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Food Prices Expected to Crash as Fertiliser Bill Nears Passage

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  • Food Prices Expected to Crash as Fertiliser Bill Nears Passage

Stakeholders in the agriculture sector have commenced the review the fertilizer quality control bill, so as to checkmate adulteration of the farm input and boost food production in the country.

When passed into law, the bill is expected to crash the high food prices as fertiliser is properly deregulated and made readily available to farmers at reasonable prices.

The bill, which has passed second reading in the House of Representative and moved to the Senate, was being reviewed to regulate fertilizer production, supply and usage in the nation, and also ensure that the environment is not polluted with the adulterated farm input.

The project funded by the Alliance for Green Revolution in Africa (AGRA) under the Micro Reforms for African Agribusiness (MIRA) was geared towards regulating the production and the sale of fertilizer.

The Vice President of the Nigerian Agribusiness Group, Emmanuel Ijewere, during a stakeholders’ consultation on the economic impact assessment of Agriculture reforms in the input sector yesterday in Abuja said there will be provision in the bill, fine against producers that engage in fertilizer adulteration.

Also, the fertilizer bill when passed into law would regulate players in the fertilizer procurement, blending and distribution, he said the Fertilizer Supplier Association of Nigeria would be strengthened to protect the interest of small-scale farmers.

The Project Consultant, Prof. Peter Okodua said the expectation was for farmers to get access to the right fertilizer and high yielding seed so as to increase yield per unit area, adding that if farmers benefit by getting access to right fertilizers and seed, the blenders, producers, distributors would also benefit.

He said: “If we do not regulate the way we manufacture and produce the fertilizer, it then becomes a problem so we get substandard and farmers don’t get the right yield and income; also the soil would be degraded further and the chemicals would enter into our water that people drink, causing Cancer among other diseases.”

The university don added that the plan was to remove the bureaucratic act of the government through subsidy control and allow the forces of demand and supply to equal out through proper regulation.

He posited the need to make adulteration of farm input a criminal offence so as to discourage people from engaging in the act.

The Abuja liaison manager for the Fertilizer Producer and Supplier Association (FEPSAN), Idoko Negedu lamented that there is little or no regulation of the fertilizer in the country, adding that farmers are only getting what they see.

He said: “There are a lot of local production of fertilizer that are going on that are unregulated, which bothers on law, the bill is to look into the challenges and find ways of government to regulate the industry. Farmers get a lot of sand in the name of NPK fertilizer, no wonder their yield is not as high as expected.”

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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Crude Oil

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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