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Singapore faces medium risk of severe transboundary haze in 2025: Report
Singapore faces medium risk of severe transboundary haze in 2025: Report

CNA

timea day ago

  • Business
  • CNA

Singapore faces medium risk of severe transboundary haze in 2025: Report

Singapore faces a higher risk of severe haze for the rest of this year, compared with last year. Going by a traffic light system, the Singapore Institute of International Affairs has given the risk an amber rating, which is more serious from green last year. It cited a rise in Indonesia's deforestation as a reason. As burning is the main cause for transboundary haze, SIIA said that Singapore may easily be affected since it is close by. SIIA chairman Simon Tay shared how a higher demand for palm oil could drive more deforestation.

Nigeria: FG launches national palm oil traceability framework to slash $600mln import bill
Nigeria: FG launches national palm oil traceability framework to slash $600mln import bill

Zawya

time6 days ago

  • Business
  • Zawya

Nigeria: FG launches national palm oil traceability framework to slash $600mln import bill

In a move to revive Nigeria's dwindling palm oil industry and curb an annual import bill exceeding $600 million, the Federal Government, in collaboration with Solidaridad Nigeria, has inaugurated the National Palm Oil Traceability Framework and an Inter-Agency Committee to drive its implementation. Speaking at the inauguration ceremony in Abuja, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, represented by the Ministry's Permanent Secretary, Dr Marcus Ogunbiyi, described the national palm oil traceability framework as a strategic milestone toward reclaiming Nigeria's lost glory as a global palm oil powerhouse. 'In the 1960s, Nigeria accounted for over 40% of global palm oil production. Today, our share has fallen to less than 2%, producing only 1.4 million metric tons against a national demand of over 2 million metric tons annually. This gap costs us more than $600 million every year in imports,' Ogunbiyi noted. According to him, the new traceability framework is designed to modernise the sector by ensuring every liter of palm oil produced locally is traceable, high-quality, and ethically sourced. 'Traceability is the language of the now and the future. Consumers and markets today demand to know a product's origin and whether it meets ethical, health, and environmental standards. In the agriculture of tomorrow, traceability will not be optional, it will be a passport. A product without a story of origin will be a product without a market', he stressed. He added that the initiative aligns fully with the National Agricultural Technology and Innovation Policy (2022–2027) and the Renewed Hope Agenda of President Bola Tinubu, which places agriculture at the heart of economic diversification, food security, and rural prosperity. Solidaridad Nigeria, one of the key implementing partners of the framework, highlighted the far-reaching impacts the initiative is expected to have on the entire value chain, from smallholder farms to processing mills and export markets. Kene Onukwube, Program Manager at Solidaridad Nigeria, said the framework would close gaps in Nigeria's domestic arrangements and drive greater efficiency across the sector. 'Our inability to trace palm oil production to specific farms or processors has limited our productivity. With a robust traceability system, we will see more efficiency in production, processing, and marketing. This will position Nigeria to compete globally and cut down on imports significantly', Onukwube said. He noted that Solidaridad, supported by the Kingdom of the Netherlands and the UK Foreign, Commonwealth, and Development Office, has already piloted traceability systems in four states, Akwa Ibom, Cross River, Enugu, and Kogi, demonstrating proof of concept for wider national adoption. 'These states cannot operate in isolation, so this national framework brings everyone together under a unified policy. Today's inauguration is not just a ceremony but a call for all stakeholders and agencies to understand their roles and work together toward a future-ready palm oil subsector', Onukwube said. The newly inaugurated Inter-Agency Committee will steer the implementation process, address technical challenges, and ensure that all relevant institutions align with national goals. Stakeholders at the event agreed that the framework would not only improve transparency and food safety but also enhance Nigeria's competitiveness in regional and global markets, while boosting income for local farmers. With the new traceability system, Nigerian government hopes to unlock investments in climate-smart oil palm production, ensure ethical sourcing, and build a resilient industry capable of reclaiming Nigeria's place as one of the world's leading palm oil producers. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (

Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million
Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million

Forbes

time18-07-2025

  • Business
  • Forbes

Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million

Workers outside the AWL Agri Business (Previously Adani Wilmar) edible oil manufacturing unit in ... More Mundra, Gujarat, India, on Wednesday, Feb. 8, 2023. Photographer: Dhiraj Singh/Bloomberg Wilmar International—the Singapore-based palm oil giant cofounded by Malaysia's richest tycoon Robert Kuok and his nephew Kuok Khoon Hong—has agreed to buy billionaire Gautam Adani's 20% stake in their Indian joint venture company AWL Agri Business for 71.4 billion rupees ($824 million). The Adani Group has been divesting its shares in AWL. In December, Adani Enterprises announced that it intends to completely divest its stake in the company to focus on its core infrastructure businesses in renewable energy, transport, and logistics. The following month, Adani Commodities sold 13.5% of AWL to the public, raising public ownership in the company to 23%. With a market cap of $4 billion, AWL, which went public in India in 2022, is the largest consumer foods manufacturer in India, with interests in edible oils, oleochemicals as well as food staples such as rice, sugar and wheat. Upon completion of the transaction, which is pending regulatory approvals, Wilmar will own about 64% stake in AWL once the deal is completed. Adani Group plans to sell its remaining 10.4% stake in AWL to pre-identified investors, according to an announcement released on Thursday. AWL is one of over 10 joint ventures run by Wilmar, which counts Robert Kuok and his nephew Khoon Hong among its biggest shareholders. Robert, who has an estimated net worth of $12.5 billion, also has interests in Shangri-La hotels, data centers, real estate, shipping, and logistics. Khoon Hong, chairman of Wilmar, has a net worth of $3.4 billion, which also includes his stake in Perennial Holdings, which is building Singapore's tallest skyscraper in partnership with ecommerce giant Alibaba.

PZ Cussons narrows profit guidance and sells stake in Nigerian palm oil firm
PZ Cussons narrows profit guidance and sells stake in Nigerian palm oil firm

The Independent

time18-06-2025

  • Business
  • The Independent

PZ Cussons narrows profit guidance and sells stake in Nigerian palm oil firm

Imperial Leather and Carex soap firm PZ Cussons has trimmed the top end of its profit guidance and announced plans to sell its half of a Nigerian oils business. The London-listed firm said its profit outlook has been impacted by £2 million of new packaging recycling costs under the so-called Extended Producer Responsibility (EPR) rules, as well falling sales of self-tanning St Tropez ranges in the US. It is now guiding for underlying earnings of between £52 million and £55 million for the year to the end of May, with the top end being cut from the £58 million previously expected. Shares fell 4% in trading on Wednesday. PZ said the guidance update 'reflects the recognition in the fourth quarter of an additional £2 million Extended Producer Responsibility costs in our UK business, and the significant impact on group profitability as a result of the softer St Tropez US performance'. 'These factors were partly offset by cost management initiatives across the group.' The group also announced the sale of its 50% stake in PZ Wilmar, one of the largest sustainable palm oil businesses in Nigeria, to joint venture partner Wilmar International for 70 million US dollars (£51 million). The group, which has been looking at a possible sale of its entire African business, said the move was a 'significant step in the portfolio transformation'. It has been looking to exit Nigeria after economic woes in the country have seen extreme inflation and devaluation of the Nigerian naira, which pushed the firm to a loss of £95.9 million in the year to May 31 2024. On the PZ Wilmar sale Jonathan Myers, chief executive of PZ Cussons, said 'we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet'. 'Having delivered a solid full-year 2024-25 performance, our focus now is to continue transforming PZ Cussons into a business with stronger brands in a more focused portfolio, delivering sustainable profitable growth,' he added. In its latest update, the group said it saw like-for-like sales grow 8% in the year to May 31, with reported revenues of around £505 million. It said the UK saw 'good growth', which helped offset a double-digit decline in St Tropez in the US.

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