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Experts Seek Urgent Action on Food Security Threat in West Africa

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food security

By Modupe Gbadeyanka

Governments of the West African nations have been urged to quickly take actions that would address food security threat in the region.

According to a report titled ‘The Cost of Ocean Destruction,’ which was released to celebrate the World Fisheries Day, vessels arrested for illegally fishing in West African waters are still carrying on with business as usual.

The report, released by Greenpeace Africa, detailed how West African fishermen and communities continue to suffer from the consequences of overfishing and illegal fishing in this region and it provides specific recommendations for governments on how to solve the crisis.

Greenpeace appealed to West African governments as well as nations fishing in, or importing seafood from the region, to stand together to protect millions of Africans against the unceasing onslaught of industrial fishing fleets.

Greenpeace is also demanding that authorities provide follow-up information on fishing vessels and crews that were arrested during a joint patrol by Greenpeace and African fisheries inspectors last spring.

According to the project leader in Greenpeace Netherlands, Pavel Klinckhamers, “The current situation in West Africa is a result of decades of overfishing and inaction, but it is also a result of commitments from West African governments and foreign fishing nations, like China, South Korea and the EU, that were simply never translated into reality.

“Coastal communities are the ones paying the price and they cannot wait any longer. African states and foreign fishing nations in the region have to change course and put in place the policies that these communities need in order to survive.”

In only 20 days, Greenpeace and fisheries inspectors from Guinea, Guinea Bissau, Sierra Leone and Senegal came across 17 vessels contravening applicable rules, while 11 of these vessels were arrested for infractions which included involvement in illegal transshipment, fishing in breach of their license conditions, using illegal nets and shark finning.

However, only six months later, all 17 vessels are still licensed to fish in West African waters, and in most cases, local authorities are not responding to requests from Greenpeace to clarify what legal steps were taken after the arrests.

Chinese authorities have ordered provincial authorities to punish the captains of some of the Chinese vessels involved in infringements, while specific subsidies to their operations have also been cancelled.

The general lack of information on each case is symptomatic of the lack of transparency and accountability of governments when it comes to fisheries policies.

“West African countries keep signing new and opaque fishing agreements with foreign countries without putting in place the means to monitor their activities and sufficiently take the interests of local small-scale fishermen into account.

“This kind of practice has disastrous consequences for the marine environment, for local fishermen and hence for African communities as well,” Pavel Klinckhamers said.

One of the main fishing players in the region, China, is currently conducting a revision of its Provisions for the Administration of Distant Water Fishery.

The review will include new sanctions for IUU fishing, however It is still crucial to ensure transparency, effective implementation, and the strengthening and effective enforcement of punishment measures by coastal West African countries, when vessels break the law.

Also, a number of new fisheries agreements are currently in the making. Last month China signed long term fisheries agreements with Sierra Leone and Mauritania and the EU is working on a fisheries agreement with Guinea Bissau, since the current protocol will expire later this month.

According to unconfirmed information, Senegal and Russia are also holding conversations around reintroducing Russia’s industrial fishing fleet, that was kicked out of Senegal back in 2012.

“This is not a quick fix, and we need everyone involved in West African fisheries to cooperate. For African states in particular, they need to manage shared resources jointly and ensure priority is given to the labor intensive, small-scale sector. This sector which directly employs one million people and generates €3 billion annually. At the same time, we need foreign fishing nations to ensure their fleets do not undermine the sustainability of fisheries in the countries they operate in,“ Ibrahima Cisse, senior oceans campaign manager in Greenpeace Africa, said.

For more than 15 years, Greenpeace and other NGOs have warned against overexploitation of fish stocks in West African waters and its serious impacts on livelihoods, food security and employment for millions of people in this region. Also, we have outlined how substantial progress can be made through strong cooperation and harmonization of West African fisheries policies and legislation.

In fact, regional cooperation has been at the core of an already established mandate for West African countries of the Sub regional Fisheries Commission, SRFC, since 1985.

Still, very little has been done in reality to turn the tides for West African waters, and the situation out at sea in West Africa and the consequences on land, are alarming.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Senate Pass Bill to Establish National Rice Development Council

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Price of Paddy Rice

By Adedapo Adesanya

The Senate has passed a bill seeking to establish the National Rice Development Council as part of the federal government’s effort to cut down on rice importation and improve the country’s foreign exchange earnings.

The passage of the bill followed the consideration of a report by the Committee on Agriculture and Rural Development.

Speaking at the presentation, the Chairman of the Committee, Mr Abdullahi Adamu, said the council will support the comprehensive development of the rice sector and the organisation of rice stakeholders to enhance local production of rice in Nigeria.

He explained that the organisation will transform the activities of rice farmers, rice processors, millers, researchers, marketers and other important stakeholders across the entire rice value chain, particularly the clusters of smallholder rice farmers and small scale millers spread all over the country.

“Mr President and distinguished colleagues, with our natural comparative advantage in the area of rice production as a country, Nigeria should consider the need to put in place a National Rice Development Council and a fail-safe comprehensive national rice development roadmap that will guide us not only into a regime of self-sufficiency in production but also for export purposes, employment generation for our teaming youth and growth of our economy.

“The Nigerian rice industry exists in the abstract as there appears to be no form of coordination in the absence of a properly structured rallying point.

“Today, we have Paddy Rice Dealers Association of Nigeria (PRIDAN), Rice Farmers Association of Nigeria (RIFAN), Rice Processors Association of Nigeria (RIPAN), Rice Millers Association of Nigeria (RIMAN) and many more.

“This Bill seeks to establish that rallying point and a comprehensive national operational and governance structure for a complete rice value chain process.

“Mr President and distinguished colleagues, this Bill on its own merit will improve government efforts for efficient policy and regulatory framework for the Nigerian rice industry; promote enabling business and investment environments for rice stakeholders; support the growth of the rice industry in Nigeria and in the sub-region as well as promote the sustainability of foreign exchange earnings put at about $2 billion annually for Rice related importation to the country.

“The framework created by thịs Bill will pull investment into rice production, provide the missing link between rice production and industrialization, provide employment, reduce migration from rural to urban cities and enhance socio-economic activities all over the country.

“Few countries having Rice Council include Rice Council of Tanzania, USA Rice Council, Directorate of Rice Development (India), Rice Association of Thailand, among others,” he said.

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Economy

SEC Praises Market Development Initiatives of NGX, CSCS, Others

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SEC Abuja office

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Limited, the Central Securities Clearing System and other capital market stakeholders have been praised by the Securities and Exchange Commission (SEC) for their market development initiatives, helping the capital market scale through the COVID-19 crisis.

According to the Director-General of SEC, Mr Lamido Yuguda, NGX plays a very significant role in the Nigerian capital market, and as such, the commission remains supportive of the exchange in the key role it plays towards developing the market.

While speaking at a meeting with capital market stakeholders in Abuja on Wednesday, the SEC chief further said the agency was aware that the advancement of new-generation information technologies, the rapid innovation of financial instruments and the impact of the COVID-19 pandemic are gradually transforming the operations of capital markets through the introduction of sound initiatives in the financial industry eco-system.

“The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the Pandemic-related unexpected challenges in global markets. However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth.

“You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the commission and the NGX Ltd. This emphasises the importance of collaboration on the growth of our market,” he said.

Mr Yuguda said specifically, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are highly commendable achievements that support our common goal of building a world-class capital market.

While applauding their efforts, the SEC boss, however, reminded them of the challenging task ahead and new threats brought forth by Fintech and what is expected from stakeholders to consolidate on the achieved gains while making necessary adjustments to improve market practices and remain vigilant against potential risks.

“We all have a common interest in developing a healthy, viable and world-class capital market. At the bottom of the work we do at the SEC, is investor protection. While trying to look at the rules we should not forget that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors,” Mr Yuguda said.

He reiterated that as the apex regulator of the capital market with a mandate to develop the market, SEC will continue to support all efforts aimed at making the markets fairer, more efficient and more transparent.

In his opening remarks, Chief Executive Officer of NGX Limited, Mr Temi Popoola, said there have been strong growth and market interactions in recent times which he attributed to the collaborative efforts of stakeholders.

Mr Popoola emphasised the need for education in the technology sector in the country, adding that as a market it is time to put all hands on deck to tap the potential in that sector.

“A lot of opportunities exist for the capital market. Technology can be used to address the capital formations in the market and we are making progress in tapping that.

“We are on a digitalisation drive and we have started with the MTN offer which was done electronically, we need to improve on that going forward. That is the only way to unlock the demography of young Nigerians that are technology savvy.

“We are collaborating with relevant stakeholders to ensure what’s best for the ecosystem. We are exploring ways to strengthen the entire market infrastructure,” he stated.

Also speaking, the Managing Director/CEO of CSCS, Mr Haruna Jalo-Waziri, welcomed the collaboration between markets, regulators and tiger stakeholders saying that the aim is to simplify the marker and give investors the experience they deserve to ensure they keep coming back.

“The market is changing, and with technology, a lot of the ways we were operating is also changing and we look forward to better market and operations,” he added.

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Economy

Nigeria Lost 2.418 million Barrels of Crude in December 2021—OPEC

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crude oil prices

By Adedapo Adesanya

Nigeria lost as much as 2.418 million barrels of crude in the last month of 2021, the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) showed on Tuesday.

The report noted that there was a daily underperformance figure of 78,000 barrels per day in December.

The month of December, according to the OPEC report, also saw Nigeria slump lower than other previous production performances, compared to, for instance, October, in which 1.228 barrels were pumped per day and November during which 1.275 million barrels were produced per day.

The data, according to OPEC, which uses both primary and secondary sources to obtain information on production levels, was received from direct communication with Nigeria.

Among members of the cartel, the OPEC Monthly Oil Market Report (MOMR) for January showed only crisis-torn Libya lost more oil than Nigeria, with a production deficit of roughly 119, 000 barrels per day.

For proper context, Nigeria’s quota for February remained at 1.7 million barrels per day, but the country’s effort to produce more in the last few months had not yielded any progress.

While the target was to produce about 1.86 million barrels daily by the Nigerian National Petroleum Company (NNPC) Limited, poor upstream infrastructure, long term waning investment and the impact of the OPEC-induced shutdowns last year, have combined to hobble the number of barrels pumped by Nigeria.

On the Nigerian economy, OPEC stated that although the country recorded a surplus of $3.6 billion, consumer prices have continued to pose a serious challenge.

“According to recently released statistics from the Central Bank of Nigeria (CBN), the country’s current account registered its highest surplus since early 2018, amid a strong trade position.

“In 3Q21, the current account posted a surplus of $3.6 billion compared with $348 million in 2Q21 and a shortfall of $3.6 billion in 3Q20.

“In 3Q21, exports exceeded imports by about $1.8 billion, recording the largest excess since late 2019. Additionally, improving oil prices continued to support the economic recovery, coupled with easing of the inflation rate, which marginally fell for the second month in a row to 15.4 per cent from 15.9 per cent, marking the lowest rate since November 2020, largely due to sustained moderation in food prices.

“However, on a monthly basis, consumer prices increased by 1.08 per cent, following a 0.98 per cent increase the previous month,” it stated.

On a global level, OPEC stuck to its forecast for robust growth in world oil demand in 2022 despite the Omicron coronavirus variant and expected interest rate hikes, predicting the oil market would remain well supported through the year.

Tight supply has given impetus to the current oil rally, and OPEC’s report also showed the group undershot a pledged oil-output rise in December.

The producers’ group said it expects world oil demand in 2022 to rise by 4.15 million barrels per day, unchanged from last month while oil consumption will surpass the 100 million barrels per day mark in the third quarter, also in line with last month’s forecast.

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