Agriculture
CBN Disburses N1.452trn For Real Sector Projects
The Central Bank of Nigeria (CBN) said it has disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services, and mining under the Real Sector Support Facility as part of the effort to diversify the nation’s economic base.
The Director, Corporate Communications Department CBN, Osita Nwanisobi, who disclosed this yesterday, during “CBN Special Day” at the ongoing 33rd Enugu International Trade Fair, also noted that N948 billion was disbursed to 4,478,381 smallholder farmers under the Anchor Borrowers’ Programme.
Nwanidobi stated that the programme was yielding the desired objective as the beneficiary farmers cultivated 5.2 million hectares of farmland, creating 12.6 million direct and indirect jobs across the country.
Reeling out other interventions the apex bank had taken to revive the economy and create access to credit, he said CBN had extended the interest rate of 5% across all its intervention loans to March, 2023.
“The recently launched Tertiary Institutions Entrepreneurship Scheme (TIES) is an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development through Agribusiness, Creative Industry, Science & Technology and Information Technology/software development.
“The broad objective of the 100 for 100 Policy on Production and Productivity (PPP) is to boost production and productivity, necessary to transform and jumpstart the productive base of the Nigerian economy.
“It is also expected that the Initiative will reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right companies and projects with potentials to immediately transform Nigeria’s productive base at every 100 days.
“The Bank has so far disbursed the sum of N29.51 billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and 2 in healthcare sector. The RT200 FX Programme, which stands for the ‘Race to US$200 billion in FX Repatriation was recently announced by the CBN in consultation with the Bankers’ Committee”, he said.
He continued that, “under our Targeted Credit Facility (TCF), which was meant to cushion the severe effects of Covid-19 pandemic, we have disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households and about 130,000 SMEs.
“The Bank also recently disbursed $8.50 billion to 6 healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursements to N116.72 billion for 124 projects, comprising 31 pharmaceuticals, 56 hospitals, and 37 other health-related services.
“As part of the effort to further support the resilience of the healthcare sector, an additional tranche of N14.7 million was disbursed to five Researchers under the Healthcare Sector Research and Development (HSRD) Grant.”
Nwanisobi, however, noted that the theme of the fair, “Opening up Nigeria Business Windows for
Competitiveness in the Emerging Global Market”, could not have come at a better time than now when the world economy is gradually opening up to businesses after the global lockdown that affected economies, leading to recessions.
While commending the leadership of the Enugu Chamber of Commerce, Industry, Mines and Agriculture for her efforts in organising this year’s Trade Fair, he said CBN was delighted that they are driving pragmatic conversations on reshaping the Nigerian economy through the Fair.
“This perfectly fits into the Bank’s drive towards diversification of the nation’s economic base and encouraging the export of non-oil commodities.
“It also underscores the CBN Governor’s clarion call on Nigerians to not only focus on the production of commodities in which they have comparative advantage but to produce, add value and export so as to grow Nigeria’s economy and create jobs.”
Earlier in address, the President of ECCIMA, Jasper Nduagwuike, commended CBN for its interventions in various sectors of the economy, adding that it had more than proved its commitment to seeing to the welfare and wellbeing of the Nigerian economy.
Agriculture
FG, Ogun Distribute Inputs To 2,400 Farmers
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.
Agriculture
Niger Allocates 10,000 Hectares For Smallholder Farmers
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.
Agriculture
GO-CARES: Gombe Empowers 573,429 Farmers, Entrepreneurs
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”.
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