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Fed Govt Targets $5b From Cassava Export

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Cassava Farm in Nigeria

Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said yesterday that the country is targeting over $5billion annually from cassava production in the next few years

He stated this in Abuja at the National Cassava Summit.

It was with the theme: “Toward $5 billion per Annum Cassava in the next five years.’’

Ogbeh said that the country had neglected agriculture in the last 30 years.

He, however, added that the industry had the potential to employ more youths and improve foreign exchange.

Ogbeh expressed concern over the very low number of farmers accessing credit facilities in the country.

He said that the Federal Government would enhance and strengthen the Bank of Agriculture (BoA) to allow farmers access to credit facilities at 5 to 6 per cent interest rate.

“Most of the Commercial Banks give loan to farmers at 28 to 30 per cent interest rate. How do farmers grow with such a high interest rate and make profit

“We have to intensify efforts to address this problem in order to meet our target because earning in cassava industry is so high.

“Rural roads need to be rehabilitated for easy transportation of our farm products to the market. Our budget is small. We cannot in the Ministry level promise of constructing all rural roads. But something has to be done fast,” he said.

He, however, urged research institutes like the International Institute of Tropical Agriculture (IITA) to include vitamins in cassava in the next research work to balance its nutritional content? and better consumption.

Prof. Lateef Sani of the Federal University of Agriculture, Abeokuta, in a paper, said that the industry has the potential to create million of jobs across the country through its Value Chain.

“By 2021, Nigeria cassava industry will represent over 5 billion dollars, spurs rural industrial development, generate millions of new jobs and create wealth for over 45 million people.

“Cassava peels, grits, chips are viable as animal and fish feeds.

“Given the large amount of Aquaculture and Livestock done in the country, this can be an interesting prospective market,” he said.

Mr Alfred Dixon of the International Institute of Tropical Agriculture in a keynote address said that Nigeria was confronted with a growing population and rising urbanisation with high demand for food and feeds for livestock.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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