Flowerbud News

Blog

  • Saudi Arabia pledges to play responsible role in market as oil prices dips

    Oil prices dipped on Tuesday after Saudi Arabia pledged to play a “responsible role” in energy markets, although sentiment remained nervous in the run-up to U.S. sanctions against Iran’s crude exports that start next month.

    Front-month Brent crude oil futures LCOc1 were at $79.62 a barrel at 0427 GMT, down 21 cents, or 0.3 per cent, from their last close.

    U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.26 a barrel, dropping 10 cents from their last settlement.

    U.S. sanctions against Iran’s oil exports are due to kick off on Nov. 4.

    Top crude oil exporter Saudi Arabia has pledged to keep markets supplied in spite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi.

    There has been concern that just as markets tighten with the start of the U.S. sanctions against Iran, Saudi Arabia could cut crude supply in retaliation for potential sanctions against it over the Khashoggi killing.

    Trying to dismiss such worries, Saudi Energy Minister Khalid al-Falih said on Monday that “there is no intention” for such action, and that Saudi Arabia would play a “constructive and responsible role” in world energy markets.

    Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said a Saudi cutback would be self-defeating as “Saudi Arabia would… risk losing market share to other exporters while losing its reputation as a stable actor in the market.”

    In spite this, Sukrit Vijayakar, director of energy consultancy Trifecta, said “markets are… weary of the impact of U.S. sanctions on Iran’s oil sector,” estimating the sanctions “could impact up to 1.5 million barrels per day of supply.”

    J.P. Morgan said it raised its 2019 Brent price forecast by a whopping $20.50 per barrel to $83.50 saying this “bullish argument is strongly driven by tighter supply due to Iranian sanctions and declining spare capacity”.

    Not everyone is so bullish. Shipping brokerage East port said crude prices were “expected to decline in coming months, as rising production in the U.S. offsets increasing global demand”.

    U.S. crude oil production C-OUT-T-EIA has climbed by almost a third since mid-2016 to around 11 million barrels per day, and rising drilling activity points to further increases.

    Reflecting a cautious outlook, traders have been curbing their exposure to oil markets by shutting long positions in crude futures, with fund managers cutting their combined positions by a total of 187 million barrels in the last three weeks, according to exchange and regulatory data. (Reuters/NAN)

  • Rediscovering Nigeria through biking

    A group of international and local bikers, under the auspices of Latin American Motorcycle Association (LAMA), is on a tour of Nigeria’s heritage sites.

    The Minister of Information and Culture, Alhaji Lai Mohammed while officially welcoming the team on Monday in Abuja, assured the bikers of a wonderful time during their tour.

    The minister noted that the quest to promote the cultural heritage of Nigeria to the outside world was yielding fruit.

    “As you tour Nigeria under the `Rediscover Heritage Bikers tour of Nigeria’ and visit historical heritage sites, you beam a satellite on those sites for the world to see.

    “Nigeria is truly a blessed Nation with world class heritage sites and we have also gone the extra mile to preserve them.

    “You will see these heritage sites as you travel through our country which is rich culturally and diverse as a nation.

    “After this tour, I urge you all to become Nigerian Heritage ambassadors by spreading news of the hidden treasures.’’

    Sites to be visited by the bikers include museums, monuments and homes of National heroes, amongst others.

    In his remarks, the Acting Director-General, National Commission for Museums and Monuments, Mr Abdulkarim Kadir assured the bikers of a peaceful and hospitable stay in the country.

    According to Kadir, the group will tour 11 states of the Federation to highlight the heritage sites, cultural assets and museums as well as the Osun Oshogbo World Heritage site.

    “The aim of the tour is to rediscover Nigeria and its very rich cultural heritage.’’

    “This expedition is intended to project the various heritage sites in Nigeria in a bid to draw attention to them to attract tourists and visitors.’’

    The bikers embarking on the road trip are drawn from Nigeria, USA, Mexico, Brazil, Portugal, Spain, Uruguay, Paraguay, Germany and Holland, amongst other countries.

    President of the LAMA bikers, Mr Mario Nieves said that they were in the country “to explore the culture of Nigeria, learn about Nigeria and then tell the world about Nigeria’’.

    “We believe it is more important to be human than different people from various races; at the end of the day, we are all one people.

    “We are just a humble group of motorcyclists that decided to organise and create some type of impact in our society,’’ he said.

    Nieves said his team had experienced the good manners and respectful nature of Nigerians, noting that they would share the good memories when they return to their respective countries. (NAN)

  • N-Power graduates to receive stipends beyond Dec. 2018

    The Federal Government has decided to continue paying the stipends of the N-Power 2016 Batch 1 beneficiaries beyond the expiry month of  December 2018,  the presidency said.

    The statement issued by Laolu Akande, Senior Special Assistant to the President on Media and Publicity Office of the Vice President, on Monday in Abuja, said funding for the continued payments is contained  in the 2018 budget.

    However, Akande said that beyond the payments of stipends, the Federal Government is also exploring further options to seamlessly move  the beneficiaries from the government job programme to positions where they were able to earn a sustainable income.

    He said that the transition would be through a plan, designed to enable them become valuable, all-rounded employees, employers or entrepreneurs.

    “The plan is basically an extension of the exit date of December 2018 for the first batch of 200,000 to enable them continue to offer their valuable services in their various communities while still earning their stipends.

    “They are also to partake in the Enhancement Programme that would seamlessly transition them into numerous economic opportunities in both the public and private sectors of the economy.

    “The N-Power is a job employment and empowerment scheme for hitherto unemployed Nigerian graduates under the Buhari Administration’s National Social Investment Programmes (N-SIP).

    “The scheme is the largest post-tertiary employment programme in Africa, comprising N-Power beneficiaries that are paid a monthly stipend of N30, 000 and are deployed as volunteers into various sectors of need in the public space, such as health, agriculture, education and public finance.

    “For the first time in Nigeria, the N-Power beneficiaries applied and were selected for the programme in an objective, efficient and transparent manner, without the need for ‘connections’ to anyone of influence,’’ he said.

    He said that based on conservative projections, the N-Power scheme would provide jobs for at least 10 million Nigerians by 2023.

    Akande said that since it commenced in 2016, the N-Power scheme, which had beneficiaries in all the LGAs of the 36 States of the Federation and the FCT, had so far, provided jobs for half a million young Nigerian graduates nationwide.

    He said that all the N-Power beneficiaries were given the opportunity to select and own electronic devices for continuous learning as they grew; depending on the selected vocations of entrepreneurship, and to boost the Knowledge Economy.

  • SARS Reforms panel to hear 27 complaints, begins sitting

    The Presidential Panel on the Special Anti- Robbery Squad (SARS) Reforms for the North Central Zone has received 27 complaints and will hold public sitting on the complaints from Oct. 22 to Oct. 25.

    The Executive Secretary of the National Human Rights Commission (NHRC), Mr Tony Ojukwu, said this on Monday in Abuja in his welcome remarks at the commencement of the panel’s public sitting.

    According to Ojukwu, the essence is “to increase access to the services of the commission.

    “And to seek accountability where there is evidence to indicate that officers or officials of SARS have been involved in acts amounting to human rights violation in the course of carrying out their law enforcement duties.

    “Also, to provide opportunities for fair hearing to both complainants and alleged violators and to main stream human rights norms and tenets into the operations and administration of SARS in line with global best practices.’’

    The Vice President, Prof. Yemi Osinbajo had, in August, requested the NHRC to constitute the panel to hear and investigate complaints against SARS and to make recommendations.

    Ojukwu said that the specific terms of reference of the panel are: “To investigate the veracity of allegations of human rights abuses and abuse of power made against SARS within the last two years.

    “To independently review and render advice on any value added by SARS, from a public safety and security perspective, and make recommendations to government.’’

    In his goodwill message, DSP Benjamin Okolo, representing the Inspector General of Police Ibrahim Idris, said that the Police would co-operate with the panel and abide by the outcome.

    “We have already started some reforms and we believe that the outcome of this panel will equally enhance what we are doing.’’

    Okolo assured the panel that nobody would be victimised, intimidated or harassed for airing their views or submitting complaints.

    For his part, Mr Idris Bawa of the Nigeria Policing Program (NPP) said the public hearing would add value to reforms in the Police Force.

    In his keynote address, Mr Akingbolahan Adeniran from the Presidency said that the public hearing would enhance all aspects of Community policing for better performance.

    According to him, the aim is to adequately regulate activities of the police and efficiently direct intelligence gathering.

    “We expect the police to appear more as an intelligent driven organisation and work has already started in this area; very soon the police will be more proactive,’’ Adeniran said. (NAN)

  • Turkey yet to share information on Khashoggi case with any country – foreign minister

    Turkey has not yet shared any information with any country from its probe into the killing of Jamal Khashoggi, the foreign minister said on Tuesday.

    He said this hours before President Tayyip Erdogan was due to reveal what he has said were details in the case.

    Mevlut Cavusoglu made the comment in a televised interview with the state-run media  agency. Cavusoglu also said that Turkey is ready to cooperate with any international investigation into Khashoggi’s killing.

    Authorities have been investigating Khashoggi’s disappearance after he entered the consulate on Oct. 2.

    After weeks of denial, Saudi Arabia at the weekend said the journalist had been killed at the consulate.

    Erdogan has said that he would share the information of the investigation in a speech on Tuesday. (Reuters/NAN)

  • U.S. envoy on Africa visits Nigeria Nov. 7-10

    U.S. Assistant Secretary for the Bureau of African Affairs Tibor Nagy will travel to Nigeria from November 7 to 10, the U.S. Department of State has said.

    The Department, in a statement, said would also travel to the United Kingdom, France, Togo, Guinea, and Mali from October 29 to November 7.

    The statement said the trip of the U.S. envoy would focus on Africa-U.S. trade ties, youth empowerment, peace and security.

    Nagy, during the trip, would also convey his country’s “unwavering commitment to Africa,” the department said.

    “During his trip, Assistant Secretary Nagy will focus on promoting stronger trade and commercial ties between the United States and Africa, harnessing the potential of Africa’s youth, advancing peace and security through partnerships, and conveying the United States’ unwavering commitment to Africa.”

    “Nagy, while in Nigeria, will have meetings with government officials, religious leaders, civil society organisations, and youth groups, among others, and will deliver a speech at Baze University on U.S.-Africa relations.

    The statement read: “The final stop on the trip will be Abuja, Nigeria.

    “Assistant Secretary Nagy will have meetings with government officials, members of the American business community, religious leaders, civil society organisations, youth groups, and he will deliver a speech at Baze University on U.S.-Africa relations”.

    In the United Kingdom and France, the Assistant Secretary would conduct bilateral meetings with his British and French counterparts.

    Nagy would then travel to Lomé, Togo on November 1, where he would meet with Togolese government officials, and lead a regional U.S. Chiefs of Mission Conference.

    In Conakry, Guinea on November 2 to 4, the U.S. envoy would conduct bilateral meetings with Guinea government officials, host a business roundtable, and meet with alumni of the Young African Leaders Initiative (YALI).

    In Bamako, Mali on October 4 to 7, Nagy would hold meetings with Malian government officials, host a trade and entrepreneurship roundtable, and meet with YALI alumni. (NAN)

  • Nigeria commits to non-oil products export

    The Executive Secretary, Nigerian Export Promotion Council (NEPC), Mr Segun Awolowo, says the Federal Government is committed to increasing the total value and volume of non-oil exports.

    Awolowo, represented by Mr Christian Elekwa, NEPC North-Central Regional Coordinator, stated this on Thursday in Minna at a sensitisation workshop on the implementation of the SheTrades Commonwealth Project in Nigeria.

    According to Awolowo, the present economic realities in the country had made it necessary to diversify the economy from its sole dependence on oil.

    He said that the NEPC was focused on providing support services to exporters in the value chain of game-changing products such as cashew, cassava, shea butter, sesame seeds, yam and palm oil.

    “NEPC is repositioned and strategically focused to provide the needed export support services to all exporters and operators in the value chain of those game-changing products like cashew, cassava and shea butter.

    “The zero-oil plan and the one state product strategy already incorporated in the National Economic Recovery and Growth Plan are geared towards creating employment for our youths.

    “They are also targeted at boosting Nigeria’s foreign exchange. Our offices are always open to assist and collaborate with all stakeholders in this regard,’’ he said.

    The NEPC boss said that the SheTrades initiative aimed at connecting 200,000 Nigeria women-owned businesses to the global market.

    The SheTrades initiative aims at increasing economic growth and job creation in Commonwealth countries by enabling increased participation of women-owned businesses in international trade.

    “You will recall that in July 2016, the International Trade Centre (ITC) launched the Nigeria Chapter of the SheTrades initiative in Abuja,.

    “Nigeria signed up to the ITC’s “Call to Action’’ aimed at connecting 200,000 Nigeria women-owned businesses to the global market at the inauguration of the initiative.

    “This is part of the broader United Nations’ goal of connecting one million women to the market by 2020,’’ he said.

    Awolowo stressed the need to mainstream women in economic activities and make women business enterprises significant contributors to the nation’s economy and revenue base.

    “Today, we are focusing on partnering on better integrating women into the economic fabric of Nigeria.

    “The NEPC, as the Federal Agency responsible for the promotion of non-oil exports, do not only want to see Nigeria thrive in a world of `Zero-Oil’, we also want this done holistically and inclusively to diversify our productive capabilities.

    “We must join other countries by working together to boldly make women-owned businesses significant contributor to the country’s economy,’’ he said.

    Also speaking, Malam Hassan Bala, Trade Promotion Advisor, NEPC Minna, revealed that over 300 women from across the North-Central region were attending the workshop.

    Bala said that with the SheTrades initiative, Nigeria had a unique opportunity to access a marginalised group capable of leading and moving the country forward.

    He charged the women to take advantage of the workshop to enhance the transformation of the Nigerian exports sector to become a significant contributor to the nation’s economy.

    “You will agree with me that Nigeria is a land of opportunities among which are the enormous opportunities that exist in non-oil business.

    “But before you can be active player in this field, you need to arm yourself with adequate knowledge of how to plug into the system.

    “I, therefore, implore you all to take advantage of the meaningful discussions that will take place in this workshop,’’ Bala said.

  • 206 women benefits from Niger governor’s wife free VVF surgery

    Dr Amina Bello, Niger state governor’s wife, on Wednesday said no fewer than 206 women in the state have benefitted from Vesico Vaginal Fistula (VVF) free treatment by her NGO, RAISE foundation, in three years.

    The first lady made the disclosure while speaking with newsmen  at the Kontagora General Hospital during the latest round of free surgery for 50 women with VVF.

    She said: “we do a VVF camp every quarter, where we get women who have the problem and bring them here and do the surgery for free.

    “So far we have done a total of 206 from the time we first started and we are hoping to add another 50 this time around.

    “We don’t do this on our own as we are in collaboration with Sani Bello foundation and Mainstream Foundation,” she added

    According to the governor’s wife, she along with other fistula surgeons from Kano and Katsina were involved in the surgery and rehabilitation process of patients which averagely costs N150, 000.

    She advised women to seek the services of skilled birth attendants during child labour to eradicate the disease.

    “It can be eradicated if every a woman who is pregnant and who is in labour has skilled people attending to her.

    “Most of the people who have VVF had it because of obstructed or prolonged labour and in such a situation only skilled persons will know what to do,” she said.

    Mrs Bello decried the increasing level of stigmatization of women suffering from VVF, adding that it was an impediment for lots of sufferers to come out to seek treatment.

    “One of the biggest challenges we are having is that we are not able to access a lot of these women suffering from the ailment.

    “Alot of them are hiding because of the stigma; so getting them to come out is really tough for us,” she said.

    VVF is a hole that develops between the vagina and the bladder, which results in uncontrollable leaking of urine through the vagina.

  • Oil rises towards $85 as Asian shares slip on lingering trade, U.S. rates worries

    Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism, despite a rebound in global equities.

    Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West.

    The situation arose after the monarchy warned against threats to punish it over disappearance of a journalist.

    Oil prices reversed their downtrend since early this month.

    Brent crude futures ros to 81.82 dollars per barrel,

    Investors were also bracing for a European Union summit meeting from Wednesday.

    MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent while Japan’s Nikkei dropped 0.9 per cent.

    MSCI’s broadest gauge of the world’s stock markets , was off 0.1 per cent after a sizable 3.87 per cent decline last week to a one-year nadir, and marking its biggest weekly fall since March.

    The market shakeout has been blamed on a series of factors, including worries about the impact of a U.S.-China trade war, a spike in U.S. bond yields this week and caution ahead of earnings season.

    Although selling appeared to have abated on Friday, partly after Chinese trade data showed strong growth in September, many investors remained cautious.

    “Some people say markets drew comfort from China’s exports data.

    ” But to me it seems so obvious the numbers were inflated by front-loading ahead of the introduction of tariffs,” said Norihiro Fujito, chief investment analyst at Mitsubishi UFJ Morgan Stanley Securities.

    Fujito said the trade war is starting to take a toll on growth in China, noting that data released later on Friday showed auto sales in China posted the biggest drop in seven years.

    Over the weekend China central bank governor Yi Gang said that he still sees plenty of room for adjustment in interest rates.

    According to him, the reserve requirement ratio (RRR) needs adjustment too, as downside risks from trade tensions with the United States remain significant.

    Rises in U.S. borrowing costs are also seen hurting weak borrowers, especially those in emerging markets.

    Although the U.S. 10-year yield posted its first major fall in about two months last week, any signs of inflation could push them up again. The yield rose 1.5 basis points on Monday to 3.156 per cent.

    Also starting to attract wider attention, Saudi Arabia doubled down on pressure from the West on the disappearance of Jamal Khashoggi, a U.S. resident and Washington Post columnist.

    U.S. President Donald Trump has threatened “severe punishment” if it turns out Khashoggi was killed in the consulate.

    Saudi Arabia’s shares plunged as much as seven per cent on Sunday, and closed down 3.5 per cent at their lowest levels since early January.

    Shares in Dubai, a regional economic hub, slid 1.5 per cent to a low last seen in January 2006.

    The British pound shed 0.4 per cent in early Asian trade on Monday to 1.3096 dollars after negotiators from the European Union and the UK failed to clinch a Brexit deal ahead of the crucial summit.

    The euro traded at 1.1593 dollars, down slightly after Chancellor Angela Merkel’s Bavarian allies suffered their worst election result since 1950 on Sunday.

    The dollar is pressured against the yen after U.S. Treasury Secretary Steven Mnuchin said on Saturday that Washington wants to include provision to deter currency manipulation trade deals, including with Japan.

    That raised worry among Japanese policy circles that Washington would have right to label as currency manipulation any future foreign exchange market interventions by Tokyo to keep sharp yen rises in check.

    In early trade, the yen is little changed at 112.20 per dollar. (Reuters/NAN)