Connect with us
nairametrics

Business News

Presco Plc to develop high yielding oil palm seeds

Presco Plc, a palm-oil processing and agro-industrial firm has signed a partnership with the Edo state Government to develop high yielding oil palm seeds.

Published

on

Presco Plc Oil Production

Presco Plc, a palm-oil processing firm listed on the Nigerian Stock Exchange, has signed a partnership deal with the Edo State Government to develop high yielding oil palm seeds in the state. The project is part of the Edo State Oil Palm Programme (ESOPP).  

Details: Vandebeeck explained that the deal would enable his company to develop smallholder oil palm farms using technology. This, he said was why Presco was contracted as the company has a technology of multiplying seeds, called in-vitro culture. 

Presco boss disclosed that the company plans to create a special company in Nigeria for the propagation and distribution of high yielding planting materials. He said that Edo was regarded as a first choice location because of its ease of doing business as well as friendly government policies and hospitality in the state. 

READ MORE: Presco falls sharply in today’s trading session

Speaking on the partnership, Executive Governor, Edo State, Godwin Obaseki stated that the development of the high-yielding seeds was necessary to make the business more profitable for farmers as oil palm had a long gestation period. 

GTBank 728 x 90

“We want to collaborate in the area of research to have one of the world’s best planting materials. This is so that we can go back to where we used to be in terms of oil palm production in the world. Presco has a laboratory in Europe and they are thinking of expanding the laboratory here to Nigeria so that they can reproduce high-quality planting materials,” he said. 

What you should know: The Governor, Central Bank of Nigeria, Godwin Emefiele, at the launch of the ESOPP, explained that the apex bank has committed N69 billion as part of efforts to revive the country’s oil palm industry. Obaseki stated that the partnership with Presco was in support of the CBN’s oil palm initiative amongst other reasons.

Deal book 300 x 250
GTBank 728 x 90

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]

1 Comment

1 Comment

  1. Abioye, Victoria Olufunke

    January 8, 2020 at 4:10 pm

    Ok

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

FG set to create at least 5 million jobs for youths in the power sector – Minister of Power 

FG is set to create at least 5 million jobs for the youths, through its 5 million solar power initiative and other projects.  

Published

on

Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Minister of Power has disclosed that the Federal Government of Nigeria is set to create at least 5 million jobs for the youths, through its 5 million solar power initiative and other projects.  

This was disclosed by Engr. Sale Mamman, The Minister of Power, during a stakeholder meeting in Jalingo, the Taraba state capital, where he addressed youths on the need to foster peace and harmony. 

Mamman, stated that in line with the demands of the youths, the Federal Government is set to create massive job opportunities for Nigerian youths in the power sector through its 5 million solar power initiative. 

This initiative includes the five million Solar Home System (SHS) project, the Mass Metering Scheme, among others. 

The minister lauded the youths for making their voices heard on developmental issues, He urged the youths to shun violent protest while giving the President a chance to implement their demands and other ongoing robust projects on youth empowerment. 

GTBank 728 x 90

What they are saying 

Speaking on the initiative to immerse 5 million Nigerian youths into the power sector, the minister said: 

“Plans are ongoing to kick start this and it is being designed to ensure that majority of the firms and the installers are Nigerian youths. This is also part of the commitment of President Muhammadu Buhari’s focus on lifting 100 million people out of poverty within 10 years. 

GTBank 728 x 90

“From the briefings I have received so far, the youths are taking up opportunities in this aspect as well as in renewable energy. This is another way the government will be empowering young Nigerians as the local assembly; installation and the maintenance of these meters are largely handled by our industrious youths.” 

“The minister urged the youths to vigilant and resist and attempt by some people to use them to incite violence for their sinister motive, noting that the Federal Government was tailoring more programmes for the youths through the Siemens Presidential Power Initiative and in building capacity on renewable energy.” 

“There is the assurance of Mr. President that Nigerians will be beneficiaries of the Siemens project which will turn around the power supply situation of Nigeria. When this happens, industries will be revived and SMEs driven by youths will thrive more. 

What you should know 

  • The initiative is expected to commence with a target for one-million-meter installation at least by December.  
  • The implementing agencies of the initiative are the Rural Electrification Agency and the Niger Delta Power Holding Company. 
  • However, the Central Bank of Nigeria is supporting local firms and Meter Asset Providers on financing the initiative. 
  • The National Power Training Institute of Nigeria (NAPTIN) is expected to play an active role in order to ensure that more youths become solar power installers and dealers to create a whole new trend of skills for self-empowerment. 

Why this matters 

The 5 million Solar project initiative will be implemented through the Economic Sustainability Plan steered by Vice President Yemi Osinbajo, and it is expected to create opportunities for manufacturers of solar panels, installers, revenue collection agents and technicians. 

Jaiz bank ads

This initiative is expected to reduce the level of unemployment in Nigeria, and cater to demands for better opportunities by the youths, through self-employment. 

Fidelity ads

Continue Reading

ENDSARS

#EndSARS: Lagos State needs N1 trillion to rebuild losses – Gbajabiamila

Gbajabiamila has said that the Lagos State Governor told him that the state would need N1 trillion for the reconstruction of destroyed assets.

Published

on

Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

The Speaker of the House of Representatives, Femi Gbajabiamila has disclosed that Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized and destroyed by hoodlums.

Gbajabiamila disclosed this while responding to questions from State House Correspondents after the assessment visitation of some of the properties that were destroyed during the protest.

What you should know

The #EndSARS protest which started as a peaceful demonstration by thousands of youths, degenerated into chaos after the protests were hijacked by hoodlums. The distasteful actions of hoodlums and arsonists have seen properties worth billions of naira vandalized, destroyed and razed down.

One of the consequences of these events was reported by Nairametrics as the Lagos State Government revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, which gives a total of N3.9 billion.

(READ MORE: Lagos to support owners of looted, vandalised stores)

GTBank 728 x 90

What they are saying

According to information gathered by The Punch, the Speaker said, “The House of Representatives will do all it can to compensate all those who suffered brutality, including policemen that lost their lives in the process.

“However, we want to know what exactly happened at the Lekki Toll Gate. The judicial panel must reveal this. However, I want to encourage Nigerians to allow peace to reign.

“I learnt from the governor of Lagos State that it will take N1trn to rebuild what had been lost and asked him what’s the budget size of the state, he said about N1trn. You can see we are moving backwards.

GTBank 728 x 90

“Hence, we must consider the consequences of our actions before embarking on any venture. I, therefore, appeal to the youth to allow peace to reign henceforth. I still believe in the unity of Nigeria.

Continue Reading

ENDSARS

#EndSARS: NBC fines AIT, Channels and Arise TV over use of “unverifiable” footages

The NBC has sanctioned three major Nigerian television stations over their reportage of recent unrest across the country.

Published

on

NBC slams N5 million fine on Nigeria Info over Mailafia's inciting comments

The National Broadcasting Commission, NBC, has fined Nigerian media houses including AIT, Channels TV and Arise News, claiming they used unverifiable video footages from social media to cover the #EndSARS protests.

This was disclosed in a report by AIT on Monday afternoon. According to media reports, the regulators imposed various fines on Arise TV, African Independent Television (AIT) and Channels Television between N2million and N3million.

“The National Broadcasting Commission has sanctioned Africa Independent Television, AIT, Arise TV and Channels for what it calls, a gross violation of the broadcast code, top of which is the use of unverifiable online video footages on the social media,” AIT said.

The Acting Director-General of the commission, Armstrong Idachaba, warned that further sanctions will be harsher and announced that the owners of AIT, DAAR Communications would be fined separately for alleged reports of a fire incident at the National Christian Centre.

The sanction according to Idachaba, will be a fine of not less than N2 million.

GTBank 728 x 90

The NBC had warned last week that broadcasters must “perform the role of a peace agent by adhering to the principle of responsibility, accuracy and neutrality” in reporting the protests.

More details later..

GTBank 728 x 90
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement