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Nigeria Produces 350,000 tonnes of Coconut Annually—Olusanya

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By Modupe Gbadeyanka

The acting Commissioner for Agriculture in Lagos State, Ms Abisola Olusanya, has said more than 350,000 tonnes of coconut are produced in Nigeria annually.

The Commissioner made this disclosure on Wednesday at the Year 2020 Coconut Day Celebration organised by the Lagos State Coconut Development Authority at Lagos Farm Centre, Agege.

She said of this figure, which she said was still below what the likes of the Philippines, Malaysia and other Asian countries produce yearly, the contribution of Lagos State is over 70 per cent.

“I believe Nigeria as a whole produces over 350,000 tonnes of coconut annually but it is far behind what the likes of Philippines, Malaysia and other Asian countries are producing on an annual basis,” she said.

Ms Olusanya said the state government was working with private investors to establish a coconut processing factory in Badagry very soon to further optimise the use of coconut and harness the economic potentials in the value chain.

According to her, the factory will be exclusively dedicated to the processing of coconut husk to coir and coco peat, among others, under a Public-Private Partnership arrangement in the State’s Y2021 Annual Work Plan and Budget.

“It is believed that with all these efforts, Lagos State will continue to be the number one coconut producer in Nigeria. This will, to a great extent, provide jobs and employment for teeming citizens.

The support will also lead to various job creation in other areas aside from the above mentioned and contribute to export and foreign exchange earnings for Nigeria,” she said.

While reiterating Governor Babajide Sanwo-Olu’s commitment to adopting a much more robust food security strategy for the State next year, the Commissioner said the theme of this year’s celebration Coconut in the 21st Century Economy was aimed at creating awareness for the promotion of production, processing, utilisation and commercialisation of the coconut value chain.

She said that the occasion takes into cognisance the fact that Nigeria ranks 18 among over 92 coconut producing countries of the world.

“This occasion, therefore, serves as another timely wake up to go back to the basics and rekindle the interests and values of coconut and its plethora of products for social, environmental, economic and wellness advantages as seen to be practised and enjoyed sustainably by coconut driven economies.

“Lagos has a comparative advantage for coconut production, processing, utilisation and commercialisation and as of today, remains the hub of Coconut in Nigeria and all coconuts traversing the West Coast of Africa,” she said.

Ms Olusanya noted that the implementation of many initiatives in the coconut sub-sector by the state government is to further bring awareness of the potentials of coconut that have not been fully tapped.

She congratulated all the coconut value chain actors and assured them of government’s continuous support in providing an enabling environment to unleash potentials of the wonder crop to an enviable level.

In his presentation, Dr Joshua Odewale of the Nigeria Institute for Oil Palm Research (NIFOR), Benin City, Edo State, urged the government to set up an endowment fund for coconut and coconut products, national consumption and export for about 20 years, noting that the Philippines set a 25-year endowment fund goal.

He expressed the need for government to take coconut as a personal crop, know the crop and identify the genuine stakeholders in the coconut industry as well as the secondary product needs of the industry.

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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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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