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 Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
