Connect with us

Markets

Cross River Opens Garment Factory, Employs 300

Published

on

the-governor-of-cross-river-state-ben-ayade

The Cross River State Governor, Prof. Ben Ayade, on Thursday approved the employment of 300 applicants as workers in the Calabar Garment Factory built by his administration.

The governor announced the employment after applicants from the southern senatorial districts of the state had participated in a job screening exercise by the garment factory.

In a statement made available to our correspondent, the governor said the gesture was not only in fulfilment of his dream to create jobs for citizens of the state but to inspire young people who were not from privileged homes.

He promised the newly employed workers good salaries and welfare package, while reiterating the commitment of his administration to the welfare of the poor in the state.

Ayade said, “When we set up this factory, the intention was not just to create jobs but to guarantee that young men and women, who have been challenged by circumstances of their births, have the opportunity to better their lots.

“I’m so excited at what I am seeing here today – the number of people and their energy – and it is an indication that our factory has taken off. Remember, the factory has the capacity to create 3,000 jobs.

“Truly, if you call yourself a leader, your focus should be on the vulnerable and the weakest that we are engaging today. We will guarantee you good salaries, food and proper transportation.”

Ayade urged the new employees, who he tagged ‘great fashion engineers’, to leverage the opportunity to express their innate potential and be the pride of the state.

He said, “We want to show to the world that we have skills, great fashion engineers. I call you engineers because you are going to provide the skills that we have not seen before.”

The President and founder, Africa Young Entrepreneurs, Oluwa-Summy Francis, who was at the event along other entrepreneurs from other parts of Africa, said Ayade had justified the belief that youths could excel in leadership positions.

He said, “This is what happens when a youth becomes a governor – someone who truly has everything on his side like age, exposure, connections and commitment. When you have a youth in the saddle, we should expect things like this.”

Meanwhile, Ayade has launched the Rice Borrowers Anchor Programme of the Central Bank of Nigeria, in line with the Federal Government’s plan to diversify the economy.

A statement quoted the governor as lauding the Federal Government’s proposition to make agriculture the mainstay of Nigeria’s economy.

He said, “We must seize this opportunity to thank President Muhammadu Buhari for introducing this programme. We must thank him because if you follow the road map, plan and vision for this initiative, you will definitely know that this is the beginning of the emancipation of Nigerians from their continuous dependence on imported rice.

“This is what President Buhari wants to stop because it has the nationalistic outlook to put an end to the declining rate of the naira to the dollar. When we stop importing rice, we will be adding value to our naira.

“It is key that you appreciate at this point the CBN governor (Godwin Emefiele) and in particular, President Buhari, for it is a concept that we must support.”

Ayade said the Federal Government’s rice production scheme was in tandem with the Cross River State’s vision to become self-sufficient in rice production.

“We will add our own dimension to it. The government of Cross River is going to set up a proper professional food bank, the very first in Nigeria.

“We are going to set up a food bank, one in each local government area and the essence is to serve as the catalytic financial muscle that will pick up and buy off every single seed of rice that you will produce.

“The kind of farming we are going to do in Cross River State is going to be special because we are known for class, style and beauty. We will provide an agricultural mechanism centre to provide an industrialised support for farming.”

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.

Markets

Oil Prices News: Oil Gains Following Drops in US Crude Inventories

Published

on

markets energies crude oil

Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level

Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.

The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.

Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.

The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.

Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”

Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.

Continue Reading

Markets

Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies

Published

on

Oil

Oil Prices Rise Despite Expected Surge in Global Oil Supplies

Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.

Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.

While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.

The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.

This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.

However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.

Continue Reading

Markets

Joe Biden Win Could Boost Oil Prices, Says Goldman Sachs

Published

on

Oil price

Oil Prices to Surge Once Joe Biden Wins -Goldman Sachs

Goldman Sachs, one of the world’s largest investment banks, has said Joe Biden win could boost global oil prices despite weak global economic outlook and COVID-19 negative impacts on the world’s growth.

The investment bank, however, remains bullish on both oil and gas prices regardless of the election outcome in November.

The bank sees oil and gas demand rising enough in 2021 to supersede election results but explained that Biden win could bolster prices by making production more expensive and more regulated for producers in the U.S.

In a note written by the bank’s commodities team on Sunday, it said “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst.”

“Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone.”

Goldman Sachs explained that if incumbent, Trump, is re-elected with pro-oil and gas policies in place that “its impact would likely remain modest at best,” Goldman’s analysts wrote, “given the more powerful shift in investor focus to incorporate ESG metrics and the associated corporate capex re-allocation away from fossil fuels.”

Continue Reading

Trending