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Economy

FG Moves to Ease Exportation of Farm Products

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Farm Products
By Modupe Gbadeyanka
The federal government is set to establish jute bag industries for ease of cocoa and sundry crops exports to meet international best practices.

The Minister of Agriculture and Rural Development, Mr Muhammad Nanono, made the disclosure in a statement by Ezeaja Ikemefuna, Chief Information Officer of the ministry in Abuja.

Mr Nanono stated this when the Cocoa Association of Nigeria (CAN) paid him a courtesy visit in Abuja.

According to the minister,  it had become imperative for Nigeria to establish its own jute bag industries to meet international best practices for the export of cocoa and sundry agricultural produce which will increase foreign earnings, healthy preservation and certification of the cocoa crop.

Mr Nanono said that the ministry would seek collaboration with the Ministry of Finance, Budget and National Planning in ensuring that appropriate policy measures and counterpart funding were put in place.

He noted that cocoa was one of the commodities being promoted by the present administration in its drive to diversify the economy.

”The ministry is eager to support the farmers with the distribution of free agricultural inputs and training to enhance the capacity of cocoa farmers in the country.

”The ministry recently rolled out disease resistant and early yielding seedlings developed by the Cocoa Research Institute, Ibadan which starts yielding within 30 months of cultivation.

”These seedlings with other inputs were distributed to farmers in major cocoa-producing states where 300,000 cartoons of ultimax – plus fungicides, Hydrocarbon jute bags, collapsible driers, cocoa pods and more were shared to enhance the capacity of cocoa farmers,” he said.

The minister assured that the ministry would continue to support and collaborate with the association to boost the cocoa value chain sub-sector towards increasing production, creating more jobs and generating revenue for the country.

In his address, the Permanent Secretary, of the ministry, Dr Ernest Umakhihe, said that the agricultural policy put in place by the present government was poised to build an agribusiness ecosystem that will solve the challenges in the agricultural sector.

He said this would be in partnership with the state governments to achieve food security, export substitution, job creation and economic diversification.

”Cocoa has been one of the major foreign exchange earners in Nigeria apart from crude oil,” Mr Umakhihe said.

In his remarks, the National President of CAN, Alhaji Mufutau Abolarinwa, appealed for the establishment of a special credit guarantee scheme for the cocoa farmers in Nigeria for the development and increase in cocoa production.

He said that grants and subvention from relevant agencies like Cocoa Research Institute of Nigeria (CRIN) and others would enable the association to have access to cocoa pods, inputs and equipment needed for increase in cocoa production in Nigeria.

”The association has successfully organised workshops and seminars in collaboration with CRIN, Federal Ministry of Agriculture and Rural Development and the state ministries across the cocoa producing states,” he said.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Economy

EFCC Intercepts Eight Trucks With Illegally Mined Minerals in Benue

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efcc declare assets

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.

This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.

The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.

According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.

Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.

“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.

Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.

The EFCC was involved in the issue of mining to quell further economic losses facing the nation.

According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.

He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.

He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).

Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.

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Economy

NGX, CBN, MinieMoney Teach Over 200 Students Money Management Tips

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Grow Your Money

By Aduragbemi Omiyale

As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.

This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.

It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.

The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.

The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.

The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.

“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.

Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.

“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.

On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.

“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.

Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.

They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.

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Economy

Geo-Fluids, Two Others Weaken NASD OTC Exchange by 0.13%

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Geo-Fluids

By Adedapo Adesanya

The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.

Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.

As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.

In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.

During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.

When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.

In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.

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