Economy
Climate Change: Agric Experts Advocate Smart Farming Practices
By Bon Peters
Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country.
They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050.
The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital.
A Senior Lecturer in the Department of Agricultural Extension and Development Studies at the University of Port Harcourt, Dr Clara Ifeanyiobi, who was the project lead of the programme, said the aim of the workshop was to equip farmers with adaptative skills on climate change.
She noted that the project was a micro grant from Adaptation Research Alliance to the Society for Climate Action in Nigeria (SCAN) in collaboration with the University of Port Harcourt and the University of Nigeria Nsuka.
According to Ms Ifeanyiobi, when these skills are incorporated in agri-business, huge losses usually associated with climate change would be averted while farmers’ livelihoods would also gain a positive turnaround.
In her words, “Today’s training is tailored to the identified areas of need which is majorly in the area of crop and soil management practices for cassava, maize and vegetable farming.
“We are excited that there will be a huge turnaround in this year’s harvest, we’ve been in the business of equipping farmers with climate smart agricultural practices for over 10 years and our results from our target farmers have been quite laudable.
“This one is a lot bigger, haven synergized with key agencies like the Nigeria Meteorological Agency (NIMET) and the International Institute of Tropical Agriculture (IIT).
“Beneficiaries are also expected to go to their various communities and establish the climate smart rural women and youth groups.
“We are also going to support the various trainings at the community level. So, we look forward to a bumper harvest across the 23 local councils of the state.”
The don also stated that improved crop varieties like cassava stems, maize (SC- 526) were also distributed to participants of the workshop (farmers) drawn from the 23 local government areas of the state.
Another resource person, Dr Doris Akachukwu, a Senior Lecturer at the Micheal Opara University of Agriculture, Umudike, Abia State, urged the federal government to utilise agricultural resources in the country to tackle current food crises.
“Here in Nigeria, we have the land and manpower; rather than desire things that are far-fetched, we should put in more commitment and funding for agriculture.
“Nigeria should begin to look inward, fund large scale production to ensure food sufficiency and employment for our teaming youths,” she said.
Ms Akachukwu expressed worry over poor commitment to Agriculture by farmers and youths in the country, adding that lack of basic techniques, seedlings and environmental pollution, effects of greenhouse gases were some of the impediments to Agricultural productivity in the Niger Delta area.
Similarly, Dr Bassey Udom, an Associate Professor, and soil scientist at the University of Port Harcourt, said that the training would help the farmers on innovative soil practices to help cushion climate change.
He also urged the Federal Government to tackle security which he highlighted as key to agricultural prosperity.
Our correspondent reports that various resource persons in the field of sciences especially soil scientists and crop scientists proffered solutions to some of the challenges and complaints by the participants.
Economy
Again, OPEC Cuts 2024, 2025 Oil Demand Forecasts
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
Economy
Aradel Holdings Acquires Equity Stake in Chappal Energies
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
Economy
Afriland Properties Lifts NASD OTC Securities Exchange by 0.04%
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
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