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Group Seeks to Create One Million Jobs, Grow GDP to $4tn within Eight Years

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  • Group Seeks to Create One Million Jobs, Grow GDP to $4tn within Eight Years

A new group of Nigerian Professionals, the G-57, has said it will facilitate the creation of one million jobs, which will grow the country’s GDP to $4 trillion within eight years.

G-57’s Governing Board Chairman, Mr. Tom Isegohi, made this known to journalists at a press conference held in Lagos yesterday. The press conference also marked the end of G-57’s two-day strategy event with the theme: ‘Designing the Nigeria we Want’.

When pressed by journalist, Isegohi, who is also former Chief Executive Officer of the Transnational Corporation of Nigeria, avoided going into specific details of G-57’s plan for creating the one million jobs, but said the group was going to work “to put the right people in the right places.
“We are not a political party. We are a non-partisan group of Nigerians who believe in the progress of Nigeria.”

G-57 was launched on October 1 at this year’s Nigeria’s 57th independence anniversary. Since its launch, it has attracted 600 like-minded professionals who have a combined followership of 250,000 people, Isegohi said yesterday.

He said: “You cannot buy your way into the group. The only way to get in is through invitation. If you do not believe in our values, if you don’t have the type of moral compass we require, you cannot be a part of what we are doing.”

Meanwhile, on the first day of the G-57 two-day conference, the Chief Executive Officer, Insight Publics, Feyi Olubodun, urged the federal government to harness the youth population of the country in order fast track the economic growth process.

He explained that the capacity of these youths to produce goods and services must be combined with several industries that are developing and growing, noting that if people have the skills to produce goods and services “but the industry to absorb those goods and services are not strong enough, you will still have a gap.

“The same thing applies when you have sectors and industries that are developing, but you don’t have the people with the right skills to produce goods and services for those industries, you will still have a gap.”

He stressed the need for government to look at the economy beyond the single sector outlook, stating that sector such as the agriculture has not been largely tapped into. “While we are doing subsistence farming, we are yet to move into more advanced level of agro-allied development where the value chain is fully rich and developed,” he said.

Olubodun lamented that 50 percent of tomatoes produced are wasted due to lack of logistics and modern preservation mechanism.

He added: “We have to work with the youths to make them employable, have real skills and do something. It ranges from corporate to vocational skills. As a country, we have de-emphasised the role vocational skills in nation building. We have placed more importance of having corporate skills. Advance economies don’t run only on corporate skills. There is a bunch of vocational skills that drive the economy. We are training many people for the corporate world. They cannot all be absorbed by the corporate world. There should be transfer of skills and wisdom. We need to pay attention to the fundamentals of the society.”

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 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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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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