India in the month of July 2013 has surpassed the U.S. as the top buyer of Nigerian crude oil.
As per the recent statistics it has been that India had been buying more of Nigeria’s crude than the U.S. over the last three months in year 2013.
Oil-rich Nigeria has an estimated 37.3 billion barrels of proven crude oil reserves as of 2011, according to the “Oil & Gas Journal,” something that makes it appealing to China.
“It’s a long-standing policy of China to try to gain access to both energy and other natural resources around the world, but heavily in Africa,” Charles Ebinger, director of the Energy Security Initiative at the Brookings Institution in Washington, D.C., said.
China gave Nigeria a $1.1 billion low-interest loan, it was announced this week, and in return China can expect more Nigerian oil, going up from 20,000 barrels per day to 200,000 by 2015, Agence-France Presse reports.
Oil remains the main source of foreign currency and state revenues, but agriculture is by far the biggest contributor to Nigeria GDP, making up 40% of Africa’s second largest economy.
Agriculture also offers the best chance to cut unemployment, which is 23% and youth unemployment double that, national statistics suggest.
“Poverty is the source of a lot of the insecurity problems we have. A hungry man is an angry man,” Adesina said.
The minister plans to create 3.5mn new jobs in agriculture and boost food production by 20mn tonnes by 2015, the year of the next national election.
To achieve this, he wants to boost access to microfinance for farmers and draw in $10bn of foreign investment into farming and food processing.
He has received tentative praise for early successes from foreign diplomats, bankers and aid agencies, but big agro-business projects have yet to take off.
Adesina took a corrupt fertiliser subsidy out of politicians’ hands and now farmers are texted subsidy vouchers directly to their mobile phones so they can recoup from fertiliser sellers, a policy used in Kenya’s farming reforms.
Seventy percent of farmers now receive subsidised fertiliser and seeds, compared with 11% under the corrupt programme previously run by state governments, Adesina said.
Military officials say they have uncovered mass graves of decomposing bodies, networks of underground tunnels and caches of buried arms in raids that killed dozens of Islamic extremists in Nigeria’s northeastern city of Maiduguri.
Sunday’s statement about last week’s raids contradicts previous military assurances that it had forced militants out of major cities and towns in a two-month-old security crackdown in three northeastern states covering one-sixth of Nigeria.
Nigeria on Wednesday charged three Lebanese nationals allegedly linked to the militant Shiite movement Hezbollah with terrorism related offences.
Five Lebanese nationals were implicated last month after a huge cache of arms and ammunition was found in their premises in the northern city of Kano and the capital Abuja.
Three of them — Mustapha Fawaz, aged 49, Abdallah Thahini, 48 and Talal Ahmad Roda, 51 — were hit with a six-count charge of terrorism, while a fourth suspect was freed and the fifth was said to be on the run.
The three were also said to hold Nigerian citizenship.
Last week’s massacre of students at a government secondary school in Yobe State sent many families into mourning. A week after suspected insurgents violently attacked, slaughtered and burnt both students and teachers at Government Secondary School (GSS) Mamudo district in Yobe state, survivors of the ugly incident and the entire community are yet to recover from the shock, much as the atmosphere of fear still pervades the land.
Scores of students and teachers were killed in the early hours of Sunday, when a boarding school was attacked by the insurgents. Accounts of the incident by survivors overwhelmingly revealed that the assailants gathered students and teachers into one dormitory, where they opened gunfire, hauled explosive devices at them and set the place ablaze. Yobe State government reacted by ordering the immediate closure of all secondary schools in the state, till the next academic session. Governor Ibrahim Geidam said the schools would remain closed till next September when a new session would commence.