Economy
Livestock Sub-Sector Contributes 5.8% to Nigeria’s GDP—FG
**Lauds Chi Farms, Zoetis on Veterinary Laboratory Project
By Dipo Olowookere
CHI Farms and Zoetis have been commended for the establishment of an ultra-modern veterinary diagnostic centre called City Laboratory, which was commissioned on Wednesday, September 12, 2018 in Ibadan, Oyo State.
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, disclosed that the commissioning of the diagnostic centre justifies the collaborative efforts of federal government and the private sector in providing essential tools needed for sustainable socio-economic growth in livestock development in Nigeria.
Mr Ogbeh, who spoke through the Director and Chief Veterinary Officer, Department of Veterinary and Pest Control Services, Federal Ministry of Agriculture and Rural Development, Dr Olaniran Alabi, said further that the livestock sub-sector contributes 5.8 percent of nation’s Gross Domestic Product (GDP) and provides livelihoods to over 30 percent of the Nigerian rural population.
He added that for livestock business in Nigeria to remain profitable and sustainable in the face of growing population and demand for protein, it was important that animal diseases and epidemics were well controlled and eradicated.
The Minister pointed out that the sub-sector was limited by a number of factors most important of which is the preponderance of a wide range of animal diseases such as Contagious Bovine Pleuropneumonia (CBPP), Peste des Petits Ruminant (PPR), African Swine Fever (ASF), etc.
For Nigeria to ensure a profitable livestock business for farmers, proper, efficient and accurate animal disease diagnosis need to be carried out, he said.
“It is important to note that animal disease diagnosis is an important component of veterinary services and that Nigeria has quite a number of laboratories that carry out animal disease diagnosis. However, these laboratories operate below their optimal level thereby leading to huge gap in veterinary diagnosis services.
“The establishment and equipping of Chi Farms’ ultra-modern veterinary diagnostic laboratory being commissioned today in Ibadan could not have come at a better time than now that Nigeria is looking forward to diversification of its economy through agricultural and other non-oil sectors.
“Let me use this opportunity to appreciate Chi Farms and Zoetis-ALPHA for this laudable initiative and call on other foreign organizations to partner with Nigeria on animal health and veterinary services,” Mr Ogbeh said.
Also speaking at the event, National President of Poultry Association of Nigeria (PAN), Mr Ezekiel Ibrahim, said the poultry industry in Nigeria has been confronted with many challenges especially losses as a result of diseases outbreak, which according to him has frustrated and crippled some farmers’ investments, leaving them dejected and hopeless.
He acknowledged the efforts of National Veterinary Research Institute (NVRI) in domesticating animal disease diagnosis but pointed out that emerging challenges and changing trend in clinical manifestation of diseases calls for a more aggressive intervention.
According to him, “Managing poultry disease is highly sensitive to the time the index case is identified in order to avoid, control and prevent production losses.
“This is where the quality of veterinary diagnostic laboratory intervention becomes a centre point in management decision on disease control. The industry requires a diagnostic laboratory facility that is reliable in sensitivity and specificity. This is the future of addressing challenges of disease in the poultry industry.”
“The poultry industry at this time requires availability, reliability, accessibility and affordability of diagnostic services for growth,” he added.
The association chief also commended CHI Farms and Zoetis for the precise intervention through the establishment of City Laboratory while adding that, the project has come at the right time to support the growth of the poultry industry and redirect the attention of the sub-sector to the importance of quality laboratory service in disease control.
In his opening remark, Managing Director of Chi Farms Limited, Mr Martin Middernacht, said the motive behind the establishment of City Laboratory in partnership with Zoetis is to assist livestock farmers raise healthy and profitable animals as well as conduct research and come up with vaccines based on tests conducted.
Also, the Regional Director Zoetis, Sub-Sahara Africa, Mr Gabriel Varga, stated that the partnership of his organization with Chi Farms Limited on the project is basically to assist poultry farmers in Nigeria realize their full potential.
Mr Varga further stated that similar laboratories will be opened in different parts of the country in subsequent phases of the A.L.P.H.A project.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN