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Agric Output May Decline to 25%, Don Warns

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Corn, Soybeans Decline As Favorable Weather May Boost U
  • Agric Output May Decline to 25%, Don Warns

A university don, Prof. Emmanuel Oladipo of the Department of Geography, University of Lagos (UNILAG), has said that if the issue of climate change is not taken seriously and appropriate actions taken, our agricultural productivity may decline to about 25 per cent.

He said that various sectors would be affected and that if we continue to do business as usual, our GDP might be affected to about five and 11 per cent.

Oladipo spoke at Alex Ekwueme Federal University, Ndufu-Alike, Ikwo in Ebonyi State, during a roundtable workshop on the way forward for Nigeria after the Katowice Climate Package raised the alarm over the impending doom, which might befall the country if urgent action is not taken.

In his paper, entitled “Implementation process of the NDC and practical actions and activities needed to enhance its implementation”, the university don said that the devastating effects of climate change had started affecting the nation and if not checked, the negative impact may extend to other areas of national life.

He said: “In Zamfara, people are dying of meningitis and so on. Various sectors will be affected. The prediction is that if we continue to do business as usual, our agricultural productivity may decline up to about 25 per cent. Our GDP may be affected to about five and 11 per cent.

“A number of settlements along the Niger Delta and along the Coast may be submerged and some of them are already going. A lot of them as a result of sea level rise will be eroded. And the roads will not be lasting as before as a result of heavy rainfall that will tend to flood them away.”

Meanwhile, the Vice Chancellor of the university, Prof. Chinedum Onyejiuba, who stated that the topic of the programme was significant considering the impact of climate change, described the issue of climate change as one that would define the world, which everybody should pay attention to.

He said that the university exists to disseminate and impact knowledge and should not be indifferent on the issues that are confronting the society.

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

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Tesla earnings

Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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An Average of 48% Global Consumers to Significantly Cut 2020 Holiday Spending

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Data presented by Buy Shares indicates that an average of 48% of global consumers plans to significantly reduce their 2020 compared to 2019. The research sampled consumer feedback from 13 countries.

Pandemic triggers reduced spending 

The data also highlights that an average of 13.46% of global consumers plans to spend more on 2020 holidays than last year. Consumers from Indonesia at 71% plan to shrink their budget in 2020 while 16% will spend more.

About 69% of Mexican consumers will spend less, while 12% plan for more spending. In Brazil, about 65% of consumers will cut their budget while 11% plan to spend more than last year. At 63%, South African consumers will cut back on holiday spending while 12% plan to increase their budgets from last year.

In Spain, 55% of consumers will reduce their spending while 7% plan an increase from a year ago. Italian consumers spending less will be at 54%, with 6% planning to increase their budget.

In India, about 47% of people will cut back on the holiday budget, while 36% plan to increase spending. French consumers at 44% have intentions of reducing holiday spending while 6% will raise the spending from a year ago. 43% of UK consumers will spend less, while 9% have plans to spend more.

In the United States, 42% of consumers will spend less, while 17% will increase the budget. For Germany, about 29% of consumers will spend less than 7% planing to pay more. It is only in China where more people plan to spend more at 29% than 25% planning to spend less at 25%.

Elsewhere, 21% of Japanese consumers plan to spend less, while 7% will pay more. The research highlighted some of the reasons behind the massive slash in this year’s holiday spending. According to the research report:

“The less spending comes as most consumers lost their jobs and faced pay cuts as employers struggled to remain afloat in the course of the health crisis. Some consumers have been saving more to pay debts, while those on stimulus paychecks cannot sustain daily needs and holiday spending.”

The research also notes that most Americans at 30% look forward to the Christmas holiday while 23% anticipate Amazon Prime Day. Only 7% of Americans look forward to Fathers Day.

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