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World Bank to Inject $200m into Nigeria’s Agric Sector

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agriculture
  • World Bank to Inject $200m into Nigeria’s Agric Sector

The World Bank is injecting $200m into Nigeria’s agricultural sector to revitalise its livestock sub-sector.

The World Bank FADAMA Team Leader, Dr Adetunji Oredipe, said on Wednesday that the World Bank was working in tandem with the Federal Government to formulate the intervention policy.

He added that discussions with the government team on the modalities for the project execution had also started.

Oredipe said that essentially, the bank would revive the livestock sub-sector with critical intervention in the areas of productivity and access to markets.

“Productivity depends on a number of factors as it concerns the feeds which are very critical; the major problem of livestock production in the country is dearth of high-quality animal feeds, as the feeds determine what you get from your livestock.

“World Bank is also looking at critical health aspects of the livestock industry, the veterinary aspects, as we are merging it with the surveillance,’’ he said.

Besides, Oredipe said that the World Bank had approved $25m to revamp the animal health sector.

He said that the funds would be released via a World Bank regional project, adding that more than $90m had been earmarked for Nigeria.

“The initial $25m has been approved by the bank, and the project will take off as soon as the Federal government sorts out the issue with the National Assembly,’’ he said.

Oredipe also said that that the bank was working on developing key value chains in livestock, poultry and bee farming.

“The bank, under its value chains approach programme, has selected four value chains in crops and extended it to cover livestock, while developing it from the beginning to the end.

“Under the approach, we are looking at financing, breeding and processing issues as well as the industrial uses; so when you pick one you follow it till it becomes a success story,’’ he said.

Oredipe said that the bank was also making available a $2.1m grant to examine and develop the business environment in the livestock sub-sector.

He, however, said that there were series of reforms that would facilitate the efforts of livestock owners to change the business environment.

Oredipe said that the reform programme would be executed under the Livestock Micro Reforms Project, adding that the bank and government officials were now looking at the policy and business environment, with a view to perfecting them for the intervention.

He said that the World Bank’s focus on the livestock sub-sector was based on the request of President Muhammadu Buhari’s administration.

“The administration made it clear that they want the bank to critically look into the livestock sector because not much is going on in that sector,’’ he added.

He said that the livestock sub-sector accounted for a sizeable part of Nigeria’s Gross Domestic Product providing income, employment, food, farm energy, manure, fuel and transport.

Oredipe said that in the past, the livestock sub-sector was a major source of government revenue, adding that government was, therefore, making efforts to restore the lost glory of the sub-sector.

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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