Dangote to Unveil Rice Outgrower Scheme in Sokoto
By Dipo Olowookere
A subsidiary of Dangote Group, Dangote Rice, is set for launch in Sokoto State before the end of 2017, a statement by the company has revealed.
The multi-million Naira 25,000 hectares of rice outgrower scheme is projected to provide hundreds of thousands of employment opportunities for inhabitants of the rural communities in the state.
President of the Group, Mr Aliko Dangote, said at the weekend that the company will on Wednesday, flag off with a pilot project of 500 ha by Gonroyo dam, in Goronyo community.
Gonroyo dam is the second largest in the country, after Kainji.
The flag off ceremony, which will be performed by Governor of the state, Mr Aminu Tambuwal, will witness seedlings being distributed to the primary local farmers who will in turn plant the seed after which Dangote Rice company will purchase from them for milling and final processing.
Sokoto State is the second after Jigawa out of the 14 states spread across the state where Dangote Rice plans to operate outgrower scheme to empower local farmers and create job opportunities for community dwellers and reduce migration to the cities.
Dangote Rice projects in the 14 states, when, operational, will generate a significant number of jobs and increase take-home income for smallholder farmers, all while diversifying Nigeria’s economy and reducing the nation’s food import bill.
Statistics from the Federal Ministry of Agriculture and Rural Development (FMARD) estimates that rice demand in Nigeria reached 6.3 million MT in 2015, with only 2.3 million MT of that demand satisfied by local production.
This local production shortfall leaves a gap of 4.0 million MT that is currently being filled through formal importation of rice or illegal imports over land borders.
By year-end 2017, Dangote Rice plans to produce 225,000 MT of parboiled, milled white rice. This will allow us to satisfy 4 percent of the total market demand within one year.
The firm said its model can then be successfully scaled to produce 1,000,000 MT of milled rice in order to satisfy 16 percent of the domestic market demand for rice over the next five years.
Due to the current economic crisis, domestic prices for agro-commodities have risen dramatically over the last 12 months, making local agriculture an attractive investment.
Dangote Rice Limited seeks to take advantage of this economic trend and the favourable policies laid out in the FMARD’s Agricultural Transformation Agenda.
Dangote Rice has a mandate to locally high-quality milled, parboiled rice for the Nigeria market. This goal will be achieved by sourcing the raw material (paddy) required from the Dangote Rice Outgrower Scheme.
Through the Dangote Rice Outgrower Scheme, DRL will partner with outgrowers (smallholder and contract rice farmers) to cultivate and grow rice paddy. Specifically, DRL will provide inputs, technical assistance, extension services and land preparation services and equipment directly to farmers.
At harvest, DRL will recoup the costs of inputs and services in-kind and will act as a guaranteed offtaker for paddy that meets certain pre-agreed quality standards. Smallholder farmers will provide land and labour.
The centralized outgrower model enables a high level of control over product quality and quantity. The purchasing price given to farmers will reflect each season’s market price and will be set after an extensive market price survey and consultation with all stakeholders.
In the short-term, Dangote Rice will be responsible for importing all of the inputs needed for cultivation and making them available to the outgrowers.
By end of 2017, Dangote Rice will have 25,000 Ha under rice cultivation across three sites in Northern Nigeria having identified rice-growing communities in Jigawa State (5,000 Ha), Sokoto State (10,000 Ha) and Zamfara State (10,000 Ha).
The 25,000 Ha will be farmed by nearly 50,000 outgrowers in the selected site areas. These outgrowers are already organized into cooperative associations. We will engage with these organizations to register and sign contracts with each farmer.
In addition to the outgrowers, an additional ~260 jobs will be created by year-end 2017. These individuals will serve as agronomists, credit officers and staff of the mill.
Upon harvest, Dangote Rice will offtake rice paddy and transport the paddy to be processed. One centralized mill will mill the stored paddy rice from all 3 sites.
Dangote Rice plans to produce one million MT of rice from 150,000 Ha in the next 5 years over. They intend to accomplish this by scaling the business model described above to more sites and rice growing communities. These communities have been identified and relationship building and sensitization has already begun. In addition to scaling the above model, DRL will establish and manage a high-quality seed development farm at Numan in Adamawa to reduce the costs of seeds.
Dangote Rice will establish raw material reception, drying, hulling, parboiling units and silos in strategic areas throughout the country near our additional outgrower communities. Each site will store dried, hulled, parboiled bran rice. DRL will then transport this bran rice to a mill, where finished rice will be produced.
Bitfinex Lists World’s First Mobile-Native Token Wrapped Minima
By Adedapo Adesanya
Bitfinex has listed the wrapped Minima ($WMINIMA) token, an ERC-20 token, aimed at helping build a truly decentralized network that empowers freedom worldwide and increases access to Web3 for any person with a mobile or IoT device.
Bitfinex is one of the first crypto exchanges to list WMINIMA, built on the world’s first mobile-native Layer 1 blockchain.
Minima’s presale for WMINIMA started on February 14, 2023, with 10 million tokens currently acquired out of the total supply of 125 million $WMINIMA tokens.
Traders on Bitfinex are taking this new innovation as a huge opportunity to become early adopters of the $WMINIMA token, by making deposits and purchases during the presale period. Effective 21st of March, 2023, on Bitfinex, trading for WMINIMA against the US Dollar (USD) and Tether tokens (USDt) will be available for all traders.
Wrapped Minima (WMINIMA) is a wrapped version of Native Minima (MINIMA), which has been issued on the Ethereum blockchain. Wrapped Minima (WMINIMA) enables Minima to be tradable on exchanges shortly after its Token Generation Event, without waiting for the technical integration of Native Minima ($MINIMA) onto exchanges, scheduled for Q3/Q4 2023. WMINIMA has an initial circulating supply of 98,100,000 coins and a total supply of 125,000,000 coins, with a listing price of $0.30.
The move is part of Bitfinex’s efforts to bring financial inclusion and financial freedom to less-advantaged and emerging communities around the world, particularly where there is currency volatility.
By becoming an owner of Wrapped Minima on Bitfinex, users will be helping build a truly decentralized network that empowers freedom all around the world.
The Minima protocol and its network have already been built, with Mainnet recently launching after several years in Testnet, yet Minima is still relatively unknown.
As a result, there is still a huge opportunity to become an early adopter of the world’s first mobile-native layer 1 blockchain before it becomes widely adopted.
How to trade WMINIMA on Bitfinex
WMINIMA is available to trade with US Dollar (USD) and Tether tokens (USDt). To sign up now, follow these few easy steps:
- Visit the Bitfinex website or download the Bitfinex mobile app and click on the sign-up button.
- Use the African Bitfinex LEOs community affiliate code “9r9ifKfHx” to get a 6 per cent discount on trading fees for life.
- Create an account by entering the required details: username, email, password, country of residence, and referral (optional).
- Create and confirm a log-in pin code or enable touch ID or face ID, if your phone enables it.
- You will be directed to the setup security page. Here, download the Google Authenticator app. If already downloaded, select the “I’ve installed the app” tab.
- Open the GA app to directly add your new token. Alternatively, you can also select to use the QR or Setup key. Enter your code to enable 2FA setup.
- Check your inbox to confirm your email address via an email sent by Bitfinex.
- After email confirmation, accept the Bitfinex Terms of Service to complete the account setup and proceed to the trading page.
- Once that is done you can now trade the WMINIMA on Bitfinex.
CBN Releases N12.65bn for Three Agricultural Projects in Two Months
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023.
The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP,” he said.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Mr Emefiele added.
According to Mr Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth-enhancing sectors by the CBN as responsible for the growth.
He said that the CBN had also disbursed huge sums as an intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving the liquidity status of the Discos, there aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
UK Firm Unveils Portal to Aggregate Property Prices in Africa
By Adedapo Adesanya
Baron and Cabot, a UK-based international real estate firm, has launched a portal that will use artificial intelligence technology to predict property prices in Africa to allow real estate agents to sell properties and earn in pounds, providing an unprecedented opportunity for growth and financial success.
The novel approach will allow real estate firms to de-risk their investments in international markets and gain access to a wide range of fully compliant properties.
Baron & Cabot has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets. It is one of the top fastest-growing property companies in the world and transacts around £100 million per annum ($120 million) of UK property while having access to some of the best property developments in the UK.
Speaking on this, Mr Mark Pearson, Managing Director of Baron & Cabot, said, “We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth.
“We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.”
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market.
The company also revealed that it would provide its agents with comprehensive 2 to 4-week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6 per cent and deposits below 35 per cent, making it easier for clients to invest in UK properties.
“Our management company boasts an impressive occupancy rate of over 99 per cent, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70 per cent.
“In addition, our Airbnb or short-term rental products have an average occupancy rate of over 70 per cent, resulting in substantial rental returns and secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied,” Mr Pearson added.
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