Business
Minister Decries Absence of Reliable Agriculture Data
By Edozie Obasi-Eze
The Minister of State for Budget and National Planning, Prince Clem Agba, has decried the absence of reliable agricultural data, which he pointed out negates effective policy formulation.
He barred his mind on Friday in Abuja, during the 2022 African Statistics Day Celebration (User/Producer Dialogue) held at the National Bureau of Statistics (NBS).
According to Prince Agba, the need for reliable agricultural data cannot be overemphasised because it would contribute to better information on food security, which would guide the government’s policies and strategies.
In his words, “Statistics, using modern methods and innovative technology is the right way to go if Nigeria and the African continent are to achieve their lofty development plans and strategies.
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“NBS has taken up the challenge of using modern methods to produce the right agricultural data the country needs and the government will continue to provide the required support.”
He opined that the national statistical system has to be properly financed; the development of statistical skills and expertise must be supported, and access to new tools in technology-enhanced.
He assured that more efforts have to go into supporting the NBS and the Nigerian statistical system to continue to innovate and produce more useful information that informs the government, businesses, research communities, and the public.
He called for consistent use of the data churned out by the national statistic system.
“The purpose of government is to deliver the greatest good to the greatest number of people. So if the statistics show that there are issues, we need to use them as they are.
“That is one of the reasons we decided to carry out the Multidimensional Poverty Index Survey. We have to reduce poverty in a sustainable way that will promote growth.
“Once you understand who is poor; to what extent they are poor; why they are poor and the type of poverty, then you will be able to address issues,’’ he said.
Statistician-General of the Federation, Prince Semiu Adeniran, described the theme for this year’s celebration as apt because of the peculiar times the country and Africa were presently in.
“Over the past six months, the issue of food security and nutrition has been a topical issue in many countries across Africa, most especially since the start of the Russia-Ukraine conflict.
“The conflict has had a significant impact on the food supply of Africa which gets more than 40 percent of its wheat and corn from Ukraine.
“In Nigeria, a major importer of grains from Ukraine, the situation is further exacerbated by security challenges and floods that have affected farming activities across the country.
“Producing and using the right agriculture statistics to inform policies and interventions that boost output, improve nutrition and food security in Africa is of high priority and a matter of urgent national importance,’’ he said.
Adeniran stressed that as daunting as the challenge of tackling nutrition and food insecurity was, equally daunting was the production of agricultural data required to underpin it.
He said the collection process of agriculture data was one of the most tedious among the various types of data collected by the NBS.
Savannah Energy has shared a trading update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.
According to the update, made available on Thursday in Lagos, its gross production in Nigeria averaged 23.1 Kboepd for FY 2024, broadly in line with the prior year’s 23.6 Kboepd, of which 88% was gas (FY 2023: 91%).
On the update, CEO of Savannah Energy, Andrew Knott, said, “I am pleased to provide a FY trading update which demonstrates the continued progress we have made in 2024, a year which saw the highest level of cash collections ever recorded by our Nigerian business. 2025 is expected to be an exciting year for our Company: we have a large planned operational programme in Nigeria which is anticipated to enhance both our oil and gas production levels and capacity; we intend to progress our R3 East oil development project in Niger; we continue to pursue key acquisitions in the upstream oil and gas space; and we continue to seek to build our power business.
“Fundamentally, Savannah remains unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND power sectors.”
The update It also shows that it generated a Total Income of US$393.6 million in 2024, compared to FY 2023’s US$289.8 million. This consists of Total Revenues of US$258.7 million and Other operating income of US$134.9 million.
The report also shows that Savannah’s FY 2024 Total Revenues were ahead of the previously issued financial guidance of greater than US$245 million, while FY 2024 financial guidance is reiterated for Operating expenses plus administrative expenses at ‘up to US$75 million’. The company expects its FY 2024 capital expenditure to come in lower than planned (previously guided at ‘up to US$50 million’) due to the phasing of spend.
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According to the update, Savannah’s cash collections in 2024 amounted to US$248.5 million, a slight increase from the US$206 million it received in 2023. The report further shows that its cash balances as at 31 December 2024 stood at US$32.6 million, compared to the 31 December 2023 figure of US$107.0 million.
The report shows that the company’s midstream subsidiary, Accugas Limited, had as at 31 December 2024 drawn down on its NGN332 billion of the NGN Transitional Facility, with the resulting funds being converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million.
The report also provided new updates on Accugas’ US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria, noting that its commissioning which will enable the expansion of gas production in the medium term is well underway.
The report highlighted the progress being made in the procurement process of long lead equipment in Nigeria for a potential two-well drilling campaign on the Uquo Field in H2 2025, with an additional gas development well expected to add up to 80 MMscfpd of supplemental production capacity and a potential exploration well targeting an Unrisked Gross gas initially in place (“GIIP”) of 154 Bscf (25.7 MMboe) of incremental gas resources.
The update shows that progress is also being made in the planned Savannah acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field (“Stubb Creek”), with regulatory approval and completion being targeted in Q1 2025. Following the completion of the acquisition, Savannah intends to commence an expansion programme which is anticipated to increase Stubb Creek gross production from an average of 2.7 Kbopd in 2024 to approximately 4.7 Kbopd.
In Niger, Savannah continues to seek to progress its 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger, while it continues to push for a potential alternative transaction structure to acquire a material stake in producing oil and gas assets in South Sudan as previously announced on 20 December 2024.
On the renewable energy front, the update shows that Savannah has up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. A firm believer in Africa’s transition to renewable energy, Savannah continues to target a portfolio of up to 2 GW+ of power projects in motion by the end of 2026.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
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