more and more African countries to plant palm oil for foreign currency earnings. hope no glut in future and they dont dump it cheaply.
ABUJA (June 14): Nigeria plans to increase its palm oil production 700% over the next eight years to help improve its foreign-exchange earnings that are largely dependent on crude oil exports. The new policy will boost local production to about five million tons from 600,000 tons a year by investing as much as 180 billion naira (US$500 million) beginning this year, the trade and investment ministry said in a report. “Our policy objectives over an eight-year period (between 2019 and 2027) will see that we locally produce 100% of local crude palm oil demand by 2027, increase revenue from importation via duties and deliver 225,000 full time jobs and at least 450,000 seasonal jobs,” it said. The new policy also seeks to remove the 75% duty rebate granted on refined palm oil imports and extend a current three-year tax holiday for all producing and processing companies to five years. It will introduce a five-year restriction of crude and refined palm oil importation to large-scale refineries and crushing-plant owners. Farmers will be given access to loans at 9% per year through a central bank-administered lending, to expand cultivation by at least three million hectares. Presco Plc, the country’s largest producer of palm oil, is driving an expansion plan that expects a 500-ton capacity refinery to begin operating in first quarter of 2020, with an additional increase of its milling capacity from 60 tons an hour to 90 tons an hour by next January, chief executive officer Felix Nwabuko said in a conference call with investors on Thursday. By 2022, the company expects to push capacity to 210 tons an hour, with an additional 60 tons per hour in milling facilities, he said. The West African nation’s palm oil imports rose from 302,000 tons in 2017 to 600,000 tons by end of 2018, costing the country as much as US$500 million, despite placing the commodity on a forex-exclusion list, central bank figures indicate. While Nigeria wants to grow quickly in palm oil, it’s still likely to be a small part of a market dominated by Indonesia and Malaysia. The country currently ranks as the world’s fifth-biggest producer in palm oil, accounting for less than 2% of global production, according to data from the U.S. Department of Agriculture.
"Huawei, the world’s largest telecommunications equipment maker, is likely to see its revenues drop by $30 billion over the next two years in the face of “so strong and so pervasive” attacks by the United States, the company’s founder and CEO Ren Zhengfei said today (June 17)." “I didn’t expect the US to be so determined in attacking us so widely,” he said"
The old cock who became PM again restarted his old habit of thrashing the west as if he is the smartest in the whole universe. The economy is spiralling down and he is adding fuel to fire to make it ashes.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
rmkfac100812
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Posted by rmkfac100812 > 2019-06-13 13:53 | Report Abuse
5354 r u?