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Turkey, South Africa, Nigeria Others Partner on Home Decor Exhibition

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  • Turkey, South Africa, Nigeria Others Partner on Home Decor Exhibition

The Republic of Turkey has said it is happy to participate in the maiden edition of the International Home Décor and Giftware exhibition holding in Nigeria.

Deniz Eralp, the International Sales and Marketing Manager for Turkey stated at the opening of the exhibition at the Landmark exhibition centre in Lagos.

“The ties between Turkey and Nigeria trace back in history and have always maintained good relationships. Both are members of an organisation of Islamic Co-operation and the Developing Eight nations and further maintain close co-operation economically,” said Eralp.

The president of the Retail Council of Nigeria (RCN), Ashiwaju Onafowokan, who was represented by the secretary of the organisation, Alhaji Kunle Hamzat, said the retail industry is fast growing and expected to be the biggest employer of labour and the major contributor to the country’s GDP.

“2017 is no doubt going to be a great opportunity for our members to network with other international participants with a view to establishing business relationship which will eventually grow their business and I turn, the Nigerian Economy,” he said through written speech.

Further in his submission, Hamzat pointed out that the event would create opportunities for the retail industry as well as create job opportunities for the youths.

“What you see here today is the meeting of local and international minds. We have foreign investors coming to show interest in Nigeria and we have local buyers who want to tap from the investment to make Nigeria greater.”

He said the event taking place at this time when the economy is not buoyant means ‘’we are not just limiting ourselves but are thinking outside the box to make things happen. When there is such collaboration, kind of synergised efforts then you see that the economy will bounce back’’.

The three days’ event is organised by Clarion Events West Africa in partnership with the RCN, Defining the Nigerian Interior or Design Market (DENIM), Transwalk Interiors, others.

Commercial Director Clarion Events West Africa Russell Hughes, in his opening remarks, said the event aims to open up channels of trade between Nigerian retail buyers and the interior designers with local and international suppliers and manufactures.

“Featured in the exhibition is a vast array of made in Nigeria items as well as as some of the most sought after and newly discovered international brands,”said Hughes.

President of DENIM, Binta Suleiman said home décor and giftware Nigeria creates opportunity for dialogue and exchange of opinion and ideas in addition to increased knowledge and demonstration of company presence to the industry. He also stated that it will create an avenue to showcase what the Nigerian interior design market has to offer to the rest of the world.

“To me, what is more exciting is the business opportunities because it provides us clients with higher poaching power as well as exchange in services, the opportunities are vast. This also gives me hope to see all this amazing brands giants.

“Nigeria presents a wealth of business opportunities for South African companies. We have over 19 Small and Medium Enterprises (SMEs that are into Home Décor and Giftware. These companies offer a wide variety of products in this sector and are already exporting to Europe and the USA,” said Annalize Van Zyl, for the Department of Trade and Industry (DTI) South Africa.

The CEO Adam and Eve, Mrs Modupe Ogunleesein, in her keynote address entitled: Nigeria’s Retail Businesses, Removing the Barriers, said people are afraid to spend money on home décor which is one of the challenges facing the sector. Adding that multiple taxation by government agencies is crippling the sector and urged government to make access to funding which would go a long way in boosting the sector.

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.

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Crude Oil

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

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

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

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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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