- Community Empowerment Promotes Economic Growth
It has been proven that community and regional developments are the easiest way of developing economy of any country. Therefore, public, private sectors, NGO are advised to pull resources together to encourage community empowerment in Nigeria to aid its economic growth.
However, where there is proper provision for vocational training, education empowerment, agriculture with better healthcare system etc. in communities it affects national development because it’s all about value chain that kick starts from the grassroots to state and federal levels.
One of the challenges of low pace development in Nigeria is because most communities in the country are not developed which now affects national development. Empowering citizens reduces crime rate, unemployment, youth restiveness, corruption and economic upheaval.
On this background, newly elected President, Rotary Club of Lagos Island, Rotarian Sanjeev Tandon, a man with passion for community development and has been tremendously supporting charity work, less privileged and community development since he joined Rotary Club of Jabalpur in 1990 till date. This commitment has brought him the level he is in Rotary today.
Having spent decades in Nigeria, the Vice President Project, Kewalram Chanrai Group became passionate in youth empowerment, keen in better healthcare for an average Nigerian in order to promote healthy living in the country.
Rotarian Sanjeev Tandon is the President of the first Mega Club of RI District 9110 in Nigeria, Rotary Club of Lagos Island, that has empowered 500 youths via vocational training. “Recently the club paid for the services of medical experts from abroad that treated patients with different ailment at Shagamu with most of the expensive medical facilities anybody can boost of and at the end of that exercise those facilities were left behind for further treatment.
According to Tandon, this is what Rotary Club of Lagos Island since inception in 2016 has involved in around its operational environments. Of recent it adopted two secondary schools for educational empowerment. More of this can be achieved if we collaborate and help communities around us to develop fast and the economy will also grow through this means”.
Tando, having been considered the right person and elected as President of Rotary Club of Lagos Island said that the club will continue this humanitarian services which the club is been known for. Continuing, he said that the club would strictly follow its mission and objectives of providing service to others, promote integrity and advance world understanding, goodwill and peace through its fellowship of business, professionalism and community leaders. “ To encourage and foster the ideal of service as a basis of worthy enterprise”.
He said that Rotary International is an international service organization whose purpose is to bring together business and professional leaders in order to provide humanitarian services, encourage high ethical standards in all vocations, advance goodwill and peace around the world. It is a non-political and non-sectarian organization open to all people regardless of race, colour, creed, religion, gender, or political preference. There are 34,282 member clubs worldwide and 1.2 million individuals known as Rotarians.
However, “the Rotary Community Corps (RCC) is a volunteer organization with an estimated 157,000 non-Rotarian men and women in over 6,800 communities in 78 countries.
Describing the bilateral relationship of India and Nigeria, Tando said it dated back in 1940 till date both countries have had a cordial relationships that have seen India established a lot of companies in Nigeria that have promoted employment in the country.
In a media chart with Tando in Lagos, he advised Nigerian government to channel resources to agriculture to end poverty, unemployment and boost the economy of the country. He said further that Nigeria has a lot of man power and if trained and channelled into agriculture the economy would grow through food export and the country would have enough food for its citizens while many youths roaming around the streets will be engaged into agriculture.
He also stresses the need for standard education that promotes science and technology which helped developed nations to advance and remain competitive globally.
Global Oil Drops as Coronavirus Infections Rises in India and Other Nations
Oil prices declined on Monday during the Asian trading session amid rising concerns that the surge in coronavirus in India and other nations could force regulators to enforce stronger measures at curbing its spread and eventually affect economic activity and drag on demand for commodities like crude oil.
Brent crude oil, against which Nigerian oil is priced, declined by 22 cents or 0.33 percent to $66.55 per barrel at 8:19 am Nigerian time on Monday, following a 6 percent surge last week.
The US West Texas Intermediate (WTI) declined by 18 cents or 0.29 percent to $62.95 per barrel, after it gained 6.4 percent last week.
The decline was after India reported 261,500 new coronavirus infections on Sunday, taking the country’s total cases to almost 14.8 million, second to only the United States that has reported over 31 million coronavirus infections.
“With … a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking,” said Stephen Innes, chief market strategist at Axi.
Businesses in Japan believed the world’s third-largest economy will experience a fourth round of coronavirus infections, with many bracing for an additional slow down in economic activity.
While Japan has had fewer COVID-19 cases when compared with other major economies, concerns about a new wave of infections are fast rising, according to responses in Reuters poll.
On Tuesday, April 20, 2020, Hong Kong will suspend all from India, Pakistan and the Philippines because of imported coronavirus infections, authorities stated in a statement released on Sunday.
India’s COVID-19 death rose by a record 1,501 to hit 177,150.
Global Markets Near Record Peaks and Will Get Stronger: deVere CEO
As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.
Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.
“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.
“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.
“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.
“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”
However, the CEO’s bullish comments also come with a warning.
“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.
“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”
Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”
Refinitiv Expands Economic Data Coverage Across Africa
Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.
Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.
Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.
Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades. As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”
Refinitiv Africa economic data coverage:
- Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
- Content is sourced from national statistical offices, central banks and other key national institutions
- The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
- International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent
Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.
Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.
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