- Nigeria Can Earn $505m From Processed Cashew
Nigeria stands to earn $505m from exports of processed cashew nuts in the next seven years if attention is paid to scaling up production and value addition to the crop.
This is contained in a study of the Nigerian cashew industry conducted by the Cashew Processors and Packagers Association of Nigeria.
Nigeria currently exports only Raw Cashew Nuts, and according to the Chief Executive Officer of Nigerian Export Promotion Council, Mr. SegunAwolowo, the country produced 160,000 metric tonnes of the RCN in 2015 worth $253m.
He said that processing even 50 per cent of that volume of the RCN for exports would create 9,000 additional jobs.
The study was presented by the Managing Director, Valency Cashew Processing Limited, Mr. Basba-NandBalodi, to the team from NEPC who paid a visit to his processing plant recently.
It indicated that Nigeria had the potential to increase the production of the RCN from the current 160,000MT to over 500,000MT within the next seven years and to 1000, 000MT in the next 12 years.
Balodi said that only about 15 per cent of the RCN was being processed in Nigeria, generating about 3,000 direct and 12,000 indirect jobs.
He said, “Within five to seven years, when production grows to 500,000MT, 167,000 direct and indirect jobs will be created and if 50 per cent of that is processed for exports, the country will generate $505m.”
He lamented challenges facing cashew processors, pointing out that they were unable to compete with their peers in other countries.
He said, “Nigerian processing industry is unable to compete with industries in India, Vietnam, Asia as well as Benin Republic and Ivory Coast in West Africa.
“Lack of electricity, poor infrastructure and inefficient incentive schemes, non-readily available single-digit interest funds for processing as well as lack of government policy support on value realisation of by-products like empty cashew shell and husks are among major challenges facing processors in Nigeria.
“In Nigeria, processors spend around $20 per MT on disposal of these by-products whereas in India and Vietnam, by-products generate about $150 per MT to the processors.”
Balodi suggested that for the sector to be developed, the government should set up a cashew council under NEPC or the Ministry of Agriculture and provide a window period up for processors to buy the RCN for local processing to coincide with the time adopted by neighbouring Benin Republic.
He advised the government to impose an export levy of $150 per MT on the RCN, starting from January 2018.
He said, “With the RCN export of about 160,000MT, NEPC can expect to collect about $22.5m and with growing population, this revenue can grow every year. This levy already applies to the Benin Republic and Cote D’ivore. “
He urged the government to promote the consumption of cashew and create awareness of its health benefits.
Awolowo assured the processors who were also present during his visit to the cashew processing plant that government was aware of their challenges and was taking steps to address them.
He said that cashew was one of the 13 national strategic export products chosen by the government under category B of the Zero Oil Plan, which was highlighted in the recently launched Economic Recovery and Growth Plan of the government.
He pledged that the council would continue to support the operators through capacity building projects such as the NEPC/United States Agency for International Development/NEXTT project to improve competitiveness in the value chain.
Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year
Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.
The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.
In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.
Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.
However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.
Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.
He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.
Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.
The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.
South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus
South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.
In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”
Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.
Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.
However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.
Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.
While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.
He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.
Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director
Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.
In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.
Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.
He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.
Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.
In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.
Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).
The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.
Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.
In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.
The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.
Naira6 days ago
Black Market Dollar to Naira Exchange Rate Today, February 26th, 2024
Naira2 days ago
Black Market Dollar to Naira Exchange Rate Today, March 1st, 2024
Naira4 weeks ago
Dollar to Naira Black Market Today, February 5th, 2024
Fintech2 days ago
OPay Urges Customers to Complete BVN, NIN Verification Following CBN Directive
Forex3 weeks ago
CBN Mandates Nigerian Banks to Pay International Transfers in Naira
Naira4 weeks ago
Dollar to Naira Black Market Today, February 6th, 2024
Cryptocurrency3 days ago
Binance Disables Naira Feature to Halt Possible Capital Outflow
Naira3 weeks ago
Dollar to Naira Black Market Today, February 8th, 2024