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EU May Reverse Ban on Nigerian Agricultural Produce

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  • EU May Reverse Ban on Nigerian Agricultural Produce

The Nigerian Agricultural Quarantine Service has said that the European Union is considering reversing its ban on the nation’s agricultural produce.

The Coordinating Director of the agency, Dr. Vincent Isegbe, disclosed this in Lagos at the opening of a two-day training workshop on plant health inspection and certification of vegetables for exporters and farmers.

He said that the EU had promised to reverse the ban if necessary measures were put in place before 2019.

He said that the European Union ban on Nigeria’s beans had a negative impact on the economy, adding that there was a need to avoid future rejection of Nigeria’s agricultural commodities.

According to him, the agency is doing its best to revert the situation.

He said, “We have had issues in the past concerning beans where the European Union suspended Nigeria for three years for beans export. That is not good for us because it means that all the farmers who are producing beans can no more export the quantity that they used to export.

“The good news is that the EU said if we could put the process in place earlier than 2019, it will reverse its decision. So, that is where we are.”

Isegbe said that the two-day training was centred on vegetables because it was one of Nigeria’s major export commodities.

He said because of the sensitive processes involved in the handling of vegetables, there was a need to put in place stringent inspection and certification procedures that would sustain its export, especially at a time the government was placing emphasis on non-oil export.

A statement quoted him as saying, “Vegetable is a delicate product and because it is almost ready to eat, it needs more stringent inspection and certification procedures since most times, we eat it fresh.

“Now that the revenue from oil is falling, we need to go back to our first love, which is agriculture. We were doing well in that area in the 1960s and early ’70’s but since the ’80’s and upwards, there has not been a lot of increase in agricultural produce exportation. That is why we have to put in place, processes that will make our commodities to be accepted internationally.”

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.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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