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CBN Governor Rallies Support for Housing Finance Programme

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  • CBN Governor Rallies Support for Housing Finance Programme

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has urged the Nigerian media to effectively communicate and educate Nigerians on how they could key into the Nigerian Housing Finance Programme (NHFP) to access finance for affordable housing in the country.

The CBN Governor stated this on Tuesday in Abuja during the launch of the Mascot of the NHFP, a Public Private Partnership (PPP)– designed to improve access to affordable housing finance in Nigeria.

Emefiele, who was represented by the Director, Other Financial Institutions Supervision Department, Mrs. Tokunbo Martins, said that the mass literacy campaign of the project was being driven by the PPP stakeholders in the Nigerian housing industry with the support of the regulator.

“Everything you have learnt and discussed today should contribute to the actualisation of this philosophy through the effective communication of NHFP and its possibilities to your readers and the general public,” Emefiele told journalists at the event.

‘’The mass literacy campaign is driven by a public private partnership effort of the stakeholders within the technical assistance components of the NHFP to increase our public awareness—-that is accessible and affordable house/home finance programme which is available through micro finance banks and mortgage banks as mortgage loans that will be eligible for refinance through the Nigerian Finance mortgage Company (NFMC) and also that micro financing is available through micro finance banks.’’

The CBN Governor stated that certain people had become successful house owners already through the process and that nobody would be excluded from applying.

He added: “The Nigerian housing industry has come together in the campaign—with a single minded purpose of effecting the rapid provision of the most affordable houses to those in our population who may be unaware of their rights and responsibilities or may not have been able to learn how to move forward.”

He also said that stakeholders through their collaborative efforts will commence the process of changing the Nigerian housing market from that of “supply driven” to that of “demand driven”, where every house built will have an already willing and able buyer waiting to purchase it.

“Industry stakeholders through this collaborative effort will commence the process of moving our housing system from a supply driven market to a demand driven one and ensuring that no home will be built without a ready willing and able buyer waiting to purchase it,” Emefiele further added.

“This whole campaign consists of two basic messages: Providing awareness and education to help intending home owners prepare for a home buying process, and educating and encouraging home buyers to understand their responsibilities to pay their loans in a timely manner according to their terms of mortgage agreement.

“If you can effectively communicate these two messages to our people, this campaign has successfully achieved its goal. This is the simple message of my own home campaign. We ask you to help us disseminate the information properly and effectively to every single citizen of Nigeria.”

On her part, the National Coordinator of the project, Adenike Fasanya Osilaja, stated that the aim of the media chat was to create awareness among Nigerians to have access to mortgage financing for their own homes by applying for loans within their means; stop paying rent and become landlords.

She said they can do this after going to their banks to ask questions and know how they can go about and finance their mortgages and must have agreed to the terms and conditions of the mortgage institution.

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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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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