Economy
Nigeria Launches $520m Special Agro-Industrial Processing Zones to End Hunger
By Adedapo Adesanya
Nigeria has begun its long journey to end hunger and achieve food security by launching the Special Agro-industrial Processing Zones (SAPZ).
The launch ceremony in Abuja on Monday kick-starts the implementation of phase one of the SAPZ program in eight states across the country. These include – Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory, Abuja.
The SAPZ program has already garnered huge momentum as an additional 19 state governments have expressed strong interest in participating in the program.
The African Development Bank (AfDB) is providing funding of $210 million, with the Islamic Development Bank (IsDB) and the International Fund for Agricultural Development (IFAD) jointly providing $310 million, while the Nigerian government will contribute $18.05 million.
President Muhammadu Buhari, in remarks delivered by Vice President, Mr Yemi Osinbajo, praised the initiative and said, “if the Special Agro-industrial Processing Zones program delivers on its objectives, and we have no doubt that it will, then we would in less than a decade have dealt a fatal blow to food insecurity, create millions of good paying agro-industrial jobs and opportunities and radically improve export earnings from agriculture.”
On his part, the AfDB President, Mr Akinwumi Adesina, said, “the Special Agro-industrial Processing Zones are new economic zones, located in rural areas, to be fully supported by infrastructure (power, water, roads, digital infrastructure, and logistics) that will allow food and agribusiness companies to locate within such zones.
“This will put them close to farmers in production catchment areas, provide market offtakes for farmers, support processing and value addition, reduce food losses, and allow the emergence of highly competitive food and agricultural value chains.”
Mr Adesina, a former minister of agriculture of Nigeria, said: “Hunger in Nigeria cannot be justified. Nigeria has the land, with 34 million hectares of arable land with rich and diverse agroecology. It has water. It has the labour. It has great sunshine. Nigeria must achieve zero hunger. There is no reason for anyone to go hungry in Nigeria.”
To help Africa prevent a food crisis from the Russia-Ukraine war, the lender launched a $1.5 billion African Emergency Food Production Facility to support 20 million farmers to access climate-resilient agricultural technologies and produce 38 million metric tons of food valued at $12 billion.
“The African Emergency Food Production Facility provided $134 million to Nigeria, one of the highest levels of support across African countries. I would like to thank the Japanese International Development Agency (JICA) for co-financing this with an additional $110 million. That means we collectively made available $244 million for emergency food production in Nigeria,” the bank group head said.
Noting that the latest Global Hunger Index (2022) ranks Nigeria 103rd among 121 countries facing hunger crisis in the world, Mr Adesina called for “greater action, responsiveness, and delivery to avert a food crisis in Nigeria”.
“Nigeria must decisively tackle insecurity challenges that prevent farmers from going to the farms. Food security needs national security,” said Mr Adesina.
In a rallying call around the SAPZ program, Mr Adesina said: “The Special Agro-Industrial Processing Zones (SAPZs) will help feed Nigeria, transform rural economies, expand fiscal space, fully unlock Nigeria’s agricultural potential, and create millions of jobs.”
“I am delighted that the SAPZs have finally come to pass in Nigeria and across Africa,” he said.
According to the IsDB President, Mr Muhammad Al Jasser, “with the disruption of supplies arising from the war, Africa now faces a shortage of at least 30 million metric tons of food imports from Russia and Ukraine, especially for wheat, maize, and soybeans. Urgent actions are needed to prevent a food crisis in Africa.”
He expressed confidence Nigeria will efficiently implement the SAPZ program, which will boost food production, reduce food price inflation, and transform the agriculture sector while assuring food security and creating jobs.
On her part, the Associate Vice President of the International Fund for Agricultural Development, Ms Katherine Meighan, said her organization is determined to contribute to the overall goal of the SAPZ programme by empowering 100,000 direct beneficiaries, including smallholders, small processors, traders, and service providers in Ogun and Kano State, with a strong focus on youth and women.
“Our empowerment strategy aims to equip farmers and smallholders to take advantage of the markets created by the SAPZ to sustainably enhance their income through income-generating activities, household food security and nutrition, and resilience to climate change,” said Ms Meighan.
The zones will develop value chains for selected strategic crops in Nigeria, including maize, cassava, rice, soybean, cocoa, poultry, and livestock products. They will also create millions of quality jobs, especially for youth and women.
Speaking on behalf of the phase one participating states and the Federal Capital Territory, the Governor of Cross River State, Mr Ben Ayade, praised the innovativeness of the program and said “the SAPZ program will help Nigeria develop an economy independent of oil. The program is a classical departure from other projects we know.”
During the event, Vice President Osinbajo launched a set of commemorative stamps for the Special Agro-industrial Processing Zones. The stamps were designed by Nigerian Postal Service (NIPOST) in conjunction with a local NGO, FLEESD.
By Modupe Gbadeyanka
The United Nations has expressed its readiness to assist in attracting investors to Zamfara State, especially in the mining and agricultural sectors.
The Deputy Secretary General of the global body, Mrs Amina Mohammed, during a visit on Thursday, said the northern Nigerian state is now ready for business and that the UN was willing to be a genuine partner to the state.
“Investors want an enabling environment. Peace is what you need today for people to come. The Zamfara narrative focuses on conflict related to solid minerals, and this needs to change,” she was quoted as saying in a statement issued on Friday by the spokesperson for the Zamfara Governor, Mr Sulaiman Bala Idris.
The former Nigerian Minister further said, “What you show us today is first and foremost your passion for what you want us to do, and that is what investors want. They want to know what you want.
“I am happy today to be here in Zamfara, because I really want to show the world that we should pay attention to what is happening at the local level. Because this is where people are weakest, where governance is weakest, and where there are the fewest resources.
“When we visit, we give visibility to the effort that has been made and to the impact of what is happening elsewhere in the world on people who have nothing to do with what caused it in the first place.
“Zamfara State is accessible today. And it would be even more accessible because the road we travelled on is still under construction. When it is finished, it will revive the businesses and markets around it, and hopefully, by then, we will witness more peace.
“I see the mining, I see the potentials, I see the market and the demand, but I also see the leadership here who is willing to look at the institution, framework and partner to get the job done.
“There is a lot of hope and potential here. Everyone must play their role; this is not something the governor will do alone. The United Nations is willing to be a genuine partner to Zamfara State.”
On his part, Governor Dauda Lawal said Zamfara is at a turning point, with a population of 5.3 million, and the state’s economy is agriculture-driven, with 82 per cent of the population depending on agriculture.
“Zamfara’s Six-Point Rescue Agenda is a deliberate strategy to stabilise, rebuild, and transition the state toward inclusive and sustainable development,” he told his guest.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
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