and Non-Oil Sector, Lagos Chamber of Commerce and Industries (LCCI), Mr Wale Oyekoya, has decried the nation’s annual spending of N1 trillion on importation of foods.
Oyekoya lamented the development in an interview with newsmen in Lagos while reacting to the Central Bank of Nigeria’s report on spending on food per annum.
According to him, it is alarming that such an amount is being spent on food importation per annum while only a meagre sum is being given to local farmers.
Some of the foods imported are rice, wheat and poultry products.
“It is a shame that the Federal Government is spending so much on foods that we can easily produce in the country.
“This act is just killing the economy as it is a clear means of siphoning money out of the country.
“This is some of the reasons why the dollar is going up and will not appreciate if nothing is done about it,’’ he said.
Oyekoya said the incumbent administration should look into the plight of farmers with the aim of solving their problems.
He said that if half of that N1 trillion was injected into improving the lots of local farmers the nation would have enough to feed the population and export to earn foreign currency.
The chairman said the President Muhammadu Buhari-led administration should focus on family farming instead of mechanised farming that benefited just few.
He said that government should encourage more than 70 per cent of farmers practicing at family which hitherto had been neglected.
Oyekoya said the government could help family farmers by providing them with modern equipment.
He also said the government should have tractors at the local government or senatorial district levels where family farmers could go and rent the equipment at subsidised rate.
Oyekoya said that family farmers had cooperative societies, adding that one of their major problems was inadequate funding.
He said that family farmers should also be provided with highbrid seedlings so that they would get good yield during harvest.
Oyekoya said the Federal Government should ensure that the beneficiaries were those who had passion for farming.
According to him, spending so much to import foods that can easily be planted and harvested here if not stopped will continue to allow for corruption.
CNG Committee Partners UN Agency On Greener Energy
The Presidential Compressed Natural Gas Initiative (PCNGI) has partnered with the United Nations Sustainable Energy for All for the provision of greener and more sustainable energy in Nigeria.
The Programme Director/Chief Executive, PCNGI, Michael Oluwagbemi, who duclosed this at a workshop in Lagos, Friday, reiterated Nigeria’s unwavering commitment to sustainable strategies which he said would propel the nation toward a greener, more sustainable future.
In a Statement, Oluwagbemi said the workshop marked a significant milestone in the commitment of the nation to join the rest of the world in the enhancement of sustainable energy access.
While noting that the workshop was held as a follow-up to an initial meeting between SEforAll CEO, Ogunbiyi and PCNGi Chairman, Adedeji, held in Abuja, Oluwagbemi said it also showcased the progress and key initiatives contributing to Nigeria’s sustainable development agenda.
“These initiatives, presented with impact and relevance, are pivotal in steering Nigeria towards a more sustainable future, aligning with global goals and impacting the nation’s development landscape”, he said.
“The workshop aimed to identify opportunities for collaboration and outline concrete steps for forging impactful partnerships between SEforALL and FIRS/PCNGi.
“PCNGi’s active participation in the workshop underscores its dedication to fostering collaboration among key stakeholders”, Oluwagbemi said.
According to him, the committee envisions a future where sustainable practices are ingrained in Nigeria’s energy landscape, contributing to economic growth, environmental conservation, and enhanced energy access.
He reaffirmed the commitment to ongoing collaboration for all parties to drive sustainable solutions contributing to Nigeria’s broader development goals.
“As Nigeria’s sustainable development progresses, PCNGI remains a driving force, ensuring that the nation’s green growth goals are met and exceeded”, he stated.
The PCNGI boss revealed that the workshop featured presentations on critical topics including Nigeria Energy Transition Plan, Nigeria E-bus Strategy, Solar Empowerment for Micro, Small and Medium Enterprises and Nigeria Carbon Market Activation Plan.
Tinubu Approves Fresh Marginal Field Bid
In a bid to revive Nigeria’s dormant oil and gas fields, President Bola Ahmed Tinubu has given the green light for a new marginal field bid round, aiming to auction dormant oil and gas fields abandoned by international oil companies (IOCs) for over a decade.
Minister of State for Petroleum (Oil), Heineken Lokpobiri, disclosed this during a visit to Waltersmith Petroman Oil Limited’s modular refinery in Imo State.
Lokpobiri said the decision came on the heels of a strategic meeting between the Nigeria Extractive Industries Transparency Initiative (NEITI), the Oil Producers Trade Section (OPTS), oil firms and miners at the NEITI-Companies Forum.
According to him, the impending bid round follows a previous initiative in 2020, where approximately 57 marginal oilfields were put up for sale, concluding last year.
He, however, noted that challenges such as funding constraints and regulatory complexities hindered many recipients from promptly developing these assets.
Senator Lokpobiri stressed that the forthcoming bidding round, backed by presidential approval, would prioritize marginal fields located near modular refineries adding that this strategic alignment aims to expedite the production process.
Emphasizing the significance of modular refineries in addressing the country’s energy challenges, Senator Lokpobiri highlighted their role while the larger refineries undergo comprehensive rehabilitation.
The move by the Federal Government is anticipated to breathe new life into stagnant oil and gas fields, fostering economic administration’s vitalization in the sector.
We’ve Robust PMS Supply To Last Beyond Yuletide-Kyari
The Nigerian National Petroleum Company Ltd. (NNPCL) says it has made a robust plan for the supply of petroleum products sufficient to last beyond the ember months and the new year festivities.
The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit (PMS), known as petrol, would last beyond the Yuletide and new year festivities.
The Group Chief Executive Officer, NNPCL, Malam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Sen. Godswill Akpabio, last Wednesday in Abuja.
Kyari, in a statement by Olufemi Soneye, Chief Corporate Communication Officer, NNPCL said by the creation of the National Assembly, NNPCL was saddled with the responsibility of guaranteeing Nigeria’s energy security which was critical to national security.
“We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.
While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said this legislative endeavour gave birth to a new commercially oriented National Oil Company, governed by the Company and Allied Matters Act (CAMA) principles.
Kyari stated that with the passage of the PIA 2021, NNPCL’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
According to him, NNPCL is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, and since July, 2023 the Company has started paying dividends to its shareholders.
He also said the NNPCL was involved in the entire value-chain of the oil and gas business and controlled about 30 per cent of the nation’s petroleum downstream retail market.
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