Economy
CBN Anchor Borrower Programme Kicks Off in Lagos
By Modupe Gbadeyanka
Ten poultry farmers registered under Nigeria’s foremost broiler out-grower scheme, natnuPreneur, have become the first beneficiaries of Central Bank of Nigeria (CBN)’s poultry Anchor Borrowers Scheme (ABP).
The farmers took delivery of 1000 birds each in a ceremony which held at Erikorodo farm settlement, Ikorodu, Lagos on Thursday, August 17, 2017.
The event had the CBN, Bank of Agriculture (BOA), the Ministry of Agriculture Lagos state, AMO Farms, Erikorodo Poultry Farmers’ Association well represented; a total of 10,000 Day Old Chicks (DOCs) were formally handed over to the beneficiaries following the delivery of 38 tonnes of feeds for the six weeks rearing period, three days prior.
While addressing newsmen shortly after the handing over ceremony, the Coordinator of natnuPreneur, Mr Gbolade Adewole expressed satisfaction at the success of the event pointing out that it is another feather added to the cap of the natnuPreneur initiative.
“This is another success we are recording here today. It is a thing of joy for us at Amo Farms to have our farmers kick start the pilot phase of this CBN initiative. It tells you that there is something we are doing right and I can assure that this scheme will be a success”.
“With the technical support and training we render farmers through our team of Animal Scientists, veterinary doctors, customer satisfaction representatives, I am sure that in the next six weeks, our farmers would have successfully reared these chicks into healthy broilers, which we’ll be buying back from them, at the agreed off-take price,” he said.
Speaking earlier, Mr Adebisi Adedeji, Head of the Development Finance Office (DFO) CBN Lagos, reiterated the apex bank’s commitment towards reducing Nigeria’s food importation and encouraging locally produced food both for consumption and export.
Mr Adebisi explained that as part of realizing the food security goal of the Federal Government, the CBN in collaboration with Amo Farm Sieberer Hatchery Limited, has engaged 33 farmers registered under the natnuPreneur out-grower scheme, in a pilot phase of broiler production.
Explaining the role of the CBN in the programme, Mr Adebisi said “This is the pilot phase for the poultry farmer’s ABP in Lagos. This might appear like a small project at the moment but we assure you that by the end of this year, there will be hundreds and if possible thousands of farmers involved in this scheme.
“The scheme will cut across other areas of agriculture, but, we are starting with poultry because, unlike others, it’s not seasonal.
“The CBN has invested a lot into this programme and we will still invest more. What we have done is to provide the farmers with the finance needed to buy the birds, the feed and other inputs necessary materials to successfully rear the birds.”
He said that as part of measures already in place to ensure the success of the scheme, a ready market has been prepared for the farmers in natnudO foods through natnuPreneur broiler out-grower scheme. He assured them that, market changes will not affect their selling price as the already agreed selling price will apply at the end of the cycle notwithstanding possible market changes.
In his words, “The Anchor, natnudO Foods, who is also the off taker, has guaranteed that they will buy off all the produce at the end of the cycle at a fixed price.
“So it’s not a situation where the farmers at the end of the day will be looking for a market or people to sell their produce to, there is a ready market for them.
“Also, price risk as a result of market changes will not affect them because; the broilers will be bought at the agreed price. So it’s a win –win situation for all the parties involved.”
He expressed optimism that in the next six weeks the DOCs would be ready for culling, and assured that it will be a successful outing.
While also addressing the farmers, the General Manager, Policy and Strategy, AMO Group, Mr Toromade Francis noted that the achievement is an addition to the success natnudO Foods has recorded with its natnuPreneur scheme.
In his words: “For us this is not the first time. So far, we have onboarded about 1,219 natnuPreneur farmers nationwide, culled over 3.8 million birds and paid over N4Billion to farmers across the country. So, this is just an addition to what we have done.”
He advised the farmers to be committed, effective and prudent while assuring them that natnudO Foods being the anchor to the programme will provide all technical support needed for them to succeed. He assured them that the chicks, feed and other inputs that have been given to them are of the highest quality.
“I assure you that, as the anchor in this programme, we will support you with all the technical assistance you require, as we assume that after six weeks, you would have been able to achieve the weight expected.
“This is a journey which is starting today and we hope that by this time next year, we should be harvesting hundreds of thousands of chickens from these farms. We have increased the capacity of our abattoirs, we have decentralized and are now processing in Port Harcourt and Kaduna just to ensure that we accommodate all the chickens that you will raise, we’re also constructing an abattoir in Uyo,” he said.
Speaking on behalf of the farmers, Captain Eka Justus, the Chairman, Erikorodo Poultry Farmers Association thanked the CBN, BOA, Lagos state ministry of Agriculture and AMO Farms for the opportunity and promised that the farmers will not disappoint them.
“We want to express our joy at this opportunity because, to be selected amongst all the farms in Lagos State as the first beneficiary of this programme is an honour and privilege. We say a big thank you to CBN, BOA, Ministry of Agriculture, Amo Farms and natnudO Foods. We assure you that we will not let you down” he said.
The Anchor Borrowers’ Programme (ABP) was established by the CBN and launched by President Muhammadu Buhari (GCFR) with the intention to create a linkage between anchor companies and small holder farmers (SHFs) providing them with key agricultural commodities.
The programme thrust of the ABP is provision of farm inputs in kind and cash to small holder farmers to boost production of commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food.
At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) Oil and Gas Free Trade Zone Command in Rivers State says it has achieved a record-breaking revenue collection of N53.98 billion between January and November 2024, exceeding its annual target by 2.3 per cent and nearly doubling the N26.80 billion generated in 2023.
This was disclosed by the Customs Area Controller, Oil and Gas Free Trade Zone, Onne, Comptroller Seriki Usman, during a press briefing at the command’s headquarters, where he attributed the success to strategic collaboration with stakeholders, operational efficiency, and a focus on regulatory compliance.
He said, “A notable achievement of the command was its record-breaking revenue collection of N53.98 billion. This figure represents a 2.3 per cent increase over our annual target for 2024 and a remarkable 98.6% rise compared to the N26.80 billion collected in 2023.
“Our record-breaking revenue underscores the importance of effective trade facilitation and regulatory compliance. This achievement reflects the commitment of our officers, the collaboration with stakeholders, and the critical role of the Oil and Gas Free Trade Zone in driving Nigeria’s economic growth,” he said.
He explained that the Command successfully facilitated the export of key products such as refined sugar, fertiliser, liquefied natural gas, LNG, and crude oil from major facilities, including Bundu Sugar Refinery, Notore Chemical PLC, and Bonny Island.
“The seamless management of imports and exports within the free trade zone has enhanced operations for licensed enterprises,” he noted.
Speaking on the significance of these achievements, Comptroller Usman emphasized the need to maintain the momentum.
“This accomplishment is not just about numbers but about fostering trade growth, innovation, and creating a conducive environment for businesses to thrive within the free trade zone.”
On regulatory compliance, Comptroller Usman reassured Nigerians of the Command’s commitment to ensuring adherence to international trade regulations while fostering economic progress.
“Our focus remains on enhancing service delivery, promoting ease of doing business, and driving revenue generation that supports the nation’s development goals,” he said.
The command emphasized that collaboration with stakeholders, particularly the Oil and Gas Free Trade Zone Authority, has been pivotal in achieving these milestones, and called for continued partnership to sustain trade growth and improve service delivery.
As the year comes to a close, the command has reiterated its resolve to solidify its role as a critical revenue driver and trade facilitator in Nigeria’s oil and gas sector.
Mr Usman said the performance reflects the command’s vital role in strengthening Nigeria’s non-oil revenue base and its determination to remain a key player in the country’s economic transformation efforts.
“We remain committed to sustaining our achievements, fostering trust among stakeholders, and contributing significantly to the nation’s economic growth,” Comptroller Usman concluded.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
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