Osinbajo reveals Nigerian govt’s plan to diversify from oil

Vice President, Prof. Yemi Osinbajo, on Friday revealed that the Federal Government had embarked on plans to crash Nigeria’s dependence on crude oil for survival.

He said, a vibrant commodities trading ecosystem put in place by government would help diversify the economy and enhance Nigeria’s foreign exchange earnings.

The vice president spoke at a roundtable on Nigerian Commodities Trading Ecosystem held on Friday by the Securities and Exchange Commission (SEC) in Lagos.

His words: “The Commodities Trading Ecosystem is of paramount interest because Nigeria has an abundance of natural resources and accordingly a comparative advantage in agriculture, solid minerals and oil and gas, hence emphasis in the immediate term is the agricultural sector.”

The Vice President who was represented by Dr. Yemi Dipeolu, Special Adviser to the President on Economic Matters, Osinbajo said the Federal Government attached great importance to an active and vibrant capital market which will contribute to national growth and development.

According to the Vice President, “Agriculture (accordingly) occupies a pride of place in Federal Government policy, as stated on numerous occasions by the President and as articulated in the Economic Recovery and Growth Plan. The importance of agriculture was underscored during the last recession as its growth then of about three to four per cent prevented a steeper decline. Agriculture is also important for food security and as a means of generating a quick production response.

“The agricultural sector is also important for job creation and employment and for producing the raw materials that go into agro-processing. Indeed, the subsisting Agriculture Promotion Policy specifically aims to ‘integrate agricultural commodity value chains into the broader supply chain of Nigerian and global industry’.

Meanwhile, the Acting Director-General of SEC, Ms Mary Uduk, in her address said the Commission was collaborating with all relevant stakeholders to implement the 10-year Capital Market Master Plan to ensure Nigeria’s capital market was one of the world’s deepest and most liquid as well as the largest in Africa by 2025

“Currently, our potential as a nation is grossly underutilised in the area of commodities. There is, therefore, the need for these commodities to be efficiently harnessed to the benefits of our consumers, industries and governments.

“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization as well as low foreign exchange contribution affecting our agriculture and other commodities sub-sectors,” she said.

Source: Ripples

07-10-2019

AGO

PORT HARCOURT DEPOTDEPOT PRICE
AVIDOR PH
SHORELINK
BULK STRATEGIC PH₦188.0
TSL
MASTERS
LIQUID BULK₦200.0
STOCKGAP
NIPCO₦187.0
BULK STRATEGIC/NIPCO₦188.0
BULK STRATEGIC/TULCAN₦188.0
CALABAR DEPOTDEPOT PRICE
NORTHWEST ₦190.0
AMASCO
MAINLAND / PPMC
SAMON PET₦189.0
FYNEFIELD₦189.5
ALKANES₦190.0
YSG (YOUNG SHALL GROW)₦189.5
BLOKKS
HYDE₦ 189.0
UGO HANNAH₦192.0
WARRI DEPOTDEPOT PRICE
RAINOIL OGHARA₦189.0
NEPAL OIL & GAS / NNPC₦189.0
PRUDENT OGHARA₦189.0
MATRIX₦188.0
CYBERNETICS₦ 189.0
PINNACLE₦ 188.0
AYM SHAFA₦ 187.0
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AFRICA TERMINALS₦186.5
IBACHEM₦187.5
IBETO₦187.5
INT. OIL & GAS₦187.5
LEIGHTEN PET
ETERNA₦188.0
FOLAWIYO₦183.0
OBAT
OVH₦183.0
RAHAMANIYYA₦184.0
A Z₦186.5
NIPCO₦187.0
AITEO₦187.0
AIPEC₦183.5
SAHARA
EMADEB ENERGY₦186.0
A.A RANO₦184.0
WOSBAB₦186.0
MAO₦186.5
GULF TREASURE
SWIFT
RAIN OIL₦186.0
MENJ
TECHNO OIL₦183.5
FATGBEMS₦187
MRS

DPK

PORT HARCOURT DEPOTDEPOT PRICE
AVIDOR PH
SHORELINK
BULK STRATEGIC PH
TSL
MASTERS
LIQUID BULK
STOCKGAP
CALABAR DEPOTDEPOT PRICE
NORTHWEST
AMASCO
MAINLAND / PPMC
SAMON PET
FYNEFIELD
ALKANES
YSG (YOUNG SHALL GROW)
BLOKKS
WARRI DEPOTDEPOT PRICE
RAINOIL OGHARA₦ 210
NEPAL OIL & GAS / NNPC
PRUDENT OGHARA
MATRIX
A.Y. Shafa
LAGOS DEPOTDEPOT PRICE
AFRICA TERMINALS₦209.5
IBACHEM
IBETO
INT. OIL & GAS
LEIGHTEN PET₦212.0
ETERNA
FOLAWIYO
OBAT₦210.3
D-JONES
RAHAMANIYYA
A Z
NIPCO
AITEO
AIPEC
STAR SNERGY
EMADEB ENERGY₦209
A.A RANO
WOSBAB
MOBIL₦209
CHIPET
BOND₦210
RAIN OIL
MENJ
FORTE OIL
MRS₦215

ATK

PORT HARCOURT DEPOTDEPOT PRICE
AVIDOR PH
SHORELINK
BULK STRATEGIC PH
TSL
MASTERS
LIQUID BULK
STOCKGAP
CALABAR DEPOTDEPOT PRICE
NORTHWEST
AMASCO
MAINLAND / PPMC
SAMON PET
FYNEFIELD
ALKANES
YSG (YOUNG SHALL GROW)
BLOKKS
WARRI DEPOTDEPOT PRICE
RAINOIL OGHARA
NEPAL OIL & GAS / NNPC
PRUDENT OGHARA
MATRIX
LAGOS DEPOTDEPOT PRICE
AFRICA TERMINALS₦215.5
IBACHEM
IBETO
INT. OIL & GAS
LEIGHTEN PET₦ 215.5
ETERNA
FOLAWIYO
OBAT
D-JONES
RAHAMANIYYA
A Z
NIPCO
AITEO
AIPEC
STAR SNERGY
EMADEB ENERGY₦210
A.A RANO
WOSBAB
MAO
CHIPET
BOND₦210
RAIN OIL
MENJ
MRS₦215
MOBIL₦209

PMS

PORT HARCOURT DEPOTDEPOT PRICE
AVIDOR PH
SHORELINK
BULK STRATEGIC PH
TSL₦134.0
MASTERS₦133.8
LIQUID BULK₦133.8
STOCKGAP₦133.8
CALABAR DEPOTDEPOT PRICE
NORTHWEST ₦133.7
AMASCO
MAINLAND / PPMC₦133.28
SAMON PET
FYNEFIELD₦133.5
ALKANES
YSG (YOUNG SHALL GROW)
BLOKKS ₦133.3
UGOHANNA₦133.3
WARRI DEPOTDEPOT PRICE
RAINOIL OGHARA₦132.9
NEPAL OIL & GAS / NNPC₦133.0
PRUDENT OGHARA₦132.9
MATRIX
LAGOS DEPOTDEPOT PRICE
AFRICA TERMINALS
IBACHEM
IBETO
INT. OIL & GAS₦132.0
LEIGHTEN PET
ETERNA₦133.5
FOLAWIYO₦133.5
SWIFT₦132.2
D-JONES₦132.0
RAHAMANIYYA
A Z
NIPCO₦132.7
AITEO
AIPEC₦132.2
STAR SNERGY₦132
EMADEB ENERGY₦133.0
A.A RANO₦133.2
WOSBAB₦132.5
MAO
CHIPET₦132.0
BOND
RAIN OIL
MENJ₦132.2
FATGBEMS₦132.2
BOVAS₦132.2

LPG

PORT HARCOURT DEPOTDEPOT PRICE
STOCKGAP₦ 3,200,000
CALABAR DEPOTDEPOT PRICE
DOZZYN 3,300,000
WARRI DEPOTDEPOT PRICE
PRUDENT₦ 3,200,000
MATRIX₦ 3,150,000
SHORELINK₦ 3,350,000
LAGOS DEPOTDEPOT PRICE
NIPCO₦ 3,200,000
NAVGAS₦ 3,150,000
NNPC₦ 3,100,000
PPMC₦ 3,100,000