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Food Security: FG Releases 23 New High-Yield Crop Varieties To Farmers
In its efforts at achieving food sufficiency in Nigeria, the Federal Government has released 23 high-yield crop varieties to farmers.
The Tide’s source reports that the crop varieties were released last Thursday January 11, 2024 at the National Centre for Genetic Resources and Biotechnology (NACGRAB) in Ibadan Oyo State.
The source further reports that the crop varieties were released during the 33rd meeting of National Committee on Naming, Registration and Release of Crop Varieties, Livestock Breeds/Fisheries.
The Chairman, National Variety Release Committee (NVRC), Prof. Soji Olufajo, who presided over the meeting, announced the registration and release of the 23 new varieties of seven crops recommended to the committee by its technical sub-committee.
Olufajo said the crops received from research institutes, universities and private companies included: maize, pepper, rice, yam, sorghum hybrid, castor and oat.
The source also reports that the technical sub-committee on naming, registration and release of crops varieties, chaired by Prof. Shehu Ado, had, during its 37th meeting, held on Tuesday, at the same venue, deliberated on 24 varieties received.
The sub-committee, after deliberation and consideration of the 24 submissions, recommended 23 varieties for release.
It was also gathered that the sub-committee put its recommendations before the NVRC for final approval during the meeting.
The NVRC Chairman, after thorough scrutiny of the recommendations by the committee members, announced the registration and release of the 23 new varieties.
He listed the 12 maize varieties registered and released to include: SAMMAZ 72T; SAMMAZ 73T; SAMMAZ 74T; SAMMAZ 75T; SAMMAZ 71T; Champion Gold 68; SC 417; SC 665; Kabamanoj (yellow); Golden MH 1-W (white); Golden MH 2-Y (yellow) and SAMMAZ 70.
Olufajo also declared two varieties of pepper: PS PEP 1 and PS PEP 2; three rice varieties: Ex Badaru, Biofeedback Fiyah 549 l, and Bioseed Fiyah 800; and one yam variety: UMUDr36 sharpsharp, registered and released.
He further announced that one sorghum hybrid (Gold SH1); one castor variety (SAMCAS 1) and three oat varieties, namely: SAMOAT 3; SAMOAT 4 and SAMOAT 5) were all approved and released.
Justifying the registration and release of the 23 new varieties of the seven crops, the NVRC Chairman said the 12 maize varieties had high grain yield, resistance to fall armyworm, resistance to aflatoxin B, early maturity, among other characteristics.
Olufajo added that the two pepper varieties were registered and released based on their medium maturity, pungency, long, heavy fruits and multiple disease resistance.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
