Nigeria, Spain Partner In Irrigation Farming

Image

By Dipo Olowookere

Ambassador of Spain to Nigeria, Mr Alfonso Barnuevo, has disclosed that his country was open to Nigeria for business investment especially area irrigated farming.

Mr Barnuevo disclosed this on Friday when he paid a courtesy visit to the Minister of Water Resources, Mr Suleiman Adams in his office.

According to the Diplomat, Spain has been doing business in Nigeria for the past decades in oil and gas, and they are set to diversify into agriculture.

He added that the country was in the process of building solar farming technology that would help boost their agricultural investment.

He called on Nigeria to key in in the new technology as Nigeria is trying to diversify its economy too.

Responding, the Minister stated that Nigeria would be interested in the solar farming Spain was proposing as the country is currently diversifying its economy from oil base to agricultural driven economy.

“One of the things we want to do as a country in irrigation farming is to make it cheap in technology, we need to conserve water for irrigation,” he said.

In his passion to actualize the irrigation policy of the Federal Government, the Minister disclosed to the Ambassador that he would be embarking on study tour to Spain on irrigation felicity of the country and how Nigeria could benefit from it.

Both parties agreed that there is the need to have a Memorandum of Understanding (MoU) to concretize the business discussion of the day.

Share
Related Stories
Image
04-March-2024

Meristem Analysts Value Transcorp Power at N2.3trn

By Aduragbemi Omiyale Analysts at Meristem Research have put the value of Transcorp Power Plc at about N2.3 trillion (precisely N2.290 trillion), higher than its current value of N1.8 trillion. The power-generating firm joins the Nigerian Exchange (NGX) Limited today, Monday, March 4, 2024, by introduction. It will be the second GenCo (Generating Company) to list its shares on the domestic stock exchange. The first was Geregu Power Plc owned by Mr Femi Otedola, which joined in October 2022. Transcorp Power, a subsidiary of Transcorp Plc, a firm controlled by Mr Tony Elumelu, listed today on the bourse about 7,500,000,000

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

More Stories
Image
24-April-2023

Train-7: Daewoo, Saipem to Appear Before Reps May 2

By Adedapo Adesanya The House of Reps Committee on Public Petitions has summoned the Project Manager, Daewoo Engineering and Construction Limited, and the Project Manager of Saipem Contracting Nigeria Limited to appear before it over the alleged torture and intimidation of Nigerian workers engaged in the construction of the NLNG Train-7 project in Bonny Island, Rivers State. There has been a protracted industrial crisis between the NLNG Train-7 EPC firm, Daewoo Engineering and Construction Limited, and its employees under the aegis of the National Association of Plant Operators (NAPO), who are demanding fair labour practices in line with international best

Image
16-August-2018

NCDMB Tasks Upstream Oil Firms to List Shares on NSE

By Dipo Olowookere The need for oil and gas companies in the upstream and midstream to list their shares for trading on the Nigerian Stock Exchange (NSE) has been emphasised by the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote. Speaking on Tuesday on the floor of the NSE, Mr Wabote said listing of oil and gas firms on the stock market would change the operating model of the industry and enable the pooling of funds for growth, empowerment and inclusion of Nigerians in the activities of the sector. He submitted that oil and gas

Image
13-April-2017

Banking, Industrial Counters Sustain Market Rally by 0.05%

By Afrinvestor The equities market closed positive at the end of trade on Thursday as the All Share Index (ASI) added 13.30 points or 0.05 percent to close at 25,510.01 points. Consequently, market capitalisation advanced N4.6 billion to settle at N8.8 trillion while YTD loss remained at 5.08 percent. STANBIC (+2.2%), WAPCO (+1.9%) and ZENITH (+1.3%) were the major drivers today. Also, market activity improved as volume and value traded rose 41.0 percent and 82.8 percent to settle at 349.3 million units and N2.3 billion respectively. Performance across sectors was mixed as two sector indices advanced while three declined. The

Image
15-May-2019

NSE Okays Listing of MTN Nigeria Shares on Premium Board

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has approved the listing of shares of MTN Nigeria Plc on its trading platform, Business Post has confirmed. This followed a similar approval given to the nation’s largest telecommunications company by the Securities and Exchange Commission (SEC) last week. As earlier reported by us, MTN Nigeria Plc will list a total of 20.355 billion units of its shares at N80 to N90 per share on Thursday, May 16, 2019. Already, the stock exchange has confirmed that the telecom firm will list its shares on its platform tomorrow, precisely on its premium board.

Image
30-January-2018

Gavi Appoints Elumelu Africa’s Champion for Immunisation

By Modupe Gbadeyanka Notable public–private global health partnership organisation, Gavi, has appointed Dr Awele Vivian Elumelu as its Champion for Immunisation in Africa. According to the chief executive of Gavi, Dr Seth Berkley, the significance of Dr Elumelu’s appointment comes at a critical time for the Vaccine Alliance–the 2018 Mid-Term Review of progress towards realising its 2016-2020 mission. “We are delighted that Dr Elumelu will bring her knowledge and expertise from health and business sectors towards championing the cause of immunisation. “Her engagement will be particularly important this year, as we move towards the Mid-Term Review, where the Vaccine Alliance

Image
25-December-2020

EU, UK Brexit Trade Deal Buoys Oil Market

By Adedapo Adesanya The bullish momentum at the oil market lately was sustained on Thursday and this was buoyed by the Brexit trade deal between the European Union and the United Kingdom. On the Christmas eve, the price of the Brent crude rose by 9 cents or 0.18 per cent to sell at $51.29 per barrel, while the West Texas Intermediate (WTI) appreciated by 11 cents or 0.23 per cent to trade at $48.23 per barrel. It was observed that the news of the Brexit trade agreement was received well by the market because there had been fears that both

Image
21-November-2018

Corruption Has Increased Under Buhari—UK Politician

**Warns Investors to Snub Nigeria By Dipo Olowookere A member of the parliament in the United Kingdom, Priti Patel, has warned foreign investors not to invest in Nigeria because the government of President Muhammadu Buhari does not respect “international law and convention, and court decisions.” In a short op-ed for City AM, London’s first free daily business newspaper, Patel, former secretary of state for International Development in the UK, said there are risks that “businesses will face in Nigeria” if they invest in the country, which prides itself as the largest market in Africa. The female politician noted that, “Despite

Image
29-October-2019

Resort Savings Weighs Offer from New Investor as Chairman Steps Down

By Dipo Olowookere An unnamed investor is considering putting a huge amount of money into Resort Savings and Loans Plc, but the options are being weighed by parties involved. At the meeting of the board of directors of the financial institution last Thursday, in Lagos, the offer brought by the new investor was looked into and discussed. Business Post gathered that from all indications, there is the possibility of allowing the new business person to join the company and perhaps have a say on the constitution of the board. At the moment, things are being done underground, with details of

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent