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OPEC JTC Meets to review oil market Trends

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Gwen Orji – The Organisation of Petroleum Exporting Countries (OPEC), Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC), held its 61st meeting to examine the oil market situation and relevant trends and development.

The meeting took place via videoconference ahead of the 39th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 27th OPEC and non-OPEC Ministerial Meeting (ONOMM).

OPEC in a statement to the News Agency of Nigeria (NAN) on Wednesday in Abuja said that the JTC was preparatory to the 39th JMMC and 27th ONOMM slated for March 31.

In a remark, Dr Mohammad Barkindo, OPEC Secretary-General, highlighted the vital roles played by the JTC in providing timely and reliable analysis of oil market conditions to facilitate decision-making processes, particularly during periods of uncertainty witnessed since the outbreak of COVID-19.

The Secretary-General also commended the efforts undertaken by the DoC participating countries in supporting stability and the rebalancing process in the global oil market.

“The heavy lifting done by the DoC countries has been instrumental in supporting these efforts.

“Leading international organisations and institutions came together in the early days of the pandemic to endorse efforts to stabilise the energy markets.

“This high level of cooperation provided pivotal support to collective efforts undertaken by DoC countries,” Barkindo said.

In reference to recent market developments, he said: “We urge global leaders to follow this example of multilateralism to once again ensure an unhindered, stable and secure flow of energy to the whole world.”

Barkindo enjoined the DoC participants to stay the course regarding the DoC decisions and remain vigilant and attentive to ever-changing market conditions.

“We must remain focused on balancing the oil market,” he said.

Barkindo said that world oil demand was projected to grow by around 4.2 mb/d in 2022 to reach 100.9 mb/d, exceeding pre-pandemic levels.

Barkindo also welcomed plans by industry stakeholders to increase investment and launch new projects, including Aramoc’s intention to boost upstream capital spending by around 50 billion dollars this year.

“This underscores the commitment of the Kingdom of Saudi Arabia to address the world’s future energy needs,” he stated.

The Secretary-General concluded by wishing attending delegates a blessed Holy Month of Ramadan.

The OPEC and non-OPEC Ministerial Meeting – the DoC’s decision-making body – is supported by the JMMC, which is mandated to examine oil market conditions, review the conformity of the DoC voluntary production adjustments and recommend further actions. (NAN)

 

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Agriculture

Borno establishes Ministry of Livestock, Fishery Development

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Gov Zulum Initiates Efforts to Revive Transborder Trade with Chad

The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its

Development strategy with Federal Government initiatives, and boost the state’s economic potential.

Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.

Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.

He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.

The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”

He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.

The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.

He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”

According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support

Local communities.

He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.

The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states

Long-term economic stability and self-reliance.

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British High Commissioner seeks military, civilian efforts in tackling insecurity

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The British High Commissioner to Nigeria, Mr Richard Montgomery, has called for the combination of military and civilian efforts in tackling the complexity of security challenges in Nigeria and globally.

Montgomery made the call at a two-day Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in Collaboration with the British High Commission, on Tuesday in Abuja.

He commended the efforts of the Nigerian military in promoting civil-military collaboration and adoption of kinetic and non-kinetic action in addressing the menace of terrorism and insurgency in the country.

“At the heart of all this is recognition of the importance of upholding the rule of law, human rights, humanitarian law and international humanitarian law.

“We need to consider the different legal principles and frameworks that apply to criminal violence or to violent conflicts and how we deal with them in protracted conflict zones.

“We had a legal frameworks roundtable with the Nigerian military officers earlier this year, and a really good debate about how we adapt to different situations.

“I am hoping today we will help progress that dialogue on which Nigerian legal frameworks are appropriate in which circumstances,’’ he said.

Montgomery highlighted the positive and open relationship between the UK and Nigeria, noting that both countries were learning from each other’s experiences in tackling security challenges.

He expressed his appreciation for the opportunity to continue this productive dialogue and hoped that the symposium would result in actionable insights and further strengthen the partnership.

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Zulum swears in 2 new commissioners

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Gov. Babagana Zulum of Borno on Tuesday presided over the swearing-in of two new commissioners to replace those who died while in active service.

The State Chief Judge, Justice Kashim Zannah, administered the oath of office at the ceremony held at the Government House in Maiduguri.

The new commissioners are Muhammad Lawan-Dalorima for the Ministry of Finance and Isa Haladu for the Ministry of Reconstruction, Resettlement and Rehabilitation (RRR).

In his speech, Zulum expressed gratitude to the Borno House of Assembly for their prompt scrutiny and confirmation of the nominees.

He urged the commissioners to uphold the principles of integrity, transparency, and accountability in their new roles, while emphasising the administration’s strategy of periodically rotating commissioners to different ministries to promote fresh ideas and effective governance.

“You have been chosen for your exceptional qualities and expertise. I have no doubt you will make valuable contributions to our administration,” he said.

The governor also paid tribute to the late commissioners who previously held the portfolios, reflecting on their contributions to the development of the state.

Responding on behalf of the commissioners, Haladu thanked the governor for finding them worthy of the appointment, and promised him of diligent service delivery.

 

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