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Agriculture Plan Needed to Manage Recession – Envoy

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Agriculture

Nigeria needs an agricultural blueprint to get out of recession, the Irish Ambassador to Nigeria, Mr. Sean Hoy, has said.

Hoy, who spoke when he visited the Minister of Science and Technology, Dr. Ogbonnaya Onu, in Abuja on Friday, also said Nigerians were presently suffering because the country had failed to leverage on its potential.

The envoy advised the Federal Government to involve farmers in the deployment of technology for mass food production.

Hoy said, “You need a national strategy that involves the farmers and the private sector. My Minister of Agriculture visited Nigeria last year.

“Nigeria is blessed with very good climate and very good soil. The farmers should be rejoicing that they are growing more produce. When I travel around the country, there is a lot of land and you still rely on import to survive.

“The capacity in Nigeria is enormous because opportunities abound in the country. And one of the reasons Nigeria is suffering today is because it has failed to leverage on its potential. You have the capacity to attract Foreign Direct Investment from any part of the world; from the biggest global companies with headquarters in Europe and Ireland.”

He added, “The essence of my visit is to collaborate with Nigeria in the areas of opportunities arising in Nigeria today. We have nine institutions. Some of them are universities, some of them institutions of science and technology. We are requesting a powerful delegation to visit Nigeria from these institutions where we have small number of Nigerian students.

“Today, Nigeria is in recession. One of the challenges it is facing is how to diversify the economy, which must be pursued. One of the reasons why people are suffering is because oil price is low.

“But the capacity in Nigeria is enormous because opportunities abound in the country. And one of the reasons Nigeria is suffering is because Nigeria has failed to leverage on its potential.”

The envoy added, “We have been successful in Ireland; that is why we want to share it with Nigeria, in addition to the opportunities and challenges in the future.”

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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Coronavirus: European Investment Bank (EIB) Approves € 12.6bn Financing for Transport, Clean Energy, Urban Development and COVID-19 Resilience

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Outgoing President of the European Central Bank, Mario Draghi and incoming Christine Lagarde.

€ 3.1 billion for COVID-19 public health and business financing; € 3.5 billion for private sector investment and working capital schemes; € 3 billon for clean energy and energy efficiency investment around the world; € 2 billion for Naples-Bari high speed train link largest loan in EIB history.

The European Investment Bank (EIB) today approved € 12.6 billion of new financing for projects across Europe and around the world.

New financing agreed today includes more than € 3.1 billion of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic.

Since the start of the COVID-19 crisis, the EIB has approved € 20.1 billion to enable public and private partners around the world to better tackle health, social and economic challenges.

The EIB Board, meeting by video conference, also backed investment in agriculture, water, housing, telecommunications and urban development across Europe, as well as in Africa, Asia and Latin America.

“Fighting climate change and tackling the COVID-19 pandemic must go hand in hand to achieve a green recovery. The EU Bank is working around the world to help mitigate the impact of the pandemic on lives, jobs and businesses; and to ensure that investment focuses on sustainability, innovation, and on reducing the devastating impact of climate change. The 12.6 billion Euros of new EIB financing approved today show how we are working with thousands of local partners to make a long-term difference to people’s lives during these challenging times”, said Werner Hoyer, President of the European Investment Bank.

Largest ever EIB loan to transform travel in southern Italy

Passengers travelling between Rome, Naples and Bari will from 2027 benefit from reduced journey times, a quicker and environmentally friendly alternative to car transport, and improved connections thanks to the largest loan the EIB ever approved.

The EIB board gave the green light for a EUR 2 billion loan to support the construction of the new high-speed train link that will cut journey times by 1 hour and forty minutes between Naples and Bari. More than 2000 jobs will be created during construction and 200 once construction of the high speed line across a European cohesion region is complete.

The new green transport link, part of the Italian government’s “Unlock Italy” decree, will increase the competitiveness of raid transport, reduce carbon emissions and support social and economic development in southern Italy. It is part of the Scandinavia-Mediterranean Trans-European Network (TEN).

€ 3.6 billion to help businesses to better withstand COVID-19 challenges

Ensuring that entrepreneurs and employers can continue to invest and adapt to new challenges posed by COVID-19 is crucial.

Companies in the Baltics, Benelux, Cyprus, France, Italy, Spain, Ukraine, Moldova and Georgia as well as East Africa, Morocco, the Middle East and the Pacific will benefit from new targeted COVID-19 financing initiatives approved by the EIB today.

The new schemes, managed by local financial partners and banking intermediaries, will help reduce economic shocks, unlock new investment and enable targeted financing for sectors most vulnerable to COVID-19 uncertainties.

€ 3 billion for renewable energy and energy transition

Today’s board meeting agreed to support energy investment that will reduce energy use and increase generation of clean energy across Europe and around the world.

€ 1.6 billion will be used to finance small-scale local climate action projects in France, Italy and across the EU, managed by experienced financing partners.

Financing to support construction of new windfarms off the Dutch coast and in Bosnia, improve energy efficiency in Austria and Ukraine, renovate hydropower in Georgia, roll out smart meters in Lithuania and modernise electricity networks in Madeira and Hungary was also approved.

Millions of people across Africa and Latin America will be able to access reliable clean energy for the first time following EIB support for new off-grid solar schemes and energy transition.

€ 2.9 billion to improve urban and national sustainable transport

Rail transport in Italy is set to be transformed by EIB backed investment to upgrade rolling stock on the national network, alongside today’s approval of EUR 2 billion financing for the new high-speed line between Naples and Bari.

The EIB Board also agreed to support new investment to upgrade public transport in Sarajevo and Krakow, and to help improve a key motorway link in Bosnia and Herzegovina.

Improving urban development and social housing

Thousands of families will benefit from new large-scale social housing investment across France and in Germany under new financing programs approved today.

The EIB Board also agreed to support the New Slussen urban development project that will transform of the heart of the Swedish capital Stockholm.

Hospital patients will benefit from EIB support for construction of a new regional hospital in Tournai and approval of a national scheme to improve mental health facilities across Belgium.

A new scheme to support long-term healthcare investment in French regions underserved by medical services was also agreed.

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Crude Oil Rises Despite Demand Concerns as Hurricane Sally Disrupts Further Production

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Oil

Oil Prices Surge as Hurricane Sally Disrupts Oil Production

Oil prices rose on Wednesday despite weak demand after strong hurricane sally threatens to disrupted operations of US oil producers amid a big drop in oil inventories.

Brent crude oil, against which Nigerian crude oil is measured, rose from $39.34 barrel on Tuesday to $41.58 per barrel on Wednesday.

Accordingly, the US West Texas Intermediate crude oil gained 1.8 percent to $38.96 per barrel.

American Petroleum Institute (API), a weekly oil projection report, on Tuesday reported that US crude oil inventories declined by 9.5 million barrels in the week ended September 11, 2020. This, experts at ING Research said if close to the real number due later today, could provide support for global oil prices.

The experts said, “If we see a number similar to the drawdown the API reported overnight, it would likely provide some immediate support to the market.”

This coupled with the fact that with reports that 25 percent of US offshore oil and gas output was halted and export ports were shut as the storm crawled offshore along the US Gulf Coast bolstered oil prices on Wednesday.

Oil prices gained despite OPEC lowering demand for the year, saying weak global recovery amid rising cases of COVID-19 will impact demand for the commodity through the first half of 2021.

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Brent Crude Oil Dips to $39 as OPEC Lowers Oil Demand for the Year

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Brent Oil Declines to $39 Amid Rising COVID-19 Cases

Brent crude oil declined further on Monday after the Organisation of the Petroleum Exporting Countries (OPEC) revised down global oil demand for the year.

The Organisation of the Petroleum Exporting Countries said growing economic uncertainties amid slow global recovery will continue to hurt demand for crude oil in 2020.

This, it attributed to the weaker than expected recovery in India and other Asian nations.

The Brent crude oil, against which oil Nigeria oil is priced, declined from $42.18 per barrel it traded Tuesday, September 8, 2020 to $39.26 per barrel on Monday during the New York trading session.

The commodity is now trading at its lowest since June 18, 2020.

On Monday, OPEC said global oil demand will average 90.2 million barrels per day in 2020, representing 400,000 bpd below the 9.5 million barrel per day projected a month ago.

In a report made available to the media, the cartel said the negative impact of COVID-19 on the global economy would persist through the first half of 2021.

The report said, “Additionally, risks remain elevated and skewed to the downside, particularly in relation to the development of Covid-19 infection cases and potential vaccines.”

“Furthermore, the speed of recovery in economic activities and oil demand growth potential in Other Asian countries, including India, remain uncertain,” it added.

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