The report that despite claims by the Nigerian National Petroleum Company Limited that the logistic issues causing fuel scarcity had been addressed, Nigerians in Lagos and other parts of the country are still struggling to get petrol as many filling stations remained under lock and key throughout the weekend dominates the headlines of Nigerian newspapers on Monday.
The Punch reports that despite claims by the Nigerian National Petroleum Company Limited that the logistic issues causing fuel scarcity had been addressed, Nigerians in Lagos and other parts of the country were still struggling to get Premium Motor Spirit as many filling stations remained under lock and key throughout the weekend.
The PUNCH independently gathered that the situation might worsen in Lagos and other parts of the South-West like Ogun, Oyo, Osun states and others because there was a directive by the NNPCL that fuel trucks must first service the Federal Capital Territory before any other place.
As a result, the majority of trucks leaving the depots in Lagos since Friday were heading for Abuja.
Officials of the NNPCL and marketers told our correspondents that there was a directive that depots should service Abuja filling stations before any other part of the nation. They worried that queues might linger for the next three days in the South-West.
According to the oil sector sources, hundreds of trucks loaded on Saturday were sent to Abuja based on the NNPCL directive.
The officials, who spoke on condition of anonymity because they were not authorised to speak to the press on the matter, also disclosed that the product was being rationed by the NNPCL, which now allocates 5,000 metric tonnes of fuel instead of 10,000MT to depots.
The newspaper says that the Minister of Agriculture and Food Security, Senator Abubakar Kyari, has emphasised the importance of investing in research and development to grow the agriculture sector of the economy.
The minister stated this at the 4th edition of Agric-Investment and Capital Market Conference 2024, in Lagos.
Kyari said, “Governments and businesses must understand the importance of investing in innovation, research, and development. By supporting entrepreneurship, fostering an environment that encourages creativity and providing resources for start-ups, we can cultivate an ecosystem that paves the way for economic growth and prosperity from here.
“It is through the active participation and engagement of individuals, professionals and investors that the agricultural sector can flourish. This can be achieved by nurturing a sense of togetherness, encouraging collaboration, and investing in infrastructure, education, and social programs.”
The minister, who was represented by the Lagos State Coordinator, Federal Ministry of Agriculture and Food Security, Mrs Omolara Abimbola, said, “We must strive for growth that benefits everyone, leaving no one behind must be our watchword. By promoting equality, preserving our natural resources, and embracing sustainable practices, we can foster growth that is both beneficial and long-lasting.”
In her address, the Chief Executive Officer of Welcome2Africa International, Bamidele Owoola, noted that the 4th edition of the AICM was an effort to spur sustainable agricultural development throughout the African continent having successfully facilitated huge investment in agriculture in the continent.
She posited, “We are pleased to announce that Welcome2Africa International successfully facilitated $24 million in investment for various Nigerian Agribusinesses at the Agri-Investment and Capital Market Conference.
“This outstanding accomplishment is a turning point in our mission to strengthen agribusinesses, encourage agribusiness innovation, and propel economic development throughout Africa.”
She disclosed that the 2024 conference was an improvement over last year.
The Vanguard newspaper reports that the federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, who disclosed this in a statement on X (formerly Twitter), said the federal government is seeking bids from asset managers to set up the fund.
She said the initiative is expected to support critical sectors including infrastructure, health care and education to grow the economy.
According to her, the fund will be guided by an advisory board comprising limited partners, calling on eligible firms to express their interest in its management.
“The fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promote national development.
“The fund will be managed by Fund Managers that satisfy the criteria set out in the Expression Of Interest (EOI). The Fund manager will propose Fund structures that will focus on various sectors and stages of investments.
“Subject to the preferences indicated by fund managers, the fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.
“This fund is a way of encouraging remittances, attracting investments and facilitating philanthropic endeavors aimed at supporting various sectors such as infrastructure, healthcare, education and entrepreneurship in Nigeria.”
The newspaper says that Emzor Pharmaceuticals has unveiled plans to construct an Active Pharmaceutical Ingredients (API) facility in Sagamu, Ogun State, worth $23 million (about N25 billion) to combat the pervasive threat of malaria in Nigeria and sub-Saharan Africa.
This was confirmed in a joint statement by Kunle Faloye, Head of Marketing and Strategy, and Uzoma Ezeoke, Executive Director, Emzor pharmaceuticals.
The establishment of the API plant marks a significant milestone in enabling local production of essential pharmaceutical ingredients crucial for manufacturing anti-malarial drugs.
By aligning with Sustainable Development Goal 3, which seeks to ensure longer and healthier lives for all, Emzor’s efforts promise to shield millions of people in Africa from disease and disability.
Furthermore, the project highlights financial inclusion and the health of pregnant women by producing APIs intended for use in manufacturing anti-malarial pharmaceuticals, including those for the Intermittent Preventive Treatment of malaria in pregnancy.
Upon completion, the API facility will be the first anti-malarial API manufacturing plant in Nigeria and Africa, and it is expected to produce 400 metric tonnes of quality APIs annually, significantly accelerating the fight against malaria in the continent.
Recall that last October, during the EU-Nigeria Strategic Dialogue, the European Investment Bank (EIB) announced a 14 million Euros funding to Emzor Pharmaceutical Industries Limited to accelerate the fight against malaria in Africa through the construction of the first anti-malaria API manufacturing plant in Nigeria.
The project will reduce Nigeria’s reliance on importing more than 90 percent of its API, and will focus on producing high-quality and affordable anti-malarial drugs, marking a pivotal advancement in Africa’s healthcare sector.
Emzor Pharmaceuticals has also partnered with India’s Mangalam Drugs and Organics Limited for technology transfer training, testing, and initial production at the site.
GIK/APA