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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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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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