Business

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

Published

3 years ago

April 26, 2022

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).

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.

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

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

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”.

Related Topics:Buhari's Aide Farmers -Herdsmen clash

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Business

Naira Depreciates Against Dollar

Published

2 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

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.

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.

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.