Agriculture
Bank Restates Commitment To MSME Growth
L-R: Emir of Yauri, Dr Muhammed Zaiyanu, Governor Atiku Bagudu of Kebbi State, Governor Akinwumi Ambode of Lagos, Oba Rilwan Akiolu and Emir of Gwandu, Alhaji Muhammad Bashar, at the signing of Memorandum of Understanding on Food Production between Lagos and Kebbi States in Lagos, recently.
The banking industry has
restated its commitment to growth of the Micro, Small and Medium-Scale Enterprises (MSME) in the country.
The Managing Director of Fidelity Bank Plc, Nnamdi Okonkwo, said the bank had raised N30billion in corporate bonds on the Nigerian Stock Exchange (NSE).
Okonkwo said that the capital raising exercise was expected to enable the bank fulfil its promise to increase MSME lending to 50 per cent by 2017.
He added that the bank had earmarked 80 per cent of the net proceeds of the bond to finance MSMEs which have been peddled as the next cash cow.
In a similar development, Heritage Bank Ltd said on Wednesday that it had boosted its entrepreneurship support by the launch of N500 million Young Entrepreneurs and Students (YES) Grant.
Its Managing Director, Mr Ifie Sekibo, said in Lagos that the initiative was a partnership with the Nigerian Youth Professional Forum (NYPF), to support students and young entrepreneurs toward socio-economic freedom.
Sekibo said the Heritage Bank’s support for the programme arose from the fact that the initiative aligns with the vision of the bank, which is to help create, preserve and transfer wealth across generations.
He added that the bank would also support the project in terms of training the beneficiaries, disbursement of the grant, monitoring and evaluation of the project’s milestones agreed with the beneficiaries.
Also same day, the National Assembly finally passed the 2016 budget submitted by President Muhammadu Buhari.
The 2016 budget of N6.06 trillion was reduced by N17 billion, to make it lower than the N6.07 trillion estimates presented by the President in December.
The banking industry during the week also witnessed a policy decision that made the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR), an anchor rate for commercial banks.
The CBN, through the Monetary Policy Committee (MPC) raised the MPR, the reference interest rate by 100 basis points from 11per cent to 12 per cent.
It also raised the Cash Reserve Ratio (CRR) by 250 basis points from 20 to 22.5per cent, while retaining the Liquidity Ratio (LR) at 30 per cent.
The CBN Governor, Godwin Emefiele, said the Committee, “in its assessment of relevant internal and external indices, came to the conclusion that the balance of risks is tilted against price stability.
The MPC, therefore, voted to tighten the stance of monetary policy.
Federal Government and the Ogun State Government, on Wednesday, distributed farm inputs to farmers as part of effort to address food security challenge.
The State Director, Federal Ministry of Agriculture and Food Security, Dr. Toyin Ayo-Ajayi, during the flag-off ceremony of Inputs Redemption Under The National Agricultural Growth Scheme-Agro Pocket (NAGS-AP), in Ogun State, disclosed that beneficiaries of the gesture were primarily rice, maize and cassava farmers across the State.
Ayo-Ajayi commended the Ogun State Government for partnering with the government at the centre for the effort in supporting farmers with inputs that would bring about yieldings for local consumption and likely exportation.
She noted that government is supporting rice, cassava and maize farmers with inputs worth N212,000; N189,000 and N186,000 respectively.
The Permanent Secretary in the State Ministry of Agriculture, Mrs Kehinde Jokotoye, who represented the Commissioner in the Ministry, Bolu Owotomo, stated that traditional farmers are critical in food production, hence the need to encourage and support them with inputs that would bring about desired results during harvesting.
Owotomo said: “Let us make good use of this opportunity, so that the success of this phase will make farmers benefit more from the state and federal governments of Nigeria.”
Earlier, State Coordinator, Federal Ministry of Agriculture and Food Security, Dr. Oluwatoyin Ayo-Ajayi, appreciated the present administration for partnering with the federal government for the initiative, adding that the programme is designed to support farmers at the grassroots level in cassava, rice and maize with inputs such as, seeds, pesticides, herbicides and fertilizers, to boost their production and enhance their livelihood.
The Niger State Government has mapped out 10,000 hectares of farmland in Gbapo Community of Katcha Local Government Area of the State for smallholder farmers to benefit from the state government’s agricultural intervention programme.
Two thousand out of the 10,000 holders of the farmlands have already received inputs.
At a flag-off ceremony in Yinti Village, the facilitator of the programme, Shinkafan Nupe, Malam Idris Usman Makanta, assured the farmers of increased distributions to the mapped-out ten thousand (10,000) farmlands if farmers respond positively.
He explained that the commencement of the two thousand is to measure the positive response of farmers before obtaining full-scale support.
Malam Makanta stated that this initiative aligns with the farmers’ initial commitment through Niger Foods, whose mission is primarily geared towards establishing efficient and profitable agricultural businesses to support the present administration of Governor Mohammed Umaru Bago’s quest to boost agricultural productivity in the state.
He also commended Niger Foods for their steadfastness and resilience in the effective implementation of the input financing scheme.
Makanta reiterated the commitment of the State Governor in making judicious use of the arable land in the state.
Shinkafan Nupe, therefore, urged the farmers to support the Governor by using the inputs wisely so that the dream can be actualised.
The Gombe State Government has empowered a total of 573,429 farmers and entrepreneurs under the 4th phase of the GO-CARES programme.
The programme was officially flagged off by Governor Inuwa Yahaya in another major step towards alleviating poverty and supporting the state’s vulnerable populations.
The Governor, while inaugurating the disbursement in Akko Community of Akko Local Government Area, restated his administration’s commitment to the welfare of vulnerable citizens in the state.
He was represented by the Commissioner for Budget and Economic Planning, Salihu Baba Alkali, who is also the Chairman of the Steering Committee on GO- CARES implementation.
“The 4th phase of GO-CARES will directly and indirectly impact a total of 573,429 citizens across the state. Of these, 152,429 individuals will benefit directly through cash transfers, livelihood grants, agricultural inputs, and operational grants to small businesses”, he stated.
The Governor added that, “421,000 people will be indirect beneficiaries through infrastructural projects such as classroom blocks, healthcare facilities, WASH services, and rural infrastructure projects like culverts and drainages”.
Yahaya, reaffirmed his commitment to ensuring that the state’s most vulnerable citizens are not left behind in the state’s development.
According to him, “Earlier this year, on June 25, 2024, we flagged off the distribution of improved seedlings, fertilizers, and herbicides to less privileged farmers in Malam Sidi, Kwami Local Government Area, signaling the commencement of the 4th phase implementation of GO-CARES under Result Area 2”.
The Governor reiterated that these initiatives have had a significant impact on the livelihoods of beneficiaries and the overall agricultural sector.
He explained that, “Today’s ceremony marked the simultaneous launch of activities under all three GO-CARES Result Areas for the 4th phase. These areas include: State Cash Transfer Grants: 2,500 direct beneficiaries; Labour Intensive Public Works: 2,700 direct beneficiaries; Livelihood Grants: 10,000 direct beneficiaries; and Basic Services: 405,000 indirect beneficiaries”.
