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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...

Nigeria will generate $420m yearly from exporting onions By Akinola Ajibade

Nigeria will generate $420m annually from onion exports

By Akinola Ajibade

Nigeria would generate  at least $420 million yearly,  from onion exports, once there is value addition to the product, the President,  National Onion Producers, Processors And Marketers Association of Nigeria (NOPPMAN), Alhaji Aliyu Isah Maitsasumu has said 

This is coming on the heels of the decision by the country to position itself in the global map of onion exporting countries and  encouragement of repatriation of foreign exchange back to Nigeria, which the association is spearheading.

Speaking during the National Executive Meeting ( NEC) of the association in Abuja recently, Maitsasumu said that Nigeria has a lot of revenues to generate from onion planting and exportation, if its adopt and implement the eight approach.

He urged both states and federal government as  to facilitate enabling environment for the association,saying the development will go a long way for the NOPPMAN to achieve its  goals in the area of contributing to the Nigerian Gross Domestic Product (GDP) and creating job opportunities through effective and efficient onion production.

The association also reiterated its commitment towards the promotion of the goals and visions of the Federal Government in implementing strategies that would facilitate the development of the non-oil commodity sector for job creation and for export.

Speaking with journalists after the NEC meeting, Maitsasumu said the bone of discussion was to discuss the achievements recorded so far in the onion sub-sector, challenges they are facing and look at the way forward to solve those challenges that arises from the successes recorded.

Highlighting some of the successes, NOPPMAN President said, the association has been able to initiate formal and documented exports, embarking on modern onion storage facility in Kuje, Abuja, which is the new initiative in the whole sub-sahara Africa.

Others are embarking on different conflict resolutions, increment in revenue generation and maintaining unity in diversity.

Also, the challenges according to him, includes double conversion rate, shortage in production, high-interest rate from the commercial banks.

According to him: “We have discussed the achievements recorded so far in the onion sub-sector and how to complement those achievements, we also looked at challenges we are facing and looking way forward on how to solve those challenges that arises from the successes recorded.Shortage in Production, Nigeria produces 1.4 million metric tons which fall short of its domestic demand of 2.5 million metric tons.

“This demand gap is largely occasioned by the inability to access necessary farming inputs on a timely basis, post-harvest losses due to the poor storage facility and inadequate processing plants due to lack of access to cheap credit facilities from government interventions.

“But we thank God, we have been able to initiate modern storage facility for onion production, which is the new initiative in the whole sub-sahara Africa. With this storage facility at Kuje, Abuja, the issue of spoil onion as a result of adequate storage facility is now the thing of the past, and this has resulted into more revenue for our members.

“The high-interest rate from the commercial banks does not help our business, which discourage our members across the value chain. If this situation continues, with the increase in population and the fact that Nigeria export Onions to other countries, this demand gap will continue to widen except there is a quick and timely intervention by the Federal government.

“It is our belief that once the above challenges are addressed, Onions and Onion products will contribute immensely to the Nigerian Gross Domestic Product (GDP) increment, Position Nigeria’s Onion value chain in the global map of Onion exporting countries, Encourage repatriation of forex back to Nigeria.

“We are therefore, appealing to the Federal government to facilitate an understanding between the Association and the business environment, such that, Onions value chain would be developed. This will no doubt help small holder farmers and marketers facilitate access to quick credit and encourage huge investment in the sub-sector”.

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