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FG Set to Reduce Livestock Products Importation with National Dairy Policy

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By Joseph Amah, Abuja  

The federal government says it is determined to reduce the level of importation of livestock products in the country  with the implementation of the National Dairy Policy including other issues affecting the industry.


The assurance was given by the Permanent Secretary, Federal Ministry Agriculture and Rural Development, Dr Ernest Umakhihe, in an opening remark while declaring open the National Dairy Policy Validation Workshop organised by the Federal Ministry of Agriculture and Rural Development in collaboration with the Federal Ministry of Industry, Trade and Investment, held in Abuja.


Umakhihe also described the National Dairy Policy as apt and articulate, which is in accordance with the vision of the Federal Government for the dairy industry.


As we are all aware, policy development of this nature takes series of steps to arrive at the desired end of meeting the aspirations of all critical stakeholders that would directly and indirectly be affected by its operation. We have carefully followed all the preliminary steps to this stage which is validation of the draft policy document.


He also acknowledged that fact that there has been a continuous drive towards meeting national sufficiency in dairy production to reduce the huge amount spent on importation of dairy products in order to bridge the huge gap between supply and demand.


According to him, while explaining pointed that policy development of this nature takes series of steps to arrive at the desired end of meeting the aspirations of all critical stakeholders that would directly and indirectly be affected by its operation, which the Ministry has carefully followed all the preliminary steps to the stage of validation of the draft policy document.


He said: “This meeting cannot come at a better time than now because a National Policy for dairy and dairy products in Nigeria is long overdue.
“Successive Administrations had made efforts to close the gap through programmes such as Dairy Development Programme, National Livestock Breed Improvement Programme, among others thus creating opportunity for private sector participation.


“The draft policy will support the implementation of the National Agricultural Technology and Innovation Plan (NATIP) and FMARD. It will give defined direction for the country’s dairy industry where all players at whatever scale will be expected to abide by rules of operation, in terms of production, processing and marketing of dairy products in Nigeria. I am glad that we are gradually approaching the stage of finalizing the draft document by this validation workshop.


“This effort at putting in place a National Dairy Policy for the country is apt for the realization of the vision of the Federal Government articulated through the change approach and a standard practice to be applied at every level of society, public and private, towards a pragmatic national development.


“This approach is to significantly reduce importation of livestock and livestock products and at the same time stimulate exports to enhance national income generation. The private sector will remain in the lead while government will provide the enabling environment through policies, infrastructure, systems control processes and oversight support.”


However, he (Umakhihe) reminded participants to see the validation workshop as call to national duty to produce a document that will outlive the present generation, hence should give their best and expertise that would positively contribute to the dairy industry in Nigeria.
Meanwhile, in a welcome address, the Director Animal Husbandry Services, Federal Ministry of Agriculture and Rural Development, Winnie Lai-Solarin, pointed that the role of the dairy industry cannot be overemphasized as far as quality nutrition and overall food security are concerned.
According to Lai-Solarin, the dairy subsector has been impeded with many issues and institutional challenges that have prevented its growth alongside other agricultural subsectors.


“The major issue is that of low milk yield, poor handling and post-harvest losses of dairy products. We need to continually improve the productivity of the dairy animals genetically, health and management practices to be able to respond to market-driven productivity objectives. There is need for a mechanism to effectively regulate the dairy sector at all levels starting from animal breeding, milk collection, processing and marketing.
“The National Dairy Policy will give framework for improving productivity of the dairy sector in a well-planned and sustainable manner across the various agro-ecological zones of the country”, she stated.


In a goodwill message, Director- General, Raw Material Research Development Council, Prof Hussaini Ibrahim, who was represented by one of the directors at the Council, Dr Mary Abiareye, promised to work with the relevant agencies to upgrade the country’s diary sector while emphasizing the need for a national dairy policy as a formidable platform to rapidly develop the dairy industry for high productivity.


“This is a very important draft document having inputs from wider stakeholders that will direct and guide operations of the dairy sector.
“There is no doubt that validation of this workable policy catering the interest of every player in the diary industry will stimulate and drive a viable dairy sector.
“This is a very important draft document to guide and direct the operations of dairy products in Nigeria”, he said.


Also speaking was the Registrar, Animal Science Institute of Nigeria, Prof, Eustace Iyayi, who was represented by Bisi Akinfolarin, expressed optimism that the policy would galvanize the dairy sector.
While the Managing Partner, Sahel Consulting Agriculture and Nutrition Limited, Temi Adegoroye, described the policy document as timely and significant milestone for the nation’s agric sector.
Adegorye also expressed hope that the policy has the capacity to guide activities and investments in the dairy subsector, which will add value and fortify production carried out by small dairy producers.

BUSINESS

CBN Unveils New Minimum Capital Requirements For Banks

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Gives Them 24 months To Recapitalise

By Tony Obiechina, Abuja 

 Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.

 

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs.

Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
 

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively. 

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.   

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. 

It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.  

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024. 

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. 

However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. 

The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.  

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Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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BUSINESS

NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies

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By Eze Okechukwu, Abuja

The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.

Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.

According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.

We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”

“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.

 “We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “

Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”

In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”

Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.

“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”

According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”

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