Economy
CBN Says Interventions In Agric Sector, Yielding Positive Results
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) says despite global economic downturn, the bank’s interventions in different sectors of the economy, especially the agricultural value chain are yielding positive results
CBN Director of Development Finance Department Mr Philip Yila Yusuf stated this at the 2022 annual retreat of the Development Finance Department of the Bank with the theme “Financing for Sustainable Development in Nigeria.
Success Stories, Learning Points and Way Forward,” held in Abuja on Monday.Yila stated that despite global challenges like Russia Ukraine war which has pushed food inflation to a record high, Nigeria has overtime developed policies that will cushion the effects of these shocks.
He said “Price volatility across the world has also proven to have dire consequences especially for developing economie. The various consequences abound in food security health systems and movements as the financial sector in most economies has had major contractions and monetary policy recently have resorted to tightening to curb inflation which is also a major problem in Nigeria.
However, the CBN has been at the forefront of ensuring Nigeria achieves food security in collaboration with other fiscal authorities, also stimulating growth in collaboration with the ministry of industry.
“Food security in Nigeria has received a massive boost in the last 5 years since the CBN intervened in the sector to ensure over reliance on imported goods is reduced. We have also transversed the length and breadth of Nigeria empowering farmers and MSMEs in access to Finance and agric business as well as targeted credit facility which became a comfort for households especially during the Covid 19 pandemic” he stated
“Tertiary institutions were not also left out as we introduced the tertiary institutions entrepreneurship skills programme for students to have skillful employment, as well as the MSME development fund and the financial inclusion drive has helped bridge gender financing gap.
By engaging in development financing, we have made remarkable difference and the agricultural sector has benefitted hugely through the Anchor Borrowers Programme and other interventions which has yielded positive results,” he said.
Earlier in her remarks, the Deputy governor in charge of Financial Systems Stability of the CBN, Aishah Ahmad said “the loans which has been disbursed by the CBN through the development finance department has impacted greatly on the sustainability of Nigeria’s agric value chain which was evident in the third quarter GDP report released by the NBS which shows a growth of 29.9 per cent growth from 21 per cent recorded in the first quarter of 2021,”.
She however urged the beneficiaries of these intervention to pay up the loans so that other people can also benefit
Also speaking, the Governor of Jigawa state, Mohammed Badaru that the interventions by the CBN in the state increased the GDP of Jigawa state from N1 trillion in 2015 to N2.5 trillion in 2021
He added that before the intervention in the rice value chain, Jigawa state could only produce about 192, 800 metric tons of rice but with the various interventions in the last 5 years, the state is now doing up to 1.9 million metric tons with thousands of moribund rice mills now revived.
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)