Saturday, February 27African Business News
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Tag: China

Nigeria losing jobs to China over moribund facilities, says DPR

Nigeria losing jobs to China over moribund facilities, says DPR

Economy
The Department of Petroleum Resources (DPR), yesterday, raised concerns over moribund oil and gas facilities across the country.    Speaking during a visit to one of such facilities, a fabrication yard located at Ilase Village, Snake Island, Lagos State, Director of DPR, Sarki Auwalu, said the development would limit domestic refining capacity and hinder projected benefits.He insisted that the Federal Government was, however, committed to reactivating the moribund oil and gas support facilities across the country.   He added that the move was part of the government’s effort to increase domestic refining capacity and gas utilisation to curb unemployment and poverty in Nigeria.   Auwalu expressed dissatisfaction that the facility which was licensed to...
Too early to rejoice as oil price hits $35

Too early to rejoice as oil price hits $35

Uncategorized
Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude – Brass River, and Qua Iboe stood at $35.20, some experts urged the Federal Government to carefully study the trend before making decisions. Surging to two-month highs, the current increase has been linked to growing signs of a rebound in oil demand, as the easing of lockdowns from the outbreak of Coronavirus takes effect across the world. Indeed, the reopening of economy in world’s top oil importer, China has pushed its demand back to pre-coronavirus levels, a report by Bloomberg said, even as the price increase comes on the backdrop of accelera...
Uncovering hidden stocks values in an era of COVID -19 crisis

Uncovering hidden stocks values in an era of COVID -19 crisis

Capital Market
The global pandemic has virtually afflicted many stock markets and devastated economies across the globe, both developed and developing countries. Before the onset of this ravaging virus, the global markets carried a positive momentum into the new year, amidst trade tensions between the world’s two largest economies- the U.S and China, a situation that had dominated market trends for most of 2019, and eased, following the signing of phase one trade deal by both parties.  This was, nonetheless, short-lived following the spread of the Coronavirus from Wuhan in China to other countries beginning from the middle of January that saw markets tumbling, eroding early gains made earlier. Jack The commodities’ market was not left out, with the price of crude oil falling sharply and re...
China sacrifice a province to save the world from Coronavirus

China sacrifice a province to save the world from Coronavirus

Uncategorized
Musician Zhang Yaru’s grandmother died on Monday after slipping into a coma. She was repeatedly turned away from the hospital. John Chen, a college graduate, is desperately seeking help for his mom. She has a high fever, but isn’t strong enough to stand in line for hours to be tested for the virus raging through their city. On the front line, a 30-year-old respiratory doctor has slept only a few hours in two weeks. Scenes of chaos and despair are emerging daily from China’s Hubei province, the landlocked region of 60 million people where the new coronavirus dubbed 2019-nCoV was first identified in December, and where it has since cut a wide, deadly swathe. While cases have spread around the globe, the virus’ impact has been most keenly felt in Hubei, which has seen a stagge...