The Nigerian Export Promotion Council (NEPC) has said its Zero Oil Plan has the potential to increase earnings from non-oil sector to $30billion over the next five years.
Its Executive Director/Chief Executive Officer, Mr Olusegun Awolowo who spoke during a visit to the Minister of Agriculture, Chief Audu Ogbeh in Abuja, said the plan has identified 11 strategic products and sectors in other countries for Nigerian goods. He said if the plan is adhered to, the non-oil sector would possibly move from $2.7 billion it is currently generating to $30 billion.
He said: “More recently, we have developed the Zero Oil Plan, in response to this administration’s charge that Nigeria must begin to look for new drivers of the economy.
“The plan is Nigeria’s strategic effort to build an economy that does not need oil to survive and can serve as a major flagship economic programme for the country.”
Meanwhile, the Council has advised Nigerians to embrace mushroom farming to boost the foreign exchange earnings of the country.
Speaking during a one day export workshop on mushroom development for export for growers in Osun State, the Trade Promotion Advisor at NEPC, Akure Office, Mr. Moruf Salami, said mushroom farming would promote the economic diversification agenda of the Federal Government and also boost food production.
He said:“The NEPC is organising this workshop to enlighten our business community on the rudiments of export trade for economic growth. Nigerians need to tap into the multimillion dollar mushroom business, there is a huge money in this business and Nigerians should explore the opportunities.
“The importance of non-oil sector to our national economy and its pivotal role in industrialisation especially in this period of dwindling oil revenue cannot be downplayed. The intention of this workshop is primarily to expose the farmers to modern ways of cultivating mushrooms to meet international standards thereby bringing out the distinct features of export business as opposed to domestic trade.
“Instead of depending on the old method of picking mushrooms from the wild, farmer could grow it even in the cities and make money from using technology to plant the crop.”
The Director of African Centre for Mushroom Research and Technological Innovations, Prof. John Okhuoya, said mushroom was in demand in the United States, Europe and Asia because of its health benefits.
He explained that African mushroom is sought after because it is being used to produce drugs, adding that it was being recommended for the treatment of ailments such as high blood pressure, diabetes, hypertension and others.
Also, the Regional Coordinator of NEPC, Mr. Babatunde Faleke, who noted that mushroom consumption had taken a global perspective, said that the crop could change the financial fortune of the growers.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
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