- NCC Woos Singaporean Investors to Boost Nigeria’s Broadband Infrastructure
The Executive Vice Chairman of the Nigerian Communications Communication (NCC), Prof. Umar Danbatta, has invited the Singapore Investment Corporation (GIC) to invest in the country’s broadband infrastructure.
Addressing the investors, who were in the country to understudy Nigeria’s investment policies, with the aim of investing in the telecoms sector, Danbatta said that investing in the country’s broadband sector has high prospects for quick return on investment.
Represented by the Director of Consumer Affairs Bureau of NCC, Mr. Abdullahi Maikano, the EVC said the country, through its regulatory and legal framework, would offer conducive environment for foreign investors.
Danbatta, explained that investing in Nigeria’s telecommunications broadband infrastructure is the next frontier needed to push service delivery to the consumers, stressing that two InfraCos have been licensed to deploy broadband infrastructure in Lagos and North-central zones of the country.
According to him, “Right now, these two companies are mobilising to commence their deployment. The subsidy that we shall be given to them will be on milestone basis, depending on what they are able to deploy. The subsidy will be made available only after the project has been verified by the commission.”
While calling on the investors to consider investing in the remaining five zones, he said the commission is in the process of licensing the remaining five zones. “We are hoping that good companies will come onboard so that we can achieve that broadband vision for the country,” Danbatta said. He further explained that the process of licensing the remaining five InfraCos would be concluded in the early part of 2017, since the deadline for the submission of application of interest is November ending.
The leader of delegation, Mr. Ang Eng Seng, explained that his company is ready to invest minority stake in telecoms outfits with the intent to grow and expand their capital base with time.
“We are financial investors, we are not operators so the investment style is much more that of minority stakes.
We provide growth capital to the companies that have good business plan that we believe in and so we will not be bidding on new project on our own. Our focus is to find the right local companies with good business model that have minority investment, and invest in them.”
Speaking on the investment opportunities in Nigeria’s telecoms sector, he said the country’s huge demographic statistics makes it an investment destination on the continent.
If you look at all the other countries in Africa, Nigeria given its size and its demographics, ranks very high in terms of the list of target countries that we are focusing on, Seng said.
Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd
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.
Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins
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.”
Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020
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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