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Traders Seek ECOWAS Intervention as Ghana Shuts 400 Nigerian Businesses

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  • Traders Seek ECOWAS Intervention as Ghana Shuts 400 Nigerian Businesses

The National Association of Nigerian Traders on Monday stormed the Economic Community of West African States’ secretariat located in Abuja to protest the alleged closure of shops belonging to Nigerians in Ghana.

The protest, which began at about 9:30am, partially paralysed activities at the ECOWAS Secretariat.

The protesters marched through the streets of Yakubu Gowon Way in Asokoro, a development that led to traffic gridlock in the area.

The protesters carried placards with various inscriptions such as: ‘We need ECOWAS intervention’, ‘Ghana, re-open Nigeria’s shops now’, ‘ECOWAS, the situation in Ghana is totally unacceptable’, and ‘Ghana wants AfCTA secretariat but clamps down on African traders’, among others.

Speaking during the protest, the President, NANT, Ken Ukaoha, said that the association was protesting the alleged victimisation of Nigerian businessmen in Ghana.

He stated that the development had got so bad that a law was recently passed by the Ghanaian parliament seeking to make the business environment hostile to foreign investors.

Ukaoha said since Ghana was a signatory to the ECOWAS protocol on free movement of goods and services, there was a need for the commission to caution the government of Ghana.

He added that the association was giving the commission a one-week ultimatum to intervene in the matter, adding that if nothing was done, it would deploy all its members to occupy the premises of the ECOWAS Secretariat.

Ukaoha stated that already, the association had written petitions to the President of ECOWAS, Jean-Claude Brou, and President Muhammadu Buhari on the development.

A copy of the petition to ECOWAS dated September 24 was made available to our correspondent.

It read in part, “This is a save our soul call and the urgency of this protest is to inform you of the state of fear, uncertainty and insecurity that Nigerian traders are currently subjected to in the hands of the government and people of Ghana in different cities under the coordination of Ghana Investment Promotion Centre and the Ministry of Trade and Industry.

“You are very much aware that we wrote you, raised the alarm and reported to the commission several times of the discriminatory and unfair treatment meted to Nigerian traders and Nigerian-owned small businesses in Ghana when the Ghana Ministry of Trade and Industry issued a public notice and gave an ultimatum that all non-Ghanaians should move out of markets on the 27th of July, 2018.

“In August 2018, the Ministry of Trade and Industry, the GIPC and the Ghana Union of Traders’ Associations in a joint operations established a task force with specific mandate to clamp down on Nigerian traders and which had eventually resulted in the ongoing closure of over 400 Nigerian traders’ shops and lawfully established businesses in Kumasi, Ashanti region of Ghana.

“Our members are shut out of their business premises in pursuance of the eviction order dated July 27, 2018 demanding that we must have $1m as minimum foreign investment capital to do business in Ghana.”

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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