To boost Nigeria‘s foreign exchange earnings, the Minister of Agriculture Senator Abubakar Kyari has informed on ongoing trade agreements with Saudi Arabia to include the annual export of 200,000 metric tons of red meat and one million tons of soya beans.
He spoke with journalists at the State House, Abuja at the end of the 142nd National Economic Council (NEC) meeting, adding that the Federal Government and some Nigerian entrepreneurs that will be involved in the export agreement had already sorted out modalities.
Kyari, who was joined at the briefing by Governors Hope Uzodimma (Imo); Usman Ododo(Kogi) and Abba Yusuf (Kano) as well as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also told journalists about the four agriculture mechanisation programmes approved by the Federal Government.
Speaking on the export agreement with the Kingdom of Saudi Arabia and other such efforts being made by the Bola Tinubu administration, Kyari said “I briefed Council on the efforts of Mr. President in trying to be the Marketer-in-Chief of Nigeria when Mr. President went to Saudi Arabia in November 2023, for the Saudi-African Summit, where, I on the sidelines, met with my counterpart of the Saudi Arabia, the Minister of Agriculture of Saudi Arabia, and discussed the areas of partnership within the agricultural space.
“Thereafter, precisely on the 9th of May, the Minister of Agriculture of Saudi Arabia paid a return visit to Nigeria, he came here for a two day visit in Abuja, where we exposed him to all our agribusiness entrepreneurs, and they had a far reaching discussion.
“Shortly thereafter when they left, they sent us an expression of interest, that they’re interested in 200,000 metric tons of red meat every year and 1 million tonnes of soya. We have already last week had a meeting with our entrepreneurs and we have come out with a roadmap where we can supply and satisfy that demand.
“We are looking at partnership with foreign governments, not necessarily trying to ask them to come and invest, but asking them what can we produce so that we can sell to you so that we can earn foreign exchange”, he said.
He said there is a 10-year, $1 billion consortium led by Origin Group, which will establish 1000 agro-sector service providers nationwide, deploying a minimum of 2000 tractors annually for the next five years.
He added that this effort is expected to engage at least 600,000 youths in managing these service centers.
According to him, the project was approved by the Federal Executive Council (FEC) during its last Tuesday, adding that the elaborate plan will be rolled out as soon as it is feasible.
The Minister revealed further that the John Deere Tata arrangement will supply 2000 tractors by the end of the year and that the Greener Imperative Project, a 950 million euro initiative, is currently in the works and will be unveiled soon.
Furthermore, the Belarus tractors deal will provide 2000 tractors per year for the next five years, along with 9000 implements and spare parts, 50 service vehicles, and maintenance centers.
The package also includes ten 150 horsepower combined harvesters, with delivery expected to commence within the next 60 days.
The Minister further provided updates on the federal government’s food security interventions, disclosing that the distribution of 42,000 metric tons of grains as well as 20 trailers of rice per state, across the federation, by the federal government had been concluded, adding that more than 1,500,000 bags of fertilizer have also been released.
On his part, Governor Abba Yusuf of Kano announced the constitution of the board of the Niger Delta Power Holding, which he said had operated for a long time without a supervising board.
He revealed that it is made up of governors of Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom states representing the different geo-political zones.
“One of the resolutions centered on the nomination for the Board of the Niger Delta Power Holding Company of Nigeria it has been operating for some time without the boards.
“After deliberations council approved the nominations of the following from the six geopolitical zones: Governor of Borno from North East, Katsina, North Central, Imo from South East, Ekiti from South West, Kwara from North Central, Akwa Ibom from South – South.
“I also called on the management of the company to accord the board members the needed support to the board members so that they can work together for the good of all”, he said.
The council also received updates on the nation’s financial standing by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, with the Excess Crude Account reported at $473,754.57, the Stabilization Account at ₦28,738,722,369.83, and the Natural Resources fund at ₦53,891,102,650.71.
The Ad Hoc Committee on Flood, Erosion, Drought and Desertification (Mitigation, Adaptation, Preparedness and Response), presented by the Governor of Kogi State, Ahmed Usman Ododo, which called for the revitalization of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.
The Council also resolved that the Vice President, Minister of Finance and Coordinating Minister of the Economy, the Minister of Agriculture and Food Security, Minister of Water Resources and Sanitation, and the Minister of Budget and Economic Planning meet on Monday to strategize on funding sources to mitigate the climate challenges facing the states.
On update from NEC Ad-Hoc Committee on Economic Affairs presented by Governor of Kwara State, Alhaji AbdulRahman AbdulRazaq, the Council resolved that the committee aligns its mandate with the National Economic Management Team [NEMT] to come up with robust solutions to the nation’s economic challenges.
The committee is working closely with states to address challenges related to foreign exchange loan facilities and fuel pricing.
The Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Imo State Governor, Hope Uzodinma, presented key recommendations as part of interim measures to improve security at oil and gas terminals and enhance regulatory oversight in the sector.
Oyo Governor Seyi Makinde was co-opted into the committee as a subject matter expert, just as the committee was mandated to submit its final report to council within one month.
The council also received an update on the ongoing discussions regarding the establishment of state police, urging states to expedite their submissions on the matter.
