- Geospatial Technology’ll Grow Nigeria’s Economy by $3bn
The Ordnance Survey of Great Britain has said Nigeria will grow its economy by $3bn through the adequate deployment of geospatial technology.
Geospatial technology refers to all of the technology used to acquire, manipulate, and store geographic information.
The surveying arm of the United Kingdom further stated that with the right investment in the Office of the Surveyor-General of the Federation in Nigeria, the country would increase its income streams as it strives to diversify its economy.
The Director, Strategic Relations, Ordinance Survey International, Mr. John Kedar, disclosed this during a visit to the OSGOF in Abuja, as he stated that the visit was aimed at establishing a partnership between the United Kingdom and Nigeria on the deployment of latest geospatial technology domestically.
He said, “This partnership is very important if you think about the value of what the Office of the Surveyor-General of the Federation brings to Nigeria.
It could, if everything works according to plan, generate $3bn extra to the Nigerian economy. It takes time to do something like this but the journey we are beginning now is a way of helping to start that and a way of helping to get the benefits to Nigeria.
“This might not happen quickly because you’ve got to generate really high quality data and you must use it. For instance, think about the use of geospatial data in the logistics business and the delivery of items anywhere. If you always get your items to the right place and at the right time, this saves money and there are lots of other ways to generate benefits from geospatial data.”
When asked if Nigeria had the potential to grow its geospatial survey operations to generate such funds, Kedar replied, “You have a growing economy. Your economy is growing incredibly fast with a lot of skilled people and therefore you do have the potential, absolutely!”
He, however, urged the Federal Government to invest in the OSGOF so as to generate enough geospatial data needed in securing the country and its assets, particularly in the oil and gas sector.
“Nigeria is definitely on the right path, but you’ve got to invest in the geospatial capability. So the OSGOF needs investments in order to create the data and help the nation in the area of logistics, for security, digital businesses and also in the security of pipelines,” Kedar said.
In his reaction, the Surveyor-General of the Federation, Mr. Ebisintei Awudu, stated that the visit had shown the OSGOF how to generate revenue using geospatial techniques.
He said, “The benefit of this visit is that Ordnance Survey of Great Britain has brought its technology and the way they’ve been doing things in the last 225 years to the Office of the Surveyor-General of the Federation which is currently undergoing many restructuring in different areas. This is to enable us provide the required geospatial needs of this country for good governance, security and all other sectors of the economy.
“It is very possible to generate more revenue using geospatial survey based on what we’ve learnt from them but that is if we have seed money. For if we have seed money this office can generate some good amount of revenue, it might not be up to what they generate but I think we can do quite a lot.”
Awudu added, “We are likely to get to the standard that they’ve attained in geospatial technology and it is not too far because technology changes almost every six months. So we can get there. What we need is some little encouragement in terms of adequate training and funding.”
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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