Nations
OPEC commits to stable global oil market
The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries. The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC ministerial meeting on Tuesday. “In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations. “Also, the efficient, economic and secure supply to consumers; and a fair return on invested capital. “Reconfirmed the existing commitment of the 10th OPEC and non-OPEC ministerial meeting in April 2020, amended in June, September, and Decemb...
Russia calls U.S. decision to not rejoin Open Skies arms pact ‘a political mistake’
Russia on Friday called a U.S. decision to not rejoin the Open Skies arms control pact, which allows unarmed surveillance flights over member countries, a political mistake that strikes a sour note ahead of a summit, Russian news agencies reported. The United States told Russia on Thursday it would not rejoin the pact, which Washington left in November, accusing Russia of violating it, something Moscow denied. The original decision to quit the pact was taken by the administration of then U.S. president Donald Trump and Moscow had hoped that Joe Biden would reverse that decision. Sergei Ryabkov, Russia’s deputy foreign minister, was quoted by the RIA news agency on Friday as saying that Moscow was disappointed but not entirely surprised by Biden’s decision. “It certainly does not make us ha...
WTO chief: Patent waiver not enough to close vaccine gap
World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, has said that intellectual property waiver alone will not be enough to narrow the huge COVID-19 vaccine supply gap between rich and poor countries. She told the European Parliament that it was clear that discussions around vaccine patents alone would not suffice, saying that global leaders should do more to ensure that there is equitable production and distribution of the jabs. Okonjo-Iweala said developing countries had complained that the licensing process was cumbersome and should be improved upon. She added that while it makes sense to protect research and innovation, it is also important to expand access to the vaccines. According to her, manufacturers should work to expand production, pointing to idle capacity ...
Senator calls for removal of AGF over remarks on herdsmen
Senator representing Osun Central Senatorial District, Dr. Ajibola Basiru, has called for the immediate removal from office of the Attorney General of the Federation, Alhaji Abubakar Malami, SAN, over his argument, equating open grazing with Southerners’ selling spare parts in the North. Dr. Basiru, who spoke in his personal capacity as a patriot and Senator said that, “anyone who cannot rise above primordial sentiments and pursuit of parochial ethnic agenda need not occupy position of trust especially at this time of sectional agitations. It was not dignifying of the status of the nation’s Attorney General and Minister of Justice to make such remarks. The Senator said that equating the activities of nomadic herdsmen, destroying people’s means of livelihood with others, legitimately carryi...
NFF’s FIFA match agent celebrates Nigeria proposed friendly with Mexico
NFF’s FIFA Match Agent, Jairo Pachon of Eurodata Sport, is excited that Nigeria will be playing Mexico in a friendly international on July 3 in the United States. “We are happy to be able to announce this match, which is a clash between two very big teams from two different continents. Mexico against Nigeria is a big match any day and the venue is class,” he said. The two teams will announce their squads for the match sometimes in June. Mexico will play three other games before the clash with Nigeria, as part of their MexTour series. Three-time African champions Nigeria will clash with CONCACAF Gold Cup holders Mexico in a friendly at the famous Los Angeles Memorial Coliseum in the State of California, United States of America. The match, which kicks off at 7.30pm LA time will be the sixth...
France, African leaders push to redirect $100 billion in IMF SDR reserves by October
French President Emmanuel Macron said on Tuesday a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of some $285 billion over the next two years, the summit communique showed. The communique set out a two-pronged response based on addressing...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
Hugo Broos takes over as Bafana Bafana manager
Pool Photo On Wednesday, the South African Football Association (SAFA) appointed Hugo Broos as the new Bafana Bafana coach. Broos, a Belgian football coach, had previously managed the Cameroonian senior men’s national football team and is expected in the Rainbow Nation next week. Upon his arrival, Broos is scheduled to meet all football stakeholders including members of the media and address the Press. In his initial remarks about his appointment, the 69-year-old Belgian said he was excited to take charge of one of the biggest teams in Africa: “South Africa has a rich football history and is among the powerhouse on the continent. The country has full of quality and I am coming to coach a truly football nation with massive potential.” One of the top objectives for the new manager would be t...
Rebels attack Myanmar army near border, junta knocks back ASEAN plan
Ethnic minority Karen insurgents attacked a Myanmar army outpost near the Thai border on Tuesday in some of the most intense clashes since a military coup nearly three months ago threw the country into crisis. The Karen National Union (KNU), Myanmar’s oldest rebel force, said it had captured the army camp on the west bank of the Salween river, which forms the border with Thailand. The Myanmar military later hit back against the insurgents with air strikes, an aid worker in the area said. The fighting took place as the junta, in a setback for diplomatic efforts by the Association of Southeast Asian Nations (ASEAN), said it would “positively” consider the bloc’s suggestions to end the turmoil in Mynamar but only when stability was restored. The ASEAN leaders said after meeting at the weekend...
Southeast Asian leaders discuss Myanmar crisis with junta chief
Southeast Asian leaders began a crisis meeting on Myanmar on Saturday aiming to persuade Senior General Min Aung Hlaing, who led the military takeover that sparked turmoil in his country, to forge a path to end the violence. The gathering of leaders of the Association of Southeast Asian Nations (ASEAN) in Jakarta is the first coordinated international effort to ease the crisis in Myanmar, an impoverished country that neighbours China, India and Thailand. Myanmar is part of the 10-nation ASEAN. With participants attending in person despite the pandemic, Indonesia’s Foreign Minister Retno Marsudi said on Friday that the summit reflected the “deep concern about the situation in Myanmar and ASEAN’s determination to help Myanmar get out of this delicate situation”. It’s unusual for the leader o...
ASEAN changed Myanmar statement on release of political detainees – sources
A draft statement circulating the day before a Southeast Asian leaders’ summit on the Myanmar crisis included the release of political prisoners as one of its “consensus” points, said three sources familiar with the document. But in the final statement at the end of Saturday’s meeting, the language on freeing political prisoners had been unexpectedly watered down and did not contain a firm call for their release, two of the sources said. The absence of a strong position on this issue caused dismay among human rights activists and opponents of the coup, fuelling criticism by them that the meeting had achieved little in the way of reining in the country’s military leaders. read more Activist monitors say 3,389 people have been detained in a crackdown on dissent by the military since the Feb....