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.
Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns
Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.
Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.
The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.
This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.
While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.
Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.
Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.
Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.
Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.
Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.
Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.
The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.
However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.
Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.
He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.
Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.
The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.
NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade
The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.
Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.
Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.
In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.
Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.
He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.
Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.
In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.
Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.
The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.
As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.
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