- Lagos to Host First Nigeria Beer Festival
To stimulate its economic and tourism potentials, the Lagos State government is set to host the maiden edition of the “Nigeria Beer Festival” from September 25 to October 1, 2017.
The Lagos State government is collaborating with beer brewers in the country and their counterparts across the globe to create maximum excitement during the week-long fiesta that will climax with the Independence Day Mega Concert to commemorate Nigeria’s independence.
The festival, which will promote responsible drinking among drinking-age (which is 18 years and above) consumers at all its touch points, will be held at the Lagos Atlantic City to give it a carnival atmosphere from day one to the very last second. It will be a gathering of the largest community of beer consumers from across the country and beyond.
The organisers of the Nigeria Beer Festival, On and One Event (001) Limited, said that the Lagos State government, which is passionate about tourism, will provide massive institutional support, particularly security, transport and related logistics.
The event, according to the organisers, will see Nigeria enrol into the league of Beer Festivals around the world, and boost the country’s tourism opportunities.
Akinola Oluwaleimu, General Manager of 001, revealed that the world-acclaimed Oktoberfest (Beer Festival) in Munich attracts more than 50,000 tourists to Germany every year, while other countries in Europe and the Americas have caught the bug.
“Nigeria Beer Festival will be a carnival week of entertainment, sales and marketing and a gathering of the largest community of beer consumers from across the country and beyond with economic value for the brands and the economy at large,” Oluwaleimu assured.
The Nigeria Beer Festival will provide a fitting ambience to showcase fashion and lifestyle, as well as culture in a carnival atmosphere with various beer brands and other alcoholic drinks in Nigeria connecting with their existing and potential consumers.
This culture touch point is in line with the view of social scientists that that beer is among the symbolic vehicles for identifying, describing, constructing and manipulating cultural values and interpersonal relationships. They classify different alcoholic beverages in terms of their social and cultural meanings.
Historians submit that Beer has always been popular – since times of ancient Babylon and Greece, Mesopotamia and Egypt and is one of the oldest beverages humans have produced, dating back to at least the fifth millennium BC.
Anthropologists and archaeologists also believe that it was a taste for beer, not bread that started the cultivation of barley in around 9000BC, known as the agricultural revolution. Beer didn’t just change the world; historians insist it saved it!
Meanwhile, partners of the forthcoming Nigeria Beer Festival are also assured of world-standard facilities as the organisers of the Nigeria Beer Festival have partnered with reputable and qualified architects from Europe to design modular stands to fit into any shape or style desired by exhibitors.
Oluwaleimu said that Governor Akinwunmi Ambode is expected to close the festival during the Independence Day Mega Concert that will parade an array of A-list Nigerian artistes, which will feature eye-popping fireworks display.
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
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