Business and Economy

NEPC to Setup Cashew Processing Plant in Ogbomosho

Published

2 years ago

July 18, 2023

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The Nigerian Export Promotion Council (NEPC) says it has finalised plans to establish a cashew processing plant in Ogbomosho, Oyo State.

The Executive Director of NEPC, Dr Ezra Yakusak, said this on Monday in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023. js">

Yakusak said that the development was in line with the council’s mandate and efforts to strengthen its value-addition campaign.

“NEPC under its export development programme for priority products has concluded plans for the establishment of a cashew processing plant in Ogbomosho, Oyo State on a Public Private Partnership (PPP) arrangement,’’ he said.

According to Yakusak, this is predicated on the fact that Ogbomosho cashew is globally acknowledged as a brand for good quality and thereby highly sought after in the international market.

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“We have since commenced processes towards setting up the processing plant,” he added.

On the inclusion of export promotion in the curriculum of Nigerian universities, Yakusak said that a Memorandum of Understanding (MoU) would soon be signed between NEPC and the National Universities Commission (NUC).

The NEPC boss said that the course when introduced would go a long way in enabling undergraduates to become employers of labour and be self-reliant after graduation.

“This initiative will further complement the efforts of NEPC at promoting the “Export4Survival Campaign’’ which is targeted at increasing the export of Nigeria’s non-oil products,” he said.

Pursuant to the Council’s commitment to ensure Nigerian products have easy access to international markets, he said that NEPC inaugurated an Export Trade House (ETH) in Hunan Province, China in April 19, 2023.

According to Yakusak, this is part of NEPC’s efforts to increase the export of Made-in-Nigeria products to China.

He said: “The establishment of the ETH is a collaborative effort between the NEPC and Zeenab Foods Limited under a Public-Private-Partnership arrangement.

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“With the opening of the China ETH, the Council has launched and operationalised a total number of four ETHs which are located in Cairo, Egypt, Lome in Togo, Nairobi in Kenya and China.

“Plans are underway to establish another ETH in Dubai, United Arab Emirates (UAE)”.

Yakusak said that NEPC has ensured the disbursement of N308.45billion promissory notes to 199 exporting companies.

“Following the approval of the Federal Government, the disbursement to 199 exporting companies under the Export Expansion Grant (EEG) Scheme has since been completed,’’ Yakusak said.

He said that Nigeria’s non-oil exports in the first half of 2023 generated 2.539 billion dollars as against 2.593 billion dollars for the corresponding period of 2022.

“From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review.

“The sector recorded a dip in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions,’’ Yakusak said.

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NAN

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Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement

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4 weeks ago

February 13, 2025

Abdulrahman Obaje

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Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.

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A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).

According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.

“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.

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“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.

“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”

Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.

He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.

“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.

“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.

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Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.

The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.

Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.

According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.

The bank was initially scheduled to commence operations January this year. (NAN)

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Business and Economy

Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo

Published

4 months ago

November 24, 2024

Abdulrahman Obaje

Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo

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By Abah Benjamin Eneojoh

The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.

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This outreach program marked a significant step in bringing socioeconomic development closer to the grassroots.

Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.

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The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.

At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.

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The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.

The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.