Business
Association Advises States, On Cocoa Production

Rivers/Bayelsa Shippers Association (RIBASA), yesterday advised states with the comparative advantage to intensify efforts to boost cocoa production.
The Chairman of the association, Mr Offon Udoffia, told newsmen in Abuja that increased cocoa production would increase the Internally Generated Revenue (IGR) in the states concerned.
He said that cocoa had the capacity to rescue states from deficit and it was imperative for them to galvanise their economic policies for self sufficiency.
“Ondo, Akwa-Ibom, Cross River, Edo and other cocoa producing states should invest more in cocoa production.”
“These states stand the chance of driving viable economy derived from cocoa export than others,” Udoffia said.
Citing Mataysia, Udoffia said that agriculture had the capacity to grow the Nigerian conomy.
Citing Mataysia, Udoffia said that agriculture had the capacity to grow the Nigerian economy.
He explained that investment in cocoa would not only rescue the states from economic insolvency, but create jobs for unemployed youths.
According to him, states will not have to over depend on federal allocation if cocoa production and export are prioritised.
He said that cocoa had the capacity of being transformed into several finished products for economic stability.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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