Business

NDDC Budgets N12bn For Rivers

Published

16 years ago

July 10, 2009

Rivers State is billed to earn the lion share in projected oil production revenue, if the budget presented by the Niger Delta Development Commission (NDDC) to the House Committee on NDDC for 2009 sails through

Following projection made from expected revenue accruing from oil production, the state is billed to earn about N12,147, 042,200ahead of Abia, N7,717,203, 420 followed by Akwa-Ibom N5,025, 262, 083, Cross River N4,898,064,664.

Ondo is to get N2,029,174, 352 followed by Bayelsa N734, 852,916, Edo N498,955,378mand Delta N131, 379,865.

The commission’s Acting managing director, Pastor Aginighan told the House committee that a total of N33.8billion or 35 per cent of the total revenue expected from production of oil is from the states.

Of the N97billion budgeted for 2009, about N19.3billion is being shared equally among the nine states of Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers .

This shows a significant increase of 8.3 percent of the 2008 budget of N89.2billion.

According to Pastor Aginighan, the increase is as a result of the 2008 excess crude oil arrears appropriated for the agency in the 2009 budget.

His words, “ the focus for this year’s budget is to adequately provide for all on-going projects and the completion of building projects including schools and health centres, paving way for full master plan based budgeting, using the medium term sector strategy (MTSS) and Medium Term Expenditure Framework (MTEF) budgeting tools for 2010-2012 plan period” he said.

He reiterated that the budget which is the second year of the foundation phase of the Master Plan to last until 2012 aims at providing physical infrastructure in the region, stimulate the region’s economy, reduce poverty as well as create the enabling environment for industrial development.

A housing estate already completed under the Akwa Ibom State Government-assisted housing project in all the 31 Local Government Areas of the state.

Business

AfDB Secures N3.4trn For Agro-industrial Processing In Nigeria

Published

1 day ago

August 15, 2025

The Tide

Africa Development Bank (AfDB) and its partners have mobilised 2.2 billion dollars (about N3.4 trillion) to implement special agro-industrial processing zones in Nigeria.

The outgoing President of AfDB, Dr Akinwumi Adesina, disclosed this in a paper presented at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.

In a copy of the presentation obtained by The Tide’s source, Akinwumi said the fund would be deployed to implement the phase two of the special agro-industrial processing zones covering 24 states.

He recalled that the bank and its partners had supported the launch of the special agro-industrial processing zones in the first eight States – Ogun, Oyo, Cross Rivers, Imo, Kaduna, Kwara, Kano and the Federal Capital Territory-.

Adesina, a former Minister of Agriculture and Food Security, said the initiative would revolutionise Nigeria’s agricultural sector by enhancing food security, boosting domestic production and creating thousands of employment.

According to him, investments are needed to unlock the agricultural potential in Nigeria and Africa in general, especially for value addition to agricultural commodities.

To achieve that, he emphasised the need for the development of industrial platforms that would allow the continent to move up the agricultural value chains.

“The AfDB is investing massively in the development of Special Agro-industrial Processing Zones across Africa, enabled with infrastructure to support the establishment of industries to process and add value across a wide range of agricultural products.

“The bank has committed over 934 million dollar towards the development of the special agro-industrial processing zones.

“We have mobilised co-financing of 938 million dollar from partners, including the International Fund for Agricultural Development, the Islamic Development Bank, Japan International Cooperation Agency, and the West African Development Bank.

“We have also launched together with partners, the Alliance for Special Agro-Industrial Processing Zones to accelerate the development of these zones across Africa, with 3 billion dollar in commitments,’’ he said..

The AfDB President also disclosed that development of the special agro-industrial processing zones is ongoing in 27 sites across 11 countries in Africa.

Business

Firm Distributes Over 266,000 Cocoa Seedlings To 11 States

Published

1 day ago

August 15, 2025

The Tide

About 9000 farmers across 11 cocoa producing states in Nigeria have benefitted from the distribution of over 266,000 cocoa seedlings and 6,000 shade tree seedlings distributed by Johnvents Group.

The initiative, according to the leading indigenous agribusiness and manufacturing company, is part of its commitment to sustainable agriculture across the country.

The large-scale initiative, executed under the company’s sustainability program Project Nourished Crop, Better Farmer, is also aimed at rehabilitating and regenerating cocoa farms in preparation for the upcoming planting season.

According to the company, the distribution supports its long-term target of empowering 150,000 cocoa farmers across 300,000 hectares of farmland by 2030.

The states covered in the distribution include Ondo, Cross River, Osun, Ekiti, Ogun, Akwa Ibom, and Abia, with key delivery figures such as: 61,000 seedlings in Ikom (Cross River state

Also, about 50,000 seedlings were distributed to farmers in Idanre and Oda, over 20,000 in Owo, 10,000 in Ile-Oluji in Ondo state, while 5,000 were distributed in Ila (Osun), 15,000 seedlings each in Ekiti and Ogun, and 20,000 in Ife, while Akwa Ibom and Abia received 10,000 seedlings combined.

Speaking on the initiative, the Group’s Sustainability Country Lead, Ebenezer Kehinde, said the program ensures that farmers are adequately equipped as the rainy season approaches.

He said: “This initiative is part of our yearly commitment to the farming communities. As we approach the rainy season, it’s crucial that our farmers are fully equipped.

“This seedling distribution provides them with the essential tools, including seedlings, farm seeds, and sustainable farming practices, to help boost their productivity for the season ahead.

“This distribution is a vital step towards advancing Johnvents Group’s objectives of regenerative farming, with an emphasis on both cocoa and shade trees.

“By introducing shade trees alongside cocoa plants, Johnvents is fostering an environment where farmers can increase their yields while maintaining a sustainable and eco-friendly approach to farming.

“These efforts play an integral role in enhancing food security, improving farmer livelihoods, and contributing to the overall growth of the global cocoa industry.

“As part of its long-term sustainability vision, Johnvents Group will continue expanding its efforts with additional seedling distributions planned in the coming months.

“Through collaborative partnerships with farmers and industry stakeholders, Johnvents remains dedicated to driving lasting change in the cocoa sector and strengthening the foundation for a globally competitive agricultural value chain.”

He said beyond cocoa, the inclusion of shade trees underscores Johnvents’ regenerative agriculture model—enhancing yields, preserving the environment, and fostering climate-smart farming.

The company noted that additional distributions are planned in the coming months, in line with its broader sustainability goals and partnership-driven approach to strengthening Nigeria’s agricultural value chain.

Johnvents Group is an indigenous agribusiness and manufacturing company operating across production, processing, manufacturing, and distribution.

Its subsidiaries include Johnvents Cocoa Factory, Johnvents Trading, Johnvents Foods, Johnvents Farms, Premium Cocoa Product (Ile-Oluji), Haven Hauling, and Johnvents Industries DMCC.

With a focus on value creation, food security, and global competitiveness, the Group continues to play a leading role in advancing Nigeria’s cocoa and agricultural sectors through innovation, partnerships, and farmer empowerment.

Business

Collaboration, Biotechnology Key To Food Security, Climate Change — NBRDA DG

Published

1 day ago

August 15, 2025

The Tide

The Director General of the National Biotechnology Research and Development Agency (NBRDA), Professor Abdullahi Mustapha, has reiterated the agency’s commitment to leveraging modern biotechnology as a critical tool in ensuring Nigeria’s food security and sustainable development.

In a statement shared via his official Facebook page, Prof. Mustapha emphasized that outdated agricultural practices can no longer meet the demands of a growing population.

He stated that modern biotechnology is essential for sustainable farming, highlighting its role in empowering farmers to produce more food using fewer resources.

While noting that a well-nourished nation is a strong nation, the NBRDA DG stated that biotechnology offers innovative solutions that not only increase productivity but also help to protect the environment, restore degraded lands, and combat the effects of climate change.

Prof. Mustapha noted that while the NBRDA is steadfast in its mission to address Nigeria’s socioeconomic challenges through science and technology, progress in biotechnology cannot be achieved in isolation.

He called for greater collaboration among researchers, policymakers, and the private sector to drive innovation and scale up impactful solutions.

“Collaboration is the driving force behind innovation in biotechnology. We must unite to unlock the full potential of biotechnology for the benefit of our people and our planet”, he said.

The DG however assured that the NBRDA remains open to partnerships with individuals, institutions, and organizations who are committed to advancing biotechnology for sustainable national development.