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Recession: Dangote Commends Nigerians’ Resilience

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Dangote
  • Dangote Commends Nigerians’ Resilience

Africa’s richest man, Aliko Dangote, has commended Nigerians for their resilience and doggedness even in the face of the prevailing economic challenges, saying they had made sacrifices that would soon see the nation out of the woods.

Addressing a group of small and medium enterprise operators who met with him in Lagos during the festive period, Dangote said that Nigerians had demonstrated the capacity to face challenges and tackle them headlong.

According to him, some countries have been thrown into upheaval at the slightest economic downturn rather than joining hands together to overcome those challenges.

He explained that though Nigeria was going through a painful period, at the end of the day the nation would become a self-reliant economic power house.

He urged the people to continue to join hands with the government in finding lasting solutions to the problems, adding that Nigeria would be better for it.

Dangote added that most countries in the world that had attained economic buoyancy had at one time in their history faced economic hardship.

He said, “Thank God, in our own situation, we know where the problem lies and as such, we only need to muster the courage to apply solutions. Nigeria needs to look inward and produce what we consume as opposed to incessant importation, which takes away our forex.

“This is one of the fundamental problems of our country; we import just anything and the reality is dawn on us now that we have to change this habit; this is why the Federal Government has been emphasising the need to go back to agriculture and total manufacturing so that we also can produce what we need and even export rather than import them.”

Dangote said until Nigeria became a producing nation and reduce imports, her economy would continue to grope in the dark, noting that his companies would continue to take the lead in any sector that required the nation to look inward.

According to him, Nigeria has no business with the importation of some products, which it has abundant raw materials to produce.

He gave an example of milk, lamenting that 80 per cent of the milk being consumed in the country was being imported, a situation he described as unacceptable, given that the nation had all it takes to produce milk locally and even feed other countries.

Dangote promised that he would be venturing into diary production to reverse the trend, saying Nigeria could produce the volume of milk needed by the citizenry.

He urged the people to continue to be patient and cooperate with the government at all levels, adding that all hands must be on deck to bring Nigeria back to a path of sufficiency and economic buoyancy.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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