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Economic Summit: Osun Set To Move From Civil Service State To Regional Commercial Hub -Govt

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The Osun State Government has reaffirmed its commitment to build a virile and robust economy that will be the pride of the citizens and residents of the state.

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The government said that no stone will be left unturned to move the state from a civil service state to a regional commercial and industrial hub.

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This was disclosed on Tuesday at the press briefing heralding the proposed Economic and Investment Summit, held at Ideal Nest Hotel, Osogbo.

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Osun Economic and Investment Summit is scheduled to hold between November 19th and 21st, where over 1000 participants are expected to attend.

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Addressing journalists, the Chief of Staff to the Governor, Dr. Charles Akinola, who doubles as the chairman of the Summit Planning Committee, flanked by other committee members like the Deputy Chief of Staff, Prince Abdullahi Binuyo; Commissioner for Information and Civic Orientation; Mrs Funke Egbemode; Commissioner for Economic Plann‎ing and Budget, Prof. Olalekan Yinusa and Special Adviser to the Governor on Education, Mr Jamiu Olawumi, said the Summit was put together in furtherance of the Governor Adegboyega Oyetola’s commitment to turnaround the socioeconomic and political fortunes of the state.

He said the government was resolute to tap and properly harness the huge economic potentials and opportunities in the state to the entire world.

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The Chief of Staff said the proposed Economic and Investment Summit was aimed at driving home the state’s Development Agenda, which primarily is to sustainably reposition the economy of the state and deliver prosperity to the people.

Akinola further revealed that the state would use the platform to present the government’s economic roadmap and showcase investment opportunities within the state to both Nigerian and international investors.

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He noted that the Summit is in fulfilment of the promise the governor made during his swearing in, in November last year, where he promised to hold an Economic and Investment Summit, to drive the economy of the State.

He said the Summit will help to develop a strategic roadmap that will help to boost the Internally Generated Revenue (IGR) of the state.

“This is going to be a platform where the state will be looking inward to grow the immense economic potential of the state and as well showcase Osun as a strategic location for industrialisation.

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“We are going to look at the area of agriculture where cocoa economy will be revamped. This is going to be a paradigm shift in the annals of our economy as we want to change completely the mentality of being the civil service state to industrialised and agro-economic state. We have the ecological advantage to advance our economy. We want to become a regional commercial hub.

“We have mining assets which if properly harnessed can help to boost the economic potentials of the state. We want to regulate the sector for the benefit of the people and the state. Already, Osun is officially on the global mining map.

“We also want to look into the tourism sector by developing our tourist sites. We are looking at eco-tourism through exploration of the economic potentials at Osun Grove, Olumirin Waterfalls, Opa Oranmiyan tourist site in Ile-Ife and the state’s textile economy. We will revitalise the economy around these assets.

“Osun has been known as a regional hub for commerce. People then, moved from far and near to Osogbo to buy and sell. So, we are going to reactivate this for the benefit of the state and her people. We are glad that we have aggressively developed infrastructure. Our infrastructure renewal will go a long way to achieve this aim. Since our state is among the safest in the country, we will also also market that to attract investment and investors “, he added.

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Akinola who said world-class and top-notch speakers, development partners, investors, panelists and moderators have confirmed their attendance, disclosed that the Vice President, Prof Yemi Osinbajo; Central Bank Governor,

Mr Godwin Emiefele; Minister of Trade, Otunba Niyi Adebayo; Minister of Steels and Mines, Mr Olamilekan Adegbite; Minister of Agriculture and Rural Development, Mr Sabo Nanono and Emeritus Prof. Ademola Oyejide, Chairman, Public Policy Group, ISGPP are expected to grace the three-day event.

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The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

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Economy

Oil Price Raises To $35.82 Per Barrel

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Oil prices in the international market had rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

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Brent crude futures rose by 0.8per cent at $35.82 per barrel. West Texas Intermediate (WTI) crude futures gained 2.3per cent, to trade at $34.02.

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Nigeria’s Bonga crude oil export terminal will close for routine maintenance, a port source said yesterday.

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Read Also: JUST IN: NYSC Extends 24 Lagos Corps Members’ Service Year By 4 Months

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The source said Bonga operator Royal Dutch Shell would shut the floating production storage and offloading unit (FPSO) for two weeks of works. Shell did not immediately comment on the closure.

Bonga was scheduled to load four cargoes in June, or 127,000 barrels per day (bpd), up slightly from May at 123,000 bpd.

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Nigeria, whose millions of barrels of unsold crude were the epitome of the oil market’s glut in recent weeks, lifted the selling price for its supplies in June from record lows. Algeria also hiked its official prices by almost $3 a barrel. The moves by the two Organisation of Petroleum Exporting Countries (OPEC) nations show increasing confidence that they can sell their barrels at costlier levels, providing them some respite after being hammered by COVID-19 outbreak.

Read Also: NDDC’s 2019 Budget Padded With Over 500 Fake Projects – MD

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Oil has surged more than 80per cent this month as demand has picked up and output cuts have started to chip away at a massive oversupply. That has also led to a steady flattening in the futures curve — a signal market supplies are growing tighter. Russia, a key member of the OPEC+ alliance that has pledged record output cuts, expects the market to balance in June or July.

“The current recovery in oil prices has primarily been driven by supply considerations. The world’s swing producers, the OPEC+ group, is more than living up to expectations to adhere to the 9.7 million barrels per day (bpd), or perhaps even bigger, self-imposed and co-ordinated output restraint. As lockdown restrictions are being eased, the demand side of the equation also provides support,” an oil broker PVM’s Tamas Varga said.

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BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

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Economy

COVID-19: South Africa’s Currency Gains More Strength To Dollar

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South Africa’s rand
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South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions.

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At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close. The currency was at its strongest since March 27.

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“The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week’s rally,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in a note.

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“While there are looming geopolitical risks, it seems as though markets are currently pushing them onto the back burner, and will likely continue to do so until there is a new escalation or increased threat.”

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Read Also: Activists Criticize Egyptian President, Al-Sisi For Freeing Convicted Al-Sukkari

Japan’s decision to end coronavirus-induced restrictions and a survey showing German business morale rebounded in May, lifted hopes of an economic recovery and helped offset a war of words between Beijing and Washington on trade, coronavirus and China’s proposals for stricter security laws in Hong Kong.

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In South Africa, President Cyril Ramaphosa announced on Sunday a further easing of the country’s lockdown from June 1, allowing the vast majority of the economy to return to full capacity. The government was due to give more details on Tuesday.

Source: Reuters/NAN

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BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

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Economy

Saudi Arabia Cabinet Urges OPEC To Further Cut Daily Oil Production

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King Salman
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Saudi Arabia’s cabinet on Tuesday urged oil-producing nations not only to adhere to agreed cuts to production, but further reduce output to help restore balance in global oil markets, state news agency SPA reported.

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In issuing the call to OPEC, which includes members of the Organization of the Petroleum Exporting Countries plus Russia and other nations, ministers said the Kingdom is committed to supporting the stability of global oil markets.

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After the meeting, acting Minister of Media Majed Al-Qasabi said that in addition to its commitment to the OPEC agreement, the Kingdom will voluntarily reduce output by an additional 1 million barrels a day in June. It will also try to implement additional cuts this month, with the consent of its customers, he added.

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Read Also: CBN Ready To Fund Research For COVID-19 Vaccine- Emefiele

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The cabinet said the Saudi initiatives aim to encourage other countries, whether they have signed up to the OPEC agreement or not, to adhere to its reduced rates and to cut output even further to help stabilize global oil markets.

During the cabinet meeting, which was conducted using video conferencing, King Salman also briefed ministers on his recent telephone conversation with US President Donald Trump.

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He said they affirmed the historical and strategic relationship between the two countries and their commitment to the continuation of joint efforts to enhance security and stability in the region.

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BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

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