Agribusiness: Edo farmers, investors to get N500m Agric Credit

To provide guarantee for agribusiness investments in the state, the Edo State Government has partnered with the Central Bank of Nigeria (CBN) to set up a N500 million Commercial Agricultural Credit Scheme (CACS).
Governor of Edo State, Mr. Godwin Obaseki, revealed this at the inauguration of the committee to oversee the scheme at the Government House in Benin City, Edo State capital. The scheme is intended to de-risk investments in agriculture in Edo State.
The governor said the programme, which was set up by the Federal Government through the CBN, is to provide credit for agricultural transactions in the state, stressing that the programme is very critical to his administration’s agricultural initiatives.
He added that the state government was not interested in agribusiness to start farms, but only interested in de-risking the process and creating the enabling environment for entrepreneurs to emerge and thrive.
The members of the nine-man committee headed by Special Adviser to the…

Dangote: Only African in Bloomberg 50 list of year's most influential people

Dangote's contribution to the world this year revolves around his dynamic attention to lessen food imports into his own country and Africa's largest nation, Nigeria
NEW YORK, United States of America, December 5, 2017/ -- Aliko Dangote was honored last night at the Bloomberg 50 annual gala dinner at New York's iconic Gotham Hall. Bloomberg's list of 50 most influential names who have had an impact on the world in 2017 included Dangote, Africa's richest person, for his outstanding commitment of over $4B USD to increase Nigeria's food production capacity.
Represented in New York by the CEO of his Foundation, Dangote was joined by electric car visionary Elon Musk; Saudi Crown Prince Mohammed bin Salmon; Beatrice Fihn, anti-nuclear weapons advocate and Nobel Peace Laureate; Amazon's Jeff Bezos; Robert Mueller, special counsel investigating Donald Trump's potential collusion with Russia; and Vitalik Buterin, whose invention of the cryptocurrency Ethereum i…

AfDB to support Nigeria to access Crop Insurance

The African Development Bank (AfDB) has announced its plan to support Nigeria to access Crop Insurance to mitigate the impact of climate change in the country. The President of the AfDB, Dr Akinwumi Adesina announced this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. Adesina said that the bank would implement the support under its Second Climate Action Plan for 2016 to 2020. ``When it  comes to Climate Financing, what we will do is to support Nigeria, especially to have access to Crop insurance. ``A lot of pastoralist actually needs to have insurance as well because lack of access to water can become a big problem because of drought.  ``Also, I have being a big supporter of the need for the global climate financing mechanism to support countries to pay the premium to insure them against catastrophic risk. ``For example, there is a Facility, which is called Africa Risk Capacity and this is the Africa Union Facility that allows countries to buy insurance. ``It al…

Importers frustrating FG’s tomato policy, say stakeholders

Stakeholders in the agriculture sector say Nigeria is yet to feel the impact of the tomato policy six months after it was put in place by the Federal Government.
The News Agency of Nigeria (NAN) reports that the stakeholders told participants at Agra Innovate West Africa forum on Tuesday in Lagos that Nigerians were yet to feel the impact of the policy.
The federal government in April this year announced a new tomato policy aimed at promoting local production of fresh tomato, increasing local production of tomato concentrate and reducing post-harvest losses.
The policy restricts the importation of tomato concentrates to the seaports to address the abuse of the ECOWAS Trade Liberalisation Scheme (ETLS), stops the importation of tomatoes preserved otherwise by vinegar or acetic acid; and increases the tariff on tomato concentrate to 50 per cent with an additional levy of $1,500 per metric ton.
Nigeria imports an average of 150,000 metric tons of tomato concentrate per annum, valued at …

CARI hosts financiers in agric. sector to a breakfast meeting

The Competitive African Rice Initiative (CARI) yesterday held a breakfast meeting for financiers working in the agricultural sector to provide funding for smallholder rice farmers. Dr Stefan Kachelriess-Matthess, CARI’s Programme Director, said in Abuja that the meeting presented an avenue to discuss ways of promoting CARI perspectives and objectives on access to finance. “Our mandate at CARI is to facilitate access to finance for our smallholder farmers and that is what informed today’s gathering. “We have been doing this but we decided to take it more strongly now so as to see how actors across the rice value chain could have a better way to finance or promote access to finance. “This is the first meeting we are having this year and it is like a trial meeting. “We want to hold this breakfast meeting quarterly, so as to enable stakeholders to gather, discuss and update themselves on how to access to finance. “This will, however, go a long way to address some of the challenges faci…

Osinbajo inaugurates cashew factory

Vice President Yemi Osinbajo has inaugurated a Cashew Processing factory, FoodPro Nigeria Limited, in Ilorin.
Osinbajo also inspected the factory after the inauguration. He was delighted with what he saw on ground.
The Vice President, who was conducted round the factory by the Chief Executive Officer of the company, Mr. Ayo Olajiga, restated the administration’s resolve to support the private sector with policies that would make business easier.
Osinbajo was accompanied by Gov. Abdulfatah Ahmed of Kwara; the Minister of Information and Culture, Alhaji Lai Mohammed; the Executive director of Bank of Industry, Mr. Waheed Olagunju.
Olajiga said that the company had employed more than 400 staff with 90 per cent of them being women since it started operations a few years back.
He said the factory was expanded to produce 5,000 tonnes of processed cashew nuts a year.
Olajiga explained that most of the company’s output is exported to the United States of America (USA) and local stores in Nig…

AFAN procures 200 tractors for farmers in Kano state

The All Farmers Association of Nigeria (AFAN) in Kano state chapter says it has procured 200 tractors from India with a loan facility it secures from the First City Monument Bank (FCMB), to boost food production in the state. The state AFAN Chairman, Alhaji Faruk Rabi’u, disclosed this to the News Agency of Nigeria (NAN) on Monday in Kano.
He said 100 of the tractors had arrived Nigeria and would soon be transported to Kano while the remaining 100 were being expected in the country.
“The FCMB gave us the loan facility which the Kano State Government serves as our guarantor,”he said. Rabiu, however, declined to state the amount of the loan.
According to him, said as soon as the association takes delivery of the remaining tractors, it will distribute them to interested farmers.
He stressed that the beneficiaries must deposit 20 per cent of the total cost of the tractor before collection.
“Each tractor costs N8.6 million while the cost of implement is N850, 000. So each farmer wishing t…