Economy

Oil prices rebound 2% on Trump’s health, Norway strike escalation

Published

5 years ago

October 6, 2020

Oil prices rose more than two per cent on Monday, lifted by comments from doctors for U.S. President Donald Trump, suggesting he could be discharged from hospital as soon as Monday.

This is just a few days after his positive coronavirus test sparked widespread alarm.

Trump’s health update eased political uncertainty in global markets, pushing Brent up to $40.10 a barrel by 0613 GMT, gaining 83 cents or 2.1 per cent.

U.S. West Texas Intermediate crude was at $37.94 a barrel, up 89 cents or 2.4 per cent.

Oil was also supported by an escalating workers’ strike in Norway that has shut four of Equinor’s oil and gas fields.

The strike could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (bpd) or eight per cent of its total output, according to the Norwegian Oil and Gas Association.

Prices had slumped more than four per cent on Friday amid uncertainty surrounding Trump’s health, adding to concerns about rising coronavirus case numbers that could dampen a global economic recovery.

Analysts said Monday’s rebound was driven by an easing of the worst fears about Trump’s health, despite some mixed signals about his condition.

“I think it’s the improving health of the U.S. President … over the weekend there were a lot of conflicting reports on his health, but generally, he’s improving,’’ said Avtar Sandu, Senior Commodities Manager at Phillip Futures.

“He could be back to work soon,’’ Sandu said, adding that investors were worried about the stalled U.S. fiscal stimulus plan which could aid oil demand recovery.

Signs of improvement in Trump’s health offset indications of rising oil supply in the market.

Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC), has seen a nearly three-fold rise in its output, which hit 270,000 barrels per day last week after eastern forces eased a blockade on the country’s oil infrastructure.

“That very fragile supply deficit that we have looks like it’s going to be gone if Libya does produce an extra half a million (bpd) more alone,’’ OCBC’s economist Howie Lee said.

Lee added it could delay drawdowns in excess inventory supplies.

Meanwhile, recent price increases have prompted some U.S. producers to resume drilling.

U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018, data from Baker Hughes showed on Friday.

But the rise in supplies comes at a time when China’s crude imports are slowing, which could depress Brent to $41 a barrel in the fourth quarter, JP Morgan analysts said in an Oct. 2 note, leaving OPEC and its allies, including Russia, to face another decision on supply cuts in November. (Reuters/NAN)

Economy

FGN Poised To Dismantle Kidnap Economy – General Laka

Published

2 weeks ago

July 30, 2025

Our Reporter

From Lateef Taiwo

The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.

General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.

He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.

The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.

According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.

According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.

“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.

“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.

Economy

Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

Published

2 weeks ago

July 26, 2025

Our Reporter

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.

The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.

The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.

According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.

Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.

“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”

He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.

“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.

Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.

During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.

Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.

Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.

Economy

Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

Published

3 weeks ago

July 24, 2025

Our Reporter

… rejects the creation of new states

A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.

The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.

In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.

AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.

He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.

AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.

The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:

Our Demands

We urge the National Assembly Committee to consider the following:

Genuine restructuring of the country based on regional autonomy.
No need for the creation of additional states.
The formation of State Police without further delay.
Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.

Conclusion

We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.

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