By Cross Udo, Abuja
The Federal Government is actively pursuing a massive $25bn undersea gas pipeline project to supply gas to Europe.
This came as Vice President Senator Kashim Shettima stated yesterday that the President Bola Tinubu administration is fully committed to reviving the cocoa industry and the entire agricultural value chain in Nigeria, with a target of transforming the sector from a mere producer to a processor of cocoa on the global stage.
Shettima stated that President Tinubu’s bold economic reforms have positioned Nigeria as a prime investment destination, particularly in the energy sector.
Speaking yesterday during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa, the Vice President said Nigeria’s leadership transformation under President Tinubu represents an unprecedented opportunity for international investors.
He said, “Most important is the leadership. President Bola Ahmed Tinubu grew up in that ecosystem- energy and finance.
“In the past 25 years, we have not had a leader who dares to take far-reaching decisions as he has taken- the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms.”
The Vice President made a direct appeal to global investors, stating that “he (the President) is putting Nigeria on a new trajectory. This is where the action is: invest in Nigeria.”
Shettima described Nigeria’s gas sector as a beacon of stability and transparency amid global uncertainty. “The world is changing, and ours is a gas and not an oil economy. We have the eighth largest gas reserve in the world,” he said.
The Vice President urged Vitol to leverage its considerable technical expertise and global influence in advancing Nigeria’s gas infrastructure and exports.
The Nigeria Liquefied Natural Gas Limited (NLNG) has been largely insulated from government interference. What we are getting from the NLNG is so predictable. We want to harness the potential in the gas sector fundamentally because of the stability and transparency in that arena,” Shettima said.
Earlier, Jeffrey Dellapina, the leader of the delegation and Chief Financial Officer of Vitol Group, stated that Vitol has a long-term commitment to Nigeria.
“This has been an incredibly close and vital country for Vitol for a very long time. We have participated in various activities, including downstream operations, financing, trading, and government support when needed.
“We do want to maintain an understanding that Vitol is committed, and we are always available to deploy capital when needed. We want to say that Vitol is committed to this country, and we want to stay in this country and evolve with you.”
Additionally, Murtala Baloni, Head of Public Affairs at Vitol Group, noted that the company is currently enjoying a favourable business relationship with Nigerian companies and the government.
“We support the business of the government in ways that we can in the deployment of capital. We were one of the major funders of Project Gazelle, a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited), where we put in $300 million during the COVID-19 period,” he stated.
Also present at the meeting was Nigeria’s Country Manager for Vitol Group, Thomas de Montulé.
*We’ll move Nigeria from cocoa production to processing- Shettima
Meanwhile, Shettima stated that President Bola Tinubu’s administration is fully committed to reviving the cocoa industry and the entire agricultural value chain in Nigeria.
According to him, the administration is putting everything in place to ensure that Nigeria transitions from being a mere producer of cocoa to a processor of cocoa by promoting sustainable cocoa farming and forest preservation.
Shettima, who stated this during an audience with a delegation from the World Cocoa Foundation (WCF) led by its President, Mr Chris Vincent, at the Presidential Villa, noted that it is in a bid to return to the drawing board in respect of revamping the nation’s cocoa industry that the Federal Executive Council (FEC) recently approved the establishment of a National Cocoa Management Board (NCMB).
“Let’s walk the talk. We used to be one of the world’s leading cocoa producers, but because of the advent of oil, we have been relegated to the background now.
“But we can reclaim that lost glory, and the President is fully committed to revitalising not only the cocoa industry but all agricultural value chains.”
Shettima pointed out that the price of cocoa has skyrocketed globally, assuring that “with the Renewed Hope Agenda of President Bola Tinubu,” Nigeria is poised to go “back to the drawing board.
“At our last Federal Executive Council (FEC) meeting, the government approved the establishment of the National Cocoa Management Board geared towards revitalising the cocoa industry and the whole cocoa value chain,” he added.
The Vice President emphasised the need for Nigeria to start processing cocoa products, as he informed the WCF delegation that the nation has the necessary workforce, including capable young Nigerians who are willing to take advantage of the job opportunities in the agricultural sector.
He said, “We don’t want to be producers of cocoa; we want to be processors of cocoa because a tonne of cocoa will fetch you $9,000 now, but processed cocoa will get you $30,000. If you turn them into chocolate bars, that might fetch you $50,000.
“So, we have the human resources, the average age of the nation is 17. We have competent young men who are willing to work if given the opportunity. So, I’m speaking from the heart; we are willing to partner with your organisation.”
Shettima also disclosed that he was already working on building a cocoa farm to lead by example, stating that his passion is not driven by profit-making but by the desire to contribute to the country’s social welfare.
“I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people. Look, let me take you to my farm, and you’ll be convinced that the new Nigerian leadership is actively involved and is itching to drive the process.”
The Vice President pledged Nigeria’s readiness to work with WCF, assuring that he would personally engage the governor of Taraba State to secure 10,000 hectares in the Kurmi local government area of the state for WCF and other partners to expand their investments in the nation’s cocoa industry.
Earlier, the Vice President of the WCF, Mr Vincent, declared the Foundation’s readiness to work with the Nigerian government to revitalise the cocoa sector in Nigeria in line with the European Union’s sustainable regulations.
He said, “We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of cocoa, sustainable cocoa in particular,” he stated, noting that the WCF represents the whole global cocoa supply chain, which includes the very biggest manufacturers of both chocolate and cocoa.
“The key thing here is that we have a clear alignment with industries which need to grow in supply sustainably, and I’m aware of the Nigerian State’s ambition to grow cocoa as a crop, and I know the opportunity is now. Because we are in a supply deficit, the next two to three years are an opportunity for growth,” he added.
