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Economy

Food Security: Lagos Supports 2,691 Farmers, SMEs

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food security

By Modupe Gbadeyanka

A total of 2,691 farmers and small and medium enterprises (SMEs) have been supported directly by the Lagos State government with physical inputs and equipment across poultry, rice and aquaculture.

The Commissioner for Agriculture, Ms Abisola Olusanya, while speaking at the weekend at the pre-7th implementation support mission of the Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project in Agege, added that about 3,516 stakeholders have also benefitted from the programme indirectly.

She also said 1,621 women and youth empowerment beneficiaries have been trained and their empowerment implementation is in progress, while about 8,000 farmers have received training and technology demonstrations with strong evidence of a positive resultant effect on the project development objective.

Ms Olusanya explained that the administration of Mr Babajide Sanwo-Olu supported this project because of his commitment to food security and farmers’ productivity in the state as agriculture remains one of the major drivers in achieving sustainable economic growth.

According to her, food security can be achieved in Lagos and Nigeria at large through the application of technological advancement and most importantly through self-commitment to a better Nigeria.

She disclosed that the state government was exploring and investing in the use of innovation and technology to create a competitive advantage in ensuring that Lagos attains a 21st-century economy.

She charged APPEALS Project to continue to contribute immensely to the actualisation of the project’s objective of enhancing agricultural productivity of small and medium-scale farmers and improving value addition along the chosen priority value chains, which are poultry, aquaculture and rice in Lagos State.

“Lagos State Government through the Ministry of Agriculture is providing maximum support to the project in ensuring that the contributions of these value chains to food security, local production, improvement of livelihood as well as the creation of export markets are sustained.

“A total of 2,691 farmers, SMEs have been supported directly with physical inputs and equipment across poultry, rice and aquaculture while 3,516 stakeholders have benefitted indirectly. Also, 1,621 Women and Youth Empowerment beneficiaries have been trained and their empowerment implementation is in progress. About 8,000 farmers have received training and technology demonstrations with strong evidence of a positive resultant effect on the Project Development Objective.

“The state through the leadership of Mr Governor has remained supportive to APPEALS project as with other Donor/World Bank Assisted Projects in the State through regular payments of counterpart contributions,” the Commissioner said.

Ms Olusanya also commended the Lagos APPEALS Project team for enhancing farmers’ productivity in Lagos State, stating that, “The State Steering Committee (SSC) and State Technical Committee (STC) have been performing their oversight functions in ensuring that the project implementation remains on course and our interaction with project stakeholders with a level of interventions through monitoring is so far satisfactory. However, Lagos State, being the State of Excellence, is always striving to be better.”

The Permanent Secretary, Ministry of Agriculture, Mr Hakeem Adeniji, who is the Chairman of APPEALS Project State Technical Committee, said the implementation of the project has received a lot of support from the Governor.

The National Coordinator of the APPEALS Project, Mr Mohammed Sanni Jobdi, who was represented by Dr Salisu Garba, said the project at the national level is encouraged by what the Lagos APPEALS project is doing.

He also commended Lagos State Project Coordinator of APPEALS, Mrs Oluranti Sagoe-Oviebo and her team for meeting the yearning and aspirations of thousands of farmers in line with the objectives of the Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project.

Mrs Sagoe-Oviebo said APPEALS Project has impacted lives and boosted farmers’ productivity in Lagos State, applauding Mr Sanwo-Olu, the Commissioner for Agriculture, Permanent Secretary of the Ministry of Agriculture, National Coordination Office of APPEALS Project and other major stakeholders for their commitment toward ensuring the success of Lagos APPEALS Project.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

Senate Pass Bill to Establish National Rice Development Council

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Price of Paddy Rice

By Adedapo Adesanya

The Senate has passed a bill seeking to establish the National Rice Development Council as part of the federal government’s effort to cut down on rice importation and improve the country’s foreign exchange earnings.

The passage of the bill followed the consideration of a report by the Committee on Agriculture and Rural Development.

Speaking at the presentation, the Chairman of the Committee, Mr Abdullahi Adamu, said the council will support the comprehensive development of the rice sector and the organisation of rice stakeholders to enhance local production of rice in Nigeria.

He explained that the organisation will transform the activities of rice farmers, rice processors, millers, researchers, marketers and other important stakeholders across the entire rice value chain, particularly the clusters of smallholder rice farmers and small scale millers spread all over the country.

“Mr President and distinguished colleagues, with our natural comparative advantage in the area of rice production as a country, Nigeria should consider the need to put in place a National Rice Development Council and a fail-safe comprehensive national rice development roadmap that will guide us not only into a regime of self-sufficiency in production but also for export purposes, employment generation for our teaming youth and growth of our economy.

“The Nigerian rice industry exists in the abstract as there appears to be no form of coordination in the absence of a properly structured rallying point.

“Today, we have Paddy Rice Dealers Association of Nigeria (PRIDAN), Rice Farmers Association of Nigeria (RIFAN), Rice Processors Association of Nigeria (RIPAN), Rice Millers Association of Nigeria (RIMAN) and many more.

“This Bill seeks to establish that rallying point and a comprehensive national operational and governance structure for a complete rice value chain process.

“Mr President and distinguished colleagues, this Bill on its own merit will improve government efforts for efficient policy and regulatory framework for the Nigerian rice industry; promote enabling business and investment environments for rice stakeholders; support the growth of the rice industry in Nigeria and in the sub-region as well as promote the sustainability of foreign exchange earnings put at about $2 billion annually for Rice related importation to the country.

“The framework created by thịs Bill will pull investment into rice production, provide the missing link between rice production and industrialization, provide employment, reduce migration from rural to urban cities and enhance socio-economic activities all over the country.

“Few countries having Rice Council include Rice Council of Tanzania, USA Rice Council, Directorate of Rice Development (India), Rice Association of Thailand, among others,” he said.

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Economy

SEC Praises Market Development Initiatives of NGX, CSCS, Others

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SEC Abuja office

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Limited, the Central Securities Clearing System and other capital market stakeholders have been praised by the Securities and Exchange Commission (SEC) for their market development initiatives, helping the capital market scale through the COVID-19 crisis.

According to the Director-General of SEC, Mr Lamido Yuguda, NGX plays a very significant role in the Nigerian capital market, and as such, the commission remains supportive of the exchange in the key role it plays towards developing the market.

While speaking at a meeting with capital market stakeholders in Abuja on Wednesday, the SEC chief further said the agency was aware that the advancement of new-generation information technologies, the rapid innovation of financial instruments and the impact of the COVID-19 pandemic are gradually transforming the operations of capital markets through the introduction of sound initiatives in the financial industry eco-system.

“The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the Pandemic-related unexpected challenges in global markets. However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth.

“You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the commission and the NGX Ltd. This emphasises the importance of collaboration on the growth of our market,” he said.

Mr Yuguda said specifically, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are highly commendable achievements that support our common goal of building a world-class capital market.

While applauding their efforts, the SEC boss, however, reminded them of the challenging task ahead and new threats brought forth by Fintech and what is expected from stakeholders to consolidate on the achieved gains while making necessary adjustments to improve market practices and remain vigilant against potential risks.

“We all have a common interest in developing a healthy, viable and world-class capital market. At the bottom of the work we do at the SEC, is investor protection. While trying to look at the rules we should not forget that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors,” Mr Yuguda said.

He reiterated that as the apex regulator of the capital market with a mandate to develop the market, SEC will continue to support all efforts aimed at making the markets fairer, more efficient and more transparent.

In his opening remarks, Chief Executive Officer of NGX Limited, Mr Temi Popoola, said there have been strong growth and market interactions in recent times which he attributed to the collaborative efforts of stakeholders.

Mr Popoola emphasised the need for education in the technology sector in the country, adding that as a market it is time to put all hands on deck to tap the potential in that sector.

“A lot of opportunities exist for the capital market. Technology can be used to address the capital formations in the market and we are making progress in tapping that.

“We are on a digitalisation drive and we have started with the MTN offer which was done electronically, we need to improve on that going forward. That is the only way to unlock the demography of young Nigerians that are technology savvy.

“We are collaborating with relevant stakeholders to ensure what’s best for the ecosystem. We are exploring ways to strengthen the entire market infrastructure,” he stated.

Also speaking, the Managing Director/CEO of CSCS, Mr Haruna Jalo-Waziri, welcomed the collaboration between markets, regulators and tiger stakeholders saying that the aim is to simplify the marker and give investors the experience they deserve to ensure they keep coming back.

“The market is changing, and with technology, a lot of the ways we were operating is also changing and we look forward to better market and operations,” he added.

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Economy

Nigeria Lost 2.418 million Barrels of Crude in December 2021—OPEC

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crude oil prices

By Adedapo Adesanya

Nigeria lost as much as 2.418 million barrels of crude in the last month of 2021, the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) showed on Tuesday.

The report noted that there was a daily underperformance figure of 78,000 barrels per day in December.

The month of December, according to the OPEC report, also saw Nigeria slump lower than other previous production performances, compared to, for instance, October, in which 1.228 barrels were pumped per day and November during which 1.275 million barrels were produced per day.

The data, according to OPEC, which uses both primary and secondary sources to obtain information on production levels, was received from direct communication with Nigeria.

Among members of the cartel, the OPEC Monthly Oil Market Report (MOMR) for January showed only crisis-torn Libya lost more oil than Nigeria, with a production deficit of roughly 119, 000 barrels per day.

For proper context, Nigeria’s quota for February remained at 1.7 million barrels per day, but the country’s effort to produce more in the last few months had not yielded any progress.

While the target was to produce about 1.86 million barrels daily by the Nigerian National Petroleum Company (NNPC) Limited, poor upstream infrastructure, long term waning investment and the impact of the OPEC-induced shutdowns last year, have combined to hobble the number of barrels pumped by Nigeria.

On the Nigerian economy, OPEC stated that although the country recorded a surplus of $3.6 billion, consumer prices have continued to pose a serious challenge.

“According to recently released statistics from the Central Bank of Nigeria (CBN), the country’s current account registered its highest surplus since early 2018, amid a strong trade position.

“In 3Q21, the current account posted a surplus of $3.6 billion compared with $348 million in 2Q21 and a shortfall of $3.6 billion in 3Q20.

“In 3Q21, exports exceeded imports by about $1.8 billion, recording the largest excess since late 2019. Additionally, improving oil prices continued to support the economic recovery, coupled with easing of the inflation rate, which marginally fell for the second month in a row to 15.4 per cent from 15.9 per cent, marking the lowest rate since November 2020, largely due to sustained moderation in food prices.

“However, on a monthly basis, consumer prices increased by 1.08 per cent, following a 0.98 per cent increase the previous month,” it stated.

On a global level, OPEC stuck to its forecast for robust growth in world oil demand in 2022 despite the Omicron coronavirus variant and expected interest rate hikes, predicting the oil market would remain well supported through the year.

Tight supply has given impetus to the current oil rally, and OPEC’s report also showed the group undershot a pledged oil-output rise in December.

The producers’ group said it expects world oil demand in 2022 to rise by 4.15 million barrels per day, unchanged from last month while oil consumption will surpass the 100 million barrels per day mark in the third quarter, also in line with last month’s forecast.

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