Connect with us

Economy

FG Designs Online Portal to Monitor Agric Interventions to Farmers

Published

on

Monitor Agric Interventions

By Modupe Gbadeyanka

An online portal aimed to ensure efficient and effective monitoring of federal government intervention in the agricultural sector has been designed by the federal government.

The Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono, disclosed that the initiative will capture the biodata of about 10 million farmers and link it with geographical information of their farmed plots, crops and the volumes of production in the country.

Speaking during the opening ceremony of the 44th council meeting of the National Council on Agriculture and Rural Development (NCARD) held at the International Conference Centre, Abuja on Thursday, June 17, 2021, the Minister said the portal was initially designed to “capture the data of 2.4 million farmers across the country, the results from the exercise have encouraged the Economic Sustainability Plan team to expand the data capture to 10 million farmers.”

He stated that the database will be “a platform for the federal government interventions going forward, putting an end to ghost schemes and other unscrupulous practices in the agricultural industry.”

Mr Nanono noted that “a major hallmark of our agricultural interventions is inclusiveness. We have catered for the youths, women, and many demographic considerations in our implementation strategies.”

The Minister explained that “as a stop-gap intervention, we launched the Agric for Food and Jobs Program, originally conceived as an input loan for smallholder farmers across several commodities including maize, rice, cotton, groundnut, sorghum, cowpea, soybean, sesame, cassava and oil palm.”

“The scheme brought into a partnership with the Central Bank of Nigeria (CBN), Commodity Association and Agricultural Platform Companies for effective facilitation.

“This we believe will not only improve production significantly but also aid in the off–taking of produce while providing input at a reduced price due to economy of scale,” he said.

Mr Nanono noted that “the challenges brought by the emergence of the COVID–19 pandemic, floods and insecurity has galvanised the government into setting up a necessary structure to address the infrastructural deficiency, technology gaps, security challenges, and extension inadequacy.”

“This approach is believed to be the right one for achieving our desired economic diversification and national development,” the Minister added.

He noted that the NCARD would promote the existing policies, programmes, and projects at the national and sub-national levels for the purpose of entrenching synergy, best practices, entrepreneurship, livelihood, and growth in the sector.

Mr Nanono reemphasised that “agricultural productivity can only improve through the mechanization of production activities. In our effort to improve the agricultural production profile of the country, we have entered into a partnership with the government of Brazil through one of their foremost technology transfer, the Fundacao Getulio Vargas (FGV).”

He further said that “this partnership has yielded an agricultural mechanisation loan to the tune of €995 million. This shall be granted to Nigerian entrepreneurs to establish service centres across all the 774 Local Government of the country, selling services to all categories of farmers and thereby helping to improve their productivity.”

“The services centres shall be either a Type 1, supporting production activities or Type 2, supporting processing and packaging activities,” he explained.

The Minister informed that “the ministry in collaboration with the Nigerian Export Promotion Council (NEPC) has been working to exploit a strategic advantage in the production of commodities like sesame, hibiscus, cotton and sorghum to improve production protocols to conform with internationally acceptable standards, maintenance of an exporters’ directory and exporter certificate verification portal.”

He stressed that “the ministry has embarked on increasing the number of available extension workers in the different aspects of our operations. This year, about 1,200 extension workers have been trained.”

The Minister highlighted that “with the green imperative project launching soon, there is a component of it that will see the training of extension workers in agricultural mechanisation and other important aspects of crop and livestock operations.”

He pointed out that “the National Livestock Transformation Plan (NLTP), has been adjudged worldwide to be a well-conceived project which seeks to transform our livestock sector from the nomadic – dependent sector into an organised ranching one.”

“To this end, 22 states and Federal Capital Territory have registered with the NLTP Office. Seven of these 10 states have also earmarked about 19 grazing reserves for the implementation of the NLTP, with a total land size of approximately 400,000 hectares,” he said.

According to him, it is, therefore, safe to say, that NLTP, when fully implemented, will bring an end to the incessant clashes between the farmers and herdsmen at the same time introduce the herders to the modern way of raising cattle, with all added benefits of improved feeding, animal and human, genetic improvement, value addition and better socio-economic standing for all participants.

In his remarks, the Minister of Federal Capital Territory Administration (FCTA), Mr Mohammed Musa Bello, represented by the Special Assistant, Prof. Mohammed Usman, said that the theme of this year’s council meeting Agriculture and Food Security in the face of COVID-19, Floods and Insecurity is apt enough and a reminder to the effect that we are yet to win the fight on the pandemic.

He added there is a need for robust interaction and ideas among stakeholders on how to reposition the Agricultural sector.

In his welcome address, the Minister of State, Agriculture and Rural Development, Mr Mustapha Baba Shehuri, said that “Nigeria economy had its GDP contracted for two consecutive terms of the second and third quarter in 2020; leading to recession.

“It was in the fourth quarter of 2020 that the economy returned to positive growth with GDP expanding to 0.1 per cent from the contraction of 3.6 per cent (negative growth) experienced in the third quarter. The feat was achieved through the contribution mainly attributed to the performance of the agricultural sector.”

Mr Shehuri observed that “as a matter of fact, local production of maize, rice, cassava, potatoes, yam, and other staples steadily increased, it is also the same story in livestock, fisheries and dairy sector. The fact that we did not import food during the lockdown era was a testimony that we can grow what we eat and eat what we produce.”

In his goodwill message, the Chairman, House Committee on Agricultural Production and Services, Mr Muntari Mohammed Dandutse, stated the National Assembly would fast-track the bills being raised as an outcome or resolution of the NCARD towards achieving food security and job creation.

While giving a vote of thanks, the Permanent Secretary in the Ministry, Mr Ernest Umakhihe, thanked the stakeholders for their commitment and technical support during the 44th Regular Meeting of the National Council on Agriculture and Rural Development.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Naira Loses Against Dollar Official, Black Markets

Published

on

money supply naira

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.

Continue Reading

Economy

Economist Tasks FG to Explore Alternative Funding Sources

Published

on

Aliyu Ilias

By Aduragbemi Omiyale

The federal government has been advised to consider exploring other funding sources to finance its budget deficits.

Speaking with Punch recently, the chief executive of CSA Advisory, Mr Aliyu Ilias, said the current appetite for borrowing by the government cannot be sustained because it elevates debt-servicing costs.

The economist suggested the sale of some public assets and the involvement of the private sector in infrastructure financing for economic growth.

According to him, running to the debt markets to raise funds for the government is not the best route to take, as the reliance on borrowing always leads to higher debt-servicing obligations.

“The more you borrow, the more you are also incurring more debt services,” he said, tasking the government to also capitalise on increased oil revenues stemming from ongoing geopolitical tensions in the Middle East.

“The government can actually sell off some of their assets to raise more money. The government can also, if you look at the revenue we are getting from oil, it’s getting more, especially with this war. It’s another opportunity for us to actually not borrow again,” Mr Ilias submitted.

He also pointed to ongoing tax reforms as another avenue to improve government finances and narrow the fiscal gap.

“The government can also look at tax reform. The fact is that the government does not have money. The only chance for getting more money is to address the financial deficit,” he added.

Continue Reading

Economy

Crude Oil Gains Over $1 Despite Easing Iran-Israel Tensions

Published

on

Cawthorne crude oil

By Adedapo Adesanya

Crude oil was up by $1 on Monday as Iran and Israel said they had halted attacks on each other following an ‌appeal from US President Donald Trump.

Brent crude futures gained $1.16 or 1.3 per cent to trade at $94.25 a barrel, while the US West Texas Intermediate (WTI) crude futures were up 76 cents or 0.8 per cent to $91.30 per barrel.

Iran’s military said Monday it halted attacks on Israel after the two countries exchanged their most intense strikes in months, further straining an already shaky ceasefire as well as the US-Israeli relationship. Iran, however, said it would resume strikes if Israel continued to hit Hezbollah in Lebanon.

Israel also halted attacks on Iran, Israeli Prime Minister Benjamin Netanyahu said, stopping short of acknowledging a ceasefire that US President Donald Trump said the countries were aiming for.

President Trump said earlier that the US blockade, which was introduced in April, would remain in place “in full force” until a final peace agreement between the two warring nations is reached.

Prices gained more than 5 per cent earlier on Monday after renewed Israeli strikes ​on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war.

Market analysts noted that because of the strikes, investors were concerned that flows through the Strait of Hormuz might remain restricted for longer. Roughly ​a fifth of the world’s daily supply of oil and liquefied natural gas passed through the waterway before US-Israeli airstrikes at the end of February ‌unleashed the ⁠latest escalation of the Middle Eastern conflict.

Yemen’s Iran-aligned Houthis said on Monday they would ban ships linked to Israel from the Red Sea after Israel renewed its military ​attacks on Iran, adding to concerns about global shipping and energy flows.

In the face of ​the supply crisis, a sub-group under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on ⁠Sunday agreed on its fourth oil output target increase in four months. The seven members decided to increase ​targets by 188,000 barrels per day from July, the same as the June hike, which was adjusted down from monthly increases of 206,000 barrels per day in May and April to take into account the exit of the United Arab Emirates (UAE).

On paper, the sub-group has increased its output quotas from April ⁠to June by almost 600,000 barrels per day, but in reality, the group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million ​barrels per day in April compared with 42.77 million barrels per day in February.

Saudi Arabia has cut its official selling prices for crude oil to Asia ​in July for a second month.

Continue Reading

Trending