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Nigerian Crop Farmers to Explore $100bn Dubai Agro Import Market



  • Nigerian Crop Farmers to Explore $100bn Dubai Agro Import Market

Crop farmers in Nigeria have been urged to explore Dubai’s Agricultural import market valued at over $100 billion annually, through the importation of farm produce.

Speaking at a forum tagged, ‘Meet the Farmers Conference’ which was set up specially for Nigerian farmers, organizers of the forum, Crenov8, through their management consultants, Bola Oyedele, said that the forum was organized for major stake holders in the agricultural industry including, Nigerian farmers and the government in  order to acquaint them of the opportunity in Dubai’s Agro market.

Oyedele said that Dubai’s government agency, Dubai Chamber of Commerce and Dubai Municipality revealed that in 2016, the City imported agricultural produce valued at $100bn from countries around the globe.

She said, “From a research that we conducted from a government agency; in this case the Dubai Municipal Municipality and Dubai Chamber of Commerce, we saw that in 2016, Dubai imported $100bn worth of agricultural produce from around the world.”

She also disclosed that a large number of importation of farm produce into Dubai were traced to the African continents but not from Africa, adding that the goal of the forum was to change the status quo.

“When you check what is going to Nigeria and Africa from these $100bn imports, you will be surprised that it is something very minute. That was how the curiosity began and we started going to the agencies, government ministries and farmers, asking them why they are not exploiting the Dubai market” she said.

She added, “So if our goods were going to Dubai, why are these goods not going through indigenes of Nigeria and other African countries? It was also discovered that a lot of our farmers do not know much about the Dubai market.”

Oyedele also revealed that, Dubai’s food supply is mainly dependent on agricultural importation because of shortage of land for agriculture and that Africa has all the Agricultural items Dubai need but are ignorant about the Dubai market as most Africans only regard Dubai as a vacation city.

She said, ” Many people see Dubai as a place where they go for vacation or do one or two businesses. But they key thing is that in Europe and America, they have farmlands where they cultivate crops; but Dubai doesn’t have that space.”

“This is why they spend so much importing agricultural produce and right here in Nigeria, we have the resources and food which they need. In Africa, we have these food items. Why can’t we export and tap from this $100bn market?” she added.

Considering Dubai’s importation prerequisite for agricultural produce from other countries, Oyedele said that farmers will be provided with essential information in that regard and that the most essential prerequisite is the quality of agricultural produce.

She said, “What we do as a firm; depending on the specific commodity, is that we provide information on the requirements. And when you talk about standards, the fact is that we are consuming these food items that we plan to export.

“So it is not as if our food are bad or poisonous or not good for health. But some countries will tell you that you must have the required certification. Therefore, the basic standard is to ensure that you meet the first requirement, which is that it is healthy enough to be consumed”.

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

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Brent Crude Oil Maintains $43 Per Barrel Despite Surge in US Inventories




Brent Crude Oil Sustains Upsurge Despite Rising US Inventories

Brent crude oil, against which Nigerian oil is priced, sustained its upsurge at $43 per barrel on Wednesday during the London trading session despite a report showing a build-up in the U.S. crude inventories in the week ended July 3, 2020.

Brent crude oil

According to the U.S Energy Information Administration (EIA) report released on Tuesday, crude oil production in the U.S is expected to decline by just 70,000 barrels per day from the 670,000 bpd previously predicted to 600,000 bpd.

While this was below the projected decline, it also points to a build-up in U.S stockpiles and suggested that oil production from the world’s largest economy may not decline as previously projected in 2020.

“The EIA’s forecast of a lower decline in U.S. output was partially offset by its outlook for firm demand recovery, which limited losses in oil markets,” Hiroyuki Kikukawa, general manager of research at Nissan Securities said.

“Still, expectations that the Organization of the Petroleum Exporting Countries (OPEC) and allies would taper oil output cuts from August and softer U.S. equities added to pressure,” he said.

The EIA projected that global oil demand will recover through the end of 2021 as demand was predicted to hit 101.1 million barrels per day in the fourth quarter of the year.

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Illegal Withdrawals: Rep To Investigate NNPC, NLNG Over $1.05bn



House of representatives

Rep To Investigate NNPC, NLNG Over Illegal Withdrawal of $1.05bn from NLNG Account

The Nigerian House of Representatives has concluded plans to investigate illegal withdrawal of $1.05 billion from the account of the Nigerian Liquefied Natural Gas Limited (NLNG) by the Nigerian National Petroleum Corporation (NNPC).

The decision followed the adoption of a motion titled ‘Need to Investigate the Illegal Withdrawals from the NLNG Dividends Account by the Management of NNPC’ moved by the Minority Leader, Ndudi Elumelu, on Tuesday.

The House adopted the motion and mandated its Committee on Public Accounts to “invite the management of the NNPC as well as that of the NLNG, to conduct a thorough investigation on activities that have taken place on the dividends account and report back to the House in four weeks.”

Elumelu said, “The House is aware that the dividends from the NLNG are supposed to be paid into the Consolidated Revenue Funds account of the Federal Government and to be shared amongst the three tiers of government.

“The House is worried that the NNPC, which represents the government of Nigeria on the board of the NLNG, had unilaterally, without the required consultations with states and the mandatory appropriation from the National Assembly, illegally tampered with the funds at the NLNG dividends account to the tune of $1.05bn, thereby violating the nation’s appropriation law.

“The House is disturbed that there was no transparency in this extra-budgetary spending, as only the Group Managing Director and the corporation’s Chief Financial Officer had the knowledge of how the $1.05bn was spent.

“The House is concerned that there are no records showing the audit and recovery of accrued funds from the NLNG by the Office of the Auditor-General of the Federation, hence the need for a thorough investigation of the activities on the NLNG dividends account.”

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FG Gives Radio, Tv Stations Debt Relief, Writes Off 60 Percent Debt




FG Reduces Tv, Radio Stations Licence Fee by 30%, Writes Off 60% Debt

The Federal Government has reduced the existing licence fee paid by all open terrestrial radio and television stations by 30 percent.

The Minister of Information and Culture, Lai Mohammed, disclosed this at a press conference in Abuja on Monday.

He said the Federal Government has also decided to write off 60 percent of the N7 billion loan owed the government by television and radio stations.

He explained that the N7 billion is the total outstanding from television and radio stations on the renewal of their operating licences.

Mohammed, however, said for any station to benefit from the 60 percent debt relief, such a station must be ready and willing to pay the remaining 40 percent within the next three months.

According to him, the debt relief offer would open on July 10th and close on the 6th of October.

Mohammed said, “According to the NBC, many Nigerian radio and television stations remain indebted to the Federal Government to the tune of N7bn.

“Also, many of the stations are faced with the reality that their licences will not be renewed, in view of their indebtedness.

“Against this background, the management of the NBC has therefore recommended, and the Federal Government has accepted, the following measures to revamp the broadcast industry and to help reposition it for the challenges of business, post-COVID-19:

“(a) 60 per cent debt forgiveness for all debtor broadcast stations in the country; (b) the criterion for enjoying the debt forgiveness is for debtor stations to pay 40 per cent of their existing debt within the next three months.

“(c) Any station that is unable to pay the balance of 40 per cent indebtedness within the three-month window shall forfeit the opportunity to enjoy the stated debt forgiveness.

“(d) The existing license fee is further discounted by 30 per cent for all open terrestrial radio and television services effective July 10, 2020.

“(e) The debt forgiveness shall apply to functional licensed terrestrial radio and television stations only. (f) The debt forgiveness and discount shall not apply to pay TV service operators in Nigeria.”

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