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Stakeholders Seek Alliance With Dairy Farmers to Boost Output

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Dairy Products
  • Stakeholders Seek Alliance With Dairy Farmers to Boost Output

With the nation yet to meet a supply gap of 600,000 metric tonnes out of the 1.3 million tonnes demanded in the dairy industry, stakeholders have sought improved alliance with farmers to aid productivity.

According to the stakeholders, such efforts will increase capacity to meet local dairy demand, considering the problems facing the dairy sector in West Africa and challenges in developing a sustainable business model for the industry in the sub-region.

Indeed, European and West African dairy farmers had a two-day multi-stakeholder roundtable conference to discuss new business models with the aim of creating employment and profit for the local dairy farmers in West Africa in Abuja, recently.

The Minister of Agriculture and Rural Development, Audu Ogbeh, represented by, Director, Animal Production and Husbandry Services, Federal Ministry of Agriculture and Rural Development, Dr. Egejuru Eze, while speaking on the theme ‘Milky way to development’ noted that the roundtable is happening at a time the vision of the government of Nigeria is taking a holistic approach to develop the livestock industry especially the dairy sector.

The Minister said “it is heartwarming to note the increased interest and flow of foreign direct investment into the livestock industry from different parts of the world, particularly in dairy productions. Efforts of this nature will increase capacity to meet local dairy demand. Presently the annual national dairy output and demand are estimated at 700,000mt and 1,300,000mt respectively, giving a supply gap of about 600,000mt”.

Speaking at the conference, the Vice Chairman, Arla Foods and co-host of the conference, Jan Toft Noergaard, said, “we believe there are more feats to be achieved, with an alliance like this, I am sure things will happen faster. This conference is set to discuss and offer solution to challenges facing the dairy sector in West Africa and development of the dairy sector to improve the livelihood of farmers” he said.

The Program Coordinator, Care Denmark, Rolf Hernoe explained that the ‘Milky Way to Development’ is an alliance of stakeholders in the dairy industry, including dairy farmers and companies in the West African region, “so far we have one European industrial producer and we are hoping to expand. We see this as the beginning of something bigger, we are currently discussing with ECOWAS to take a more active role in the alliance” he said.

Speaking on the benefits of the alliance to local dairy farmers, Rolf Hernoe said the alliance focuses on avoiding the negative impact of imports of powdered milk into the region and greater focus on involving local farmers in the value chain so that milk will be more available and safer and be processed into higher value products so that everyone will benefit. The alliance will facilitate technology transfer and investment which will definitely be of benefit to local farmers.”

Danish Ambassador to Nigeria, Torben Getterman who is representing the Development Agency of the Danish Government, said “the Danish Government is supporting the idea of the ‘Milky Way’ alliance because of it firm believe in the principle and overarching idea of the alliance. The ‘Milky Way’ alliance is a good example of how cooperation between governments, sectorial organisations, private companies, research institutes and NGOs can result in projects that carry with them benefits on so many levels” he said.

Commissioner, Department of Agriculture, Environment and Water Resources, Economic Community of West African States, Tchambokou Ayassor during his speech said the need for partnership of this nature in West Africa sub-region cannot be overemphasize, saying “a gathering like this is very important for the economic development of agriculture in the sub-region as it will give opportunities for technology transfer, development of cross boarder professional association and formulation of policy framework that will foster a faster development of the dairy sector and agriculture business in West Africa”.

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.

Markets

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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