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Farmers-herders Crisis Costing Nigeria $14bn In Losses Annually – Buhari’s Aide

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Senior Special Assistant to the President on Agriculture, Dr. Andrew Kwasari has said Nigeria loses about $14 billion annually to the incessant conflicts between farmers and herders.

Kwasari revealed this in Abuja on Tuesday during his presentation at the Summit on National Livestock Transformation Plan (NLTP) with the theme: “Positioning The Nigerian Livestock Sector For 21st Century Economy, “jointly organised by the Federal Ministry of Agriculture and Rural Development and Agriculture Correspondents Association of Nigeria (ACAN).

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To resolve the lingering crises between farmers and herders as well as reposition the livestock sector in the country, Kwasari, said the Federal Government in collaboration with states have begun the implementation of the National Livestock Transformation Plan (NLTP)2019–2028.

He noted that already 22 States have sent letters of expression of interest to the office of the Chairman of the National Economic Council and Vice President, Prof. Yemi Osinbajo, adding that 10 States have set up the States Livestock Transformation Office.

As part of the implementation strategy, he said four states have identified and mapped out the gazetted grazing reserves in their domain as well as taken off the implementation of the NLTP in earnest.

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These states, according to him, include Nasarawa, Plateau, Adamawa and Kaduna.

READ ALSO: 2023 Will Determine Nigeria’s Progress, Restoration Say Saraki, Gov Udom

Also speaking, Dr. Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development, explained that the two-day Summit was organised with the aim of enlightening stakeholders, investors and the general public on the inherent investment opportunities that abound in the livestock sub-sector, dispelling misconceptions about the real intentions of Government for initiating the National Livestock Transformation Plan (NLTP) and to stimulate active participation of Nigerians to reap the full benefits of NLTP in the short, medium and long terms

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Abubakar pointed out that the bulk of the Nigerian labour force is engaged in various forms of agricultural enterprises especially along the livestock value chain with over 30% of women and young adults depending largely on livestock for their income, livelihoods and sustenance, adding that the livestock sector remains a major component of the agricultural economy and plays a significant role in the overall national economy.

He revealed that the livestock sector accounts for about 2-5% of the National Gross Domestic Product(GDP) and 10% of the Agricultural GDP.

He said: “Recent estimates show that the livestock sector is endowed with abundant livestock resources with about 26.4 million cattle, 88.2 million goats, 50.3 million sheep, 8.9 million pigs, 465 million chickens, 36.4 million ducks, 3.8 million turkeys, 5.5 Rabbits, 353,173 camels, and 1,234,284 donkeys (FMARD 2021), thus making the nation the topmost livestock producer in West Africa”.

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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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Naira Appreciates Against Dollar At Foreign Exchange Market

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The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

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According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

READ ALSO:Naira Depreciates In Parallel Market

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The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

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However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market

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Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

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The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.

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