Connect with us

Markets

UNDP Ranks Nigeria 152nd in Human Development Index

Published

on

united-nations
  • 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.”

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.

Continue Reading
Comments

Crude Oil

Dangote Mega Refinery in Nigeria Seeks Millions of Barrels of US Crude Amid Output Challenges

Published

on

Dangote Refinery

The Dangote Mega Refinery, situated near Lagos, Nigeria, is embarking on an ambitious plan to procure millions of barrels of US crude over the next year.

The refinery, established by Aliko Dangote, Africa’s wealthiest individual, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July.

This development revealed through a document obtained by Bloomberg, represents a shift in strategy for the refinery, which has opted for US oil imports due to constraints in the availability and reliability of Nigerian crude.

Elitsa Georgieva, Executive Director at Citac, an energy consultancy specializing in the African downstream sector, emphasized the allure of US crude for Dangote’s refinery.

Georgieva highlighted the challenges associated with sourcing Nigerian crude, including insufficient supply, unreliability, and sometimes unavailability.

In contrast, US WTI offers reliability, availability, and competitive pricing, making it an attractive option for Dangote.

Nigeria’s struggles to meet its OPEC+ quota and sustain its crude production capacity have been ongoing for at least a year.

Despite an estimated production capacity of 2.6 million barrels a day, the country only managed to pump about 1.45 million barrels a day of crude and liquids in April.

Factors contributing to this decline include crude theft, aging oil pipelines, low investment, and divestments by oil majors operating in Nigeria.

To address the challenge of local supply for the Dangote refinery, Nigeria’s upstream regulators have proposed new draft rules compelling oil producers to prioritize selling crude to domestic refineries.

This regulatory move aims to ensure sufficient local supply to support the operations of the 650,000 barrel-a-day Dangote refinery.

Operating at about half capacity presently, the Dangote refinery has capitalized on the opportunity to secure cheaper US oil imports to fulfill up to a third of its feedstock requirements.

Since the beginning of the year, the refinery has been receiving monthly shipments of about 2 million barrels of WTI Midland from the United States.

Continue Reading

Crude Oil

Oil Prices Hold Steady as U.S. Demand Signals Strengthening

Published

on

Crude Oil - Investors King

Oil prices maintained a steady stance in the global market as signals of strengthening demand in the United States provided support amidst ongoing geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, holds at $82.79 per barrel, a marginal increase of 4 cents or 0.05%.

Similarly, U.S. West Texas Intermediate (WTI) crude saw a slight uptick of 4 cents to $78.67 per barrel.

The stability in oil prices came in the wake of favorable data indicating a potential surge in demand from the U.S. market.

An analysis by MUFG analysts Ehsan Khoman and Soojin Kim pointed to a broader risk-on sentiment spurred by signs of receding inflationary pressures in the U.S., suggesting the possibility of a more accommodative monetary policy by the Federal Reserve.

This prospect could alleviate the strength of the dollar and render oil more affordable for holders of other currencies, consequently bolstering demand.

Despite a brief dip on Wednesday, when Brent crude touched an intra-day low of $81.05 per barrel, the commodity rebounded, indicating underlying market resilience.

This bounce-back was attributed to a notable decline in U.S. crude oil inventories, gasoline, and distillates.

The Energy Information Administration (EIA) reported a reduction of 2.5 million barrels in crude inventories to 457 million barrels for the week ending May 10, surpassing analysts’ consensus forecast of 543,000 barrels.

John Evans, an analyst at PVM, underscored the significance of increased refinery activity, which contributed to the decline in inventories and hinted at heightened demand.

This development sparked a turnaround in price dynamics, with earlier losses being nullified by a surge in buying activity that wiped out all declines.

Moreover, U.S. consumer price data for April revealed a less-than-expected increase, aligning with market expectations of a potential interest rate cut by the Federal Reserve in September.

The prospect of monetary easing further buoyed market sentiment, contributing to the stability of oil prices.

However, amidst these market dynamics, geopolitical tensions persisted in the Middle East, particularly between Israel and Palestinian factions. Israeli military operations in Gaza remained ongoing, with ceasefire negotiations reaching a stalemate mediated by Qatar and Egypt.

The situation underscored the potential for geopolitical flare-ups to impact oil market sentiment.

Continue Reading

Crude Oil

Shell’s Bonga Field Hits Record High Production of 138,000 Barrels per Day in 2023

Published

on

oil field

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has achieved a significant milestone as its Bonga field, Nigeria’s first deep-water development, hit a record high production of 138,000 barrels per day in 2023.

This represents a substantial increase when compared to 101,000 barrels per day produced in the previous year.

The improvement in production is attributed to various factors, including the drilling of new wells, reservoir optimization, enhanced facility management, and overall asset management strategies.

Elohor Aiboni, Managing Director of SNEPCo, expressed pride in Bonga’s performance, stating that the increased production underscores the commitment of the company’s staff and its continuous efforts to enhance production processes and maintenance.

Aiboni also acknowledged the support of the Nigerian National Petroleum Company Limited and SNEPCo’s co-venture partners, including TotalEnergies Nigeria Limited, Nigerian Agip Exploration, and Esso Exploration and Production Nigeria Limited.

The Bonga field, which commenced production in November 2005, operates through the Bonga Floating Production Storage and Offloading (FPSO) vessel, with a capacity of 225,000 barrels per day.

Located 120 kilometers offshore, the FPSO has been a key contributor to Nigeria’s oil production since its inception.

Last year, the Bonga FPSO reached a significant milestone by exporting its 1-billionth barrel of oil, further cementing its position as a vital asset in Nigeria’s oil and gas sector.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending