We’ve Completed Work On Second Niger Bridge, Works Minister, Fashiola, Announces

October 19, 2022

Minister of Works and Housing, Babatunde Fashola, has announced that the construction of the Second Niger Bridge has been completed.

“The Second Niger Bridge is completed. What is remaining is a 4km interchange road at the Asaba end and 2km out of a 7km link road at the Onitsha end.

“The first thing we did when we came into power was we expanded our budget on road infrastructure, sought alternative sources of funding through SUKUK, Infrastructure Tax Credit Scheme.”

Fashola spoke today, October 19, at the unveiling of President Muhammadu Buhari’s scorecard series (2015-2023), in Abuja.

The Minister said that his ministry completed 12 road projects covering about 896km, commissioned and handed them over to different communities.

The minister, who once served as Lagos State Governor, said that the government is executing 83 road rehabilitation projects in federal tertiary institutions across the country with 66 projects completed and 46 commissioned.

“The bridge, which was conceived years ago before the Buhari administration came on board, became a reality, following the decision of Federal Government, through the Ministry of Works and Housing, to ensure that a new bridge is put in place to complement the existing one, which is over 50 years old.”

Fashola had earlier said that the bridge would be ready for use before December, 2022.

“Our priority is to open the second Niger bridge to traffic by December so that those travelling for the season will do so at ease. We are committed to opening the bridge to traffic by December and I can assure you that, with the level of work done, the set target will be met.”

State Governors Gather In Abuja Tomorrow For NCC’s Broadband Technical Awareness Forum

Editorial staff

October 19, 2022

All Nigeria State Governors will gather in Abuja tomorrow, October 20 to participate in the maiden edition of Broadband Technical Awareness Forum for Governors (BTAF), put together by the Nigerian Communications Commission (NCC).

A statement today, October 19, by the NCC Director of Public Affairs, Reuben Muoka said that the programme will focus on: “State Broadband Coordinating Councils: Potentials and Possibilities,” aimed at appraising the Nigerian National Broadband Plan (NNBP) 2020-2025, which targets 70 per cent broadband penetration and to cover 90 per cent of the population.

The statement said that the minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, will play host to the assemblage of governors under the auspices of the Nigerian Governors Forum (NGF), adding that some strategic members of State Executive Council, telecom operators, infrastructure companies (InfraCos), strategic partners, investors and other critical stakeholders, will brainstorm on how Nigeria can achieve the expectations of the Nigeria’s digital economy agenda.

It said that the board members of the NCC, led by the Chairman, Professor Adeolu Akande, and the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Professor Umar Danbatta, will participate at the BTAF, “whose overarching objective is to promote the establishment of State Structures required for sustainable broadband infrastructure development at the State and Local Government Council levels, thereby addressing hindrances to the Federal Government’s drive to achieve available, accessible and affordable broadband services for Nigeria’s economy.”

It said that the Forum is expected to affirm the commitment of the government to adopt broadband structure and last-mile projects, particularly the economic viability of broadband deployments beyond the cities, with a strategic focus on funding models and procedures for remarkable and measurable impact.

“There will be a special panel session involving the Governors and development-focused partners both at local and international levels.”

The programme will be held at the Congress Hall of the Transcorp Hilton, Hotel in Abuja.

Flooding: Australian Govt Advises Its Citizens To Avoid Nigeria For Now

Editorial staff

October 19, 2022

The Australian government has advised its citizens to avoid traveling to Nigeria with immediate effect.This was contained in a travel advisory issued to Australians on the consulate’s website.

It reads: “There have been significant casualties and widespread damage to infrastructure caused by severe flooding. Essential services may be disrupted. Follow the advice of local authorities and check the media for updates.

“The potential for terrorism, kidnapping, crime and civil unrest remains high throughout Nigeria.”

The consulate further alerted its citizens to research routes and get professional security advice and support before departing to Nigeria if there’s any need to be there.

The Australian consulate also listed the States in the country they specifically want their citizens to avoid, including Abuja and its surrounding areas due to terrorist attacks and kidnapping threats.

“Reconsider your need to travel to Nigeria overall, including the capital Abuja and surrounding areas, due to high threats of terrorist attack and kidnapping, the volatile security situation, possible violent civil unrest and high levels of violent crime.

“Do not travel to Adamawa, Anambra, Akwa Ibom, Bauchi, Bayelsa, Borno, Cross Rivers, Delta, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Niger, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara States,” it added.

The Australian government gave further tips on what to do if their nationals found themselves in the aforementioned states.

The government advised that its citizens should consider leaving immediately or get professional security advice as their travel policy might be void.

Appointment Of Pantami As Digital Economy Minister, One Of The Best I Made – Buhari

Editorial staff

October 19, 2022

“The appointment of Pantami was one of the best choices I have made because he has added tremendous value to good governance.”

These were the words of President Muhammadu Buhari in a goodwill message felicitating with the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami as he celebrates his 50^th birthday tomorrow, October 20.

In the message by the senior special assistant to the President on media and publicity, Malam Garba Shehu, the President described Professor Pantami as one of the most “resourceful, innovative and effective public officials that I have in the administration.

“Pantami’s depth of knowledge of complex issues is amazing and remarkable. His loyalty and dedication to duty is worthy of emulation.”

Buhari prayed to Allah to continue to bless the minister with more good health and wisdom in the service of his country and humanity.

With Investments In Infrastructure, An Industrialized Nigeria In 10 Years Is Possible – Dangote

Greenbarge Reporters

October 19, 2022

African richest man and President of Dangote Group, Alhaji Aliko Dangote has identified priority investments in infrastructure and core industries among other recommendations, as vital panaceas to boost Nigeria’s economy to its desired level among contemporary nations and in the world.

Against the background of the declining fortune of the manufacturing sector, the Africa’s wealthiest man advised the Federal Government to employ strategically

prioritize investments in infrastructure to reverse the trend and boost Nigeria’s economy.

In his address as Guest Speaker at the 50th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) and the second Adeola Odutola Lecture, held yesterday in Lagos, Dangote said that with the collective effort of all stakeholders, it is feasible to move Nigeria from “developing nation” to “newly industrialized nation in 10 years.”

Dangote said that it is imperative that the familiar challenges limiting the pace of industrialisation are frontally addressed while setting a clear-cut agenda for the next 10 years.

During the AGM, themed: “An Agenda for Nigeria’s Industrialization for the Next Decade,” where a Blueprint for the Accelerated Development of Manufacturing in Nigeria 2.0 was unveiled, the foremost entrepreneur advocated jail terms for dealers in foreign textile materials in order to discourage imports and boost local production in the textile industry.

For legislative backup, he also sought the enactment of a law prohibiting the sale of imported fabrics in the country.

Dangote identified various measures which needed to be put in place to allow Nigeria speed up its industrialization process and development growth.

These measures include investment in infrastructure; creation of business-enabling Policy Framework; development of core industries; macroeconomic stability; facilitation of sectoral linkages and sustaining of the federal government’s recent efforts at ensuring security of lives, properties and investments across the nation.

The business titan examined the performance of the industrial sector in Nigeria; identified the nexus between industrialization and economic development with Nigeria and China as case study; analyzed the manufacturing sector in the country with focus on its growth trajectory, current status and challenges, and set an agenda for the next ten years with an implementation roadmap.

“The experience in various parts of the world has shown that industrialization drives economic growth & development, which improves living standards as evident by the high output and per capita income in industrialized countries.

“The rate of industrialization in Nigeria has been slow as evidenced by the low contribution of manufacturing to GDP, poor capacity utilization and constrained export of manufactured products within and outside the continent. For instance, Nigeria’s share of world output of 0.41%, ranked 29th in the world which is unimpressive, considering its size and resource endowments. It ranks poorly, when compared with India at (3.1%), South Korea (3.0%) and China (28.7%).

“Nigeria’s industrialization process has been greatly challenged by structural and institutional constraints, particularly funding. These factors have over the years cumulatively contributed to its disappointing performance. For instance, in the last decade, average share of manufacturing value added to GDP in countries like China and Malaysia stood at 41% and 38% respectively; compared to 25% in Nigeria.

“In terms of capacity utilization, a major performance indicator which reflects the ability of manufacturing companies to meet rising demand without increasing cost, Nigeria achieved a rate of 55% compared to 76% and 78% in China and South Africa respectively. The country’s dwindling industrial performance has significant socio-economic implications, as poverty and unemployment continue to rise.

“From 1960 to 2003, the development trajectory of China by far outpaced that of Nigeria within the same period even though Nigeria began on a seemingly better footing. It is therefore important to track back to where Nigeria “dropped the ball” with a view to repositioning the country to the path of growth, development, and social upliftment.

“Based on the comparative analysis of Nigeria and China, one can safely make the following deductions (i) the numerical strength of a nation (population) can indeed be translated into economic wealth (ii) steady growth in manufacturing output is possible when the operating environment is conducive; (iii) no nation can easily transit from “developing” to “newly industrialized” without a vibrant manufacturing sector; (iv) effective implementation of long term plans backed with policy consistency will promote enduring economic growth and development.

“Nigeria’s manufacturing sector is dominated by light manufacturing with only a few firms operating in the heavy segment of the sector. There are several factors that need to be in place to accelerate the growth of the manufacturing sector in Nigeria. These include: security and rule of law, industry-oriented government policy; adequate infrastructure; industry-oriented Research & Development (R&D); a well-developed SME sector; building of human capacity, and embrace of technology to improve efficiency through automation of manufacturing processes.”

On current status of the manufacturing sector, Dangote noted that manufacturing was singled out in the Nigerian Industrial Revolution Plan (NIRP) as the driver of industrialisation and economic growth.

“The contribution of manufacturing to Real GDP in Nigeria contrasts with what was obtained in countries like China (27.16% in 2019); Germany (19.11%); Japan (20.74%) and South Africa (13.53%). To drive industrialization and sustained economic growth in Nigeria, it is important that deliberate policies that are manufacturing-specific should be designed to support manufacturing activities and address the perennial challenges of the sector. It is important to note that the current government policies, if fully implemented, are good enough to address most of the challenges we are now facing.”

Among manufacturing challenges, he identified acute shortage of forex; dearth of long-term funds; limited infrastructure; policy inconsistency/implementation/ enforcement; over-regulation; multiple and high taxes for the industries (the manufacturing sector is beset with over thirty statutory taxes, levies, fees, etc. charged at multiple tiers of government), and insecurity.

“In consideration of the afore-mentioned challenges, there is an urgent need for a shift in policy approach and strategy to reposition the manufacturing sector for growth over the next ten years. It is imperative that the familiar challenges limiting the pace of industrialization are frontally addressed while setting a clear-cut agenda for the next 10 years.”

While setting an agenda for the next 10 years, Dangote said: “to achieve industrialization goals, it is necessary for a nation to formulate plans and policies that will enhance and sustain industrial development. Sustainable industrial development involves establishment of a conducive environment to encourage investment and ensure efficient usage of resources to increase productivity and growth of the nation.

“Nigeria needs to henceforth intensify efforts at promoting industrialization with specific focus on the attainment of the following targets in the next 10 years: 15% manufacturing sector growth, 20% manufacturing contribution to GDP, 15% growth in export of manufactured products, 10% increase in the share of manufacturing to total export merchandise, stronger inter-industry linkage between SMEs and large corporations, improved manufacturing contribution to Government tax revenue and 20% increase in manufacturing employment.

“The drive to transform Nigerian into an industrialized nation has been a consistent goal of successive governments since independence. It is therefore, imperative that we focus on sectors with great potential for inclusive growth. Sustainability must be central to our industrial development agenda.

“There is also the need for government (at all tiers) to ensure that they consult widely with relevant stakeholders when taking far reaching decisions on key sectors of the economy. This will make it much easier for manufacturers to make long-term business plans. In addition, policies that have been “tried- and- tested” should be backed with an Act of parliament to give them legal backing and make them less susceptible to arbitrary changes by successive governments.

“Industrialization, driven by manufacturing, has the capacity to facilitate enduring economic growth. The transition mechanism entails the availability of required resources, adoption of appropriate technology, provision of favourable operating environment, human capital development, stable macroeconomic environment and adequate infrastructure. With the collective effort of all stakeholders, it is feasible to move Nigeria from “developing nation” to “newly industrialized nation” status within the next 10 years.”

Release Nnamdi Kanu Immediately, Southeast Rulers, Bishops Ask Federal Govt

Editorial staff

October 18, 2022

The Southeast Council of Traditional Rulers and representatives of Igbo Archbishops and Bishops on peace and conflict resolution, have asked the federal government to release the leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu immediately.

The Council’s decision, which was contained in a statement issued today, October 18, said that the call for the immediate release of the IPOB leader is in line with a recent Appeal Court verdict.

Part of the statement reads: “We welcome this judgment and assert that the wisdom of the Appellate Court presents a timely and an unprecedented opportunity to overcome the challenge of trust that has obstructed the path to peace; and opens the window to winning the hearts and minds of the people.

“We therefore unequivocally support the call for the immediate release of Mazi Nnamdi Kanu in line with the unanimous judgment of the Court, that his extradition and subsequent trial was illegal, and the lower court had no jurisdiction to hear the case.”

The statement was signed by Nnaemeka Achebe, chairman, Anambra state traditional rulers council; Chibuzo Opoko, Methodist Archbishop of Umuahia; L.O.C. Agubuzu, chairman of the Enugu state traditional rulers council; and Valerian Okeke, Catholic Archbishop of Onitsha.

Gov Wike Drops N300 Million To Support Lagos Officials’ Wives; Hails Gov Sanwo-Olu

Editorial staff

October 18, 2022

Rivers State Governor Nyesom Wike has donated the sum of N300 million to the Committee of Wives of Lagos State Officials (COWLSO), even as he said that the State Governor, Babajide Sanwo-Olu of the All Progressives Congress (APC) deserves a second term in office.

Governor Wike, a leader in the opposition Peoples Democratic Party (PDP), now at dagger drawn with the leadership of the party, spoke today, October 18, as the special guest of honour, at the 2022 Annual Conference of the COWLSO) which was held at the Eko Hotel and Suites, Lagos.

At the conference, themed: “Spring Forth, Stand Out,” Governor Wike said that Governor Sanwo-Olu’s performance in office has earned him a second term, Wike, commending the governor for giving women the opportunity to serve in various capacities in the state, especially in the Judiciary.

“By the grace of God, you will be a second-term governor. Lagos is doing better than other states in this country because Lagos has allowed women to participate in governance in various capacities. I am very happy to participate in this conference. I don’t play politics of ethnicity.

“Even if Sanwo-Olu is in my party but is not doing well, I wouldn’t have come here. I do not regret saying I am in support of you. If you are not in my party and you are doing well, I will support you. If you are at my party and you are not doing well, I will not support you,” Wike told Sanwo-Olu.

The Rivers state governor added: “So why would you not support such a government that is encouraging this? Look at the physical infrastructure in Lagos. What do you say? Lagos is the Center of Excellence.

“There are some people who will be here, instead of them making Lagos to continue to improve, they will bring the state down and that is not the case here. For me, I’m satisfied, it doesn’t matter the party’s difference.”

Love Your Eyes – A Necessity, By Afe Victor Dania

Editorial staff

October 18, 2022

Thursday 13th of October, 2002, was the World Sight Day (WSD).

World Sight Day is a day set aside by the International Agency for Prevention of Blindness (IAPB) and the World Health Organization (WHO) to create awareness on avoidable blindness, visual impairments and the importance of eye care.

The theme of this year’s celebration is “LOVE YOUR EYES”.

World Sight Day draws attention to a range of issues surrounding visual impairments/blindness. It is seen as one of the most important days for communication and advocacy on eye care.

World Sight Day is under the Vision 2020 -The Right to Sight global initiative, whose objective is to promote a world in which nobody is needlessly blind or visually impaired.

The aims of World Sight Day are;

1.To raise awareness of issues surrounding blindness and visual impairment.

Advocacy to influence or draw Governments’ attention worldwide to participate in and donate funds to blindness prevention programs, recruitment of eye health personnel, etc.
To garner support for impactful vision programs and activities, and
To raise awareness on the prevention of blindness.

Globally, the common causes of visual impairments are:

(a) Uncorrected Refractive Errors: They include myopia or otherwise known as short-sightedness, hyperopia or otherwise known as long-sightedness, and astigmatism. Presbyopia is an eye condition associated with vision loss due to age.

(b) Short-sightedness or myopia makes far objects look blurry, hyperopia or long-sightedness makes nearby objects look blurry, and astigmatism can also make both near and far objects look distorted. Presbyopia on the other hand makes it difficult for middle-aged and older adults to see tiny prints or other objects at close range.

(b). Cataracts: this is a clouding of the natural lens of the eyes and it’s one of the causes of blindness worldwide, and a major cause of vision loss in Africa. Cataracts can occur at any age in life because of varieties of causes, and can also be present at birth.

(c) Age-related Macular Degeneration: is a disease that affects a person’s central vision. It can result in severe central vision loss. Risk factors for Age-related Macular Degeneration include being 50 and above in age, smoking, having High Blood Pressure and eating a diet in saturated fats.

(d) Glaucoma: refers to a group of eye conditions that damage the optic nerve. The optic nerve sends visual information from the eye to the brain and it is vital for good vision. Damages to the optic nerve are often connected to high intraocular pressures of the eyes. But some types of glaucoma can still occur with normal eye pressure hence the need for regular eye check ups. This condition may be hereditary and it’s common in adult blacks. Most times, it’s symptomless hence referred to as the silent thief of sight. Blindness from glaucoma is irreversible

(e) Diabetic Retinopathy: is a complication of diabetes caused by high blood sugar levels damaging the back of the eye known as retina. It can cause blindness if left undiagnosed/untreated.

(f) Corneal Opacity: refers to the eye condition arising when the cornea becomes scarred thus preventing light from passing through the cornea to the retina which may cause the cornea to appear whitish or cloudy. Cornea Opacity is mainly caused by injuries, corneal abrasion, infection or scratch

(g) Trachoma: is basically a bacterial infection that affects the eyes. It’s a contagious disease caused by the bacterium Chlamydia trachomatis. It spreads through contacts with the eyes, eyelids and nose or throat secretions of an infected person. It is associated with poor socioeconomic conditions such as places where safe water is scarce, poor personal hygiene and environmental sanitations. Eye-seeking flies and contaminated hands, fomites or clothing transmit the bacteria between people from the nasal or ocular discharge of infected persons. Undiagnosed, untreated and even poor management of trachoma can lead to severe visual impairments and resultant blindness.

The above are just simple definitions of the common conditions/diseases that can lead to visual impairments and should not replace proper professional clinical consultations and annual regular examinations or make people result to the temptation and practice of self-medications by going to the chemist or pharmacy to buy eye medications without the doctor’s prescription and going to road sides/ market places to buy reading glasses from quacks without the Optometrist’ prescription. Please also note that there are other conditions or diseases that can cause visual impairments.

Nigerian Optometric Association, an active member of the National Eye Health Committee will be collaborating with Ophthalmological Society of Nigeria (OSN), Nigerian Ophthalmic Nurses Association (NONA) and Association of Nigerian Dispensing Opticians (ANDO) to mark this year’s World Sight Day.

US Court Sentences Nigerian Fashion Designer, Alade, To 4 Years, Over $1.1 Million Cybercrime

Editorial staff

October 18, 2022

Alade Vincent | Photo credit: The street journal

A U.S. District Court for the District of Maryland, USA has sentenced a Nigerian fashion designer, Alade Vincent, popularly known as “Alvince,” to four years and two months imprisonment for wire fraud estimated at $1.1 million.

The judge ordered the 35 year old Vincent to pay $243,269.00 in restitution, with two years of supervised release, one year each for both charges, upon completing his jail term.

The fashion designer has clothed several top Nigerian celebrities including, Tu Face, D’banj, and Don Jazzy, among others.

He won several fashion awards and was nominated for Future Awards in 2009.

His fashion business was among the most visible in Lagos fashion district at Adeniran Ogunsanya in Surulere.

Up until 2014-2015, Vincent was still a major force in Lagos fashion circles and it remained unclear when he moved to the U.S. or joined cybercrime syndicates.

According to court documents, Vincent used the accurate identity information of individuals to open numerous bank accounts to obtain funds from companies and individuals, using fraudulent emails and phone calls in early 2019.

The fashion designer, who ranked among the top bespoke designers in Lagos, had conspired with other Nigerians, Hameed Adesokan, Adewumi Abioye, Lukman Salam, Akolade Ojo, and Damilola Lawal, to deceive his victims into sending funds to numerous bank accounts controlled by Vincent.

Vincent had obtained Delaware and North Carolina driver’s licences, providing personal information of two victims who resided in Nebraska and Missouri, respectively.

Documents obtained from U.S. financial institutions also indicated that surveillance images of transactions matched that of Vincent.

Federal authorities arrested him on November 3, 2021.

On the same day, Vincent made his first appearance before the federal court in Baltimore, Maryland, where he was charged before Magistrate Judge Thomas DiGirolamo for aggravated identity theft and conspiring with others to commit wire fraud.

“Vincent then used the fake identification documents to open financial institution accounts and engaged in financial transactions involving those accounts, including attempting to deposit a fraudulent check, receiving proceeds from fraud, and disbursing proceeds of fraud through a variety of means to include, but not limited to, wire transfers, money order purchases, ATM and cash withdrawals, and casino activity,” said the special agent in charge, Darren R. Rusakiewicz.

On July 5, 2022, District Judge Stephanie Gallagher convicted Mr Vincent of conspiracy to commit wire fraud and aggravated identity theft after the Department of Homeland Security Investigations indicted him. He promptly pleaded guilty to the charges.

“The defendant is hereby committed to the custody of the United States Bureau of Prisons to be imprisoned for a term of 26 months as to Count 1 and 24 months as to Count 6 to run consecutively to the term imposed as to Count 1 for a total term of 50 months,” Ms Gallagher ruled.

The document said the fashion designer, on January 22, 2019, registered a company named SG Enterprise LLC in Maryland, using the details of his first victim contained in the Delaware driver’s licence.

He received $10,000 from the said company’s account on February 19; $21,095 on March 19 from a South African bank, which the investigator said: “was removed through the point-of-sale transactions, an ATM withdrawal, and a wire transfer.”

On March 21, 2019, SG Enterprise LLC’s account in Well Fargo received $385,500.12 interstate wire, but soon, the bank received a letter from Fifth Third Bank stating that its (the latter) customer, a construction company, had been a victim of identity fraud.

Wells Fargo subsequently froze S.G. Enterprise LLC’s account and soon returned the funds to Fifth Third Bank.

According to the document, the company received $26,943.81 in its BB&T account on March 26, 2019.

The individual from who the money was transferred told the federal investigator that Vincent, through his company, fraudulently induced him into paying the money after receiving an email.

Vincent, through another S.G. Enterprise LLC account he opened in Chase Bank, received a $90,300 incoming wire from a firm.

He withdrew some funds and sent some to the Dubai Islamic Bank. On June 17, 2019.

The fashion designer had also attempted to deposit a SunTrust check of $42,899 on June 17, which was returned as “altered/fictitious.”

Federal investigators, in October 2021, interviewed Mr Vincent’s first victim, whose identity was used in the Delaware driver’s licence and company, but the victim affirmed that he did not open the enterprise with which the fashion designer used to defraud individuals.

Vincent subsequently registered another company, Timberg Enterprise LLC, also in Maryland, using the information of his second victim, whose personal information was used for the North Carolina driver’s licence.

He opened a Bank of America business account, receiving $390,386.72 incoming wire from a firm on June 28.

From his Timberg Enterprise business account, the fashion designer, via telephone calls, deceived another company into paying $40,000 into the accounts opened in his victim’s name.

According to the document, Mr Vincent also received $59,467.55 incoming wire in his BB&T account on June 18, 2019, from Wells Fargo.

Also, when interviewed by the investigator at his Missouri residence on October 8, 2021, the other victim affirmed that he did not open the business or sign signature cards.

OPEC Took Unanimous Decision To Cut 2 Million Barrels Of Crude Oil To Stabilize Market – Minister

Editorial staff

October 18, 2022

Minister of State for Petroleum Resources, Chief Timipre Sylva has said that the Organization of Petroleum Exporting Countries (OPEC) has taken an unanimous decision to cut two million barrels of crude oil production to Stabilize market.

This was contained in a statement today, October 18 which he personally signed. He said that the step was not meant to achieve any ulterior motives.

The statement, entitled: “ON OPEC + DECISION TO CUT CRUDE OIL PRODUCTION,” reads:

“The decision taken by the OPEC during our meeting on 5th October, 2022 to voluntary adjust crude oil production downward by two million barrels per day was unanimous. It was taken for the exclusive purpose of ensuring the long-term stability of the oil market.

“It was purely to balance supply and demand, and forestall a degeneration of the current volatile oil market to a situation where larger production cuts will be required fo balance it.

“This proactive decision was based on a thorough assessment of market conditions as OPEC plus has always been guided.”

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