BUSINESS

Oil prices surpasses World Bank’s forecast at over $60 a barrel

Published

7 years ago

November 1, 2017

Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday.

Specifically, Nigeria’s Bonny Light rose from $57.22 in the previous week to $60.19 a barrel on Sunday.

This is far from World Bank’s forecast of $56 a barrel for the coming year.

The bank said in its recent Commodity Market Outlook released at that weekend, that oil prices are expected to rise to an average of $56 per barrel in 2018 from an average of $53 barrels in 2017 as a result of steadily growing demand, production cuts among oil exporters, and stabilizing United State (U.S.) shale oil production.

But oil prices surpassed the bank’s prediction on Sunday by going as high as above $60 a barrel.

According to the World Bank, the oil price forecast is a small downward revision from the April outlook and is subject to risks.

It noted that supplies from producers such as Libya, Nigeria, and Venezuela could be volatile. “Members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers could follow up their production limiting agreement of last year by deciding to cut production further, maintaining upward pressure on prices. At the same time, failure to renew the existing agreement could drive prices down, as could higher production from the U.S. shale oil industry, which has reduced its operating costs substantially.

“More broadly, prices for energy commodities—which also include natural gas and coal—are forecast to climb four per cent in 2018 after a 28 percent leap this year. Natural gas prices are expected to rise three percent in 2018, while coal prices are seen retreating following a spike of nearly 30 percent in 2017. China’s environmental policies are anticipated to be a key factor determining future trends in coal markets”, it added.

The World Bank said that China will similarly play an important role in the evolution of metals prices, which should stabilize as a group in 2018 as a correction in iron ore prices is offset by gains in other base metals.

It stated that Iron ore prices are forecast to tumble 10 percent in the coming year while tight supply should push up prices for base metals including lead, nickel and zinc.

Downside risks to the forecast include slower-than-anticipated demand from China, or an easing of production restrictions on China’s heavy industries.

“Gold prices are anticipated to ease next year on expectations of higher U.S. interest rates.

“Agriculture prices are seen edging up in 2018 due to lower planted area, with grain and oils and meals prices rising marginally. Agricultural commodity markets are well-supplied. Indeed, stocks-to-use ratios, a measure of how well supplied markets are, have reached multi-year highs for some grains”, it added.

It noted that favorable weather patterns, well-supplied global food markets, and relatively low world prices do not necessarily imply ample food availability everywhere.

World Bank said that drought conditions that are by some accounts the worst in 60 years have caused crops failures in parts of Ethiopia, Somalia and Kenya and led to severe food shortages. “Conflicts in South Sudan, Yemen and Nigeria have driven millions of people from their homes and left millions more in need of emergency food”, it added.

Speaking on crude oil prices recently, Nigeria Minister of State for Petroleum, Ibe Kachikwu said that it will not be possible for oil price to reach $100 per barrel in 2018.

He explained that already, more countries were beginning to cut down their dependence on fossil fuels as the amin fuel source to power their economies.

He noted that the industry could experience better market conditions towards the last quarter of 2018.

Kachikwu said: “Everything all added up together is showing us that towards the last quarter of 2018, we expect a better market. Does that better market translate to your $100 a barrel price? Never. I don’t see it. Frankly see it.”

Guardian

Related Topics:Ibe Kachikwu OPEC World Bank

Up Next

How CEO of Coscharis Group, Cosmas Maduka Turned $1 Into Multimillion Dollar Empire

Don't Miss

World Bank: It still takes 19days to register a business in Nigeria – despite improved ease of doing business

BUSINESS

Samsung Galaxy S25 Series Sets The Standard Of AI Phones As A True AI Companion

Published

3 months ago

January 31, 2025

Adaeze Okechi

Samsung Galaxy S25 series sets the standard of AI phones as a true AI companion

…Pioneering the multimodal era with the most context-aware and personalized mobile experience

Lagos, Nigeria – January 23, 2025 – Samsung Electronics Co., Ltd. has announced the Samsung Galaxy S25 series: Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25, setting a new standard as a true AI companion with the most natural and context-aware mobile experiences ever created. Introducing multimodal AI agents, the Galaxy S25 series is the first step in Samsung’s vision to change the way users interact with their phone – and with their world.

A first-of-its-kind customized Snapdragon® 8 Elite Mobile Platform for Galaxy chipset delivers greater on-device processing power for Galaxy AI and superior camera range and control with Galaxy’s next-gen ProVisual Engine.

Samsung Galaxy S25 series sets the standard of AI phones | fab.ng

Galaxy S25 Ultra

With One UI 7, the Galaxy S25 series is a true AI companion that understands the context of your needs and preferences and provides personalized AI experiences with privacy assured at every turn.

It’s the starting point of a shared vision with Google to imagine Android with AI at the core, bringing together developers and partners from around the world.

AI agents with multimodal capabilities enable Galaxy S25 to interpret text, speech, images and videos for interactions that feel natural. Upgrades to Google’s Circle to Search make searching your phone screen more helpful, fast and contextual. Circle to Search now quickly recognizes phone numbers, email and URLs on your screen, letting you call, email or visit a website with a single tap.

With Galaxy S25 series, you can also perform actionable searches with context-aware suggestions for next steps. Plus, Galaxy S25 makes it frictionless to switch between apps for quick follow-up actions, like sharing a GIF or saving event details.

Galaxy S25 represents a breakthrough in natural language understanding, making everyday interactions easier. Simply ask and intuitively find a specific photo in Samsung Gallery or adjust the size of display fonts in Settings.

In the era of AI, personalization goes hand in hand with privacy. On the Galaxy S25, the Personal Data Engine powers personalized AI features by safely analyzing your data on-device to deliver highly tailored experiences that reflect your preferences and usage patterns.

These insights enable tailored experiences, such as using natural language to search for an old photo in the Gallery or being guided through the day with Now Brief, which proactively offers suggestions accessible via Now Bar on the lock screen. Knox Vault keeps all personalized data private and secure.

Combined with enhanced on-device processing capabilities, this creates a powerful, protected AI experience that is unique to Galaxy.

Galaxy S25+

Galaxy’s Most Powerful Performance Ever

The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on the Galaxy S series. Further delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU. This is compared to the previous generation.

This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previously cloud-based AI tasks such as Generative Edit.

10-bit HDR recording is now applied by default, offering four times richer color expression compared to 8-bit. Galaxy S25 can thus capture details in any lighting conditions. Plus, low-light videos have never been clearer than with Galaxy S25.

Based on powerful processor, Galaxy S25 analyzes movement and time to reduce noise more effectively. This integration allows detecting both moving and static objects with greater precision, ensuring sharper, cleaner footage in any scenario.

Galaxy S25 also introduces a range of tools once limited to specialized software, making advanced editing accessible for all. Now anyone can be a pro at editing photos and videos. Audio Eraser simplifies the removal of unwanted noise in videos. By isolating categories of sounds – including voices, music, wind, nature, crowd and noise – you can control what to tone down or eliminate entirely.

Galaxy S25 Series

Durable Design Embracing a More Circular Approach

The Galaxy S25 series builds upon Galaxy’s ‘Essential Design’ grounded in ‘Simple, Impactful and Emotive’ elements.

Galaxy S25 Ultra refines this essence into the slimmest, lightest and most durable Galaxy S series yet. This is with a rounded edge for a comfortable grip that complements the series’ aesthetic identity.

Galaxy S25 Ultra features durable titanium and the new Corning® Gorilla® Armor 2, a first-of-its-kind material that is more durable than glass. It combines Corning’s glass-ceramic with a proprietary anti-reflective surface treatment. This helps to ensure advanced drop protection alongside anti-reflection surface treatment and scratch resistance.

Combined with seven generations of OS upgrades and seven years of security updates, the Galaxy S25 series ensures a reliable and optimized performance over a longer lifespan.

For greater peace of mind, Samsung Care+ offers comprehensive coverage for accidental damage, repairs, and replacements, ensuring peace of mind for Galaxy users.

The Galaxy S25 series is available to order. Galaxy S25 Ultra will be available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint.

For more information about the Galaxy S25 series, please visit: Samsung Newsroom, SamsungMobilePress.com or Samsung.com.

BUSINESS

5 Success Tips For Start-Up Businesses In Nigeria

Published

4 months ago

December 23, 2024

wpadminee

5 Success Tips For Start-Up Businesses In Nigeria | fab.ng

Nigeria’s entrepreneurial landscape is vibrant yet demanding, and success tips for start-up businesses in Nigeria are essential for navigating its challenges.

Achieving business success requires a combination of strategic planning, resilience, and a clear understanding of the market.

For start-ups, mastering these success tips for start-up businesses in Nigeria can help transform obstacles into opportunities and turn ideas into thriving ventures.

By adopting the right strategies, entrepreneurs can effectively launch and scale their businesses in Nigeria’s competitive environment.

These success tips for start-up businesses in Nigeria offer crucial insights into overcoming challenges, seizing opportunities, and building sustainable growth.

1. Develop a Robust Business Plan

Crafting a comprehensive business plan is fundamental for start-ups in Nigeria. Successful entrepreneurs recognise that a well-structured plan serves as a roadmap for growth. Your business strategy should include:

Detailed market research
Clear financial projections
Competitive analysis
Realistic operational strategies

Success tips for business always emphasise the importance of thorough planning. Nigerian start-ups must create flexible plans that can adapt to the dynamic economic environment.

2. Leverage Technology and Digital Platforms

Digital transformation is crucial for modern start-ups in Nigeria. Embracing technological solutions can significantly enhance business efficiency and market reach. Success tips for business in the digital age include:

Utilising cloud computing
Implementing robust cybersecurity measures
Exploring e-commerce platforms
Developing mobile-friendly interfaces

Start-ups in Nigeria must invest in technological infrastructure to remain competitive and innovative.

3. Build a Strong Network and Partnerships

Networking is a critical success tip for business growth in Nigeria. Building strategic relationships can open doors to opportunities, funding, and mentorship. Entrepreneurs should:

Attend industry conferences
Join professional associations
Engage with local and international business communities
Seek mentorship from experienced entrepreneurs

Successful start-ups in Nigeria understand that connections are as valuable as capital.

4. Secure Adequate Funding and Financial Management

Financial stability is paramount for start-ups in Nigeria. Success tips for business include:

Exploring multiple funding sources
Maintaining transparent financial records
Understanding government grants and initiatives
Developing sound financial management strategies

Nigerian entrepreneurs must be creative in securing and managing their financial resources.

5. Prioritise Customer Experience and Market Adaptation

Customer-centric approaches distinguish successful start-ups in Nigeria. Entrepreneurs should:

Conduct regular market research
Gather and implement customer feedback
Stay agile and responsive to market changes
Develop unique value propositions

Success tips for business always highlight the importance of understanding and serving customer needs effectively.

Additional Considerations for Nigerian Start-ups

Beyond these core strategies, start-ups in Nigeria must also:

Navigate regulatory environments
Understand local business cultures
Develop resilience against economic fluctuations
Continuously learn and upgrade skills

Conclusion

Success tips for business are not one-size-fits-all solutions. Start-ups in Nigeria must combine strategic planning, technological innovation, strong networks, financial acumen, and customer focus to thrive.

By implementing these strategies, Nigerian entrepreneurs can transform challenges into opportunities and build sustainable, successful businesses in an increasingly competitive global marketplace.

If you found this article helpful, continue reading here.

BUSINESS

5 Myths About The Job Market And Their Solutions

Published

4 months ago

December 8, 2024

wpadminee

5 Myths About The Job Market And Their Solutions | fab.ng

Myths about the job market can mislead job seekers and professionals navigating career transitions. Many individuals fall prey to outdated beliefs that no longer reflect the dynamic employment landscape.

Myths about the job market often include misconceptions about required qualifications, salary expectations, and career progression.

One prevalent myth suggests that a traditional four-year degree guarantees immediate employment when in reality, skills, adaptability, and networking play crucial roles.

Another widespread misconception is that changing careers is impossible after a certain age, which undermines the potential of experienced professionals seeking transformation.

Myths about the job market also perpetuate the idea that stability means staying in one role for decades. Modern career paths are increasingly non-linear, with professionals expecting to change jobs multiple times.

The solution lies in continuous learning, developing transferable skills, embracing technological advancements, and maintaining a flexible, growth-orientated mindset.

Myths about the job market can be debunked through proactive research, upskilling, and understanding emerging industry trends.

Let’s take a quick look at these myths and how to solve them below.

Myth 1: You Need a Four-Year Degree to Succeed

While a college degree can open doors, it’s not the only path to a fulfilling career. Many successful professionals have built thriving careers without a traditional degree.

Solution:

Skill-Based Learning: Focus on developing in-demand skills through online courses, boot camps, or certifications.
Networking: Build relationships with professionals in your desired field, regardless of their educational background.
Freelancing and Gig Work: Gain experience and build a portfolio through freelance projects.

Myth 2: The Job Market is Saturated

It’s true that competition can be fierce, but there are still plenty of opportunities for skilled individuals. The key is to identify niche markets and unique value propositions.

Solution:

Niche Down: Specialise in a specific area within your industry to stand out from the crowd.
Continuous Learning: Stay updated on industry trends and emerging technologies to remain competitive.
Personal Branding: Build a strong personal brand to attract potential employers and clients.

Myth 3: You Should Only Apply to Job Postings

While applying to job postings is a traditional approach, it’s not the only way to land a job. Proactive job hunting can yield better results.

Solution:

Networking: Connect with people in your industry and let them know you’re looking for opportunities.
Informational Interviews: Schedule informational interviews to learn about potential job openings and company culture.
Cold Emailing: Reach out to hiring managers directly to express your interest in a position.

Myth 4: You Should Stay in a Job You Hate

Staying in a job you despise can negatively impact your mental health and career progression. It’s essential to prioritise your well-being and seek new opportunities.

Solution:

Set Career Goals: Define your long-term career aspirations and create a plan to achieve them.
Upskill and Reskill: Invest in your professional development to enhance your job prospects.
Network Strategically: Build relationships with people who can help you find new opportunities.

Myth 5: The Job Market is Only for Young People

Age discrimination is a real issue, but it doesn’t mean older workers can’t find fulfilling careers. Experience and wisdom are valuable assets in the job market.

Solution:

Highlight Your Experience: Emphasise your skills and accomplishments, focusing on how they can benefit your potential employer.
Adapt to Change: Stay updated on technological advancements and industry trends.
Mentor Younger Professionals: Sharing your knowledge and experience can boost your credibility and open doors to new opportunities.

Remember, the job market is constantly evolving. By debunking these myths and taking proactive steps, you can increase your chances of finding a fulfilling career.

So, don’t let these misconceptions hold you back. Keep learning, keep networking, and keep believing in yourself.

Key takeaways:

Myths about the job market can hinder your job search.
A four-year degree is not always necessary to succeed.
Skill-based learning and networking can help you land a job.
The job market is not saturated, but you need to niche down and continuously learn.
Applying to job postings is not the only way to find a job.
You should not stay in a job you hate.
The job market is not only for young people.
Older workers can still find fulfilling careers by highlighting their experience and adapting to change.

By understanding these myths and implementing the suggested solutions, you can empower yourself to navigate the job market with confidence and achieve your career goals.

Check out more updates here.