Nigeria to Save $580m from Cassava by-products Imports

Image

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has said it was taking steps to help the country save about $580 million spent annually to import cassava by-products.

The Governor of the CBN, Mr Emefiele, said this on Thursday at the commissioning of the Rivers Cassava Processing Company.

The integrated facility was established by the Rivers State Government in collaboration with Shell Petroleum Development Corporation, the Dutch Embassy Investment Nigeria Limited and their technical partners.

The Rivers Cassava Processing Company was designed to support improved production and processing of cassava into high-quality flour in the state.

Speaking at the unveiling, Mr Emefiele said the cassava processing facility will help to support the CBN’s mandate of promoting economic growth for Nigeria, adding that it will also provide farmers with a verifiable platform to access finance from the apex bank and other financial institutions through its Anchor Borrowers Programme (ABP).

“With the capacity to process over 45,000 tons of cassava, this facility will provide high-quality cassava flour for households, industries and bakeries.

“The facility will help in reducing our reliance on imports of cassava by-products, which serves as a key input in the production of food items in several factories. Nigeria imports over $580 million worth of cassava by-products annually,” the CBN chief said.

Mr Emefiele said the developmental finance initiatives at the CBN is focused on creating an enabling environment that will drive both public and private sectors participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution and accretion to foreign reserve.

According to him, Rivers State has accessed over N13 billion from the various intervention programs, noting that the loan status remains in good standing.

The CBN Governor disclosed that the bank “remains committed to working with the state governments in supporting smallholder farmers and processors across various commodities such as cassava, palm oil and fisheries.

Share
Related Stories
Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

More Stories
Image
26-February-2024

Tinubu to Implement Oronsaye Report on Leaner Government

By Adedapo Adesanya President Bola Tinubu has resolved to implement the Stephen Oronsaye report that called for a leaner government by merging some ministries, departments, and agencies (MDAs) and scrapping some others 12 years after it was suggested. The President’s decision was announced by a presidential spokesperson, Mr Bayo Onanuga, in a post on X. “Twelve years after the Steve Oronsaye panel submitted its report on restructuring and rationalizing federal government parastatals and agencies and a white paper issued two years after, President Tinubu and the Federal Executive Council today decided to implement the report,” Mr Onanuga wrote. “Many agencies

Image
14-February-2024

Naira Appreciates to N1,499/$1 at Official Market After FX Supply Boost

By Adedapo Adesanya The value of the Naira appreciated against the US Dollar in the official foreign exchange (FX) market, the Nigerian Autonomous Foreign Exchange (NAFEM), on Tuesday, February 13, after hitting a new low the previous day. Yesterday, the domestic currency gained 2.3 per cent or N35.32 on the greenback in the spot market to trade at N1,499.07/$1 compared with the N1,534.39/$1 it traded on Monday, which raised apprehension in the system, especially because the supply of forex was disrupted. According to data obtained from the FMDQ Securities Exchange, FX supply on Tuesday improved, aiding the sale of more

Image
17-July-2022

Ayo Elias Becomes Airtel Nigeria’s Human Resources Director

By Modupe Gbadeyanka A human resources expert, Ms Adebimpe Ayo Elias, has been appointed by Airtel Nigeria as its Director of Human Resources and Administration. Ms Ayo Elias was moved to her new role from her former position of Head of HR Business Partnering, according to a statement from the leading telecommunications services provider. She will now be responsible for driving Airtel Nigeria’s people agenda with a keen focus on ensuring an inspired, happy, and highly engaged workforce. The HR guru would be expected to perform well based on her more than 25 years of cognate experience garnered across several

Image
13-December-2019

UK Election: Conservatives Win Majority to Keep Boris Johnson as PM

By Adedapo Adesanya Prime Minister of the United Kingdom, Mr Boris Johnson, will return to the office after the Conservative Party (Tories) won majority seats in parliament at the winter election held on Thursday. As at the time of this report, the party has won 364 seats, representing 43.6 percent, a majority out of 650 slots available at the parliament. The party needed 326 seats to win, but currently has 364. It was followed closely by its bitter rival, the Labour Party, with 203 seats, representing 32.2 percent. Other parties include: the Scottish National Party with 48 seats (3.9 percent);

Image
03-September-2021

COVID-19: Nigeria, Others May Miss Vaccination Target—WHO

By Adedapo Adesanya The World Health Organisation (WHO) has pointed out that 80 per cent of African countries, including Nigeria, might miss the goal of vaccinating the most vulnerable among their populations against COVID-19 before the end of September. Data showed that 42 out of 54 African countries are far away from meeting the global target set in May by the World Health Assembly (WHA), going by the current rates of vaccine deliveries and inoculations. The WHA, which is the world’s highest health policy-setting body, had challenged all governments to vaccinate 10 per cent of their population by the end

Image
30-June-2017

NNPC Will Still Control Refineries after ‘Concessioning’—Kachikwu

By Dipo Olowookere Minister of State for Petroleum, Mr Ibe Kachikwu, has disclosed that the control of refineries across the country would still be under the state-owned oil firm, the Nigerian National Petroleum Corporation (NNPC), even after having private investors to revamp them. But Mr Kachikwu said at the moment, none of the refineries has its ownership transferred to a new owner. However, he confirmed that the government was trying to emplace a funding mechanism to revamp the refineries for them to compete effectively. He explained that the private funding investment coming into the refineries would go through a transparent

Image
14-November-2018

SAHCOL Kicks Off N1.89b Initial Public Offering

By Dipo Olowookere The latest company joining the Nigerian Stock Exchange (NSE), Skyway Aviation Handling Company (SAHCOL) Plc, has commenced its Initial Public Offering (IPO) by way of an offer for sale of 406,074,000 ordinary shares. A notice released by the NSE and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, disclosed that the exercise kicked off on Monday, November 12, 2018 and will close on Wednesday, December 19, 2018. During the IPO, SAHCOL will be selling its stocks to investors at N4.65k per share, hoping to rake a total of N1.89 billion from the exercise. Business

Image
16-May-2020

More Woes for Evans Medical, to Pay N71m in 30 Days

By Modupe Gbadeyanka It is not the best of times for Evan Medical Plc, a company on the stock exchange battling for survival because of some issues staring at it. To compound its woes, a Lagos Judicial Division of the National Industrial Court has asked the healthcare firm to pay the sum of N71 million within 30 days. The amount, precisely N70.977 million, is outstanding salaries, allowances, gratuity and pension contributions of eight former employees of the company for their years of service. Justice Ikechi Nweneka, who ordered Evans Medical to make the payment, held that the various documentary evidence

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in