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UNDP Ranks Nigeria 152nd in Human Development Index

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  • UNDP Ranks Nigeria 152nd in Human Development Index

The United Nations Development Programme on Tuesday released its 2016 Global Human Development Index report, with Nigeria ranked low at 152nd out of the 188 countries surveyed.

The 2016 Human Development Report focuses on those communities that have been left behind, despite development progress over the last 25 years.

It recognises that in most countries, certain groups remain acutely disadvantaged.

These groups, according to the report, include women and girls, rural communities, and persons with disabilities.

The report, which was released in Abuja, saw the country retaining its 152nd position, which it occupied last year, with a human development index of 0.527 out of the possible index figure of one.

There were five categories of rankings based on the index. They were very high human development, which had about 51 countries with Norway, Australia, Switzerland and Germany occupying the top four spots, respectively.

There was also the high human development category, which had countries like Belarus, Oman, Barbados and Uruguay, among others.

In the same vein, the report listed the medium human development countries as Moldova, Botswana, Gabon and Paraguay, among others, while countries like Swaziland, Syria, Angola and Nigeria were listed among low human development countries.

The Economic Adviser, Nigeria and ECOWAS, UNDP, Dr. Ojijo Odhiambo, said that despite Nigeria’s 152nd ranking, the country recorded some improvement in the number of points that made up the index.

He said the reason why Nigeria retained its position was because as the country was making progress, other countries were also improving on their indices.

For instance, Odhiambo said between 2005 and 2015, Nigeria moved from a human development index of 0.466 to 0.527, adding that this was an increase of 13.1 per cent.

He, however, stated that there was a need for the country to redouble its effort in making sure that it addressed the factors that were impeding its improvement on the index.

Some of them are the issue of inequality, education, discrimination among women, promotion of social inclusion and accountability, as well as the upholding of human rights.

Odhiambo added that in sub-Saharan Africa alone, the sum of $95bn was being lost annually to discrimination against women in the labour market.

He said there was a need for policy action by the government in addressing these issues, adding that more investments should be made in education, while pursuing inclusive growth.

The UNDP official also called for specific interventions for groups with special needs, while expenditure should be restructured to promote more opportunities for women and social inclusion.

The Minister of State for Budget and National Planning, Zainab Ahmed, said the government was mindful of the fact that it needed to do more to move the country from its current position.

She added that the Economic Recovery and Growth Plan, which was launched recently by President Muhammadu Buhari, had been designed to address some of the issues raised by the report.

Ahmed called on the UNDP to assist the government by coming up with innovative ideas that would help the country improve its ranking on the index.

She said the government was working on how to address the economic challenges facing the country and to implement policies and programmes that would promote human development.

This, she noted, was aimed at ensuring that no one was left behind.

The minister stated, “We will also strive to ensure that the disadvantaged communities receive the extra support they need. Government is striving to ensure that human development progress is more resilient to shocks, such as epidemics, economic challenges and conflicts.

“This is being done through the development and implementation of sound policies and through social investment programmes.”

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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Oil Prices Decline on Rising India COVID-19 Cases, U.S Inflation Concerns

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Global oil prices extended a decline on Friday following a 3 percent drop on Thursday as coronavirus cases rose in India, one of the world’s largest oil consumers.

Brent crude oil, against which Nigerian oil is priced, declined by 35 cents or 0.5 percent to $66.70 a barrel at 5 am Nigerian time on Tuesday while the U.S West Texas Intermediate (WTI) fell by 28 cents or 0.4 percent to $63.54 per barrel.

The commodity super cycle rally just hit a hard stop and the energy market doesn’t know what to make of Wall Street’s fixation over inflation and the slow flattening of the curve in India,” said Edward Moya, senior market analyst at OANDA.

The crude demand story is still upbeat for the second half of the year and that should prevent any significant dips in oil prices,” he added.

Prices dropped over a series of key economic data that stoke inflation concerns and forced experts to start thinking the Federal Reserve could raise interest rates to curb the surge in inflation.

An increase in interest rates typically boosts the U.S. dollar, which in turn pressures oil prices because it makes crude oil more expensive for holders of other currencies.

This coupled with the fact that India, the world’s third-largest oil consumer, recorded more than 4,000 COVID-19 deaths for a second straight day on Thursday, dragged on the oil outlook in the near term.

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Brent Crude Rises to $69 on IEA Report

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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.

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OPEC Expects Increase In Global Oil Demand Raises Members’ Forecast on Crude Supply

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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.

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