Economy
FG Designs Online Portal to Monitor Agric Interventions to Farmers
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.
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) and gave a 50 per cent access target for workers, saying consumer credit was critical to Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030.
According to him, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja when he inaugurated the board on behalf of the President, the Vice President, in a statement by his spokesman, Mr Stanley Nkwocha, said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.
VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.
The Vice President said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.
The Vice President explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”
He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
The Chairman of CREDICORP, Mr Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of the corporation marked an important step towards strengthening the nation’s financial architecture.
He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
For his part, Mr Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu say 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.
He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated include Mrs Olanike Kolawole, Executive Director, Operations; Mrs Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Mr Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Mrs Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mr Mohammed Naziru Abbas, Representative of FMITI.
Others are Mr Marvin Nadah, Representative of FCCPC; Mrs Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mr Mohammed Abbas Jega, Independent Director; and Mrs Toyin Adeniji, Independent Director.
By Adedapo Adesanya
Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.
The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.
The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.
Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.
At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.
Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.
By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
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