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Nigeria Should Lead Africa’s Industrialisation, Says Akufo-Addo

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  • Nigeria Should Lead Africa’s Industrialisation, Says Akufo-Addo

Ghanaian President, Nana Addo Dankwa Akufo-Addo, has called on Nigeria to lead Africa’s industrialisation process.

He said Nigeria’s resources and population place her in a vantage position to grow the economy of the continent through industrialisation.

He was Guest Speaker at the 46th Annual General Meeting of the Manufacturers’ Association of Nigeria (MAN) in Lagos.

Akufo-Addo urged that stock be taken of the prevailing policy framework, while measuring them against the current industrialisation, to determine if there is need to deepen the policy initiative.

He said the continent’s biggest challenge was her inability to transform the abundant natural resources into opportunities for the creation of jobs and wealth.

He urged policy makers on the need for right mix of policies to fully unearth and develop the entrepreneurial talents that abound in Nigeria in particular, and Africa generally.

The Ghanaian president criticized what he described as the lazy approach of African countries in always rushing to the international market selling products in their raw state rather than adding value to them.

Akufo-Addo: “It is far better to leave our resources untapped till our future generations rise up to the challenge and conscientiously develop the best policy-mix that prioritises industrialisation as the most convenient cause to drive the much-needed socio-economic development.”

On the need to addinf value to raw materials, Akufo-Addo, who was represented at the AGM by a Senior Minister, Hon Yaw Osafo-Maafo, recalled a situation where his country and Cote D-Ivoire, produce 60 per cent or more of the world’s annual cocoa beans and yet earn less than six per cent of the global value chain activities of the cocoa industry.

He said: “Ghana and Cote D’Ivoire, with their collective production of 60 per cent of global cocoa beans, earned only about $6.0 billion in 2016, but the chocolate industry earned at the same time about $120 billion.”

He harped on the need to ensure that the continent has the capacity to support effective value addition, to enhancing her revenue position in the international market, pointing out that this calls for policy harmonization, coordination, and effective collaboration between the public and private sectors to drive effective and time-tested industrial framework to fully utilise Africa’s natural resources.

The Ghanaian leadere regretted that Africa has a combined population of 1.3 billion people and a Gross Domestic Product GDP of $2.2 trillion, while USA with a population of about 328 million, has a GDP of about $18.3 trillion. He noted that Africa is about four times that of the USA, yet, USA’s GDP is about eight times that of Africa.

Akufo-Addo urged the continent to begin to trade among ourselves, concentrating on areas of comparative advantage. According to him, the continent must begin to break the trade barriers among ourselves and form alliances with the various countries’ associations of industries and chambers of commerce

He said through such associations, the continent may get to know the needs of the various countries and where there are opportunities of trade.

On the challenge face by the continent, Akufo-Addo attributed it to inability to forge and institute a strong and relevant corporate governance culture, systems and processes to drive the purpose, strategy and vision of her business models.

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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