Nigeria can be the highest supplier of cashew in the world if the right parameters are put in place, the Managing Director, African Cashew Alliance (ACA), Dr. Babafemi Oyewole, has said.
According to him, a survey conducted 15 years ago on cashew producing areas in the country showed that less than 20 per cent of available lands for planting the crop are being utilised. Therefore, by increasing land area with high-yielding and good quality cashew trees, Nigeria had the potential to become the largest producer of raw cashew nuts (RCN).
Oyewole said that the continent grows 57 per cent of global cashew and that Nigeria was the third largest producer with about 170,000 metric tonnes (MT) per yearly.
The hope of being world’s largest cashew producer was further buoyed by the activities of the National Cashew Association of Nigeria (NCAN), which is implementing a programme for rejuvenating cashew plantations and increasing the area of land under cashew production in Nigeria, particularly as Nigerian cashew trees are aging.
Oyewole explained that it cost N10 billion to plant 350 million new cashew trees, which could stimulate economic activities. He explained that the industry could attract foreign direct investment into the economy. This was why a lot of foreign investors had partnered local entrepreneurs to set up plantations and processing factories across the continent, he said.
The ACA helmsman explained that the modest improvement in cashew processing in Africa, which moved from a paltry three per cent in 2006 to about 15 per cent last year, had been made possible by foreign investors, such as Olam and Fludor, among others, who have sited cashew processing factories in countries, such as Cote d’Ivoire, Nigeria and Benin Republic.
“Processors are struggling to procure RCN and the government should actively support their efforts through potential tax/export policies and increased access to finance. Nigeria should look to long-term strategies to increase production so that all RCN demand is met-both foreign and domestic,” he advised, adding that since the country sought to diversify its economy from the mono-product of petroleum, cashew production and processing offer one of the opportunities to earn the much-needed foreign exchange and revenue to support economic and social development.
No Plan to Increase Fuel Price; Says FG
The Federal Government has stated that it has no plan to increase fuel price during the yuletide period.
This assurance is coming amid the nationwide fuel scarcity which has pushed the price of petrol above N250 in many retail stations.
Investors King learnt that fuel is being held for N250 per litre in Abuja and several other cities across the country while black marketers are charging between N400 and N450 per litre.
The scarcity and the high price of fuel are however becoming unbearable for many Nigerians, especially those who have reasons to embark on business travel for the December festivals.
According to the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, most of the association members, who owned the bulk of the filling stations across the country, were now subjected to purchasing PMS at about N220/litre, which was why many outlets currently dispensed at about N250/litre and above.
He noted that the cost of the commodity has been on the rise due to its unavailability and other concerns in the sector.
He added that the price of fuel could be sold from N350/litre to N400/litre before the end of the year.
Meanwhile, a number of senior officials at the NNPC had stated that the subsidy was becoming too burdensome on the national oil company, as this was another reason for the scarcity of PMS.
According to a source who is familiar with the development as reported by Punch News, “How can we continue to import 60 million litres of petrol daily and keep subsidising it, while millions of litres are either diverted or cannot be accounted for? The burden is too much, as you rightly captured in that story”.
Investors King understands that NNPC is the sole importer of petroleum into the country and it pays billions of naira every month to subsidise the product to N147 per litre.
Reuters News reported that in August 2022, NNPC paid more than $1 billion as fuel subsidy while the federal government earmarked N3.6 trillion as fuel subsidy in the 2023 budget proposal.
Fuel Scarcity: NNPC Declares 2billion Liters in Stock, Blames Scarcity on Road Construction
NNPC Claimed it as 2 billion litres of fuel despite scarcity
The Nigerian National Petroleum Company (NNPC) has blamed the recent fuel scarcity on road construction around Apapa, noting that the corporation has about 2 billion litres of fuel in stock.
According to a statement issued by NNPC Executive Vice President, Downstream, Mr Adeyemi Adetunji, the Nigeria National Petroleum Company has about 2 billion litres of fuel which can last the country conveniently for more than 30 days.
The Executive Vice President further blamed the queues on the road construction around Apapa axis which has slowed down the movement of oil trucks to several parts of the country.
“The recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in Lagos” he said.
He however noted that more filling stations should have Premium Motor Spirit (PMS) otherwise known as petrol with the ease in gridlock along the apapa axis.
“The gridlock is easing out and NNPC Ltd has programmed vessels and trucks to unconstrained depots and massive load outs from depots to states are closely monitored,” he said.
Investors King gathered that several states including Abuja have been impacted by the supply chain difficulty caused by the construction around Apapa.
The scarcity of fuel has therefore led to the hike in price. In most places across the country, fuel is sold as high as N250 per litre. Several fuel stations are already taking advantage of the situation coupled with the increase in the movement of people and goods owing to the December festivals.
Speaking further, Adeyemi noted that the situation will soon be back to normalcy as NNPC is taking measures to address the situation.
“We want to reassure Nigerians that NNPC has sufficient products and we significantly increased product loading in selected depots and extended hours at strategic stations to ensure sufficiency nationwide.
“We are also working with industry stakeholders to ensure normalcy is returned as soon as possible,” he concluded.
Global Growth to Drop Below 2% in 2023, Says Citi
Citigroup on Wednesday forecast global growth to slow to below 2% next year, echoing similar projections by major financial institutions such as Goldman Sachs, Barclays, and J.P. Morgan.
Strategists at the brokerage cited continued challenges from the COVID-19 pandemic and the Russia-Ukraine war — which skyrocketed inflation to decades-high levels and triggered aggressive policy tightening — as reasons behind the outlook.
“We see global performance as likely (being) plagued by ‘rolling’ country-level recessions through the year ahead,” said Citi strategists, led by Nathan Sheets.
While the Wall-Street investment bank expects the U.S. economy to grow 1.9% this year, it is seen more than halving to 0.7% in 2023.
It expects year-on-year U.S. inflation at 4.8% next year, with the U.S. Federal Reserve’s terminal rate seen between 5.25% and 5.5%.
Among other geographies, Citi sees the UK and euro area falling into recession by the end of this year, as both economies face the heat of energy constraints on supply and demand front, along with tighter monetary and fiscal policies.
For 2023, Citi projects UK and euro area to contract 1.5% and 0.4%, respectively.
In China, the brokerage expects the government to soften its zero-COVID policy, which is seen driving a 5.6% growth in gross domestic product next year.
Emerging markets, meanwhile, are seen growing 3.7%, with India’s 5.7% growth — slower than this year’s 6.7% prediction — seen leading among major economies.
FirstBank, Others Partner With Junior Achievement on Africa’s Largest High School Entrepreneurship Competition
Property Tech Company, VENCO Secures $670,000 Pre-Seed Funding
ASUU Strike: FG Moves to End Incessant University Strikes, to Review University Autonomy
News4 weeks ago
Npower News: What You Need to Know Before Taking ‘Work Nation’ Eligibility Test
News3 weeks ago
Npower News: NASIMS Announced “Work Nation’s” Minimum Cut-Off Mark
Travel2 weeks ago
Nigerians Eligible For Residence Permit in Norway
News4 weeks ago
Npower News: NASIM Provides Requirements Resolution For Failed August Stipend
News2 weeks ago
Npower News: Latest Update On Npower Payment for Beneficiaries
Blockchain4 weeks ago
FG to Train 30,000 Nigerians on Blockchain Technology; Released Link For Registration
Travel1 week ago
Passengers Groan as Air Tickets Increase by More than 100%
News3 weeks ago
Npower Clarifies “Work Nation” Programme, State It is Optional