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Community Empowerment Promotes Economic Growth —Tandon

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  • 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.

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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Energy

Nigeria’s Power Sector to Get $7.5bn from $30bn African Electrification Initiative, Says Minister Adelabu

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Power - Investors King

Minister of Power Adebayo Adelabu has said that Nigeria is set to receive a portion of a $30 billion investment aimed at electrifying Africa.

During a visit to Splendor Electric Nigeria Limited, Adelabu revealed that the World Bank and the African Development Bank (AfDB) have committed to this ambitious initiative with Nigeria slated to receive approximately $7.5 billion, or 25% of the total fund.

The groundbreaking initiative is designed to extend electrification to an additional 300 million Africans over the next five years.

This large-scale project aims to address the energy deficit that has long plagued the continent and is expected to transform the power infrastructure significantly.

Adelabu expressed optimism about Nigeria’s role in the project, citing the country’s large population and ongoing power sector reforms as key factors in securing a substantial share of the funds.

“I want to inform you of the proposal or the intention, which is at an advanced stage, by the World Bank and the African Development Bank to spend about $30 billion to extend electrification to an additional 300 million Africans within the next five years. Nigeria is going to participate fully in this. I am confident that nothing less than 20% or 25% of this fund would come into Nigeria because of our population,” Adelabu stated.

The minister’s visit to Splendor Electric Nigeria Limited, a porcelain insulator company, underscores the government’s commitment to involving local businesses in the electrification drive.

The investment will focus on enhancing and upgrading power infrastructure, which is crucial for improving electricity access and reliability across Nigeria.

Despite the promising news, Nigeria continues to face significant challenges in its power sector. The country’s power grid has suffered frequent collapses, with the Nigerian Bureau of Statistics reporting less than 13 million electricity customers and frequent nationwide blackouts.

The International Energy Agency highlighted that Nigeria’s national grid experienced 46 collapses from 2017 to 2023, exacerbating the nation’s energy crisis.

To combat these issues, the government is also advancing the Presidential Power Initiative, a project in collaboration with Siemens, which aims to build thousands of new lines and numerous transmission and injection substations.

Adelabu noted that the pilot phase of this initiative is nearing completion and that Phase 1 will commence soon.

With over 200 million people and a chronic energy shortfall, Nigeria’s power sector is in urgent need of overhaul.

The additional $7.5 billion from the African Electrification Initiative represents a critical step toward achieving reliable and widespread electricity access.

The investment is expected to stimulate not only infrastructure development but also economic growth, creating opportunities for local companies and improving the quality of life for millions of Nigerians.

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Crude Oil

Oil Prices Climb as Markets Eye Potential US Rate Cuts in September

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Crude oil - Investors King

Oil prices rose during the Asian trading session today on speculation that the U.S. Federal Reserve may begin cutting interest rates as soon as September.

Brent crude oil, against which Nigerian oil is priced, increased by 32 cents to $82.95 a barrel, while U.S. West Texas Intermediate crude oil climbed 34 cents to $80.47.

The anticipation of rate cuts stems from recent U.S. inflation and labor market data indicating a trend towards disinflation and balanced employment, according to ANZ Research.

The Federal Reserve is set to review its policy on July 30-31, with expectations of holding rates steady but providing clues for potential cuts in September.

The potential rate cuts could stimulate economic activity, increasing demand for oil. This optimism has been partially offset by recent concerns over China’s slower-than-expected economic growth, which could dampen global oil demand.

President Joe Biden’s announcement to not seek re-election and endorse Vice President Kamala Harris had minimal impact on oil markets.

Analysts suggest that U.S. presidential influence on oil production is limited, although a potential Trump presidency could boost oil demand due to his stance against electric vehicles.

In response to economic challenges, China surprised markets by lowering key policy and lending rates. While these measures aim to bolster the economy, analysts remain cautious about their immediate impact on oil demand.

With OPEC+ production cuts continuing to support prices, the focus remains on the U.S. Federal Reserve’s next moves.

Any decision to cut rates could further influence oil prices in the coming months, highlighting the interconnectedness of global economic policies and energy markets.

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Crude Oil

Dangote Refinery Clash Threatens Nigeria’s Oil Sector Stability

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Crude oil

Nigeria’s oil and gas sector is facing a new challenge as a dispute between Dangote Industries Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) intensifies.

The disagreement centers on claims by NMDPRA that diesel from the Dangote Refinery contains high sulfur levels, making it inferior to imported products.

The $20 billion Dangote Refinery, located near Lagos, has the potential to process half of Nigeria’s daily oil output, promising to reduce dependency on foreign fuel imports and create thousands of jobs.

However, the recent accusations have cast a shadow over what should be a significant achievement for Africa’s largest economy.

Industry experts warn that the ongoing conflict could deter future investments in Nigeria’s oil sector.

“Regulatory uncertainty is a major disincentive for investors,” said Luqman Agboola, head of energy at Sofidia Capital. “Any factor affecting foreign investment impacts the entire value chain, risking potential energy deals.”

The regulatory body, led by Farouk Ahmed, maintains that Nigeria cannot rely solely on the Dangote facility to meet its petroleum needs, emphasizing the need for diverse sources.

This position has stirred controversy, with critics accusing the agency of attempting to undermine a vital national asset.

Amidst these tensions, energy analyst Charles Ogbeide described the agency’s comments as reckless, noting that the refinery is still in its commissioning stages and is working to optimize its sulfur output.

In response, Dangote Industries has called for fair assessments of its products, asserting that their diesel meets African standards.

The refinery’s leadership argues that certain factions may have ulterior motives, aiming to stifle progress through misinformation.

As the dispute continues, the broader implications for Nigeria’s oil sector remain uncertain. The outcome will likely influence not only domestic production but also the country’s standing in the global energy market.

Observers hope for a resolution that supports both industrial growth and regulatory integrity, ensuring stability in a sector crucial to Nigeria’s economy.

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