Business
…Says Fish Farm’ll Check N6trn Import
The Rivers State Government has said that the Buguma fish farm is aimed at ensuring food security while checking the N6trillion spent annually on fish import into the country.
To achieve set goals, the state government has assured that the Buguma fish farm project currently under construction would be privatised after six years of operation by Onida Investment Limited in partnership with the government.
Governor Chibuike Amaechi who said this during a visit to the farm by the Good Governance Tour Team,also said that government hopes to recoup the money expended on the project before privatisation.
The governor also said that the project would create thousands of employment opportunities for both indigenes and non-indigenes of the area.
Also speaking, the state Commissioner for Agriculture, Mr Emmanuel Chindah said that the project would check the importation of fish into the country.
Mr Chindah who said that Nigeria spends N6trillion annually to import fish, said that it was to check the trend that Governor Amaechi decided to develop fish farms across the state, stressing that the project, which is the first of its kind, can compete with any fish farm anywhere in the world.
According to him, the Government decided to bring in Onida Investment Limited of Israel to implement and manage the project for six years in partnership with the government before it was handed over to private investors.
Also speaking, the managing Director of Onida Investment Limited, Mr Israel Kidron said that the Niger Delta was one of the most favourable regions of the world as far as fish production is concerned.
Mr Kidron said that the company had also brought the latest technology to bear in the construction of the project, contending that it was the first of its kind in Nigeria and the West African sub-region.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.