Business

Nigeria, Yet To Access $150m Iran Credit – Envoy

Published

14 years ago

February 21, 2011

Nigeria is yet to access a 150-million-dollar credit facility offered by the Iran Export Development Bank, the country’s ambassador in Iran, Alhaji Cika Abubakar, said last Wednesday in Abuja.

Iran offered the credit facility to Nigeria to enhance trading between the two countries.

Speaking at a seminar on trade opportunities between the Islamic Republic of Iran and Nigeria, Abubakar said that the credit facility was offered at 5 per cent interest rate, adding that it was the least among the credits granted to other countries.

“The Iran Export Development Bank gave 150 million dollars; I was there almost about three years ago when I negotiated with them.

“The first time when they approved that150 million dollars, I was even saying no, if you can give some African countries 100 billion dollars like Senegal, 150 million dollars is too small for Nigeria

“I approached some banks in Nigeria, about eight banks, after receiving their applications. I gave some about 30 to 50 million dollars.

“But to date, since we sent a letter foro-the approval of their applications, we have never received any acknowledgement that they have received the money and that they are ready to utilise it,” he said. The ambassador recalled that the two countries had enjoyed diplomatic relations dating back to some 37 years, and said that Nigerian businessmen had a lot to trade with Iran to help grow the economy.

He noted that Iran had a high level of trading with many countries and that there were areas in which Nigeria should emulate the country.

“The volume of trade between India and Iran is about 15 billion dollars, between Iran and Turkey is almost 13 billion dollars, the trade between Iran and Brazil is two billion dollars and between Iran and South Africa is about two billion dollars; so why less with Nigeria,” he queried.

He said that Iran produced about between 65mw and 70mw of electricity mainly for use by industries.

Abubakar urged the Iranian government to create avenues for Nigerians to benefit from its education, health and engineering sectors to enable Nigerians to benefit in those areas.

In his remarks, Mr Hussein Abdullahi, the Iran ambassador in Nigeria said that there was the need to correct the negative perception of his country.

He said that though Nigeria had had diplomatic relations with Iran for about 37 years, citizens of both countries were yet to tap on potential existing between the two countries.

He noted that both counties were members of some international organisations like the OIC and OPEC among others, adding that there was need for them to explore trade opportunities that would be beneficial to their economies.

He noted that diplomatic relations between the two countries suffered a little setback after some arms were shipped into Lagos by some Iranian suspects.

Abubakar said also that the seminar would “be a regular one between Iran and Nigerian businessmen. We will try to ensure that it takes place annually in capitals of both cities.”

He urged government of both countries to play effective role in ensuring the improvement of their diplomatic relations.

Also, Mr Ignatius Adaji, President, Nigeria-Iran Business Council noted that trade volume between Nigeria and Iran was low.

“Statistics show our export to Iran is in the region of just N75 million, which is ever poor; so they are not trading with us as much as we want to do.

Business

USAID Re-emphasizes Agricultural Collaboration With Nigeria

Published

4 days ago

January 10, 2025

The Tide

The United States Agency for International Development (UNAID) has said its programmes operate transparently and align with the Nigeria’s laws.

A statement issued by the US Mission in Nigeria highlighted the significant achievements of its agricultural collaboration with Nigeria, within the week, saying it has supported over five million Nigerian farmers since 2019.

The agency stated that it has boosted food production and strengthened rural economies across the country through its efforts.

“Recent media coverage has presented an inaccurate picture of US agricultural initiatives in Nigeria, such as assisting local agencies’ efforts in strengthening regulatory processes for agricultural biotechnology”, the statement noted.

The US Mission stressed that its agricultural programmes are developed and implemented with Nigerian experts, farmers, and government officials.

USAID explained its initiative’s focus on practical support for farmers, including market access, agricultural training, and research collaboration.

The agency reaffirmed its commitment to ensuring all research findings and programme details remain publicly accessible through official channels.

“Our agricultural partnership represents a shared commitment to addressing Nigeria’s food security challenges through locally-driven solutions”, it stated.

The US Mission also underscored its ongoing consultations with Nigerian stakeholders, maintaining regular dialogue with farmers, experts, and government agencies.

It reiterated its respect for Nigeria’s agricultural sovereignty and traditions.

“We are proud of our record of supporting Nigerian farmers while respecting local agricultural traditions and practices”, it added.

Business

Nigeria’ll Lead In Agricultural Export This Year – Tinubu

Published

4 days ago

January 10, 2025

The Tide

President Bola Tinubu has expressed his administration’s ambition to position Nigeria as a global leader in agricultural exports as a cornerstone of his Renewed Hope Agenda.

He disclosed this recently at the Road to South-South National Convergence for the Renewed Hope Agenda at the Presidential Villa.

Represented by the Minister of Regional Development, Abubakar Momoh, he also unveiled the Earn from the Soil Initiative, which aims to transform subsistence farming into a robust, export-driven sector.

“This initiative is a powerful declaration that we are committed to turning our non-oil resources into collective prosperity. Nigeria will be a leading agricultural export nation”, he said.

The Earn from the Soil project was designed to revolutionise Nigeria’s agricultural landscape, creating export opportunities and ensuring national food security.

According to the President, the initiative will empower citizens to become agents of economic prosperity, transforming local farming practices into global economic drivers.

He also highlighted the untapped potential of the South-South region, known for its rich natural resources and talent, and called for more significant investment in non-oil sectors.

“The South-South is open for business just as the whole of Nigeria is ready for business. We are creating an ecosystem of opportunity, innovation, and sustainable growth”, he said.

Tinubu’s administration seeks strategic support from local and international partners to build a resilient economic ecosystem, moving away from reliance on traditional aid.

Tinubu also emphasised the crucial role of young people and women in driving the initiative’s success.

The President assured Nigerians that his administration remains committed to fulfilling its promise of restoring hope and confidence, with the Earn from the Soil initiative marking a significant step in achieving that vision.

On her part, the Senior Special Assistant to the President on Community Engagement (South-South), Hon Gift Johnbull, has spotlighted the South-South region as a critical hub of untapped economic potential, calling for strategic partnerships to unlock its vast resources and foster national growth.

She underscored the region’s significant contributions to Nigeria’s economy, particularly in oil and gas, while emphasising its underutilised agriculture, innovation, and entrepreneurship opportunities.

She also called on investors, policymakers, and stakeholders to see the South-South as a gateway to new opportunities, citing initiatives such as the Pitching Den, launched at the event, as a platform to attract bold entrepreneurs and visionary investors.

“This is your moment to recognise the South-South as a hub of untapped potential”, she said.

The event also featured the unveiling of the Impact Report, highlighting milestones achieved under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The report showcased how targeted initiatives have empowered communities and driven progress in the South-South.

Business

NDLEA, NIMASA Strengthen Cooperation Against Drug Trafficking

Published

4 days ago

January 10, 2025

The Tide

The Nigerian Maritime Administration and Safety Agency (NIMASA) has recommited to supporting the National Drug Law Enforcement Agency (NDLEA) in the fight against drug abuse and trafficking within Nigeria’s maritime sector.

Chairman of the NDLEA, Brig. Gen. Mohammed Buba Marwa (rtd), emphasized this during a courtesy visit by the NDLEA to the NIMASA Towers in Lagos.

Speaking during the visit, the Director General of NIMASA, Dr. Dayo Mobereola, commended the NDLEA for its remarkable achievements in combating drug-related crimes across Nigeria.

He pledged NIMASA’s commitment to collaborating with the NDLEA to secure Nigeria’s maritime domain against illicit shipment of drugs.

“We are glad to welcome the NDLEA team, led by Brig. Gen. Marwa, whose exemplary leadership has brought significant progress in the fight against illicit drugs.

“NIMASA is firmly committed to partnering with the NDLEA to tackle the menace of drug trafficking, particularly through our nation’s ports and terminals.

“Together, we can ensure that the Nigerian maritime domain is not exploited for criminal activities”, Mobereola stated.

Responding, Marwa expressed gratitude for the warm reception and emphasized the need for collaboration to address the rising threat of drug trafficking through maritime channels.

“As the agency responsible for controlling drug abuse and trafficking in Nigeria, we recognize that this task requires collaboration with critical stakeholders like NIMASA.

“The global maritime space has increasingly become a conduit for the illegal movement of drugs, and we are keen to work with NIMASA to address this challenge”, he said.

He continued that “Recent seizures of illicit drugs transported through Lagos ports underscore the need for joint efforts to secure our ports. Within the NDLEA, we have established a Marine Command to focus on this emerging threat.

“We propose close collaboration between this unit and NIMASA, particularly through the Deep Blue Project, to enhance the protection of Nigeria’s maritime space”.

The NDLEA Chairman also pledged the agency’s support in sensitizing NIMASA staff and cadets under the National Seafarers Development Program (NSDP) on the dangers of drug abuse.

Mobereola assured Marwa that NIMASA would explore avenues to integrate NDLEA personnel into the existing maritime security architecture, particularly the Deep Blue Project.