All Posts in "Agriculture"

CBN,Varsities To Partner On Agric Revolution

The Central Bank of Nigeria(CBN),says it will provide a commercial outlook to research breakthroughs on improved seeds in the country.
The apex bank hopes to achieve this  by ensuring a guaranteed market by encouraging farmers to adopt those seeds under the Anchor Borrower Programme (ABP).
Gowin Emefiele, its Governor,disclosed this
delivering the guest lecture, titled, ‘Jump Starting the Agricultural Revolution: the CBN Experience’, at the combined convocation of the Federal University of Agriculture, Makurdi, Benue State.
He noted that the seed industry was a multi-billion dollars investment, offering a low hanging fruit in a potential collaborative effort between the CBN and the university community.
According to him, N608.36 billion had been disbursed to 3,038,899 farmers that cultivated 3,776,228 hectares along 21 commodities through 23 Participating Financial Institutions in 36 states and the Federal Capital Territory (FCT).
The apex bank boss expressed  to partner with the universities in achieving revolutionary innovations to reposition agriculture.
He  said on assumption as CBN governor in 2014, “I stated that my vision would be to ensure that the Central Bank of Nigeria is more people focused, as its policies and programmes would be geared towards supporting job creation, and deepening our intervention program in the agricultural sector”.
He explained that this would help to foster greater inclusive growth as well as address key macroeconomic concerns including exchange rate stability, financial system stability and maintaining a strong external reserve.
He added that with close to 36 per cent of Nigerians employed in the agricultural sector, the emphasis on supporting greater growth of the sector became vital given the role it could play in supporting employment generation, wealth creation, and in providing domestic sources of staple food items and raw materials for households and businesses.
Emefiele, said: “In the 60’s and the early 70’s, the agricultural sector was the backbone of the Nigerian economy. Our production of cocoa, palm oil and groundnuts amongst other commodities supported the revenue needs of the government in addition to generating sufficient export revenues for the country.
“In addition, Nigeria held a dominant share in the exports of these commodities globally. Proceeds from the sale of these products were used to build bridges, roads and educational institutions in key parts of the country. More importantly it fostered inclusive growth by creating jobs across the agricultural value chain.”
However, he pointed out that, “The eventual discovery of crude oil along with increased exports of crude oil, led to significant underinvestment in the agricultural sector and an erosion of jobs in the real sector of our economy.
“As a result, products such as palm oil, which could have been produced in Nigeria were now being imported into the country with the improved inflows of petrodollars. Our reliance on crude oil earnings for close to over 80 per cent of our foreign exchange earnings not only led to significant loss of jobs in the agricultural sector, it also subjected our nation to strong economic volatility driven by factors that are exogenous to the Nigerian economy.
“One critical example which I can share is between 2012 – 2015, US production of shale oil rose from less than 1 million barrels per day to over 5 million barrels per day.
“This rise in production led to a dramatic fall in global crude oil prices between 2015-2016 and a corresponding decline in Nigeria’s government revenue as well as our foreign exchange earnings.
He said: “At one point in 2016, our monthly foreign exchange earnings dropped from over $3 billion a month to close to $500 million a month.
“We are all aware of how Israel which a desert area was formerly, was turned into a lush green fertile area, after researchers discovered how to channel drops of water to the roots of plants through drip irrigation.
“We would like to see how the university community and indeed the graduating students can leverage their knowledge and research to come up with similar breakthrough solutions that would improve productivity of our agricultural sector.
“Another example that comes to mind could be the set up demonstration farms in farming areas, where farmers can come and obtain knowledge on the right farming practices to adopt in order to increase their yields and output.”
He disclosed that in a bid to mitigate the impact of the COVID-19 pandemic on the economy, the CBN as part of its mandate to ensure price and monetary stability, sought to apply targeted interventions, with the agricultural sector at the centre to encourage greater diversification of the economy.
He said the CBN was conscious of the fact that improved support for the sector would help to improve domestic productivity and reduce our imports of items that could be produced in Nigeria.
Online Editor by — April 26, 2021 in Agriculture 0
Agriculture:Lagos Will Harvest $10bn Investment In Five Years -Sanwo-Olu

 Total investment in the agricultural sector from the government, private sector donor agencies and development partners will run into over $10billion in the next five years,Lagos State Governor, Babajide Sanwo-Olu has said
He  stated while the state expects most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.
He spoke at the launch of a five year agricultural and food system roadmap (2021-2025) in Lagos.
“Lagos State five-year Agricultural Roadmap is, therefore, the most appropriate tool needed to unleash the capacity of Lagosians to produce the most-consumed agricultural products in the State and to accelerate the establishment of farms and agri-businesses.
”On our part, we have started revamping the Agricultural Land Holding Authority (ALHA) to support investment in agriculture. We will also strengthen the coconut belt with increased private sector involvement.
“I am excited about the wealth we will generate from our fecund land and coastal resources. The next five years will be productive, competitive, and transformational as Lagos State implements its agricultural roadmap. We are set to become the nation’s agricultural powerhouse, and I invite you to join us to make history,” he added.
He expressed that  Lagos could no longer afford to rely wholly  on other states for its food adding that it was time for the State to unlock its immeasurable agricultural potential through the implementation of the roadmap.
He opined that the roadmap would also lead to wealth generation, value creation, food security, the industrialization of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.
He said that the roadmap essentially focuses on three pillars which are the growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of the private sector participation.
“We will also focus on growing the midstream and downstream sectors that are value addition involving processing, handling, storage, cold chain, packaging, utilization and commercialization which are all important agricultural value chains by leveraging on the huge market with support from donor agencies.
“Lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture. This will include linking the private sector with business-friendly credits.
Abisola Olusanya, the state’s  Commissioner for Agriculture, said private sector partnerships and involvement would engineer  the roadmap,adding  that investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production.
She added:“With thousands of hours spent by statisticians, an agriculture expert, investment bankers and practitioners, this strategic document was brought to life to help chart the way forward to a food sufficient Lagos”
Online Editor by — April 23, 2021 in Agriculture 0
Oyo Parleys  NEPC on Food Production

Engr. Seyi Makinde,the Oyo State Governor,  has said that his administration would partner the Nigeria Export Promotion Council (NEPC) in capacity building to meet the global standard in exportation.
The governor stated this while hosting a courtesy visit paid by the Executive Director, Nigeria Export Promotion Council, Chief Olusegun Awolowo in Ibadan.
The Governor, who was represented by the Secretary to the State government, Mrs Olubamiwo Adeosun maintained that the State Government had moved from small scale farming to agri-business.
She noted that the State has constructed many roads that lead to the rural areas to make life bearable for farmers that will want to transport their farm produce from the farm to the market.
Speaking at the event, the Special Adviser to the Governor on Economic Affairs, Professor, Musbau Babatunde said the administration is building processing plants for preservation of the produce and will create enabling environment for private businesses to thrive in the state.
He added that the government agencies are training women and youths on shea butter production at Akufo, Eruwa and Fashola Farm estates.
In his remark, the Executive Director, Nigeria Export Promotion Council, Chief Olusegun Awolowo called on the State Government to partner with the Commission on its ‘Safe Job, Create Job’ initiative.
He added  that the commission would also collaborate with the State government to modernise Okerete border market for the benefit of the people of the State.
Online Editor by — April 16, 2021 in Agriculture 0
FG Gives Agricultural Inputs To 7,500 Small Scale Women Farmers

Ministry of Agric distributes, empowers 7,500 women farmers in N'Central with various agric inputs
The Federal Government on Thursday  rolled out the distribution of agricultural inputs to about 7,500 smallholder women farmers  drawn from North Central States and Federal Capital Territory, Abuja.
Some of the items distributed to women include value kits (planting materials, growth enhancer and agro-chemicals) in yam, cassava, potatoes, soybean, rice, maize, sesame, ginger, sorghum/millet, cowpea and horticultural crops.
Sabo Nanono, the Minister of Agriculture and Rural Development who made the distribution in Abuja, explained that the distribution of the agricultural inputs to women farmers and processors was part of the Federal Government’s measures to mitigate the effect of COVID-19 pandemic on food production in the country.
He said:”With plummeting economic activity, women are particularly vulnerable to layoffs and loss of livelihoods.The resurgence of extreme poverty as a result of the pandemic has revealed women’s precarious economic security.
“Women, who were socially and financially disadvantaged, were disproportionately affected by the impact of the COVID-19 pandemic and subsequent economic recession that followed.Weakened social protection systems have left many of the poorest in society unprotected, with no safety nets to weather the storm.”
The minister,who underscored the significant roles played by women in the food production value chain in the country, added that there was the need to give them priority attention for the overall national development.
He assured that his Ministry together with research institutes was working assidously towards making Nigeria self-sufficient in good quality seed and its availability to farmers as a foundation for attaining food and nutrition security as well as industrialisation.
“We are making concerted efforts to improve rural infrastructure such as rural roads, boreholes, irrigation facilities, solar lights, markets, among others, that are enablers for improved agricultural performance for our farmers and processors active in the rural space,” he said.
Besides, Nanono and  the Minister of the Federal Capital Territory, Abuja, Mohammed Bello, distributed production and processing equipment to the women in a  bid to reduce drudgery, improve efficiency, reduce cost of production and improve quality of product and produce from the operations.
In her remarks, Mrs. Pauline Tallen, Minister of Women Affairs and Social Development, thanked the Federal Government for providing palliatives to small holder women farmers.
Online Editor by — April 16, 2021 in Agriculture 0
Lagos Considers Agricultural Roadmap

Lagos State Government has concluded plans to launch a 5-Year Agricultural Development Roadmap in  accordance with its THEMES developmental agenda for the state.
Ms Abisola Olusanya, state’s Commissioner for Agriculture, Ms Abisola Olusanya, who disclosed this in Lagos, explained that the roadmap would help the state achieve its goal of making Lagos a 21st century economy.
According to Olusanya, the roadmap is focused on the development of agricultural value chains where the state has competitive and comparative advantages to ensure that the state attains its food security goals.
“I am delighted to address you today and avail you of the forthcoming launch of the 5-year Agricultural Development Roadmap for the Ministry which is slated for launch by the State Governor, Mr Babajide Olusola Sanwo-Olu next  Thursday.
“The Agricultural Development Road Map was conceived by the Ministry of Agriculture as a direct outcome of the present administration’s THEMES developmental agenda particularly the 4th pillar of making Lagos State a 21st century economy by ensuring that the agricultural sector plays the role of ensuring sustainable food security.
“Its focus is on the development of agricultural value chains where the State has competitive and comparative advantages to ensure that the State’s self-sufficiency in food production moves from 18% to 40 per cent of food needs in the next five years and thus ensure that Lagos State achieves the Sustainable Development Goals (SDGs) as it relates to the sector.
“In adopting the five-year strategy, it is our belief that it will boost food production and drastically reduce post-harvest losses thus encouraging private sector investments that would trigger agricultural transformation in the southwestern States following the examples of countries such as m: Kenya, Malawi, China among others who within a 10 year period made a significant reduction in the poverty level through Agricultural development,” Olusanya stated.
She explained that  the road map highlights intervention areas by the Ministry to boost agricultural productivity at the upstream, midstream and downstream sectors of seven value chains and services bearing in mind the comparative advantages Lagos State has in these sectors.
She added that the roadmap also highlights the need for the state government to partner and collaborate with private investors and relevant authorities in improving the environment through proper waste management as well as relocation and upgrading of service centres such as sawmill and open markets in the state.
Olusanya explained that the policy focus at the inception of the state’s Ministry of Agriculture was on direct production of Agricultural produce adding that over the years, the policy thrust changed from direct production to provision of a conducive environment for private sector investment.
Online Editor by — April 15, 2021 in Agriculture 0
Nigeria’s $1.5bn Annual Spend On Diary Products Import Regrettable  ―  Minister

Nigeria's dairy product importation stands at $1.5bn — Nanono
Alhaji Sabo Nanono,the Minister of Agriculture and Rural Development, Alhaji Sabo Nanono has regretted that Nigeria spends about $1.5 billion importing dairy products annually.
He expressed that despite the potentials in the dairy industry, 60 per cent of dairy products consumed in the country is imported while the remaining 40 per cent is produced locally.
He spoke Sat the National Diary Policy Stakeholders Engagement in Abuja, where he emphasized the need to harness the potentials in the dairy sector in order to address some socio-economic and national herd management issues.
He said the Nigerian dairy industry is largely subsistence and consists of local milk production, importation, processing, marketing and consumption.
“The consumption of aggregated and bulked milk is less than 20% of the local potential. Nigeria’s milk production accounts for only 13% of West African production and 0.01% of global dairy output.The gap between supply and demand for dairy products is widening as a result of an increase in population and urbanization.
“The per capita consumption of milk is 8 litres per year, representing very low consumption levels when compared with the global averages of 44 litres of milk (FAOSTAT, 2019). Consequently, the long neglect of the livestock sector has put a lot of burden on the import bills of the country.About 5 billion USD worth of food is imported yearly into the country out of which milk and dairy products account for 1.2-1.5 billion USD (CBN 2019). Hence, the annual dairy consumption is met by 60% imports and 40% local production”.
Online Editor by — March 31, 2021 in Agriculture 0
 CBN  Disburses N2.2bn  Agric Loan Balyesa Farmers

The Central Bank of Nigeria has said that  Bayelsa State Government has keyed into its Accelerated Agricultural Development Scheme (AADS) in which over N2.2billion had been disbursed to 2,000 beneficiaries in the state.
The apex bank disclosed this  during a courtesy visit of its Yenagoa Branch Controller, Mr Francis Ene-Asuquo, and his team to Governor Douye Diri at the Government House in Yenagoa
He said  Bayelsa had fully bought into the CBN’s Anchor Borrowers Scheme which encouraged farmers to establish themselves into clusters in the state.
He added  that N600million had been disbursed directly to poultry farmers in the state, which made it possible for them to now supply eggs to neighbouring states in commercial quantity.
Speaking on the N3billion agricultural loan fraud allegation against  state government, the CBN’s Head of Development Finance, Mr Stanley Oruyeigha, dismissed the claim as mere speculation and outright falsehood.
He confirmed that N1.5 billion of the amount was disbursed in the first phase for infrastructure development, which includes completion of the cassava processing factory at Ebedebiri while in the second phase, the sum of N1.438 billion has been disbursed directly to 3,500 farmers as well as for the purchase of various agricultural inputs.
He insisted that the process had been transparent and that the balance of N61, 699,211.80million was intact.
He said:”There are no issues with the N3billion agric loan to Bayelsa farmers. The first tranche of N1.5billion was meant for infrastructure and that includes land clearing. No contract of N40million was paid to anyone. Everything about the fund is safe. Our partner bank is Access Bank.
“I want to emphasise that no money is missing nor was shared. The Accelerated Agriculture Development Scheme is already a success in the state and it is on course. The land clearing is going on well. CBN is satisfied with the progress so far in Ayamasa, Angalabiri, Korokorosei, Sampou, Agbere, Amassoma and other communities. The governor has never interfered with nor manipulated the scheme since it started.”
Oruyeigha further stated that the disbursement is being done in phases and that 75 per cent of land had been cleared by the beneficiaries.
He explained that money for the first phase was disbursed from June and not March 2020 as being speculated while that of the second phase was received on December 5, 2020 and disbursement commenced in January this year.
According to him, the loan was structured into milestones from land preparation to planting, weeding and harvest.
In his remarks, Diri said his administration would continue to partner the CBN to actualise the objectives of his prosperity agenda for the state.
He said stressed that the agric loan was already being processed before his administration came on board and that he would not be deterred by those trying to cause a rift between him and his predecessor.
He said: “This agriculture loan was in the offing before we came on board and we followed it up because government is a continuum. I give credit to the former governor and the government that started this agric loan process. Assuming we did nothing about it, that would have been the end of this money they are crying about.
Online Editor by — March 10, 2021 in Agriculture 0
FG Mulls Increase  In Agric Extension Workforce

Nigeria import wheat worth N2.2trn in last 4 years — Agric Minister

The Federal Government, Monday, disclosed plans  to increase agricultural extension workforce to 75, 000 along various value chains towards efficient food production and self-sufficiency in  the country.

 

Minister of Agriculture and Rural Development, Mohammad Nanono,  who disclosed this while flagging off the training of extension agents in the 36 states and Federal Capital Territory, FCT,  expressed dissatisfaction  over the declining fortunes of the agricultural extension system.

He  the development   was traceable to decreased funding, policy changes, reduced man-power and lack of interest of young people in agricultural entrepreneurship, which had adversely affected food production and have exposed the country to the dangers of unemployment, youth restiveness and economic instability.

According to him, the training is one of several strategies planned by his Ministry to halt the drift in the agricultural extension system with aim of pursuing the “revitalization agenda of the Nigerian economy by the Federal Government.”

He  disclosed that at the inception of this administration, a special committee on the ‘Revitalization of Agricultural Extension Service in Nigeria’ was constituted to, among others, recommend appropriate institutional structures, arrangements and capacity building for the delivery of effective and efficient pluralistic agricultural extension and advisory services in Nigeria using globally acceptable approaches and platforms.

“One of the key recommendations was to build the capacity of youth and existing practitioners in agricultural extension delivery system, exposing and equipping them with best global practices and tools to enable them to deliver with efficiency. “We are taking off in Abuja and all other states in the federation will do the same and they will continue until we achieve our target of 75,000 extension workers over a period of three years.

“We are already at 45,000 extension workers both government and the private. And I think our target is achievable. Most people especially youths take agriculture as not important but you eat and must remember that somebody is producing these crops and we must enable him with agriculture facilities. “So it is very important that the pioneers in the extension service training to take this training seriously and strive also to become farmers, you will be extension workers but in the process become farmers. ALSO READ: Reps, FG push for establishment of medical varsity in Niger

 

“Agriculture is now becoming more attractive and youth makes up about 75 per cent of our population and therefore if we are going to move forward the youth must make sacrifices and the government must empower youth to go into agriculture and that’s what we are set to do. “So I am hoping that this is the beginning of a new era in the development of extension service in this country.”

Online Editor by — March 9, 2021 in Agriculture 0
 Agribusiness Wears New Look   With FCMB’s N74.10bn Loans

Meet Oladipupo Jadesimi, the new FCMB chairman
First City Monument Bank (FCMB) has up scaled its loan portfolio to the agriculture sector in Nigeria to N74.10 billion, representing 10 percent of its  total loans.
 The development, which was achieved in December 2020, is a signal that the deliberate strategy and sustained support of the lender to agribusiness are yielding the desired results and that the bank’s deployment approach has been widely appreciated.
It also represents another  gigantic  step by the bank  to  expand  deepen its support to agribusiness, its value-chain and the overall growth of the Nigerian economy.
A breakdown of the N74 billion loan disbursed by FCMB to agribusiness, as at the end of December 2020, shows that the bank’s corporate banking group gave out N38.82 billion, which represents 52.40 percent.
On regional basis, the South-west disbursed N19.06 billion; Lagos region, N11.11 billion; South-east and South-south, N3.06 billion, while Abuja and North region disbursed N1.10 billion.
Analysts   have expressed  that the increased loan portofolio by the bank would deepen agribusiness in the country.
An observer said :  “A positive move and a statement of intent from FCMB to effectively position and benefit more from the current and emerging opportunities in the agric sector to drive business and national prosperity”.
The bank  is seen as making far-reaching impact in agribusiness funding and capacity building through its various intervention programmes, including in the areas of digitization and agritech.
These actions have resulted in better access to finance, research and manpower development by deserving individuals, farmers, organisations and companies in the agric sector, with a multiplier effect on the economy.
Besides,a major component of FCMB’s sustainability principle is on agriculture, with a clear focus towards creating employment and empowerment opportunities, especially for farmers, to reduce the level of poverty.
 The bank’s intervention in agribusiness financing has led to improved processes, better output, profitability and enhanced confidence in the ability of the financial services sector to drive economic prosperity.
The  bank  said it has consistently up scaled its funding and technical support to major companies in the agric sector.
For instance, FCMB extended a N20 billion loan to Olam International to bolster its operations and productivity. The bank also played a pivotal  role in the establishment of the company’s 36,000 metric tonnes (per annum) capacity milled rice facility located in Nasarawa State, thereby contributing to the Federal Government’s goal to achieve rice output self-sufficiency.
 Flour Mills Plc, the largest miller by market capitalisation in Nigeria, equally received $30 million credit facility and N1.50 billion overdraft from FCMB to help support its working capital.
Funding worth N300 million was provided some years ago by the Bank to Tractor Owners and Hiring Facilities Association of Nigeria (TOHFAN) for the acquisition of tractors that were distributed to farmers in Kaduna state.
The bank has put in place   an enhanced agro-commodity trade finance facility for agribusiness operators to narrow the gap that exists in agribusiness as well as other challenges.
The revamped facility is designed for agro-commodity merchants with supply contracts to multinationals, large corporates and processors of agro-commodities.
Targeted commodities are cocoa, cashew nut, sesame, ginger, palm Oil, grains (maize, sorghum, soya beans, paddy rice).
Under this trade finance facility, which is structured in the form of a working capital, the minimum amount that can be accessed by a qualified customer is N100million, while the maximum is N2billion.
Besides,commodity producers and traders stand to benefit immensely from this facility, because it is a veritable and convenient opportunity to access funds. This ensures consistent cash flow for maximum productivity all through the farming season.
 FCMB runs an integrated agency banking model to provide financial services to farmers, especially in remote communities with no access to conventional Bank branches.
To further bridge this gap, the financial institution is in partnership with some global organisations, including World Savings and Retail Banking Institute (WSBI), German International Development Cooperation (GIZ), Technoserve and DFID-LINKS.
For instance, the aim of the partnership with WSBI, which started two years ago in five states (Kaduna, Kano, Nasarawa, Ogun and Oyo), is on course to reach the target of 2 million farmers nationwide by the year 2023.
These collaborations have gone a long way to deepen agency banking and financial inclusion in the informal and agribusiness sectors, thereby making it easier to effectively profile farmers and execute funding schemes that require their use of Bank accounts.
Besides, the acclaimed partnership between FCMB and Doreo Partners, which birthed the Babban Gona (or great farm) agricultural franchise model, is waxing stronger. The initiative, which started few years ago with just 100 farmers, has now grown to over 20,000.
The Babban Gona model offers enhanced training, credit, agricultural input, harvesting and marketing support to member farmers to help them increase their productivity and profitability. It has also become an avenue for employment and wealth creation for youths who engage in agribusiness.
Farming contributes the biggest share of Nigeria’s economic output and employs more than half of the country’s estimated 150 million population, most as small-scale farmers.
 The government of Africa’s most populous nation has put in place several policies and programmes to diversify the economy from the oil and gas sector to non-oil products.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in the irrespective segments. Having successfully transformed to a retail banking and wealth management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
Online Editor by — March 8, 2021 in Agriculture 0