown up to N1.3 billion in the light of recent ugly developments in the camps that necessitated fresh interventions.
Chief Executive of the Foundation, Zouera Youssoufou appealed to individuals and organization to rise up to be counted at this time of hardship for the IDPs, noting that no humanitarian assistance is too small to render to the people in IDPs as most of them are ravaged by hunger.
Youssoufou who flagged off the distribution in company with the Deputy Governor, Yobe State, Abubakar Aliyu disclosed that all the IDP camps in the 32 communities would benefit from the donation.
Speaking at the event the Deputy Governor, expressed the state government’s heart-felt gratitude to the Chairman, Dangote Foundation, Alhaji Aliko Dangote for his genuine concern towards the plight of IDPs in the State.
He recounted previous donations made by the richest man in Africa towards improving health care delivery and eradication of polio in the State.
Said he: “I am highly delighted to welcome Alhaji Aliko Dangote to Yobe State and also thank him for his laudable decision to donate relief materials including rice, spaghetti, noodles, salt, sugar, Dangote seasoning worth millions of naira to IDPs who have suffered untold hardship due to insurgency in the state. I wish to categorically state that Dangote Foundation has made previous donations towards great causes including eradication of polio in the state.”
He noted that with the restoration of peace and significant improvement in security across the North East especially in Yobe State, Dangote’s intervention could not have come at a better time as the gesture would help the returnees find their feet since most of the IDPs across various camps have not cultivated farmlands or engaged in activities to sustain their livelihood in the last 2 years.
Engr. Aliyu made a commitment that the food items will be judiciously distributed to bring succor to the IDPs and returnees and further asked for more assistances from the government, business development partners, philanthropic organizations and other stakeholders to help tackle the challenges of rehabilitation, reconstruction, re-integration and peace building in the second most affected state by insurgency in Nigeria.
In her remark, the Foundation CEO conveyed the readiness of Alhaji Aliko Dangote to contribute to peace and security in all parts of Nigeria describing the situation in the North East philosophically as “injury to one is injury to all, because we are our brother’s keeper.”
Youssoufou expressed her appreciation for the warm reception and the opportunity to fulfill the commitment of the Dangote Foundation which is alleviating poverty and ameliorating the sufferings and pains of vulnerable people in the society.
She said “Dangote Foundation is committed to alleviating poverty and the suffering of vulnerable people in the society through intervention initiatives that impacts lives positively and engenders socio economic development. “
”The Foundation boss further said the Foundation is primarily committed to reducing the number of lives lost to malnutrition especially in children and also providing intervention in the focus areas of education, health and economic empowerment.”
The host Local Government Chairman of Gubja, Alhaji Kijari Batarama noted that “Dangote Foundation’s donation today is a clear demonstration of support and concern for the plight of IDPs and it bears witness to his genuine sympathy of Alhaji Aliko Dangote to the victims of insurgency in the state.
“I am glad to inform you that return of peace in some of these areas has allowed for commencement of farming activities which resulted in bumper harvest during the outgrowing cropping season, complementing efforts in provision of food and attainment of food security.”
He stated further that the return of IDPs has seen the total number of school enrolment rise to 6,819 pupils across 10 different communities and called for more support to help transform lives of returnees and restore affected villages to prosperity.
It would be recalled that since Dangote Foundation commenced its intervention programme in the North East since July 2016 and has since donated 106 trailer load of food items worth 1.3 billion naira in Borno State. The Dangote Foundation will also be committing additional 2 billion naira in supporting government reconstruction efforts in the North East.
Brent Crude Rises to $69 on IEA Report
Oil prices rose after the release of the International Energy Agency’s (IEA) closely-watched Oil Market Report, with WTI Crude trading at above $66 a barrel and Brent Crude surpassing the $69 per barrel mark.
Prices jumped even though the agency revised down its full-year 2021 oil demand growth forecast by 270,000 barrels per day (bpd) from last month’s assessment, expecting now demand to rise by 5.4 million bpd. The downward revision was due to weaker consumption in Europe and North America in the first quarter and expectations of 630,000 bpd lower demand in the second quarter due to India’s COVID crisis.
The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock draws, the IEA said yesterday, keeping an upbeat forecast of global oil demand despite the weaker-than-expected first half of 2021.
However, the upbeat outlook for the second half of the year remains unchanged, as vaccination campaigns expand and the pandemic largely comes under control, the IEA said.
Moreover, the global oil glut that was hanging over the market for more than a year is now gone, the agency said.
“After nearly a year of robust supply restraint from OPEC+, bloated world oil inventories that built up during last year’s COVID-19 demand shock have returned to more normal levels,” the IEA said in its report.
In March, industry stocks in the developed economies fell by 25 million barrels to 2.951 billion barrels, reducing the overhang versus the five-year average to only 1.7 million barrels, and stocks continued to fall in April.
“Draws had been almost inevitable as easing mobility restrictions in the United States and Europe, robust industrial activity and coronavirus vaccinations set the stage for a steady rebound in fuel demand while OPEC+ pumped far below the call on its crude,” the IEA said.
The market looks oversupplied in May, but stock draws are set to resume as early as June and accelerate later this year. Under the current OPEC+ policy, oil supply will not catch up fast enough, with a jump in demand expected in the second half, according to the IEA. As vaccination rates rise and mobility restrictions ease, global oil demand is set to soar from 93.1 million bpd in the first quarter of 2021 to 99.6 million bpd by the end of the year.
OPEC Expects Increase In Global Oil Demand Raises Members’ Forecast on Crude Supply
The Organisation of Petroleum Exporting Countries (OPEC) yesterday lifted its forecast on its members’ crude this year by over 200,000 bpd and now expects demand for its own crude to average 27.65mn bpd in 2021.
This is almost 5.2mn bpd higher than last year and around 2.7mn b/d higher than an earlier estimate of the group’s April production.
According to the highlights of the organisation’s latest Monthly Oil Market Report (MOMR), OPEC crude is projected to rise from 26.48 million bpd in the second quarter to 28.7 million bpd in the third and 29.54 million bpd in the fourth quarter of the year.
The report also indicated a fall in Nigeria’s crude production from 1.477 bpd in February to 1.473, a difference of just about 4,000 bpd before rising again in April to 1.548 million bpd, to add 75,000 bpd last month.
OPEC stated that its upward revision of members’ crude was underpinned by a downgrade in the group’s forecast for non-OPEC supply, which it now expects to grow by 700,000 bpd to 63.6mn b/d against last month’s report’s projection of a 930,000 bpd rise to 63.83mn bpd.
The oil cartel projected that US crude output would drop by 280,000 bpd this year, compared with its previous forecast for a 70,000 bpd decline.
On the demand side, OPEC kept its overall forecast unchanged from last month’s MOMR, stressing that it expects global oil demand to grow by 5.95 million bpd to 96.46 million bpd this year, partly reversing last year’s 9.48mn bpd drop.
Spot crude prices fell in April for the first time in six months, with North Sea Dated and WTI easing month-on-month by 1.7 percent and 1 percent, respectively.
On the global economic projections, the cartel said stimulus measures in the US and accelerating recovery in Asian economies might continue supporting the global economic growth forecast for 2021, now revised up by 0.1 percent to reach 5.5 percent year-on-year.
This comes after a 3.5 percent year-on-year contraction estimated for the global economy in 2020.
However, global economic growth for 2021 remains clouded by uncertainties including, but not limited to the spread of COVID-19 variants and the speed of the global vaccine rollout, OPEC stated.
“World oil demand is assumed to have dropped by 9.5 mb/d in 2020, unchanged from last month’s assessment, now estimated to have reached 90.5 mb/d for the year. For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s estimate, to average 96.5 mb/d,” it said.
The report listed the main drivers for supply growth in 2021 to be Canada, Brazil, China, and Norway, while US liquid supply is expected to decline by 0.1 mb/d year-on-year.
Oil Rises Over Concerns of Fuel Shortages
Oil prices rose on Tuesday, as lingering fears of gasoline shortages due to the outage at the largest U.S. fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1%.
Benchmark gasoline futures prices rose 1 cent to $2.14 a gallon.
On Monday, Colonial Pipeline, which transports more than 2.5 million barrels per day (bpd) of gasoline, diesel and jet fuel, said it was working to restore much of its operations by the end of the week.
“Right now there’s a generalized anxiety premium being built into prices because of Colonial and it’s keeping a floor under the market,” said John Kilduff, partner at Again Capital LLC in New York.
Fuel supply disruption has driven gasoline prices at the pump to multi-year highs and demand has spiked in some areas served by the pipeline as motorists fill their tanks.
Traders booked at least four tankers to store refined oil products off the U.S. Gulf Coast refining hub after a cyber attack that knocked out the pipeline, shipping data showed on Tuesday.
North Carolina, the U.S. Environmental Protection Agency and Department of Transportation issued waivers allowing fuel distributors and truck drivers to take steps to try to prevent gasoline shortages.
OPEC on Tuesday raised its forecast for demand for its crude by 200,000 bpd and stuck to its prediction of a strong recovery in global oil demand this year as growth in China and the United States counters the coronavirus crisis in India.
Meanwhile, the rapid spread of infections in India has increased calls to lock down the world’s second-most populous country and the third-largest oil importer and consumer.
India’s top state oil refiners have already started reducing runs and crude imports as the new coronavirus cuts fuel consumption, company officials told Reuters on Tuesday.
On the bullish side for crude, analysts are expecting data to show U.S. inventories fell by about 2.3 million barrels in the week to May 7 after a drop of 8 million barrels the previous week, a Reuters poll showed.
Gasoline stocks are expected to have fallen by about 400,000 barrels, analysts estimated ahead of reports from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday.
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