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Business News

Nigerian fish farmers may benefit from EU’s €40m deal with FAO 

In a move to promote sustainable fisheries and aquaculture, the FAO of the United Nations and the EU have signed a €40 million deal. 

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Nigerian fish farmers may benefit from EU’s €40m deal with FAO 

In a move to promote sustainable fisheries and aquaculture, the Food and Agriculture Organisation of the United Nations (FAO) and the European Union (EU) have signed a €40 million deal.

The deal, which will kick off in 2020, is a five-year programme with focus on developing sustainable fisheries and aquaculture in Africa, the Caribbean and the Pacific Group of states tagged FISH4ACP.

[READ MORE: Nigerian gets top United Nations appointment]

The European Commissioner for Maritime Affairs and Fisheries, Karmenu Vella and the FAO Director-General Qu Dongyu signed the deal at the “Our Ocean 2019” conference in Oslo, Norway.

Nigerian fish farmers may benefit from EU’s €40m deal with FAO 

Speaking during the signing, Vella said that the areas of focus were on three aspects of sustainability which are the economic, the environmental and the social.

 “It will enable us to strike a balance between production and protection, to contribute towards fair income distribution; to promote decent working conditions, sound fisheries management and social inclusiveness; and to champion sustainable aquaculture practices.,” the European Commissioner said.

Dongyu also commented on the collaboration, praising the new approach this is bringing to the fisheries and aquaculture sector.

“We welcome this new, comprehensive value chain approach to the development of fisheries and aquaculture that takes into account all players, at all stages – from net to plate. This is an innovative approach that will boost economic returns and social equity, and reduce negative impacts on the marine environment,” Dongyu said.

What this means: The programme will benefit fish farmers around Africa in inland and marine fisheries, involving catfish, small pelagics, oyster, shrimp and tilapia value chains from Nigeria to Zimbabwe, and from Lake Tanganyika to São Tomé and Príncipe and the continent’s Atlantic shores.

What you should know: The FISH4ACP is an innovative EU-funded programme, devised with Africa, the Caribbean and Pacific Group of states (ACP). It is to be implemented by the FAO. It would invest in value chains to stimulate inclusive growth, bolster food security and minimise impact on the marine environment.

[READ ALSO: Bridging Nigeria’s Infrastructure gap; getting the funding]

Why this matters: This is a great avenue for Nigerian farmers to benefit from as fish farming is giving utmost priority in the country. Apart from producing enough fish to meet the nation’s demand, it can also be exported to other countries to be used as raw material in manufacturing industries for productions of glues, paints, medications and so on.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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