Connect with us


World Bank : Farmers Earned N303bn under Fadama III Additional Financing Project



World Bank
  • World Bank: Farmers Earned N303bn under Fadama III Additional Financing Project

The World Bank Fadama III AF Project Task Team Leader, Dr. Adetunji Oredipe has said that farmers participating under the Fadama III Additional Financing earned about N303 billion from the cultivation of four advantage crops supported by the project.

Oredipe listed the projects to include rice, cassava, sorghum, and tomato.

The team leader stated this in Abuja during a special award ceremony organised by the National Fadama Coordination Office to recognise staff and stakeholders that contributed towards the successful implementation of the project in Nigeria.

In a statement made available this weekend by the Bauchi State Communication Officer of the fadama III AF Project, Mohammed Danladi Abdul who also received the Best Communication Officers’ award at the ceremony, said that Oredipe explained that, the Fadama III AF had contributed to the agricultural transformation and development in Nigeria in terms of Gross Domestic Product (GDP), food security, youth and women employment and rural development.

He specially cited the graduate youth unemployment scheme of the project were unemployed graduates that had undergone agric entrepreneurship training of the project will be supported with financial grant to set up small agric business in the area of the choices.

He stressed that, these achievements was recorded as a result of good leadership and commitments from all the stakeholders especially from the Minister of Agriculture, Chief Audu Ogbeh

Oredipe therefore called on the management of the National Fadama Coordination office to ensure that, the remaining indicators of the objectives of the project are achieved before the closure of the project in 2019.

In his speech at the occasion, the National Project Coordinator of the Fadama III Additional Financing Project, Mr. Adetayo Adewumi said the project had added to the nation’s food supply a total of 3.69 million metric tons of rice with 1,497,366 metric tons, cassava 841, 054, tomato 1,497, 366 while sorghum contributed 184,978 respectively.

He added that the North East food security and livelihood Emergency support project has positively rehabilitated the displaced persons as a result of the activities of the insurgency in the North East.

He indicated that data available showed that the nominal income of internally displaced persons has increased by 37 percent as a result of increased yield, good agronomic practices and capacity building.

The Coordinator said that 12,000 households had been targeted to benefit in 2018 in the North East adding that, 22, 551 internally displaced persons had benefitted from the scheme in the past, out of which 53 percent are women.

The National Coordinator said that the project had engaged many youth and women as Fadama Vanguard who was engaged in tree planting, soil conservation, sanitation works, change cleaning and other activities within the Six States of the North Easts.

He said the scheme is intended to provide immediate labour employment to the returnees and internally displaced persons who will certainly bridge the income gap between the time of return and such a time that returning farmers can obtain income from their usual livelihood.

Mr. Tayo further said that the Project has supported all beneficiaries with food Assistance like Rice, Sorghum, and Maize, Condiments, sheep, goats, poultry and fishing facilities.

Other Intervention include crops livelihood such as fertilizer, insecticides, Maize, Sorghum and rice seeds respectively.

The Coordinator stressed that, a total of 222.32 ICM roads have been constructed in Lagos, Anambra, Enugu, Kogi and Kano States with 26 irrigation canals.

He said the project had within the period of implementation carried out land cleaning for 760 hectares to support production, transportation and marketing of Rice, cassava, Sorghum and Tomato respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company



markets energies crude oil

The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

Continue Reading

Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked




Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

Continue Reading

Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site



Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.


Continue Reading