Economy

Onions Can Attract Foreign Investors to Nigeria—Customs

Published

4 years ago

26/02/2021

By Adedapo Adesanya

The Onion Producers and Marketers Association of Nigeria (OPMAN) have inaugurated documented onion exports through Illela land border in Sokoto State.

At the launch of the programme yesterday, the Area Controller of Nigeria Customs Service (NCS), Mr Abdulrahameed Ma’aji, in charge of Sokoto and Zamfara states, urged producers and marketers to utilize the opportunity for enhanced production and trading.

Mr Ma’aji commended President Muhammadu Buhari for reopening the land borders for legitimate businesses, and lauded the efforts of the Comptroller General of NCS, Mr Hameed Ali, for keeping in tune with international best practices in customs’ responsibilities.

He described onion as a commodity with vast potentials that could attract foreign investors and create employment opportunities along with enhancing value addition to consumption and industrial use.

He said the NCS worked with stipulated laws and guidelines, to enhance trade and encourage domestic entrepreneurs individuals and groups to key into exports, for national economic growth.

“Despite COVID-19 pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for the sustenance of global trade,” Mr Ma’aji said.

Also speaking at the occasion, the National President of OPMAN, Mr Aliyu Maitasamu, said onion was an important vegetable, whose distinctive flavour and medicinal content was appreciated by people throughout the world.

Mr Maitasamu noted that there is no household that does not consume onion, as it is being used as bulbs, onion powder, and others which serve as a raw material in the production of seasoning, ketchup, noodles, onion oil, onion jam, flakes by various food industries.

He explained that onion is used in pharmaceutical products, targeting the management of obesity, heart disease and cancer, due to its high vitamins, mineral and antioxidants content.

The President said based on these benefits, the union resolved to join hands with all onion exporters across the nation and take advantage of the federal government initiative on the diversification of the nation’s economy.

According to him, no fewer than 2,000 marketers engaged in the business, thousands engaged in its farming and other associated businesses, had been mobilised by the association.

“In line with the Federal Government plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026.

“Nigeria is among the 10 top onion exporting countries in the world, and with a competitive advantage of producing the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’Ivoire, and others, with more expanding opportunities,” Mr Maitasamu said.

He added that with the commencement of documented export of onion and onion products, the commodity has the capacity to contribute greatly to the country’s Gross Domestic Product (GDP), encourage repatriation of forex back to Nigeria and other value addition from the global map of onion exporting countries.

It was reported that the occasion was attended by Nigerian authorities, exporters and clearing agents, traditional rulers and representatives of law enforcement agencies.

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Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Female-led Businesses Have 7.2% Higher Activity Rate Than Male Counterparts—Eniolorunda

Published

11 hours ago

29/11/2024

Modupe Gbadeyanka

By Modupe Gbadeyanka

The chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, has said it’s more profitable to serve women than their male counterparts.

Speaking at the second International Financial Inclusion Conference 2024 organized by the Central Bank of Nigeria (CBN) and other critical stakeholders, he said women entrepreneurs have proven to be diligent and enhance profitability.

He disclosed that based on data harvested from the Moniepoint platform, “women-owned businesses are more likely to stay active and show higher engagement rates in financial transactions.”

According to him, in cases where financial support has been extended—through investments, KYC compliance, or the provision of tools like point-of-sale devices—female-led businesses have a 7.2 per cent higher activity rate than their male counterparts while looking at the gender relations with credit products, “women-owned businesses have an 87.5 per cent lower loan non-performance rate (NPL) than male-owned enterprises.”

He submitted at the event themed Inclusive Growth: Harnessing Financial Inclusion for Economic Development that for financial inclusion to be sustainable, especially for women, it must no longer be treated as a buzzword, charitable social activity or a checklist to be marked.

Mr Eniolorunda noted that financial service providers play a vital role in supporting gender-inclusive finance and that by collecting and analysing data on gender trends in small business performance, they can craft better policies, targeted products, and support services that encourage more women entrepreneurs.

Echoing similar sentiments, his counterpart at the Credit Registry, Ms Jameelah Sharrieff-Ayedun, said, “90 per cent of women’s income that they receive goes back to the communities and their families as such when women have access to credit, the community is enhanced, families are better off which is why it’s important that they can access this funding.”

In her summation, the Deputy Governor of the CBN for Operations, Ms Emem Usoro acknowledged some of the structural challenges that might require time and resources to be addressed including cultural practices and less systemic ones such as distance to financial services providers that stifle the participation of women-owned businesses, while signposting the power of data to catalyze inclusive growth and its viability for economic planning.

Economy

Stanbic IBTC Asset Management Moves to Protect Mutual Fund Holders

Published

11 hours ago

29/11/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

A significant step has been taken by Stanbic IBTC Asset Management to protect mutual fund holders from scams.

This is being implemented through a campaign launched by the organisation to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.

Stanbic IBTC Asset Management intends to use this means to build trust and reassurance, reinforcing its dedication to the financial safety of its clients.

This move, taken in response to an alarming rise in scam attempts targeting mutual fund holders, will educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.

The firm has advised customers to verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications.

The chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, said, “At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments.

“This campaign is designed to protect our customers and empower them with the knowledge necessary to recognise and verify the authenticity of any communications they receive.

“By doing so, we aim to foster a sense of confidence and security among our clients regarding their financial decisions.”

It was gathered that recently, enquiries about the authenticity of mutual fund subscription messages have surged. Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.

The company has made it clear that customers should not hesitate to contact the support team directly with any concerns, questions, or suspicions regarding communications or transactions.

Economy

NASD Index Records 0.67% Appreciation

Published

13 hours ago

29/11/2024

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) recorded a 0.67 per cent appreciation on Thursday, November 28, with the portfolios of investors on the platform rising by N7.09 billion to N1.061 trillion from the N1.053 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) growing by 20.22 points to wrap the session at 3,026.60 points compared with 3,006.38 points recorded on Wednesday.

This happened after the unlisted securities market finished the trading session with three price gainers and two price losers.

Afriland Properties Plc gained N1.58 to end at N17.39 per unit compared with the midweek’s closing price of N15.81 per unit, as Acorn Petroleum Plc improved its value by 14 Kobo to close at N1.69 per share, in contrast to the previous day’s N1.55 per share, and Central Securities Clearing System (CSCS) Plc went up by N1 to sell for N23.00 per unit compared with the preceding session’s N22.00 per unit.

On the flip side, First Trust Microfinance Bank Plc lost 4 Kobo to finish at 32 Kobo per share versus Wednesday’s closing price of 36 Kobo per share and Geo-Fluids Plc slumped by 3 Kobo to sell at N3.90 per unit compared to N3.93 per unit it was sold a day earlier.

There was a 191.9 per cent rise in the volume of securities traded in the session as investors exchanged 2.9 million units compared with the previous trading day’s 1.0 million units.

Equally, there was a 283.9 per cent surge in the value of shares traded yesterday to N7.9 million from the N2.1 million recorded in the previous day, and the number of deals increased by 300 per cent to 12 deals from the three deals executed in the preceding day.

At the close of transactions, Geo-Fluids Plc was the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, trailed by Okitipupa Plc with 752.2 million units sold for N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.

Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.