Business
OPEC Commends Nigeria For Exiting Joint Cash-Call Debt
The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, has commended Nigeria for exiting the Joint Venture Cash Call debt (JVC).
Barkindo gave the commendation in Abuja on Monday at a World press briefing he jointly held with the Minister of State for Petroleum, Dr Ibe Kachikwu.
Cash calls is the counterpart funding which the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC), annually pays as its 60 per cent equity shareholding in various oil and gas fields.
It is operated by international oil companies in the country for more than four decades and indigenous oil firms and Nigeria owe arrears of $6.8 billion.
Kachikwu had said an outstanding debt of $5.1 billion would be paid over five years through incremental oil production volumes.
Barkindo commended Kachikwu for securing the feat on behalf of government.
He said: “I must single out the frontal approach on the lingering issue of funding our exploration as well as production, the JVC.
“Many of my colleagues, here that we served together, will testify that government after government, regime after regime we have battled with this issue continuously without solution.
“This is a confession: the day you overcame this issue that had beleaguered this industry as well as government, you made my day.
‘’Same for the day of all participants who knew what the government had battled to stay afloat on the issue of cash-call.
“The approach has been innovative, the solution is very practical.
“You are clearing an overhaul of debt too high, yet maintaining the level of production.
‘’You also focusing on an incremental level of growth that will continue to sustain not only the industry but also the domestic economy’’.
He also commended government for embracing diversification, disclosing that it was a topical issue that arose during his member-visits to other OPEC countries.
“I am just coming from Saudi Arabia, the largest producer who depends solely on oil and gas but it came up with a programme to diversify its economy within the context of the vision 2030.
“Therefore, I urge all colleagues and industry chieftains to rally round the honourable minister to march forward.
“Despite all reform programmes on diversification which we support, we should support farming. Diversification for now remains the music for the future.
“Our economies will continue to determine what you do, and with what we have seen, the future is brighter than what we have hitherto expected.’’
On his visit to Nigeria, he said he had to insist on reducing his entourage to Nigeria, because everyone was willing to come to Nigeria and see firsthand Kachikwu’s “giant strides’’.
He commended Kachikwu for building the confidence of OPEC members and earning their respect saying, “the minister was able to convince OPEC member countries to drop their candidates for his candidate.
“That shows the level of respect they have for him, for him to have persuaded sovereign nations and say I have a better candidate.
“With those words, history was made in June in Vienna. It says a lot about who you are, your character.
“Continue with this tradition of maintaining stability, continue to remain focused, we have a lot to achieve’’.
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
King Onunwor