- Unemployment: Don Urges Govts to Invest in Entrepreneurship
A lecturer in the Department of Economics and Business Studies, College of Management and Social Sciences, Redeemer’s University, Ede, Prof. Adeleke Adepoju, has urged governments, universities as well as private organisations to pay more attention to entrepreneurship.
The don said doing this would help to ensure industrial development in the nation as well as help to address the problem of youth unemployment.
The don stated this in Ede on Monday while delivering the fourth inaugural lecture of RUN titled, ‘Development by choice and prime in performance: Entrepreneurship for industrialisation’.
According to him, massive deployment of resources and time into entrepreneurship by governments and universities will help Nigeria to become industrialised within a short period and will help tackle the problem of unemployment and crime.
Adepoju said all students must be taught one useful skill or another that would enable them to be self-reliant after graduation, adding that this was the only way they could stop wasting away in the name of searching for paid jobs.
The don also advised Nigerians to start engaging themselves in entrepreneurial activities, saying this would improve theirstandard of living and eradicate poverty.
He stated, “There are different factors that are affecting Nigeria and through entrepreneurship, some countries are making it. Nigeria is better than Malaysia and Indonesia but because they embraced entrepreneurship in developing their countries, you can see where they are now. Malaysia, in particular, is a case study of cocoa and rubber.
“Nigeria can develop without going through steel rolling mills. Entrepreneurship introduces individuals to build initiatives and create solutions. We can start from individuals at homes, learn something new, do something new that is lucrative, do something that is progressive, and that is the time Nigeria will be a better place to live in.
“About 179 universities produce graduates and I believe if we are investing in entrepreneurship, it will help us to develop. That is what the developed countries have adopted.”
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 $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
Forex4 days ago
Naira-USD Exchange Rate to Hit N430 – Report
Finance7 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex7 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
News1 week ago
Fire Guts Central Bank of Nigeria Office in Gombe
Finance6 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Stock Market7 days ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
News3 days ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Technology1 week ago
Jeff Bezos Sets a New Record as Net Worth Hits $172bn