Connect with us

Economy

Federal Government to Create Jobs Through Sugar Production

Nigerian government to create jobs and earn foreign exchange through sugar production

Published

on

Sugar - Investors King

Nigerian government to create jobs and earn foreign exchange through sugar production. 

The Executive Secretary of the National Sugar Development Council (NSDC), Zacch Adedeji disclosed during an interview in Abuja that Nigeria will soon be competing globally in sugar production. 

Zacch Adedeji pledged that the National Sugar Development Council under his leadership will open doors for job creation and foreign exchange. He further stated that the sugar production sector has a lot of potential that can enhance the economy if the sector is vigorously explored. 

He also stated that the implementation of the Nigerian Sugar Master Plan (NSMP)  has been able to attract huge investment to the sugar sector. 

Investors King could recall that the Federal Executive Council in September 2012 approved the National Sugar Master Plan (NSMP) as a government strategy roadmap for the development of the Nigerian sugar sub-sector.

According to the NSDC boss, “The Federal Government, through the National Sugar Development Council, is committed to building a globally competitive sugar industry that would boost the local economy, provide jobs for Nigeria’s teeming youth population and position Nigeria as a net exporter of the commodity.”

Adedeji also disclosed that the council is trying to address this issue of inadequate qualified indigenous manpower. He noted the council has created the Nigeria Sugar Institute in Ilorin, Kwara State to help drive local production and possibly export in the future. 

“The Institute has commenced the training of young Nigerian graduates both in field and factory operations through an exchange programme with famous sugar institutes like the National Sugar Institute, Kanpur, India as well as the Mauritius Sugar Industry Research Institute, in Mauritius”. 

Meanwhile, the Federal Government at its weekly Federal Executive Council meeting (FEC) yesterday approved the second phase of the National Sugar Masterplan. The MasterPlan which is a 10-year plan is aimed to save $350 million yearly from foreign exchange and also create 110,000 jobs.

While addressing newsmen after the meeting, the Minister of Industry, Trade and Investment, Niyi Adebayo disclosed that the second phase of the National Sugar Masterplan will span from 2023 to 2033. 

Continue Reading
Comments

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

Published

on

Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

Continue Reading

Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

Continue Reading

Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

Published

on

Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending