The Executive Director, Providus Bank Limited, Mr. Kingsley Aigbokhaevbo said the bank has set aside the sum of N100 million to support the Zero to Export initiative of the Nigeria Export Promotion Council (NEPC).
The zero to export scheme is one of the flagship programmes of the council, which focuses on creating a new generation of Nigerian exporters through practical and theoretical training of business executives, bankers, civil servant, unemployed graduates and retired citizens with interest in export business.
This is as the Executive Secretary/Chief Executive, NEPC, Mr. Olusegun Awolowo said it would continue to create opportunities for Nigerians to imbibe the culture of exportation through capacity building training programmes.
He also said the first export activity by the new exporters is expected to take place in October, buoyed by the new financing lifeline from the bank.
Both spoke in Abuja at the passing out ceremony of 38 trainees in Batch 3 of Zero to Export capacity building programme.
Providus Bank is one of the newly licensed commercial banks operating in the country.Haske and Williams Limited, a dominant player in the Nigerian agri-business sector has announced its signing of an MoU with FGM Expert Farmer, a global agri-business player based in France.
Commenting on the recent development, Oladipo Williams, Executive Vice President, Haske and Williams Limited said: “The MoU between our organisation and FGM Expert Farmer is a Technical, Operations and Management Support Services Agreement aimed at ensuring that our ongoing and proposed commercial agriculture projects are developed, operated and managed in line with international best practices. Despite several interventions, policies and strategies put in place by the Federal Government of Nigeria to stimulate agricultural production in Nigeria we still find that Nigeria has some of the lowest yield rates per hectare for various agricultural commodities in the world.”
Speaking further, he said: “After a critical review of the current situation in the country’s agricultural space, it became clear that the problem was not the capacity of farmers with respect to agricultural production instead the problem arose from the lack of capacity to practice agriculture on a commercial scale driven by globally accepted procedures and protocols. It was in view of the aforementioned that we at Haske & Williams decided to engage FGM Expert Farmer due to its vast experience in the conceptualisation, planning, development, operation and management of large scale agricultural projects globally. We are keen to contribute towards the development of smallholder agriculture in Nigeria through the development and implementation of sustainable strategies aimed at boosting smallholder farmer productivity such as facilitation of access to quality inputs, mechanisation equipment rental, technical capacity building services, irrigation infrastructure development and management and provision of guaranteed markets.”
Through this MoU, Haske & Wiliams will be introducing a systematic and knowledge based approach to commercial agriculture which analyses critical aspects of the agricultural production value chain and troubleshoots existing conditions to ensure bespoke solutions are developed that optimise the value chain.
As a company, Haske & Williams has aligned its goals and objectives with the agricultural transformation agenda of the new government and believes it is important for the organisation to conceptualise and develop model projects which can serve as evidence to Nigerians and the international community that Nigeria can diversify its economy from oil and gas to other sectors.
The company is keen to become pioneers of the new agricultural revolution ongoing in the country and use this as an opportunity to prove to Nigerians that agriculture is big business, and can become a major contributor to the diversification of the Nigerian economy, creation of employment opportunities and a major source of much needed foreign exchange for the country.
Haske & Williams currently has 3 subsidiaries including: H & W Rice Company Limited (Developer of the Demsa Integrated Rice Production Project in Adamawa State); H & W Starch Derivatives Limited (Developer of the Kaiama Cassava Starch Integrated Rice Production Project in Kwara State); and Manomi Support Services Limited (Developer of the Manomi Support Scheme Initiative).
Awolowo added that the scheme had been part of the Council’s efforts to reposition the non-oil sector, re-write the narrative of the Council through job creation and inclusive growth – thereby making it a major contributor to the Gross Domestic Product (GDP).
He said:”There is no doubt that the essence of our gathering today underscores the crucial role that non-oil export sector is expected to play in the present administration’s effort at diversifying the Nigerian economy away from over reliance on oil as its main stay, especially now that the continuous fall in price of oil has thrown the world economy in recession.”
He said the graduants are better prepared to boost the country’s export capabilities, adding that the export business is for seriously commitment people and not a hubby.
He said:”They’ve gone through the rudiment and seen that Export cannot be a hubby but a full time job that requires you to get your company and start to export. We are thrill by these crop of exporters that know the A-Z of export.
“These are the set of exporters that are going to help take Nigerian goods abroad. Today, we have Providious Bank, a new bank that has come in and said the first thing we want to do is export and they’ve set up an export desk and are now going to be working with these crop of graduants that have formed themselves into a cooperative and they are going to be helping them.”
He said: “And they’ve told you that their first export will be done in October and Providus Bank has come to help them to the tune of N100 million. These are the kinds of strategy and partnerships that we are looking for in order to transform the country’s economy.”
The programme is anchored on a Public Private Partnership (PPP) arrangement led by the Consultant Mr. Kola Awe of EPT Logistics International Limited with support from Fidelity Bank Plc.
Head, Corporate Communications (NEPC), Mr. Joe Itah in a statement said the programme has so far trained and graduated over 100 trainees from the Lagos and Abuja centers and most of the trainees have formed registered Cooperatives, and are already exporting.
The Batch 3 graduates have also registered the Integrated Exporters’ Cooperative Society Limited and it’s hoped that the programme would bring about a high value addition to non-oil products and services in the country at a time when the nation needs to revive its manufacturing, agricultural and industrial sectors.
Crude Oil Rises to $72 a Barrel on Strong Demand Recovery
Oil prices rose on Friday to fresh multi-year highs and were set for their third weekly jump on expectations of a recovery in fuel demand in the United States, Europe and China as rising vaccination rates lead to an easing of pandemic curbs.
Brent crude futures edged up 13 cents to $72.65 a barrel to 1145 GMT, a day after closing at their highest since May 2019.
U.S. West Texas Intermediate (WTI) crude futures were up 14 cents to $70.43 a barrel, a day after their highest close since October 2018.
U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer as vaccination rollouts boost global economic activity.
The International Energy Agency said in its monthly report that OPEC+ oil producers would need to boost output to meet demand set to recover to pre-pandemic levels by the end of 2022.
“OPEC+ needs to open the taps to keep the world oil markets adequately supplied,” the Paris-based energy watchdog said.
It said that rising demand and countries’ short-term policies were at odds with the IEA’s call to end new oil, gas and coal funding.
“In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target,” the IEA said.
Data showing road traffic returning to pre-COVID-19 levels in North America and most of Europe was encouraging, ANZ Research analysts said in a note.
“Even the jet fuel market is showing signs of improvement, with flights in Europe rising 17% over the past two weeks, according to Eurocontrol,” ANZ analysts said.
Africa Oil Week Remains Force of Good for Africa
Hyve Group Plc, organisers of Africa Oil Week have confirmed that business opportunities and discussions at the 2021 edition will remain focused on driving investment into Africa for its sustainable socio-economic development, as it has done for the past 27 years.
The event which will temporarily move to Dubai for 2021 due to COVID-19 restrictions in South Africa will take place on 8-11 November 2021 and has support from key African stakeholders.
Atty. Saifuah-Mai Gray, CEO of National Oil Company of Liberia said “As an oil and gas hub, Dubai represents a huge opportunity for Governments to meet a high concentration of investors with the financial and technical capability to partner in our national upstream”
Africa Oil Week is known for driving deals and transaction across the African oil and gas sector, and after being forced to host the 2020 edition virtually, confirmation that a live event will take place in 2021 has delighted clients.
Miriam Seleoane, Assistant Director at the Department of Trade and Industry and Competition said
“The DTIC has supported the Africa Oil Week for many years. For 2021 we will be taking a delegation of 20+ companies to the Oil Week to advance partnership and investment dialogue between our South African businesses and international partners. Africa Oil Week remains a huge platform for the DTIC and our South African private sector”.
The event will run under the theme “succeeding in a changed market”, and it will be the only large-scale oil and gas event focused solely on Africa to run in person in 2021.
In a previous statement, the organiser cited Dubai as the “next best location” after Cape Town due to the exceptional progress made in the UAE’s vaccination programme. Dubai is also the leading financial centre in the Middle East, Africa and South Asia and presents an opportunity for attendees to meet with new capital holders, further driving investment into Africa.
The 2022 event will return to Cape Town, where organises have said it is the event’s “natural home” and to which they are strongly committed for the long-term.
Crude Oil Rebounds on Thursday After Slipping on U.S Weak Demand
Oil prices rose on Thursday a day after slipping on data indicating weak U.S. driving season fuel demand as investors eyed upcoming U.S. economic data.
Brent crude oil futures were up 18 cents, or 0.25%, at $72.40 a barrel, holding just shy of a high not seen since May 2019.
U.S. West Texas Intermediate oil futures rose 11 cents, or 0.16%, to $70.07 a barrel, staying near its highest since Oct. 2018.
“The market is recovering impressively from yesterday’s dismal weekly EIA report, the drop in weekly gasoline demand was particularly disappointing,” said Tamas Varga, analyst at PVM Oil Associates.
“It will interesting to see whether the monthly OPEC report due out later will confirm last month’s upbeat demand assessment for the second half the year. If it does, as expected, it should support oil prices.”
Varga added that U.S. inflation data and jobless claims would provide more direction on the health of world’s biggest economy and clues as to whether the Federal Reserve might start tapering stimulus.
U.S. crude oil stockpiles that include the Strategic Petroleum Reserve (SPR) fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories that exclude the SPR fell by 5.2 million barrels in the week to June 4 to 474 million barrels, the third consecutive weekly drop. But fuel stocks were up sharply, with product supplied falling to 17.7 million barrels per day (bpd) versus 19.1 million the week before.
Implied gasoline demand fell to 8.48 million bpd in the week to June 4, down from 9.15 million bpd from the week before, but up from 7.9 million bpd a year ago, EIA data showed.
Weighing on prices, India’s fuel demand slumped in May to its lowest since August last year, with a second COVID-19 wave stalling mobility and muting economic activity in the world’s third largest oil consumer.
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