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Month: March 2019

CBN Agrees To Reduce Interest Rate .

CBN Agrees To Reduce Interest Rate .

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More than two years after pegging the interest rate on lending between Money Deposit Banks at 14%, six of the 11 members of the Monetary Policy Committee (MPC), voted to decrease the Monetary Policy Rate by 50 basis points to 13.5%. The MPC, which is composed of the governor and deputy governors of the Central Bank of Nigeria (CBN), after indications that the economy could absorb increased lending to the real sector of the economy, voted for a reduction in the inter-bank lending rate. In the communiqué issued by Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), at the end of its two-day meeting held from March 25 to 26, 2019, the MPC also noted that the government has been unable to generate revenue to support development as “enunciated in the Economic Recovery Growth
Anambra set to boost fish production for wealth creation .

Anambra set to boost fish production for wealth creation .

Fish Farming
Anambra government has said that it will establish fish production sites in the three senatorial districts of the state to ensure increased production and wealth creation. Mr. Emeka Iloghalu, the Managing Director of Fisheries and Aquaculture Business Development Agency in Anambra made the disclosure in Awka on Wednesday. Iloghalu said that government would later replicate such production sites at the 21 local government areas in partnership with private sector investors. “Fishery and aquaculture business is lucrative, as the state government has recorded lots of milestone in the business. Government desires to reposition the sector is to make it more attractive for both youths and the aged, so they can go into the business as a career. Efforts are on to
Importers are Nigeria’s greatest enemies – Agric Minister .

Importers are Nigeria’s greatest enemies – Agric Minister .

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Ogbeh made this known in Abuja on Tuesday when he appeared before the National Assembly Joint Committee on Agriculture to defend the ministry’s budget. He said that international merchants such as importers of such products as toothpick, sugar, vegetables, and pencils were frustrating government’s efforts at ensuring that Nigerians bought made in Nigeria goods. “We are a nation of importers. Toothpick every year costs us 18 million dollars, tomato paste costs us 400 million dollars. “Meanwhile, a basket of tomatoes is less than N2,000. The farmers are losing money because the processors do not have enough funds to set up factories. “Two factories have started off. I am sure by the end of next year we can comfortably tell the importers of tomato paste to stop. “Unfortunately
Agric Investor tasks President Buhari on food security .

Agric Investor tasks President Buhari on food security .

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Prince Wale Oyekoya, Managing Director, Bama Farms Ltd, has called on President Muhammadu Buhari to use his re-election as another opportunity to enhance Agricultural development and food security in the country. Oyekoya made the call at a recent stakeholders’ meeting with members of the Food and Agriculture Writers Association of Nigeria (FAWON) in Lagos. He urged the president to take urgent measures to restore Agriculture as a notable employer of labour, a major foreign exchange earner and the mainstay of the national economy. According to him, Nigeria needs an agriculture minister that is proactive, who will address issues and be able to appreciate the challenges of the farmers and the masses. “The president needs to get a vibrant technocrat to oversee the affairs of the a
Desertification: Nigeria loses 350,999 hectares of land annually, says NiMet .

Desertification: Nigeria loses 350,999 hectares of land annually, says NiMet .

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Nigeria loses about 350,999 hectares of land to drought and desertification every year, the Nigerian Meteorological Agency announced on Tuesday. According to NiMet,  many  parts of  the country  experience dry spell/drought periodically. The agency  listed  the areas  as Sokoto, Kebbi, Katsina, Jigawa, Borno and Yobe states. The Director-General, NiMet, Prof Sani Mashi, disclosed this at a stakeholders’ workshop on climate and weather information services in Nigeria organised by the agency in conjunction with the African Science for Weather Information and Forecasting Techniques in Abuja. Mashi, who was represented at the workshop by the Director of Finance and Accounts, NiMet, Gabriel Jigah, explained that symptoms of periodic drought were a
Only 11 states serious about agriculture – Ogbeh .

Only 11 states serious about agriculture – Ogbeh .

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The minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said that only 11 out of the 36 states in Nigeria are serious about agriculture. Ogbeh told the News Agency of Nigeria (NAN) in Abuja said it is regretable that many states are not cooperating with the efforts to revitalise agriculture in Nigeria The minister said the delay in the passage and release of the 2019 budget is hampering the timely distribution of farm inputs to farmers for the 2019 wet season farming. “We want them to prepare our budget with the ministry of works’ budget ahead of the others because the ministry of works can only work during the dry season. “We can only prepare for the rainy season in the early month of January till March before the rains arrive, it is our challenge but we hope
Anchor Borrower: Katsina rice farmers cry foul over selection .

Anchor Borrower: Katsina rice farmers cry foul over selection .

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Suspicion is brewing among Katsina rice farmers regarding the process of selecting beneficiaries of the Anchor Borrower Programme by the Rice Farmers Association of Nigeria (RIFAN). Many of the katsina farmers are questioning their exclusion from the programme despite following all the necessary processes including payment of N500 registration fee each. One of the farmers in Funtua, Umar Dani, said they were formed into clusters of 20 farmers and made to submit applications through ward leaders of RIFAN but that they were not captured in the biometric data conducted some weeks ago. “We only heard about it from those that are successful that their biometric data was captured some weeks ago, and they are expecting the distribution of inputs in the next two weeks. “We are paine
Nasarawa farmers to get more farm inputs .

Nasarawa farmers to get more farm inputs .

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As the farming season fast approaches, farmers in Nasarawa State have been assured of provision of adequate fertiliser and improved seed varieties to enable them have greater yield. Attaining the feat became possible with the revamping of the Nasarawa fertilizer blending plant by government, with the deliberate plans to enable farmers access it at  subsidised rate to boost crop production in the state. The Permanent Secretary, Ministry of Agriculture, Mr. Napthali Dachor, representing the commissioner said government has rolled out plans ahead of the season from which farmers would benefit to boost agricultural production in the state. According to him, part of the state Ministry of Agriculture’s preparation included pre-farming season training for farmers in the state to en
Japan donates $2m to 48,000 victims of Boko Harem in the North-East.

Japan donates $2m to 48,000 victims of Boko Harem in the North-East.

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Japan   has donated $2m   to help  48,000 persons affected by  the Boko Haram insurgency  in  the North-East through the United Nations World Food Programme. In a statement on Tuesday,   WFP said the money would  help them to recover and rebuild their lives. The statement said,  “As part of WFP’s efforts to build stability across communities in North-East  Nigeria, Japan’s contribution will support more than 48,000 women and men to rebuild their livelihoods. WFP will provide food purchased with the money  to enable the  people to grow crops, raise  livestock and rehabilitate  assets that may have been damaged during conflict in the region.” The statement quoted Shigeru Umetsu, Chargé d’affaires a
Nestlé action plan to end deforestation and restore forests in the cocoa supply chain .

Nestlé action plan to end deforestation and restore forests in the cocoa supply chain .

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The Nestlé Cocoa & Forests Action Plan focuses on three pillars: forests protection and restoration; sustainable cocoa production and farmers’ livelihoods; and community engagement and social inclusion. It lays out a set of activities the company will implement over the next four years with an emphasis on the cooperatives members of the Nestlé Cocoa Plan in Côte d’Ivoire and Ghana. The Nestlé Cocoa Plan aims to improve the lives of cocoa farmers and the quality of their products. Nestlé today laid out an action plan to help end deforestation and restore forests in its cocoa supply chain in Côte d’Ivoire and Ghana. This plan is part of the company’s commitment to support the Cocoa & Forests Initiative, a new public-private partnership bringing together the gov