Business
NDDC Will Be Green Energy Compliant -Ogbuku
Managing Director of the Niger Delta Development Commission, (NDDC), Dr. Samuel Ogbuku, has assured that the Commission will continue to adopt measures to promote the use of clean energy as part of the solution to the global climate change challenge.
Speaking in a live interview on ARISE Television, after attending the Climate Change Conference, COP28, in Dubai, the United Arab Emirates, Ogbuku stressed the need for a permanent solution to the environmental challenges faced by the Niger Delta region as a result of crude oil exploration and exploitation.
He said: “The conference in Dubai gave us the opportunity to highlight our position on the climate change issue and seek partnerships and investments in renewable energy. We went there to tell our story as the people of the Niger Delta and to let the world know the impact of crude oil exploration and gas flaring on our environment.”
The NDDC boss underlined the negative impact of climate change on the inhabitants of Nigeria’s oil basin, including forceful migration of many communities due to pollution, flooding and environmental degradation.
Ogbuku said: “We believe that the Niger Delta region is the most affected in Nigeria by issues of climate change. The impact of crude oil and gas exploration has eroded our environment and most of our communities have been deserted due to urban migration.”
Reflecting on the gains of the commission from the Climate Cnange Conference, the NDDC boss said, “I believe we achieved a lot of success. We held discussions on partnerships with various organisations, including the National Council of Climate Change, especially in the area of tackling the issue of gas flaring.”
He stated that the commission was investing in solar power to light up communities in the Niger Delta region, adding that it was expecting to recover carbon credits from the investments.
Ogbuku gave an insight into the Commission’s plans for 2024 and beyond, stating: “We are preparing our 2024 budget and we will capture all these investment plans, which include a massive tree-planting campaign and the training of youths in renewable energy to prepare them for the future.”
In his presentation during an event on the sidelines of the Climate Summit, NDDC managing director said the Commission would train 1,000 youths in the Niger Delta region on conversion of fuel engine to condensed Natural Gas, CNG.
He noted: “About 1,000 youths are to be trained on conversion from fuel to gas engine. We want to make Niger Delta the hub of engine conversion, where we can also be outsourcing to other parts of Nigeria.
“We want to take that bold initiative that is going to engage most of our youths because we also want to be involved in the whole green energy process.”
Ogbuku stated that the Commission decided to take the challenges and prospects of the Niger Delta region to the global conference to elicit the right actions, noting: “There is the need for us to tell our own story at the global stage.”
He observed that there had been discussions on gas flaring, climate change and carbon emissions, over the years with no substantial results, saying: “We have come to a point where we must take the right actions.”
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.