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10% of Nigerians Have Access to Clean Water —W’Bank

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World Bank
  • 10% of Nigerians Have Access to Clean Water —W’Bank

Nigeria provided clean water to fewer than 10 per cent of its city dwellers in 2015, down from 29 per cent 25 years earlier, the World Bank has said.

It said in a report released on Monday that Nigerians and some other countries had failed to maintain infrastructure or struggled to cope with growing populations during the review year, adding that in Haiti, only seven per cent of households had clean tap water, compared to 15 per cent previously.

“Water and sanitation services need to improve dramatically or the consequences on health and well-being will be dire,” a report by Reuters quoted the Nigeria’s Country Director, World Bank, Rachid Benmessaoud, as saying.

Countries would have to quadruple their spending to $150bn a year to deliver universal safe water and sanitation, helping to reduce childhood diseases and deaths while boosting economic growth, the World Bank said.

The World Bank also said in the report that investments should be better coordinated and targeted to enable services to reach the most vulnerable, and that governments would have to engage the private sector more closely to meet the high costs.

“Millions are currently trapped in poverty by poor water supply and sanitation,” the Senior Director of the World Bank’s Global Water Practice, Guangzhe Chen, said in a statement.

He said, “More resources, targeted to areas of high vulnerability and low access, are needed to close the gaps and improve poor water and sanitation services.”

According to the World Bank, the high cost of clean water risks jeopardising the ability of countries to meet the United Nations’ Sustainable Development Goal of providing access to safe and affordable sanitation for all by 2030.

It noted that more than three quarters of those without clean water supplies lived in rural areas, where only 20 per cent had access to “improved sanitation”.

In cities, poor people were said to be up to three times less likely to have clean water supply than people in better off areas.

The risk of diarrhoeal diseases and malnutrition caused by unsafe water and poor sanitation was creating a “silent emergency”, with stunted growth affecting more than 40 per cent of children under five in countries including Guatemala, Niger, Yemen and Bangladesh, the report said.

It also said under-nutrition could have long-term effects on children, including poor mental development and reduced ability to work, which would eventually affect economic development.

In some countries, tap water was even more unsafe than pond water, with about 80 per cent of Bangladesh’s water supplies contaminated by E.coli bacteria, said the report.

It urged governments to better inform the people and encourage more household water treatment.

Providing clean water in cities could generate economies of scale, the bank said, urging greater private-sector involvement in urban water provision where recovering costs could be easier.

Researchers, decision makers and aid specialists are meeting in Stockholm for the annual World Water Week where they will focus on how to reduce waste in water use, according to Reuters.

Water and sanitation improvements should be linked to health programmes to better tackle diseases and malnutrition, said the World Bank report.

“Renewed efforts are needed to address those populations at greatest risk of death and disease due to inadequate water supply, sanitation and hygiene, which threatens human capital and economic development,” it said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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