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Oil price jumps to $68 after days of losses

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The international oil benchmark, Brent crude, jumped on Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone.

Brent, against which Nigeria’s crude oil is priced, rose by $3.58 to $68.76 per barrel as of 8:05 pm Nigerian time on Monday, after posting its worst week since October 2020.

“News of zero new cases in China has certainly provided a tailwind as it gives added light at the end of the COVID tunnel and a breath of fresh air to the demand landscape,” analysts at Blue Line Futures were quoted by CNBC as saying.

“Additionally, the US dollar has retreated from recent highs, underpinning the commodity landscape broadly,” they added.

West Texas Intermediate crude futures, the US oil benchmark, gained $3.50, or 5.6 per cent, to settle at $65.64 per barrel.

Earlier in the day, it rose more than six per cent to hit a session high of $66, at which point it was on track for its best day since November.

The sharp jump marks a turnaround from last week when the contract sank nearly nine per cent for its worst weekly performance since October 2020 and the second negative week in three. WTI ended Friday at its lowest level since May 20.

Oil’s tumble came amid fears of a demand slowdown as the delta variant of COVID-19 spreads, leading to new lockdowns in countries including Japan and New Zealand.

Additionally, weak economic data out of China, which is the world’s largest crude importer, weighed on prices. The latest US inventory report also showed a rise in gasoline stocks as well as an uptick in output from US producers.

But some Wall Street firms said the selling looked overdone.

“We find this price weakness excessive and believe it has more to do with the psychology of market participants than with any deterioration of fundamental data,” said analysts at Commerzbank.

Goldman Sachs, meanwhile, said that macro headwinds including the reflation unwind and Covid concerns in China are veiling the bullish backdrop for oil and commodities more generally.

 

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Kano inaugurates 14-member committee to review education policies

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The Kano State Government has inaugurated a 14-member committee tasked with reviewing existing education policies in the state.

Inaugurating the committee on Thursday in Kano, the Commissioner for Education, Dr Ali Makoda, said that the committee was constituted by the Kano State Executive Council to assess the state’s education policies.

“This committee was originally scheduled to be inaugurated by the governor, but due to prior engagements, he has delegated the responsibility to me so that we can begin our work immediately,” Makoda stated.

The Commissioner outlined the committee’s terms of reference, which include reviewing the four existing education policies in the state to assess whether they align with the cultural and religious beliefs of the people.

“Evaluating the feasibility of implementing the policies, and making recommendations to strengthen the state’s education system.”

He noted that the four policies to be reviewed include the Kano State Girls’ Education Policy, Kano State Gender Equity and Social Inclusion Policy, Kano State Non-State School Policy, and Kano State Teacher Development Policy.

Makoda announced that the committee has been given three weeks to submit its report, and urged the members to leverage their expertise to produce recommendations that would enhance the state’s education sector.

In his response, the committee chairman, Malam Abdullahi Dutse, assured the commissioner of the committee’s commitment to work collaboratively to meet the expectations placed on them.

“Considering the diverse expertise of the committee members, I believe the government has selected individuals with the right skills to address the challenges facing education in the state. We will work diligently to provide the necessary report,” he said.

The committee’s members include Malam Abdullahi Dutse (Chairman), Prof Abdallah Uba -Adamu, Habibu Dan Almajiri, Alhaji Danlami Garba, Kano State Commissioner for Women, Children, and Disabled Affairs Hajiya Amina Abdullahi, and Isa Ahmad.

Other members are Prof Tijjani Naniya, Malam Kabiru Hanga, Munzali Mustapha, Prof Auwal Halliru Arzai, and Dr Bashir Aliyu -Umar.

The remaining include the representatives of the Emirate Council and Civil Society Organizations, and Ibrahim Bawa, Director of Archives and Publications, who will serve as Secretary of the committee.

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U.S commends Nigeria over Galactica funds repatriation efforts

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The U.S. Deputy-Secretary of State, Kurt Campbell, has extolled Nigeria’s partnership in the successful repatriation of funds linked to forfeited luxury real estate and Galactica Star Superyacht. (more…)

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Tinubu congratulates Nigerian scientists, engineers on making Biden’s honour list

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Tinubu commiserates with Rashidi Ladoja over wife’s death

President Bola Tinubu has congratulated six Nigerians named by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States.

This recognition, established by former President Bill Clinton in 1996, is the highest honour bestowed by the United States government on outstanding scientists and engineers in the early stages of their careers.

This year’s awardees, announced by Biden on Jan. 14, are employed or funded by 14 participating United States government agencies, Mr Bayo Onanuga, the President’s Spokesman, said in a statement on Thursday in Abuja.

The Nigerian honourees include Azeez Butali, Gilbert Lilly Endowed Professor of Diagnostic Sciences, College of Dentistry, University of Iowa; and Ijeoma Opara, Associate Professor of Public Health (Social and Behavioral Sciences), Yale School of Public Health, Yale University.

Others are: Oluwatomi Akindele, Postdoctoral researcher at Lawrence Livermore National Laboratory; and Eno Ebong, Associate Professor of Chemical Engineering, Bioengineering, and Biology at Northeastern University;

The rest are: Oluwasanmi Koyejo, Assistant Professor of Computer Science at Stanford University; and Abidemi Ajiboye, Executive vice Chair of the Case School of Engineering, Department of Biomedical Engineering, and Case Western Reserve University.

Tinubu commended the awardees for their achievements in science, technology and engineering.

He noted that recognising the talents of the awardees underscored Nigerians’ vast potential to excel both at home and on the global stage.

Tinubu looked forward to the honourees sharing their multidisciplinary expertise to benefit Nigeria’s development efforts under the Renewed Hope Agenda. (more…)

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