Business
Abia Govt to resuscitate cocoa processing industry
The Abia Government says it will resucitate the state-owned cocoa processing industry to boost production of the commodity and enhance economic fortunes of the State.
The Vanguard reported that the State Deputy Governor, Mr. Ikechukwu Emetu, announced this on Tuesday during a meeting with the members of the State Cocoa Transformation Committe in Umuahia.
He said that Nigeria was the largest exporter of cocoa after Cote D’Ivoire, hence the state government was poised to explore the entire value chain in the production and processing of the commodity.
He added that government would provide funding and training for cocoa farmers to adopt improved ways of farming to boost production of the produce.
“We are determined to make Abia State one of the largest producers of cocoa in Nigeria,” he said.
Emetu said that the meeting was to acquaint the farmers with government’s policy thrust on cocoa production and as well remind them of the imperatives of cocoa production.
He explained that cocoa production contributed towards enhancing food security, good nutrition, organic fertilisers, raw materials for industries and served as a source of foreign exchange.
The deputy governor expressed displeasure over the leasing out of Agbozu Cocoa Estate, a government- owned property, in Uzuakoli, Bende Local Government Area of the State.
He directed the Permanent Secretary, Ministry of Agriculture, Mr. Okey Ihedioha, to furnish him with the lease agreement for further necessary action.
In his remarks, Ihedioha said that the state was blessed with cocoa producing belts in areas such as Ibere community in Ikwuano LGA and Itumbuzo community in Bende LGA.
He said that with encouragement and adequate support from the government, the state would record improved cocoa production.
Mr. John Kalu, the State Chairman of the Cocoa Farmers Association, said that Abia was ranked 8th among cocoa producing states which created room for improvement.
Kalu urged the government to subsidise the rates of inputs and distribute improved cocoa seedlings to farmers for mass production and bumper harvest.
The representative of Cocoa Institute Of Nigeria, Mr. Prince Olaniyi, expressed disappointment that the only government-owned cocoa plantation had been leased out .
He said out of the cocoa-producing states, Abia had one of the best cocoa seeds nationwide .
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
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