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FG Urged to Remove Barriers to Business Success



  • FG Urged to Remove Barriers to Business Success

The Chairman, Senate Committee on Banking, Insurance and other Financial institutions, Senator Rafiu Ibrahim has advised the federal government to remove all obstacles that can hinder entrepreneurs from realising their full potential in the country.

This, he said would go a long way to tackle the menace of unemployment in the country.

Senator Ibrahim who represent Kwara South senatorial district at the National Assembly, stated this in Ilorin, the state capital during the disbursement of N10 million grant to the 100 entrepreneurs in the senatorial district as part of efforts to empower unemployed youths in the area.

The programme was organised by Central Bank of Nigeria(CBN) -Entrepreneurship Development Centre(EDC) in collaboration with RIB Foundation, the pet project of the lawmaker.

According to him, “issues restraining entrepreneurs from reaching their full potential must be addressed if Nigeria was truly committed to put an end to joblessness.”

He said, “solution to unemployment in the country is not sole responsibility of government alone but the desire of individuals to create more empowerment for the citizenry.”

The legislator called for democratisation of job creation and identified empowerment of entrepreneurs as a way of tackling the problem.

Senator Ibrahim who is seeking re-election on the platform of the Peoples Democratic Party (PDP), disclosed that he decided to provide N10million grant to the beneficiaries in continuation of the empowerment scheme he floated for the people of his constituency.

He said, “The truth is that the current unemployment concerns cannot be solved by more government jobs, we need to democratise job creation.

“And the surest way to achieve this is by creating and empowering more entrepreneurs (MSME’s in particular).

“If we are serious about solving the unemployment challenges we face in Nigeria; we must fully address these issues restraining our entrepreneurs from reaching their full potential.”

He added, “Addressing issues such as access to land and capital, less government bureaucracy and creation of entrepreneurship hubs will go a long way in supporting SMEs to grow their businesses.

“As part of our seriousness in achieving these goals, today we are here to sow a seed of N10million to the future of our young entrepreneurs, the future leaders of our nation, and share with you what we consider vital in moving on in your business and in life.

“Entrepreneurship can change lives, can change communities, can change nations, but I must tell you that the journey to entrepreneurship is tough, and I must say this often, there is no quick fix about it.”

Earlier, the governorship candidate of the PDP in the state, Hon. Razak Atunwa, assured that his administration would make youths wealth creators to dissuade them from depending on government and office holders.

He added that if elected, his government would create more entrepreneurs in the state.

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.

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Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend




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.


  • 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



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




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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