Connect with us

Business

Coalition Protests EU’s Planned Ban of Palm Oil

Published

on

palm oil
  • Coalition Protests EU’s Planned Ban of Palm Oil

A coalition of palm oil farmers, under the aegis of Farmers Unite, on Tuesday protested what it described as the discriminatory campaign and trade policy by the European Union against the producers of palm oil.

The farmers also objected to the ongoing campaign by the EU Parliament “to ban and restrict the use of palm oil in renewable energy programmes and the food sector.”

Members of the coalition, according to its promoters and a non-profit organisation, Initiative for Public Policy Analysis, have vowed to commit themselves to fighting threats against their livelihoods by western politicians, the political elite, media, and European- funded Non-governmental Organisations.

The coalition consists of small farmers and their families in Africa and Asia.

“Their campaign is based on junk science, deceit and falsehoods. If they succeed, this would have a chilling, negative impact on livelihoods, investment and trade for small farmers of oil palm across the world. Farmers Unite is organised to defeat them, their policies and to protect our way of life,” IPPA stated.

The project is supported by APKASINDO, National Association of Smallholders Malaysia, National Palm Produce Association of Nigeria, Palm Oil Smallholders Association of Nigeria, and Responsible Palm Oil Initiatives (Indonesia).

The Director of IPPA and Farmers Unite, Thompson Ayodele, in a statement, raised the alarm that organisations, including the European Commission and Parliament, were desperate to prevent the use of palm oil entirely, whether in food, biofuel or consumer goods.

He said, “They seek to define palm oil as socially unacceptable, unsafe and as risky.

“The goal of the elite at the European Commission and Parliament is to prevent the use of palm oil entirely, whether in food, biofuel or consumer goods.

“In doing this, they threaten the future livelihoods of tens of millions of small farmers in developing nations. African and Asian palm oil farmers and their communities must rise up against this threat to our livelihoods and families.

“Farmers Unite calls on the EU Commission to drop the discriminatory ‘deforestation criteria’ and end its efforts to impoverish African and Asian small farmers.

“Endorsement by European leaders and the European Commission of the ‘Deforestation Criteria’ is an endorsement of Donald Trump’s protectionist and isolationist trade policies.”

The coalition also protested the promotion of European sustainability rules, such as the Amsterdam Declaration, which discriminated against developing world farmers and harm the economic and social advancement of Middle Income and Least Developed Countries.

Other grievances of the coalition included EU’s ongoing efforts to increase barriers to palm oil exports, including developing risk-related criteria for palm oil based on flawed indirect land-use change models, high carbon stock, and ‘deforestation criteria’; failing to ban EU member states from using ‘no palm oil’ labelling; development of an EU regulation that will see the imposition of a European conceived certification scheme on palm oil producing countries.

Ayodele said, “We object to the European Union’s continued hostile actions, including blocking or restricting palm oil exports to the EU; funding organisations that make negative and unsubstantiated claims about palm oil; discouraging investment in oil palm farming, failing to acknowledge the contribution palm oil makes to achieving the United Nations’ Sustainable Development Goals; and failing to acknowledge that many other commodities have a much higher deforestation footprint.

“We object to the European Parliament’s ongoing campaign to ban and restrict the use of palm oil in renewable energy programmes and the food 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.

Continue Reading
Comments

Business

Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

Published

on

Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

Continue Reading

Business

Dangote Shelves Steel Project to Prevent Monopoly Allegations

Published

on

Aliko Dangote - Investors King

Aliko Dangote, chairman of Dangote Industries Limited, announced the company’s decision to halt plans to enter Nigeria’s steel industry.

The decision comes just two months after the conglomerate had initially unveiled its intentions to invest in the sector as part of efforts to expand the economy.

Addressing journalists at his refinery in Lagos, Dangote explained that the board’s decision was driven by concerns over potential accusations of creating a monopoly.

“We have decided against pursuing the steel business to avoid being labeled a monopoly,” Dangote stated.

He explained that the company’s operations focus on adding value by transforming local raw materials into finished products.

The industrialist dismissed claims that his group enjoys monopolistic advantages, pointing out that their business practices have always fostered a competitive environment.

“When we entered the cement market, Lafarge was the only player, yet no one accused them of being a monopoly,” he stated.

Dangote further encouraged other Nigerian investors to explore opportunities in the steel industry, suggesting that there are ample resources and space for new entrants.

“There are many Nigerians with the financial capacity to invest. They should seize this opportunity to contribute to our nation’s growth,” he urged.

The billionaire’s call to action extended to Nigerians living abroad, inviting them to invest in their homeland.

“Bring your resources back from Dubai and other parts of the world and invest in Nigeria,” he said, reinforcing his commitment to seeing the country’s economy thrive through diverse contributions.

This decision marks a strategic shift for Dangote Industries, focusing on dispelling monopoly myths and promoting a collaborative business landscape.

Continue Reading

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

Published

on

Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending