The high crude oil prices being enjoyed by members of the Organisation of Petroleum Exporting Countries (OPEC) and other producers may suffer a setback next year as the United Arab Emirates (UAE), says it is backing out of oil cuts. The UAE said it will raise its oil output next year as it has won a higher quota under the Read More
The Director General of the Food and Agriculture Organisation (FAO), Dr. QU Dongyu, has said changing the way food, fiber, and other agricultural products are produced is crucial to increasing agricultural output. Dongyu, in an address to mark the day, said with about 70 per cent of all freshwaters going to agriculture, failure to act will have the gravest consequences. Read More
Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has reiterated the federal government’s commitment to the production, processing and packaging of locally manufactured non-oil export products to meet international standards, for Nigeria’s economic growth and sustainable development. The Minister gave the assurance at the just concluded 2nd National Conference on Non-Oil Exports organised by the Nigerian Export Promotion Council Read More
Hope for increased crude oil production deemed with second quarter figures plunging to 1.22 million barrel per day (mbd), Data Agency has said. The decrease is in spite of the fact that fragile peace has been restored in the Nigeria Delta region, host of the nations oil reserve, the second quarter of 2023 recorded an average daily oil production of Read More
About two weeks ago, the federal government took a bold step towards ensuring that hunger does not become the lots of citizens, anytime soon. In that regard, government declared a state of emergency on food security. The move was to check looming food shortage, occasioned by low agricultural production, and majorly fueled by violent insecurity, in the land. Mr. Dele Read More
Oil production output by the Organisation of the Petroleum Exporting Countries (OPEC) fell in July as outages curbed Nigerian supply. The decline was also caused after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market. The OPEC has pumped 27.34 million barrels per day (bpd) in the month in Read More
Oil producing countries may continue to enjoy new investments as oil majors, Shell and BP reneged on plans to limit investment on oil and gas exploration to instead, focus on renewable energy as part of energy transition. Both companies are said to have renewed efforts in searching for new deposits. This is amid so much climate concern. The International Energy Read More
High interest rate by central banks across the world, including China’s slow economic growth is depressing the oil market despite production cut by the Organization of Petroleum Exporting Countries (OPEC). As it is oil traders’ concerns have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed on Wednesday, as expectations of weak economic growth Read More
As Nigerians begin to struggle with the removal of fuel subsidy by the federal government and its resultant effects on the cost of food, Eden Group through its innovative e-moringa food and logistics has commenced partnership with the Abuja Cooperative Federation to make its food products more affordable for Nigerians. Using cooperative model, the collaboration aimed to deliver installment payment Read More
Stakeholders have called on the national and state houses of assembly to scale up yearly budget for agroecology and extension services to increase food production, reducing hunger and poverty across the country. The stakeholders include House Committee on Agriculture Production and Services, FMAd, Action Aid Nigeria, Small scale Women Farmers Organization of Nigeria (SWOFON), All Farmers Association of Nigeria (AFAN), Read More
The federal government has said that current security interventions in the Niger Delta would help restore oil production to 1.6 million barrels per day. In a statement by Director (Information) in the Ministry of Petroleum Resources, Enefaa Bob-Manuel, that amount will be complimented by condensates. “Nigerian delegation led by Ambassador Gabriel Aduda who was also confirmed OPEC Governor for Nigeria Read More
The Organization of Petroleum Exporting Countries and others (OPEC+) members have agreed to maintain their current supply curbs to the end of 2024, following a weekend of intense oil meeting in Vienna. Similarly, quotas for 2024 were lowered for production stragglers, Nigeria, Angola, Azerbaijan, Malaysia, Congo and a few more countries. Under the arrangement Nigeria’s quota was lowered to 1.38 Read More
Arla Foods, maker of Dano milk, has inaugurated its state-of-the-art dairy farm in Kaduna as part of the company’s efforts to ensure sustainable milk production in Nigeria. The farm located in Damau village, Kubau Local Government Area, Kaduna State, was inaugurated on Thursday, May 25, 2023, by the Executive Governor of Kaduna State, Mallam Nasir El-Rufai. Speaking at the inauguration Read More
Momas Electricity Meters Manufacturing Company Ltd. (MEMMCOL), a Nigerian-based meter production company, has called on the federal government to increase its support to indigenous meter manufacturers, to bridge the nation’s metering gap. The Chairman, MEMMCOL, Mr. Kola Balogun, who made the appealed at the graduation ceremony of 10 youths on a five-week Printed Circuit Board (PCB) training course in Lagos, Read More
The minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello, has called on well established companies in the territory to compliment government’s efforts in providing and sustaining quality infrastructure in the nation’s capital, Abuja. He stated this Monday, during the opening of Abuja Furniture Production (AFP) showroom at Maitama in Abuja. Bello, who was represented by the director, Read More
The Organization of the Petroleum Exporting Countries, OPEC, has demonstrated flexibility in management of oil production cut, says Saudi Arabia’s Energy Minister. The Minister Prince Abdulaziz bin Salman, said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible. The kingdom and other members of the OPEC+ coalition have already signaled the group will stick Read More
Availability of farming inputs remain key in food production in the country. It is in the realisation of this fact that farmers in the Anuoluwapo community, Odeda Local Government Area of Ogun State, have called on governments at all levels to assist them with improved seedlings, vehicles, protective boots, and other modern farming tools, to increase their food production capacity. Read More
Steadily and successfully, Nigeria is moving faster than what most people anticipated in the area of improving and diversifying its revenue base and exporting its products to the world market. Prior to the coming of the President Muhammadu Buhari administration in 2015, Nigeria depended largely on meeting its sugar needs through importation. This implied that the industry has been comatose Read More
The African Development Bank (AfDB), has disbursed $1.5 billion Emergency Food Production Facility to support food sufficiency in Nigeria and 33 other African countries. The President of the AFDB, Dr. Akinwunmi Adesina, who stated this in Abeokuta, when he paid a visit to the Ogun State Governor, Dapo Abiodun, noted that the facility became imperative as a result of the Read More
The Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting CountriesOPEC+ group recommended that no changes be made to oil production quotas. The decision was not a surprise, with Putin and MBS having discussed OPEC+ cooperation just days earlier. Uncertainties around Chinese demand and Russian supply in the coming months left OPEC+ with few options other than to wait Read More
Nigeria could hit 2.2 million barrels per day in 2023, without the Organisation of Petroleum Exporting Countries (OPEC) oil production quota rationing, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has said. However, Kyari who was speaking at the virtual Global UAE Energy Forum, said despite all odds, the country aims to produce 1.8 Read More
The price of milk has gone beyond the reach of not a few Nigerians and it is instantiated by its absence in many shopping lists which potentially could compound the country’s already poor milk consumption per capita which is put at less than 10 litres/per annum which is far below the recommended 210 litres by the World Health Organisation (WHO) Read More
The Peoples Democratic Party (PDP) has berated the All Progressive Congress (APC) for the recent National Bureau of Statistics (NBS) poverty report, adding that President Muhammadu Buhari’s administration can not give what it doesn’t have. NBS in its report Thursday said the number of Nigerians living in poverty stands at over 133 million. It said the figure represents 63 per Read More
Former president Olusegun Obasanjo will deliver lecture on ‘The Nation and University System’ at the 16th convocation ceremony of Bowen University, Iwo, Osun state, Saturday. The University will also honour the Ebola heroine and physicians, late Stella Adadevoh, with a Doctor of Science in Public Health. The Vice Chancellor of the University, Prof. Joshua Ogunwole, disclosed this during a press Read More
The Federal College of Animal Health and Production Technology (FCAH&PT) Vom has graduated and inducted 162 maiden graduands of Veterinary Laboratory Technology and Animal Health Technology into the Veterinary Council of Nigeria (VCN), as professional para-veterinarians. Provost of the college, Dr Jude Obi Okpara, said with the induction of the graduands, Nigerian value chain of livestock production will receive great boost. “We Read More
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