Connect with us


Economy: Yemi Kale Challenges Stakeholders on Quality Statistics



  • Economy: Yemi Kale Challenges Stakeholders on Quality Statistics

The Statistician-General of the Federation, Dr Yemi Kale, has charged users, producers and suppliers of statistics to re-engineer efforts in production and usage of quality statistics in Nigeria.

Kale said this at the 2018 African Statistics Day celebration in Nigeria, with the theme “High Quality Official Statistics to ensure Transparency, Good Governance and Inclusive Development’’ on Monday in Abuja.

The statistician-general was represented by Dr Isiaka Olarewaju, the Director, Real Sector and Household Statistics, National Bureau of Statistics (NBS)

”Statistics is the lens through which government can be assessed objectively and remain transparent and accountable to the people.

“ In this regard, it is the statutory responsibility of all the relevant agencies concerned to provide government with comprehensive, reliable and timely data.

“A data that would help in formulating policies as well as monitoring and evaluating key programmes and projects.

“It is my expectation that the experiences which will be shared here will help the system to produce quality statistics for Nigeria. ‘’

Kale said as a nation, economic statistics were critical in assessing the macroeconomic performance of an economy.

He said statistics on macroeconomic variables such as Gross Domestic Product (GDP) growth rate, savings, investment, interest rate, inflation, trade, unemployment, poverty, and exchange rate among others were needed to guide suitable decision making process.

He said the production of good quality economic statistics was, therefore, needed to ensure transparency and good governance for a developing economy like ours to attain economic growth and development.

According to him, good governance leads to sustainable growth which eventually brings about inclusive development and better economic status for all citizens.

“Availability and appropriate use of high quality official statistics can translate into better lives for people through providing evidence-based policy and sound decision-making.’’

Earlier, in his welcome address, Mr Sam Anja, representing Dr. Isiaka Olarewaju, stressed the need to promote statistical awareness in the country.

“For any meaningful development to be attained in any economy, the importance of reliable statistical information or key macro economic variables cannot be overemphasised.

“The NBS as the Statistical Body of Nigeria have consequently taken giant strides in areas of awareness.

“The bureau has designed the NBS quota by adding new features that make it user friendly, with these features; users have easy access to data sent.

“Besides the NBS library is been upgraded to e-library and NBS information unit has been upgraded to allow users have unhindered access to data.

“We must strive to institutionalise the use of statistics in our work and private dealing as the only way we can be able to achieve immeasurable and effective progress both as individuals and as a nation.

“ NBS will continue to play its role as advocate general in preaching and supplying the importance of statistics. ‘’

In his goodwill message, Mr Rasheed Bello, the country Director, World Bank , Nigeria, urged the Nigerian government to invest more on quality data.

He said:“it is time for the government of Nigeria to think about investing more on data to regularise a lot of these surveys to help develop policies based on evidence.’’

Also speaking at the event, a representative of Food and Agriculture Organisation(FOA), Mr Alphonsus Onwuemeka, said one of the challenges facing the country was the existence of official statistical system that were less optimal, very weak, uncoordinated and largely ineffectual.

Onwuemeka said this challenge limits policy makers, investors, citizens, international bodies from making informed decisions.

He said FAO was working with NBS and other institutions to develop the technical corporation project that would reinforce the competency of the National MDA’s to generate, analyse, store, disseminate capable and timely data.

A representative of United Nations International Children’s Emergency Fund (UNICEF), urged stakeholders to prioritise the production of estimates of children living in poor households or who face multi-dimensional poverty on a daily basis.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company



markets energies crude oil

The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

Continue Reading

Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked




Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

Continue Reading

Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site



Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.


Continue Reading