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Nigeria, Morocco Deal to Boost Fertiliser Production by 1.3m Tonnes

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agriculture
  • Nigeria, Morocco Deal to Boost Fertiliser Production by 1.3m Tonnes

A Memorandum of Understanding (MoU) for the supply of phosphate between Nigerian and Moroccan governments is expected to lead to the production of 1.3 million tonnes of fertilizer in the country.

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, disclosed this while receiving the National Coordinator of the New Partnership for African Development (NEPAD-Nigeria), Princess Gloria Akobundu, last week in Abuja.

Access to fertiliser, which is added to soil to supply one or more plant nutrients essential to the growth of plants, has remained a big issue for farmers, especially for the rural farmers who are unable to buy the product at exorbitant cost.

Baru, who noted that the MoU between the two countries was for the supply of phosphate to rejuvenate agriculture by making fertiliser available and affordable, confirmed that the deal has started yielding positive results in the country.

He said: “The Moroccans have already supplied a cargo of phosphate which has been delivered to various blending plants across the country. Already, eleven blending plants have come into production because of the supply.

“I am happy to inform you that this development has translated to the creation of about 50, 000 jobs and led to the production of about 1.3 million tonnes of fertiliser in the country,” Baru stated.

Following the arrival of the first consignment, the Moroccans have also given Nigeria a generous credit term of 90 days, and they are planning to bring in more cargoes that will fit the various blending plants in the country, Baru added.

Aside being a huge boost to the Nigerian agricultural sector and the economy, he said the partnership is expected to boost bilateral relationship between the two countries, in line with NEPAD’s objective of championing regional economic partnerships and integration.

The GMD observed that NEPAD’s visit coincided with NNPC’s journey towards becoming commercially-viable world-class oil and gas company hinged on the principle of transparency, openness and accountability.

He further noted that the Corporation under the administration of President Muhammadu Buhari has taken some far-reaching measures to address some of its challenges, created largely due to low commodity prices.

Baru also assured the delegation that the Trans-Saharan Gas Pipeline Project (TSGP), on which NNPC has had engagement with NEPAD in the past, is still on track and the Corporation would ensure continued collaboration towards the success of the project.

Earlier in her remarks, Akobundu explained her team was in the NNPC to seek for areas of collaboration with the Corporation especially in their quest to promote regional integration on the continent.

“As NEPAD, we are mandated to identify and work with strategic partners to facilitate, monitor and promote the implementation of developmental projects across the continent,” she said.

Also on NEPAD’s entourage was the Director General of the Infrastructure Concession and Regulatory Commission (ICRC), Aminu Dikko, who said the TSGP is a very crucial project that will further boost regional integration of Africans.

Established by the African Union (AU) in 2001, NEPAD is charged with championing poverty eradication,, sustainable growth and development, mutual integration of Africa in the globalisation process as well as women empowerment.

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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