Connect with us

COVER

FG Saves N1.3trn From Rice, Fish, other Imports

Published

on

Share

By Tony Obiechina, Abuja

The Federal Government has said that it was spending over N1.3 trillion on importation of rice, fish, sugar and wheat annually before the introduction of  the Anchors Borrower’s Programme by the Central Bank of Nigeria (CBN).

The CBN Deputy Governor, Corporate Services, Mr Edward Lametek Adamu, disclosed this yesterday in Owerri, Imo state at the 28th seminar organised for Finance Correspondents and Business Editors.

The seminar was tagged: “Our targeted focus on the agricultural and manufacturing sectors was driven by the vast opportunities for growth in these sectors given our high population”.

 

Adamu reiterated that the Anchor Borrowers’ Programme (ABP) which was launched in November 2015, was designed to build partnerships between small holder farmers and reliable large-scale agro-processors, with a view to increasing agricultural output, while improving access to credit for farmers.  

In a keynote address at with the theme: “Galvanizing Development Finance & Monetary Policy for Growth”, Adamu said the introduction of the Anchor Borrower’s Programme had started yielding positive results on the economy.

“Our targeted focus on the agricultural and manufacturing sectors was driven by the vast opportunities for growth in these sectors given our high population”. 

He disclosed that the CBN increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Anchor Borrowers’ Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility. 

The Deputy Governor who was represented by the Director of Corporate Communication, Mr Isaac Okoroafor, said, “our recent experience with recession attests to the value of effective implementation of monetary policy. 

“Though we adopted unconventional or heterodox monetary policies, they were however, well thought through and have been yielding significant gains for the Nigerian economy. Noticeably, the GDP recovery in the third quarter of 2017, which has been sustained for 9 successive quarters after 5 consecutive quarters of negative growth. 

“This unconventional monetary policy initiatives have been premised on ensuring credit delivery to critical sectors of the economy. This has informed the directive to Deposit Money Banks to maintain a minimum Loan to Deposit Ratio (LDR) of 65% by the end of December 2019. The Bank is also creating the necessary eco-system to inculcate a better credit culture among Nigerians. 

“In all, there is sufficient evidence of significant reductions in our annual imports bill, and increased non-oil exports. Our Development Finance interventions has helped to bolster agricultural production by removing obstacles faced by small holder farmers. 

“We have also improved access to markets for farmers by facilitating greater partnership with agro-processors and industrial firms in the sourcing of raw materials. 

“So far, the programme has supported more than 1.5m farmers across all the 36 States of Nigeria, in cultivating 16 different commodities over 1.4 million hectares of farmland. It has also supported the creation of over 2.5m jobs across the agricultural value chain.

“Noticeable as these gains are, the media also has a critical role to play in conveying a deeper understanding of the Bank’s commitment to economic growth and development”

He said, for instance, the intervention in the rice value chain in Kebbi and other rice-producing states across the country that increased local rice production from 2.5 million tonnes in 2015 to 5.8 million tonnes in 2017 as well as cotton intervention with the flag-off of input distribution to 150,000 cotton farmers, cultivating 150,000 hectares in 23 States of the Federation. 

According to him, presently, the cotton planted by these farmers has begun fruiting, while some are ready for harvest and off-take.

“We are currently also paying additional attention to cassava because the commodity has many different uses along the value chain. The value chain has enormous potential for employing over 2 million people in Nigeria.

“It is my belief that this seminar will facilitate robust interaction, leading to a deeper understanding of the theme for in-depth discussions. We hope that this seminar enriches your knowledge and that you become advocates of our interventions in enlightening the public and other stakeholders”, he added.

COVER

Wike Gives Ultimatum to Illegal Land Owners in FCT Communities

Published

on

Share

By Laide Akinboade, Abuja

Minister Federal Capital Territory Administration (FCTA), Nyesom Wike on Monday gave ultimatum to illegal settlers in Chika Aleita Abuja Science and Technological Village to leave.

Wike stated this during an inspection tour of the technology village in company of his counterpart in the Ministry of Science and Technology, Uche Godfrey Nnaji, in Abuja.

Issuing the order, Wike said the fast encroachment was aided by inability of the past administration to take action and stop individuals from building illegally despite the payment of compensation.

He noted that the money expended in providing infrastructure to the village will not be a waste.

“I will give Development Control a go ahead to demolish because I heard they have been compensated since 2018.

“We want to take over the place so that infrastructure can come in. It will even attract investors. I can tell you that they have been compensated.

“No amount of propaganda can stop us from doing the right thing,” The FCT Minister said. .

Earlier, the Minister of Science and Technology, informed Wike that leaving illegal settlers that have encroached the buffer of the village constitutes a big risk and loss to the country’s investment drive to the village that is a the replica of London technology village.

He said the government of Great Britain was able to generate 6 billion pounds in six years.

Nnaji noted that the country stands the chance of making more if right environment is put in place.

The Abuja technology village was the creation of Federal Government during the return of democracy to the country.It is a Free Trade Zone expected to incubate science and technology but subsequent administrations failed to execute the project.

Continue Reading

COVER

Naira Falls to N2,000/£1 at Parallel Market

Published

on

Share

By Tony Obiechina, Abuja

The naira is currently trading at over N2,000 against the British pound  sterling in the parallel market.

Malam Ibrahim, a Bureau De Change (BDC) operator in Wuse Zone 4 in Abuja confirmed the price of the local currency on Monday.

According to the news report, the new rate is higher than the N1,930 reported on Saturday and is currently the lowest point in the naira’s historical performance.

In the parallel FX market, where the naira is unofficially trading at N1,673 from N1,670/$ on Friday, the naira also lost value in relation to the dollar.

Confirming the development, Ibrahim said, “Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the heavy and consistent demand for these currencies.

The statement by the CBN to stop foreign oil companies operating in Nigeria from instantly sending 100 percent of their foreign exchange earnings to their parent businesses overseas was one of the most recent measures.

Experts in the market credit the latest drop to a sustained increase in demand for US dollars that has been visible since January 1, 2024.

The main causes of this increased demand include a sizeable amount that is attributable to companies actively attempting to replenish inventory or get raw materials, which raises the need for foreign exchange.

Continue Reading

COVER

Manufacturers Reduce Cement Price to N8,000

Published

on

Share

By David Torough, Abuja

Cement manufacturers have said a sharp rise in their operating costs is responsible for the increase in the price of the commodity.

They agreed to bring down the price between N9,000 and N15,000 to between N7,000 and N8,000 per 50kg depending on the location nationwide.

It said that prices could be N7,000 in some parts of the country owing to closeness to the supply of the product.

This was part of the agreement between the Federal Government and the cement manufacturers as well as its association.

The Minister of Works, David Umahi led the meeting which had the Minister of Industry, Trade and Investment, Doris Uzoka-Anite in attendance, saying they would intervene on issues of gas and bad roads among other issues affecting the rising price of the critical material in the construction sector.

The cement manufacturers including Dangote Cement Plc, BUA Cement Plc and Larfarge Cement Plc and other stakeholders issued a communique after meeting with the ministers.

Umahi said smuggling, bad roads, high energy costs, and the forex crisis caused the high price but stressed that manufacturers had expressed their readiness to bring down the prices in the future.

He said, “The cement manufacturers have noted to the government that the present high cost of cement in the market is very much abnormal in some locations nationwide.

“Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 and N8,000 per 50kg bag.

“Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc, and Lafarge Plc have agreed to have their cement price nationwide between N7,000 and N8,000 per 50kg pack of cement, depending on the location which means that this price depends on the locations. 

“Going forward, the government has advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”

The Minister of Industry, Trade, and Investment lamented the high rate of smuggling to the neighbouring countries.

She noted, this was responsible for the scarcity and hike in the price of the produce and assured that the National Security Adviser, Nuhu Ribadu is committed to tackling the menace.

Uzoka-Anite said, “The amount we recommended is N7000 to N8000 but we have other factors. This is the first time that manufacturers are saying they will go and manage compliance in this distribution network.

“We have issues of smuggling not just for cement, but even food across the borders and this has led to scarcity. We have engaged with the NSA who has committed to tackling this. We’ll hear from the NSA soon on this’’.

The manufacturers expressed readiness to bring down the price as soon as the Federal Government interventions are fulfilled.

The Executive Director, BUA Group, Kabir Rabiu admitted that the high cost of cement in neighboring countries made smuggling lucrative, saying that the cost of cement in Chad and Cameron is about N15,000 in the countries’ monetary value.

Rabiu assured that his company would bring in 6 million tonnes of cement into the market to crash the price.

He said, “The high cost of cement in neighboring countries is making smuggling lucrative.

“The cost of cement in Chad and Cameron is about N15,000 equivalent there, and distributors in the North East instead smuggle products there.

“They do that not through official channels and the government is not benefiting from their export. Unless that is sorted, we’ll continue to have pressure from those markets.

“We have promised the minister that we are going to bring in 6m tonnes of cement into the market and that is going to crash the price. There is a big disparity between demand and supply in Nigeria. I think some plants have issues that have reduced production.

“We are at the peak of cement demand but supply seems less so there is going to be a crisis and that is why we are working hard to bring more products to the market to reduce the pressure of demand and supply in the market.”Government expects the agreed price to drop after securing government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network.

Continue Reading

Read Our ePaper

Top Stories

NEWS7 hours ago

Public Disturbance: Court Orders Kano TikToker to Undergo Mental Evaluation

Share A Kano State Shari’a Court on Tuesday, ordered that a Kano Tiktoker Murja Kunya, be taken to a Government...

NEWS7 hours ago

NAF Nabs Alleged Notorious Kidnapper in Kano

Share Troops of the Nigerian Air Force (NAF) deployed at Durbunde in Takai Local Government Area  of Kano State have...

Foreign News7 hours ago

Palestinian Death Toll in Gaza Rises to 29,195 Amid Israeli Attacks

Share The death toll in the Gaza Strip has risen to 29,195 with 69,170 others wounded as the Israeli attacks...

JUDICIARY7 hours ago

Surety Faces N500,000 Bail Bond Forfeiture Charge

Share A 47-year-old man, Ogbonna Anoka, who allegedly stood surety for a church member, but failed to produce him in...

NEWS7 hours ago

Flood Overruns Bridge in Lagos Community

ShareThe early morning downpour which caused heavy flood on Tuesday in Lagos, overran the Command Bridge in Ipaja, Alimosho Local...

NEWS7 hours ago

Major Oil Marketers Rally Tanker Drivers for Smooth Operations

ShareFuel marketers under the aegis of Major Energies Marketers Association of Nigeria (MEMAN) have assured tanker owners of a cordial...

NEWS7 hours ago

Fintiri Announces N10,000 Monthly Allowance for Corps Members in Adamawa

Share Gov. Ahmadu Fintiri of Adamawa has reiterated his administration’s commitment to the payment of N10,000 monthly allowance for corps...

NEWS7 hours ago

Most Wanted Serial Kidnapper in Rivers Feared Dead – Police

Share A joint operation involving the military, paramilitary and  Police, may have killed  Gift Okpara, alias 2Baba, a suspected serial...

NEWS10 hours ago

Attacks: FCTA Pledges Maximum Security for Contractors Handling Projects in Abuja

Share Federal Capital Territory Administration (FCTA) has promised to provide maximum security for the contractors handling various projects in the...

NEWS10 hours ago

9 die, 7 Injured in Lagos-Abeokuta Expressway Accident

Share No fewer than nine persons were confirmed dead while seven others sustained injuries in an accident involving a truck...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc