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British, German Envoys Meet Ambode to Strenghten Partnership

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German Ambassador to Nigeria Mr
  • British, German Envoys Meet Ambode to Strengthen Partnership, Recommend Lagos Model out of Recession

The German Ambassador to Nigeria, Mr. Barnhard Schlagheck and the British High Commissioner to Nigeria, Mr. Paul Arkwright, yesterday visited Lagos State Governor, Akinwunmi Ambode, with a promise to further advance the relationship between their countries and Lagos State.

Schlagheck said he was at Lagos House to further advance the relationship between his country and Nigeria and to lay a solid foundation for improvement, especially with the German-Lagos relationship.

He said he had been very impressed with the very impressive moves and policies pursued in Lagos under Ambode, saying that Lagos has shown to Nigeria how the country can overcome the economic challenges and once again become a model for prosperity and progress.

The envoy specifically commended Ambode for the innovative traffic management strategy, the LAKE Rice initiative and the remarkable efforts to bring in foreign investors to the State.

On his part, the British Commissioner said his visit was principally to advance the partnership between his country and Lagos, saying that the state, being the heartbeat of Nigerian business, is central to his vision of promoting trade, investment, job creation and growth in Nigeria and Britain.

He also commended Ambode for his vision for the state, and expressed readiness to work with the State for mutual benefit to the Nigeria and Britain, and by extension, Lagos.

“We have had prior discussion talking about some of the priorities of the Governor and I am very impressed by his vision for State of Lagos. We have talked about Transport, Housing, and Aviation links which are extremely important as we look to Lagos to really help to drive the economy of Nigeria and pull the country out of the current economic difficulties and I assure that the United Kingdom will be your partner in this,” Arkwright said.

Earlier, Ambode said the vision of his administration to create a more prosperous and safer Lagos and transform the state into the hub of commerce and tourism in Africa.

He said he remained committed to transforming Lagos from being the commercial hub of Nigeria to that of Africa, just like London is the hub of commerce and tourism in Europe.

He recalled the historical ties between Nigeria and Britain and vowed not only to continue to uphold the relationship and scale it up for the benefit of the people, but also ensure the protection of British nationals and their investments in the State.

He said: “We are doing everything to make sure that we take as much as possible from the expertise of the British companies and I want to see a situation where how London is the hub of European commerce and tourism, we can also make Lagos to be the hub of African commerce and tourism and that is where we are going.

“We want to appreciate the partnership that exists between us and the British Government and by extension the partnership existing between Britain and Nigeria. We know that as Lagos continues to be the commercial capital of Nigeria, whatever it is that we do together will obviously grow the GDP of Nigeria because 67 per cent of almost all the commercial activities in the country take place in Lagos.”

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.

Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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Crude Oil

OPEC Says Uncertainties Remain High in 2021

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Nigeria's economic Productivity

OPEC Says Uncertainties Remain High in 2021

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said global uncertainties remained high going forward in 2021 but kept its oil demand forecast unchanged.

In the cartel’s latest oil outlook for 2021, oil demand is expected to increase by 5.9 million barrels per day year on year to 95.9 million barrels per day. The prediction was unchanged from December’s assessment.

However, OPEC and allies, said: “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.

Crude oil rose to $57 per barrel this week after incoming US President Joe Biden announced it would inject $1.9 trillion stimulus into the world’s largest economy.

But the recent rally in the commodity and stimulus announcement is expected to boost US crude oil output and disrupt OPEC+ production cuts strategy for the year.

The 2021 supply outlook is now slightly more optimistic for U.S. shale with oil prices increasing, and output is expected to recover more in the second half of 2021,” OPEC said.

Still, OPEC, in its forecast “assumes a healthy recovery in economic activities including industrial production, an improving labour market and higher vehicle sales than in 2020.”

“Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels,” the group said.

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Crude Oil

Brent Crude Oil Rose to $56.25 Per Barrel

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Brent Crude Oil Rose to $56.25 Per Barrel

Oil price surged following the declaration of Joe Biden as the President-elect of the United States of America last week after Trump’s mob invaded Capitol to disrupt a joint Senate session.

Also, the large drop in US crude inventories helped support crude oil price to over 11 months despite the second wave of COVID-19 crushing the world from Asia to Europe to America.

Brent crude oil, against which Nigerian Crude oil is priced, rose to $56.25 per barrel on Friday before pulling back to $55.422 per barrel on Monday during the London trading session.

Experts attributed the pullback to the rising number of COVID-19 cases in Asia with about 11 million people already locked down in Hebei province in China.

Covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China Hebei province… along with a touch of FED policy uncertainty has triggered some profit taking out of the gates this morning,” Stephen Innes, chief global market strategist at Axi, said in a note on Monday.

China, the world’s largest importer of crude oil, has joined the United Kingdom and others declaring full or partial lockdown to curb the second wave of COVID-19.

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