Stop Maize, Soybean Export to Reduce Scarcity – NIAL
The Nigerian Institute of Animal Science on Tuesday called on the Federal Government to halt the continued export of maize and soybean to reduce the scarcity of the commodities as well curb their price hike in Nigeria.
Registrar and Chief Executive Officer, NIAL, Prof. Eustance Iyayi, told journalists in Abuja that the poultry sector was currently hit by the severe scarcity of maize and soybean.
This, he said, was due to the continued export of the commodities, the COVID-19 pandemic, which had disorganised the international supply chain, lingering insecurity in the North-East, farmers/herders conflict and flooding in some parts of the country.
“Maize and soybean are being exported and this has exacerbated the situation leading to local scarcity and price escalation of the commodities in poultry production,” Iyayi stated.
He added, “The increasing prices of the essential commodities has resulted in the increase in price of finished feeds by about 75 per cent.
“This has led to the closure of small and medium sized poultry farms thereby threatening about 10 million jobs as a result of this scarcity.
“To set the poultry industry from total collapse, the institute urges the government to immediately halt the exportation of soybean and maize and grant import permit to importers at the official foreign exchange rate.”
Iyayi said there was shortage of soybean in Nigeria and other countries, stressing that the little amount being produced across the country should not be exported.
He said the current maize yield of about one to two tonnes per hectare being produced in Nigeria would not be enough to sustain the country.
The NIAL helmsman stated that the country should be producing between seven and 10 tonnes per hectare in order to meet the requirements for humans and animals.
COVID-19 to Erode More than $12.5 Trillion from Global Economy – IMF
The International Monetary Fund (IMF) on Thursday has predicted that COVID-19 will erode more than $12.5 trillion previously estimated from the global economy through 2024.
Kristalina Georgieva, the Managing Director, IMF, disclosed this while speaking at an event hosted by the Financial Times. She explained that among things hindering economic recovery or “throwing cold water on the recovery everywhere”, were supply chain disruptions, inflation and tighter monetary policy.
Looking at the surge in oil prices over the high demands outweighing the low supply from the OPEC+ nations; flight disruptions due to the peaking number of reported Omicron variant cases and inflations of global commodities, the initial estimate of global revenue loss valued at $12.5 trillion is said to rise.
Georgieva also noted that the huge gaps in COVID-19 vaccination rates, the overall widening divergence between rich and poor caused by the pandemic, along with learning losses and increased gender impacts, would cause more protests, tensions and insecurity.
The IMF boss’s statement had been confirmed by the international lender’s Chief Economist, Gita Gopinath in December 2021. According to Gopinath, IMF had projected that a more severe COVID variant, such as Omicron, could cost the world’s economy $5.3 trillion. This was in addition to the then projected loss of $12.5 trillion.
Speaking at an event organised by the World Health Organization (WHO) in December. Gopinath described the Omicron variant as “an obvious hit to recoveries everywhere in the world.”
“Our projections are that that would add another loss of around $5.3 trillion to the global economy. So that is in addition to the current projected $12.5 trillion lost.
“We are now in the phase where countries around the world just don’t have the space to keep monetary policy very loose, to kind of keep interest rates extremely low. We are seeing inflationary pressures building up around the world,” she said.
“And so think of a situation where you could have this pandemic last longer, you have longer supply disruptions that are putting inflationary pressures, and then we have the real risk of something we have avoided so far, which is stagflationary concerns,” Gopinath added.
Removal of Petrol Subsidy: NGF to Dialogue With Labour Unions Over Strike Threat
The Nigeria Governors’ Forum (NGF) under the chairmanship of Dr Kayode Fayemi has said it will meet with the Nigerian Labour Congress (NLC) and the Trade Union Congress(TUC) to discuss the removal of petrol subsidy.
The announcement of the minister of finance, Zainab Ahmed in November, 2021 that fuel subsidy will be removed in 2022 has birthed reactions from citizens and organised labour unions are threatening to embark on strike.
The federal government, however, promised that N5000 will be given monthly to poor Nigerians as a transportation grant while the subsidy is removed but the decision did not go down well with the unions, hence the strike threat.
Addressing newsmen after the forum meeting, the NGF chairman and governor of Ekiti State, Kayode Fayemi stated that the 36 states governors discussed major national issues, of which the removal of petrol subsidy was one.
Fayemi noted that on the fuel subsidy, the forum has decided to dialogue with the leadership of the labour unions with the aim of drawing a conclusion that will not affect the people and the Nigerian economy.
In his words, “we discussed the issue around petroleum subsidy and concluded to engage the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress.
“We will engage them on how best to address this issue without causing any disaffection but with a view to salvaging the Nigerian economy for the Nigerian people at the end of the day.
“So, we shall be engaging the NLC as sub-national leaders and with a view to ensuring that the outcome of our engagement will also be fed into the national discourse.”
Fayemi further said that the recommendation of the National Economic Council (NEC) that the price of petrol should be N302 per litre, was not the decision of the governors forum but the responsibility of the federal government.
He hinted that the governors got a presentation from the Presidential Enabling Business Environment Council (PEBEC) on business growth and ease.
“The presentation elaborated on the need to step up the reforms towards improving the investments and business climate at the sub-national level,” Fayemi said.
How Shell’s Exit Cost Nigeria $178bn Loss – Ogoni Group
Since the Royal Dutch Shell Petroleum Development Company (SPDC) exited Ogoniland, Rivers State, in 1993, Nigeria has suffered a total loss of $178.85 billion or N72 trillion.
Members of the Movement for Survival of the Ogoni People (MOSOP) disclosed this on Wednesday in Port Harcourt. The group blamed the federal government for mismanagement of funds, resources and the ensuing violence since the company’s exit from the land.
Shell, which began operation in Ogoniland in 1958, revealed that it drilled 96 wells to bring nine oil fields onstream. By the end of 1992, oil production from the region stood at 28,000 barrels of oil a day, about 3% of SPDC’s total production.
Sadly, the yield in production did not match the development of Ogoniland as its people suffered extreme oil pollution both on land and water.
However, after years of campaigning for greater control over oil and gas resources in the region to aid economic development and autonomy of their affairs, (including cultural, religious and environmental matters), MOSOP demanded that the petroleum company leave its land. Since then, SPDC no longer produced oil or gas from Ogoni fields. Nevertheless, Ogoni land continued to serve as a transit route for pipelines, transportation of both SPDC and third-party oil production from surrounding areas.
In his statement, while addressing the MOSOP Congress in Bera, Gokana Local Government Area of the state, factional head of the Ogoniland group, Fegalo Nsuke, stressed that the $178.85 billion loss in Nigeria’s revenue was from “oil revenue alone”.
According to him, the loss Nigeria has however procured from gas “are inestimable due to non-availability of statistical evidence,” and that Ogoni gas potentials and revenue generation capacity far exceeded that of its oil.
Nsuke gave further details saying that “Ogoni oil production stood at 350,000 barrels per day before the exit of Shell in 1993. At an estimated average $50 per barrel, Nigeria has lost some $178.85 billion for mismanagement of the Ogoni crisis”. He clarified that this fact is based on available evidence from the oil industry.
Blaming the government for mismanagement of the crisis in Ogoniland, Nsuke said that the government, “Rather than listen and engage with the people… opted for a repressive approach of killing, maiming and torturing, thus exacerbated and prolonged the conflicts.”
The group further appealed to the government “to accept the offers by MOSOP for implementation of an Ogoni Development Authority to pave way for peaceful resolution of the conflict. The continual delay by relevant agencies of government to accept the Ogoni demands and reach a deal with the Ogoni people does not only amount to economic sabotage but represents a threat to the security of the country.
“Money runs the government and so when those in government fail to take advantage of opportunities to resolve issues that affect the national economy, it does not only amount to sabotaging the economy but is also a threat to national security.
“The inability of decision makers to peacefully resolve the Ogoni crises in over 28 years leading to the loss of over $178 billion amounts to sabotaging the economy and national security,” he added.
The group factional leader further assured the Ogonis of MOSOP’s commitment to Ogoniland’s development, urging them to remain peaceful as the leadership of the movement, still committed, will continue to push forward the proposals for a peaceful resolution of the conflicts and the vision of the struggle.
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