Connect with us

Markets

Stakeholders Advocate Future Without Oil For Nigeria

Published

on

Trade - Investors King
  • Stakeholders Advocate Future Without Oil For Nigeria

Stakeholders in the real sector have said that the time has come for Nigeria to develop along the non-oil sector and build a future without oil.

The stakeholders spoke at the 2018 edition of Meet the Farmers conference held in Lagos recently.

Making a presentation at the event, the Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, Mr Segun Awolowo, who was represented by the Chief Trade Promotion Officer, NEPC, Samuel Oyeyipo, said the world’s largest exporters appeared to be wealthier than other nations and only three countries in the top 20 exporting countries depended mainly on oil.

“It is time for Nigeria to plan for a future with zero oil,” he said.

Awolowo said that the council had adopted certain strategies for choosing the crops that would replace oil in the economy.

He said one of the strategies was to carefully select the sector that could guarantee significant income to replace the lost revenue from oil.

Another strategy, he said, was to look at a product or sector internationally relevant and widely traded as well as ensuring that there was relative ease of operating in that sector.

Also speaking, the Director of Investment Promotion, Nigerian Investment Promotion Council, Mr Adeshina Emmanuel, said that the secret to diversification was to promote the Small and Medium Enterprise sector by intervening in some of the challenges faced by operators and helping them to gain global mileage.

He said the conference would help in creating awareness among the small businesses and farmers in the country about the opportunities in the Dubai market as well as provide opportunities for them to meet with key government agencies, finance and economic experts. Also speaking on the sidelines of the conference, the Chairman, Wal-Wanne Group, a private anchor borrowing firm, Dr Abiso Kabir, said that the conference was a very useful one as it brought together government agencies and private firms.

He said that the forum should focus on how the challenges faced by local farmers could be ameliorated; how quality of products could be improved and how exporters and farmers could successfully export their products outside Nigeria.

In her opening remarks, the convener of the conference, and Business Lead, Crenov8 Consulting, Bola Oyedele, said that being a part of the organising team had been both a humbling and insightful journey.

She said, “As a management consulting firm for Crenov8 DMCC headquartered in Dubai, it was almost impossible to ignore the obvious gap that existed with regard to agricultural trade between Nigeria and Dubai.

“Indeed, it is discouraging to visit supermarkets in the UAE and have little or no representation of the nutrient-packed produce that come from the rich soil of Nigeria in particular and Africa in general. IAccording to her, even though Nigeria exports to Japan, Spain, India, South Korea and Brazil, and other countries in Europe and Asia, it does not export to the UAE.

In this regard, she said the conference was an initiative that fell in line with Nigeria’s new export strategy and would connect large-scale agro commodity producers from Africa to buyers within the GCC region using Dubai as a trade and logistic hub to form potential business partnerships across borders.

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.

Continue Reading
Comments

Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

Published

on

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.

Continue Reading

Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

Published

on

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.

Continue Reading

Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending