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Nigerian Artwork Can Make the Country Centre for World Tourism — AAF Boss

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tourism
  • Nigerian Artwork Can Make the Country Centre for World Tourism

Chief Solomon Agbonna is another Nigerian worried about the level of development in the country especially the area of tourism in spite of the resources the country is blessed with. The DOYEN of arts and founder of Aguene Arts Foundation believes that promoting Nigerian artwork, culture and tradition is capable of making Nigeria a tourism centre that would earn the country foreign exchange for economic growth.

Ogbonna, who had supported many foundations and institutions to provide youth empowerment also sponsored different groups to Europe for arts exhibition, auctions and cultural dances, all to impact on economic development via art. Recently he was given award as Agu Oyoyo of Ekeoba Kingdom, Umuahia, Abia State for his numerous contribution to the country through artwork, culture and tradition alongside former military Head of State, Yakubu Gowon who now preaches peace and unity was also awarded as Ochi Igbudu Chukwu.

Excerpts: You’re passionate about artwork, culture and tradition, how can it impact on the economy?

It has a lot of economic values, numerous benefits as seen in other countries where governments have interest to harness the potentials. But the major challenge here is that our government has shown little or no interest in artwork, cultures and tradition. In other African countries even Asia, governments take time to develop artwork, cultures and is promoting their economies. Again, you can’t govern your people without understanding their cultures and traditions no matter how educated and experienced you are.

For instance, if you don’t understand my culture and tradition, how do you live with me or govern the people? This is a challenge today. So, the misunderstanding, corruption will continue if we don’t understand and respect our cultures and traditions. It’s a duty our leaders should carry out to secure a conducive environment that promotes economic growth and peace in the land. Artwork can produce a lot of handwork, create ideas and employment. In ancient days, African arts stood as the only means people record history. Right from the time past, artwork is been used for decorations anywhere in the world.

Many Nigerians are no longer placing value on culture and tradition, how can we reverse this?

That is why Robert Mugabe of Zimbabwe is one of my best friends. He said, ‘if an African who is educated, well exposed decides to change his chieftaincy title to Mr. his people should not allow him to take over leadership because he is going to westernise it. Most of our leaders are not doing well because they don’t understand what values culture and tradition add on development. Our cultures and traditions will go along way in developing the country, so we should stop emulating everything from the western world that colonised us.

Developing artworks to attract tourism…

Let me start by saying that most people employed to manage our museums who claimed they studied in abroad don’t understand that tourism must be first priority when developing a country. When you visit museums in the country, people working there don’t understand anything about artwork and they frustration their following Nigerians who want artwork as souvenir for Nigerians abroad, even an artwork of 4 weeks old when you take it to museum they condemn it as an antic. Nigeria has over 300 languages with different cultures and traditions. Do you know that Nigerian artwork is the most valuable artwork in Africa. For instance, Igbougwu bronze and museum in Anambra state that dignified Ndigbo. Igbougwu was discovered in 1938 in Isaiah Anozem compound by a retired cool miner hired to dig a system. Where is Igbougwu today?

In 1952 an archaeologist was invited from the University of Ibadan to observe the object. But today nobody cares for it and you can’t find any bronze or metal of Igbougwu and its museum that was set up by the Europeans. Today, it’s a big challenge that our government has lost interest in artwork and idea to develop it so that it can attract tourism which helps a country earn foreign exchange for economy development. A building contractor can’t deliver result in the field of medicine. With wrong people in charge of museums it is difficult to develop and attract tourism.

Kidnapping, armed robbery, killing, unemployment on the increase…

If our leadership as a matter of urgency would start doing something on the welfare of poor Nigerians that are hearing all kinds of loot going on in the country, crime will reduce. It must be a collective efforts. The increase in crime today is as a result of many Nigerians living in the land blessed by God but can’t afford a meal, suffering hunger, unemployment, poverty.

What role do you think past leaders like Gowon who is preaching peace and unity in the country and others can do to improve development?

There is need for them to advise present government on the right way to go since they were there and have had experience of leadership for the interest of the people and not their friends in government. They should offer and proffer solutions to help move the country forward. We should imbibe the spirit of forgiveness so that we can live together.

Creating jobs for our youths…

Asians, Europeans, third world countries recognise that artwork is something humans can produce with bare hands and it creates jobs. Artwork increases in value the longer it stays. Government should also encourage other hand works that can create jobs among our youths. We should not rely on education alone where there are few jobs in the country. Some people who are creating jobs in China and other places are not university graduates. We need more practical things to create jobs.

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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Crude Oil

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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