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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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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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