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Cost Of Cows May Hit N2m In Lagos

Cost Of Cows

Cost of cows may hit N2m in Lagos, as state moves to pass anti-open grazing bill

Cost of a cow in Lagos is set to go up as Miyetti Allah Cattle Breeders Association (MACBAN) said members will sell one for N2 million if anti-open grazing bill is passed in the state.

Cattle rearing business has been criticised in Nigeria, as their movement across the country has caused clashes between herders and farmers, leading to murder and loss of investment.

This has led various states outside the northern part of Nigeria to draft the anti-open grazing bill, which will stop cattle rearers from grazing openly and hopefully end clashes between farmers and rearers.

However, MACBAN zonal secretary for South-West, Maikudi Usman, said the anti-open grazing bill will affect cost of rearing cows, as owners of the cows and bulls are not financially capable to rear them in a spot.

Usman made the revelation on Wednesday, during a one-day public hearing organised by the state House of Assembly on the anti-open grazing bill in Lagos.

He suggested that cattle rearers could register when they stay at a location, and when they move to another, because cattle is best breed by moving from one location to another during rainy and dry season across the country.

“If cattle are bred in one place, the price could go up to about two million naira each. We agreed with some local chiefs in other states that anyone who wants to rear cows in a location should register and should indicate when he is leaving.” Usman said.

The zonal secretary added, “Our breeders are not used to breeding cattle in one place. They move from here to another place. When we say we will keep cattle in one place, the owner of the cattle will not have funds to feed the animals in one place”, he said.

Business

Dangote reduces diesel price to N1,020 per litre

Dangote Petroleum Refinery and Petrochemicals (DPRP) has reduced the cost of its diesel product to N1,020 per litre down from N1,075 per litre a reduction of N55 which it said is an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, the Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction for diesel follows the revelation by Development Economist and Public Policy Analyst, Professor Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.

Professor Ife also praised the Refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, the don explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.

However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role.

“If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs.

“They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” the Professor said.

He also added that the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market while expressing confidence that Nigeria is on the path to self-sufficiency in petroleum products thus simultaneously positioning itself as an energy export powerhouse.

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Banking

Africa Energy Bank to launch in first quarter, targets $120 billion asset base

African energy bank logo (credit: Goggle)

The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, will launch in the first quarter of 2025 and target an asset base of $120 billion, Nigeria’s junior oil minister said on Tuesday.

The fossil fuel-focused bank, a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization, was due to start operations by mid-2024, an Afreximbank official said last year.

“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Nigerian junior oil minister Heineken Lokpobiri.

The minister joked that Nigeria too will follow U.S. President Donald Trump’s mantra on increasing oil drilling and remove all impediments to grow oil production to 2.5 million barrels per day this year. Currently Nigeria’s crude output averages 1.7 million bpd.

Nigeria, Africa’s top oil producer, beat three rival African countries for the right to host the multilateral lender.

(REUTERS/POLITICALE)

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Business

MTN hikes prices of data, SMS to reflect new tariff plan

MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices.

A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices.

For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500.

The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others.

Text messaging on the network has also increased to N6.00 reflecting the 50 per cent hike, while hike in voice calls rates are yet to be ascertained.

Other mobile operators comprising Airtel, Globacom, and 9mobile are yet to update their data prices as at the time of filing this report.

NAN reports that the Nigerian Communications Commission (NCC), the industry’s regulatory body had approved a maximal increment of 50 per cent tariff adjustments to operators.

The Commission said its approval, though less than the 100 per cent hike demanded by operators, was in response to prevailing operational costs.

It said that its decision was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.

The NCC said that, while recognising the concerns of the public, the decision was made after extensive consultations with key stakeholders across the public and private sectors.

“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments,’ the NCC said in a statement.

It noted that these adjustments would support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity.

The NCC added that consumers would benefit from better network quality, enhanced customer service, and greater coverage within the country. (NAN)

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