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Russia Grain Export Forecasts Cut As Drought Rages

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A key lobby group on Monday became the latest body to downgrade Russia‘s 2010 crop prospects as the worst drought in 130 years threatened harvests in the major wheat exporter, sending key wheat prices to 22-month highs, Reuters reported on Monday.

Monday‘s jump in the United States’ wheat prices Wc1 followed a 42 per cent leap in wheat futures on the Chicago Board of Trade, the biggest monthly advance since 1959, as damage from drought and flooding threatened crops from the Black Sea grain breadbasket.

Benchmark November milling wheat BL2X0 on Euronext surged to a fresh contract high in opening trade.

While markets have focused intently on Russia, concerns have also started to creep on in the fate of crops in world number 4 exporter Australia, with wheat in a key state under threat from dry conditions.

The Russian Grain Union cut its 2010 grain crop forecast to between 72 million and 78 million tonnes from 81.5 million-85 million tonnes previously as a severe drought continued to advance in key producing regions.

President of the lobby group, Arkady Zlochevsky, also told reporters that the union expected Russia to export between 11 million and 19.5 million tonnes of grain, compared with a previous estimate of some 20 million tonnes in the current crop year.

“What we really want to get a grasp on is how much production has been lost, particularly in that Russian and FSU (former Soviet Union) region to figure out what will be the impact on trade and the current rally that we have seen,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said.

Russia has ploughed capital into its grains infrastructure as part of a longer term strategy to dominate international wheat markets and a recent Egyptian tender has confirmed that Russian milling wheat remains competitive on regional markets.

But local Russian traders were discussing the possibility of export restrictions, reasearch group, SovEcon, which last week said drought could nearly halve grain exports to 12 million tonnes in the 2010/11 crop year, said.

 Russian officials are very careful giving crop forecasts but last week the economy ministry admitted this year‘s grain crop might be less than 80 million tonnes, five million tonnes below the latest official forecast.

Russia , which harvested 97 million tonnes of grain in 2009 after 108 million tonnes in 2008, exported nearly 22 million tonnes of grain, including flour in grain equivalent last year, down from 23.5 million tonnes in the previous season.

Meanwhile wheat crops in Western Australia, the country‘s top exporting state were also under threat from dry weather but favourable conditions elsewhere could make up for any crop loss, analysts said.

Any indication that the crop in Australia , the world‘s fourth largest wheat exporting nation, is endangered could put further pressure on world market prices.

Last week, SovEcon said the drought might cut the Russian grain production even further — to less than 70 million tonnes.

Fear of Russian and other Black Sea defaults on key deals to major destinations, including the number one wheat importer Egypt due to the drought has dominated talk in markets as other origins such as the United States look to step into the breech.

Russian state grain trader, United Grain Company, on Monday denied that it had defaulted on wheat shipments to Egypt.

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KALCCIMA PROMISES KALABARI ECONOMIC GROWTH, INAUGURATES NEW EXECUTIVES

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January 2, 2026

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The Kalabari Chamber of Commerce, Industry, Mines and Agriculture (KALCCIMA) has formally inaugurated its new executive council at a ceremony marked by optimism, strong institutional backing, and renewed commitment to economic development in Kalabari land.
The inauguration was performed by the National Deputy President of the National Association of Chambers of Commerce,Industry, Mines and Agriculture (NACCIMA), Dr. Emi Membere-Otaji, who charged the new leadership to position KALCCIMA as a catalyst for inclusive growth, enterprise development, and strategic engagement with government and the private sector.
The newly inaugurated officers of KALCCIMA are:
Elder Monima Daminabo (President); Amb. Clement Akanibo (First Deputy President); Boma Kaladokubo (Second Deputy President); Harry Awolayeofori Macmorrison (Executive Secretary/Director-General); Faaye Franklin (Treasurer); Engr. Robinson Success (Financial Secretary); Ibiba Don-Pedro (Public Relations Officer); Princess Nancy Boma Princewill (Organising Secretary); Barr. Idaoyibo Fortune Igbikikuno (Legal Adviser); Abiye George (Welfare Officer).
In his keynote address, Dr. Membere-Otaji congratulated the Exco and emphasized the strategic importance of a vibrant local chamber to regional and national economic growth.
He urged the leadership to align KALCCIMA’s programmes with NACCIMA’s national vision, stressing professionalism, transparency, and innovation in advancing commerce, mining, agriculture, and small and medium-scale enterprises in Kalabari.
“The Chamber must become a rallying point for entrepreneurs, investors, and policymakers. Kalabari has immense economic potential, and KALCCIMA must provide the structure and leadership to unlock it,” he said.
Also speaking, the Chairman of the Board of Trustees, Prince Billy Harry, charged the Exco to lead with integrity, unity, and purpose.
He encouraged them to move beyond ceremonial roles and focus on tangible outcomes that would uplift Kalabari communities, empower youth and women, and attract sustainable investments.
In his acceptance remarks, Elder Daminabo expressed gratitude to NACCIMA, the Board of Trustees, and stakeholders for their confidence in the new leadership.
He assured members that the Exco would prioritize stakeholder engagement, capacity building, and partnerships aimed at stimulating trade, supporting local industries, and promoting agricultural and maritime opportunities unique to the Kalabari axis.
Goodwill messages poured in from notable professionals and stakeholders, including Arc. Eniye Braide, Arc. Danny Sokari George and Ebianga Bestmann, all of whom commended the inauguration and expressed confidence in the capacity of the new Exco to reposition KALCCIMA as a strong voice for economic advocacy and development.
They urged the Chamber to leverage Kalabari’s strategic location, cultural heritage, and human capital to foster entrepreneurship, attract investments, and contribute meaningfully to the economic prosperity of Rivers State and Nigeria at large.
The inauguration ceremony ended on a note of collective resolve, with stakeholders expressing hope that the new leadership would usher in a new era of relevance, impact, and sustainable development for KALCCIMA and the entire Kalabari nation.
By: Opaka Dokubo
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NCDMB Begins Nigerian Content Research, Innovation and Technology Challenge

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January 2, 2026

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The Nigerian Content Development and Monitoring Board (NCDMB), in December 2025 commenced the Nigerian Content Research, Innovation and Technology Challenge 2025/2026 edition.
The Board called on interested individuals, research institutions, academia, oil and gas industry suppliers, and members of the public with research innovations, to submit proposals for evaluation and admission into the NCDMB Technology Innovation and Incubation Centre (TIIC), Yenagoa, Bayelsa State.
The Tide learnt that the competition, which seeks to identify and develop new technologies to address specific challenges in the oil and gas industry and its linkage sectors, requires that proposals be in line with approved thematic areas and priority industry challenge, namely, Geological and Geophysical Studies, Local Materials Substitution Studies, Technology Development Studies, Health, Safety and Environmental Studies, Engineering Studies, and Renewable Energy.
For Geological and Geophysical Studies, proposals have to focus on developing solutions related to exploration, big data, and real time logging data processing, while those for Local Materials Substitution Studies have to concentrate on sustainable materials for environmental remediation, materials for development of cryogenic technology for liquefied natural gas (LNG), refinery, and other applications, as well as local materials for ultra-high temperature pressure cementing.
For Technology Development Studies, the NCDMB requires innovation on denationalization technology, application of Internet of Things to exploration and production, and condensate refining technology, while proposals for HSE Studies are expected to deal with carbon capture utilisation and storage technology to reduce greenhouse emission, depollution and produced water management system, and hydrogen production techniques to enhance carbon dioxide capture.
In respect of Engineering Studies, proposals are expected for developing technology solutions for enhanced oil recovery, refinery units technology to improve efficiency, laboratory analytical equipment for experiment and materials testing, and drilling technology, instrumentation, and control systems.
For Renewable Energy, the Board said proposals are expected from solar energy technologies, wind energy solutions, and energy storage systems, such as battery technologies, hydrogen storage, thermal storage, and molten salts.
The NCDMB noted that the proposals, which should not be more than 1,500 words were to be submitted via email address (info@tiic.com.ng) not later than a month from the date of publication were also required to be in the following format: Company/institution name, Thematic area, Title of innovation, Description of innovation, and Objective, vision and mission.
Others are, Team structure, Funding model and budget estimate, Marketing plan, and Risk analysis.
In a statement from the Directorate of Corporate Communications of the NCDMB quoted the management of the Board as saying that at the first stage of the competition, the top 30 proposals will be selected and the teams assigned mentors to guide them towards developing a compelling demo and presentation, while proposals will be reduced to 10 at the second stage, and further reduced to five on the final day of the competition where the winners will be determined.
“The innovators will present their business pitches/demos to corporate venture capitalists to invest, drive innovation, and expand market reach, while helping emerging businesses to grow.
“Prizes will be awarded to the top five winners of the competition in the form of cash, mentorship opportunities, and media coverage, while the top 10 participants will be onboarded into the TIIC at the Nigerian Content Tower for guidance and further development of their innovation to commercialisation”, the NCDMB said.
By Ariwera Ibibo-Howells, Yenagoa
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Ikuru Town Issues Start-Up Grants, Packs To Skill Acquisition Graduands 

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6 days ago

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January 2, 2026

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As parts of efforts to enhance the livelihood of the people in the season of celebration, the Ikuru Town Host Community Development Trust (HCDT), has distributed christmas packages worth about N50m to the people of the trust.
The condiments, including 10kg of rice, vegetable oil, tin tomato, and maggi cubes were distributed to over 2,500 households in Ikuru Town community.
The HCDT also issued start-up grants of N200,000 alongside starter-packs to each of the 13 graduands of its Skill Acquisition Programme.
Speaking to journalists at the Ikuru Town HCDT Community Town Hall meeting and Sharing of Livelihood Support Items programme, in Ikuru Town, Andoni, Rivers State, Monday, the Chairman, Ikuru Town HCDT, Prof. Lysias D Gilbert, said the gesture was the birth of the 3% derivative of the Petroleum Industry Act (PIA) of Its settlors, the  Green Energy International Limited and Lekoil (GEIL/LEKOIL JV).
Gilbert who noted with dismay the high rate of poverty in the country opined that some households may be unable to afford the condiments of the season, insisting that the gesture was to fill the gap for such households and individuals.
According to him, the Ikuru Town HCDT is aimed at developing the community and boosting the livelihood of its people.
“Remember, the rate of poverty in Nigeria is high. A lot of people cannot even afford a cup of rice in December like this. We have come to share these condiments to well about 2,500 households. To those who are living on their own in the community including single mothers and widows. This is to put smiles on their faces, giving them hope that the community has not forgotten them”.
Gilbert said that the HCDT, as part of its empowerment programme for the youths of the community, trained 13 youths comprising of males and females in different skills of pipefitting, hairstyling, photography/video editing, fashion designing, mobile phone repair, welding and fabrication and hair cutting.
In his words “we empowered 13 persons. We picked 15 of our youths, took them to PortHarcourt for a period of 12 months.
We rented an apartment for them, one for the boys and another for the ladies, paid them stipends to enable them feed and transport themselves, and trained them in these different skills”.
Out of the 15, 13 of them successfully graduated and some of them have secured jobs with reputable companies based on their acquired skills. We took them from the community, so, today, we have brought them back to the community, to present them as parts of our achievements in 2025″.
While noting that the HCDT had been consistent in the gestures for the past three years, Gilbert urged the beneficiaries to maximise the opportunity for their individual growth and community development.
He further outlined the HCDT’s achievements to include the community legacy water project which he said would be commissioned before the end of the first quarter, renovation and refurbishment of the community’s secondary school and public toilets, employment of six auxiliary teachers to support the teaching staff in the primary and secondary schools, award of bursary to 801 beneficiaries across all educational levels amongst others.
Beneficiaries of the livelihood support and skill acquisition programme lauded the Ikuru Town HCDT for the gestures and called for continuity.
A graduand in fashion designing, Julia Raymond, said “on behalf of the trainees, I say a very big thank you to the Ikuru Town HCDT. They were there for us at every level of our training. We have acquired a lifetime skill that can sustain us with our parents and siblings and it has been beneficial to us especially in this festive period. I can assure the HCDT that we will make good use of the opportunity “.
Earlier, the Okan-Ama of Ikuru Town, HRM King Miller Aaron Ikuru, expressed gratitude for the peace that has prevailed in the community insisting that it has paved the way for the event of the day.
Represented by the Deputy Okan-Ama, Ikuru Town, Sir Chief Micheal Williams Omayi, King Ikuru said “for today, to God be the glory because peace has finally returned to Ikuru Town. I call on everyone for cooperation and understanding so that we can forge ahead to achieve the developmental process in Ikuru Town.
“The HCDT has done very well to boost the skills of the youths. I encourage the graduands to take the skills seriously for their betterment “.
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A Por Harcourt based businessman, Chinonye Okoha Esq has said that businesses in Nigeria are likely to prosper in 2026 following the Federal Government’s policy reforms.
Mr. Okoha who stated that while speaking with journalist in Port Harcourt on New Year day, remarked that despite initial hiccups at the beginning of the present administration, the economy had gradually bounced back.
He said he was optimistic that the Renewed Hope Agenda would fix the economy in a short time.
He said that the spiral inflation had ebbed drastically giving way for a economic growth.
Mr. Okoha noted the prices of commodities that soared as a result of fuel subsidy had become more stable in recent times.
He encouraged Nigerians to support the present administration so it could deliver the necessary dividends of democracy.
According to him, it is likely that if President Ahmed Bola Tinunu’s administration is encouraged to achieve its vision for the country, the Nigerian economy will bounce back and the country will be a desired business destination.
He condemned the restiveness in the North and noted that such things were setting the country back.
He pointed out that Nigeria would be a better business destination if the activities of the bandits were halted.
He lauded the present administration for its plan to fix the Nigerian economy.
By: Lady Godknows Ogbulu
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