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Nigeria Spent N450bn on Foreign Technologies in 2015

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  • Nigeria Spent N450bn on Foreign Technologies in 2015

The Chairman, Nigeria Association of Information Technology Enabled Outsourcing Companies (NAITEOC), Mr. David Onu, has said the country spent an equivalent of $1 billion last year on foreign technologies.

Speaking at the 4th National Outsourcing conference, in Abuja, Onu said, government should compel foreign companies to partner local outsourcing companies in importation of both hardware and software ICT components into the country.

He said: “We did a study last year by NAITEOC and we saw that over $1 billion was spent both by the public and private sectors on foreign technology products.

“If 30 percent of that amount was spent locally you can imagine the number of jobs that would have been created. We hope that we can work in partnership with government to promote the outsourcing business.”

According to him, Ghana, Egypt, Kenya and South Africa are doing same to promote local content in the ICT sector, adding: “With the right policies and synergy and everybody working together, this can be done through converging discussion to grow the sector.”

In his remark, the Director General of the National Information Technology Development Agency (NITDA), Mr. Ali Ibrahim, admitted that Nigeria’s economy is facing challenges, adding that efforts by government and the private sectors are geared towards reversing the negative growth.

He said: “It is only apt and imperative for countries to adopt tried, tested and certified efforts such as BPO which require significantly less capital investment, technological requirements and entry barriers that would engender such massive economic and social benefits.”

According to him, India is using BPO to grow its economy using private sector led operation coupled with legislation and Acts of congress to bring about a vibrant outsourcing industry.

He added: “India is today contributing over 3 percent of global outsourcing business and contributing a significant percentage of GDP by 2010.

“Growth of the BPO industry and its contribution in job creation is attributed to leap from 101,000 in 2014 to 930,000 gainful employments recorded in 2015, and an annual income of $25 billion.

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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