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Africa Risks Importing $110b Food in 2025

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  • Africa Risks Importing $110b Food in 2025

The Director General of the International Institute of Tropical Agriculture (IITA), Dr. Nteranya Sanginga has warned that the neglect of agriculture would cost Africa continent $110b in terms of food imports in 2025, up from the current $35billion.

Sanginga, who stated this while addressing members of the Board of Trustees of IITA and researchers during the 2016 Partnership for Development Week (P4D Week) in Ibadan, Oyo State, said there are negative consequences if Africa continued to pay lip service to agriculture and fails to invest in the sector.

Besides, he said failure to invest in agriculture would deprive the continent of necessary jobs and further fuel the spiralling rate of unemployment among the youths.

The DG acknowledged that though some African governments have come to the realisation that agriculture was one of the ways to save the continent from the situation, most countries were not investing enough in the sector.

“Take for instance, the commitment to invest at least 10 per cent of national budgets to agriculture. Not many countries are meeting this goal,” he said.

He commended the African Development Bank for the new initiative–Technologies for African Agricultural Transformation (TAAT) – to transform agriculture in the continent. He explained that the TAAT program is a new initiative of the AfDB in collaboration with the Consultative Group on International Agriculture Research (CGIAR), under the Feed Africa Initiative to drive agriculture development on the continent.

Through the TAAT program, the Bank aims to invest more than $800m in the agriculture sector. The funds would be channelled into upscaling of proven innovations that will improve the fortunes of farmers and address the twin problem of food insecurity and unemployment.

Sanginga also reiterated IITA’s commitment to supporting African smallholder farmers in the context of agribusiness such that agriculture transcends food for the fork to money in the pocket.

According to him, IITA will continue to respond to the needs of Africa by developing innovations that will provide answers to Africa’s food insecurity. To this end, IITA will be demonstrating its scientific leadership not only in terms of qualitative research in the lab, but also impact in farmers’ fields.

The DG, who began his second tenure earlier this year said IITA’s priority for the future would focus on research, capacity development, partnerships, impact at scale, and delivery.

He said IITA’s internal reorganisation had put the institute in a better position to address the challenges confronting Africa, calling on researchers to redouble their efforts and commitment to the ideas, mission and vision of the institute, which includes lifting out of poverty 11 million Africans, and the reclamation of 7.5 million hectares of degraded land and putting them into sustainable use.

Chair of IITA Board of Trustees, Prof. Bruce Coulman commended Sanginga for efforts at repositioning IITA for the challenges ahead, stressing that the Board was convinced that “IITA is in safe hands.”

He emphasised that IITA would continue to support Africa in achieving the goal of eradicating hunger and poverty in Africa.

The P4D Week is an annual event that brings together more than 200 international researchers working for IITA across the world to review, share experiences and plan for the way forward.

Deputy Director General, Partnership for Delivery, Dr Kenton Dashiell said the P4D week’s emphasis for the year was not just on research, but also on delivery at scale.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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