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FG Stakes N52.7bn To Clear PetrolDebt

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To sustain the supply of Premium Motor Spirit (PMS) in the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has paid over N22 billion as part of the backlog owed to petroleum products transporters in the country.
According to NMDPRA’s Chief Executive, Farouk Ahmed, there are plans to pay another N30 billion this week to the petroleum products’ transporters, saying that the move was to bring respite to cushion the effect of the difficulties faced as a result of the current economic realities.
The debt to petroleum product marketers had skyrocketed in the past three months following the scrapping of the Petroleum Equalisation Fund Board, whose responsibility to settle the transportation cost of petrol has been assumed by the newly created NMDPRA.
At an interactive session with stakeholders in the oil and gas industry, Ahmed said the N22 billion paid so far has surpassed the whole of payment made in 2021, adding that the authority would deploy due diligence before making another set of payments to the transporters.
“Since the last meeting of December, we have paid about N12.7 billion to the transporters and last week Monday, we paid another N10 billion and this week we are paying another N30 billion to transporters in a bid to give them respite because of the difficulties they are facing with the economic realities.
“If you add the N30 billion we are planning to pay this week, the whole payment made so far would be N52.7 billion for the PMS bridging fund and this payment is ongoing and as they transport, we pay.
“When we came in, we wanted to ensure that we did our due diligence before payment was done. What we paid in December has surpassed the whole of the payment made in 2021”, he explained.
Ahmed noted that the reconciliation is still ongoing, stressing that as they get more funds, such would be disbursed to clear up the inherited backlog.
He said regarding the Acts, regulations are being put in place by the Presidential steering committee chaired by the Minister of State for Petroleum Resources, Timipre Sylva.
He added that out the 38 regulations that relate to authority, the Authority has so far received about eight regulations forwarded to the Authority for review.
Also speaking, the Group Executive Director, Downstream, Nigeria National Petroleum Corporation (NNPC), Limited, Yemi Adetunji, said NNPC will continue to ensure that all petroleum products would be available.
He stated that all through the festive period in 2021, there were zero queues across the country.
Commending all the stakeholders in the industry for the achievement, he assured that “NNPC will continue to put in place and supply the market with adequate petroleum products even as it is now NNPC Ltd, a commercial company governed by both the Petroleum Industry Act (PIA )and Companies and Allied Matters Acts (CAMA)”.

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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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.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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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.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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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

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