South Africa's Tiger Brands took a $120 million hit on Thursday as it wrote-off the full value of its loss-making Nigeria unit, prompting a rethink of its sub-Saharan Africa expansion strategy.
South Africa's biggest consumer foods maker has not made a profit from Nigeria's Dangote Flour Mills (DFM) since paying nearly $200 million for a 65 percent stake in the pasta and flour maker three years ago.
An Agriculturist, Eniola Ajewole, on Wednesday urged government at all levels to enlighten unemployed youths on the benefits of farming to make them to embrace the profession.
Ajewole, Director, Ajelak Farms Ltd., who made the call in an interview with the News Agency of Nigeria in Ikole, said that youths’ engagement in agriculture would provide employment for millions, who are jobless.
Thirty one ships laden with petrol, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from Nov. 17 to Nov. 30.
The Nigerian Ports Authority (NPA) stated this in its daily publication - `Shipping Position’, a copy of which was made available to the News Agency of Nigeria on Tuesday in Lagos.
NPA said that the expected ships contained petrol, general cargo, containers, bulk malt, steel products, buck wheat, rice and crude palm olein.
Africa's richest man Aliko Dangote and three other directors resigned from the board of Dangote Flour Mills on Monday as majority owner Tiger Brands cut funding support to its struggling Nigerian division.
South Africa's Tiger Brands said it was "currently exploring various alternatives with regard to its investment in Dangote Flour Mills, which also announced a change of name to Tiger Branded Consumer Goods Plc.
The Coordinator, International Fund for Agricultural Development (IFAD), Peter Aikhuomobhogbe, said on Sunday that the programme had empowered 221,751 farmers in Edo in the last 10 years.
Aikhuomobhogbe said that most of the beneficiaries of the scheme were rural farmers, who were empowered to engage in small and medium agricultural enterprises.
He disclosed that the beneficiaries comprised 89,912 males and 115,547 females, adding that 13,452 of them were youths made up of 7,534 males and 5,918 females.
African Development Bank (AfDB) has created 300 million US dollar financing facility to fund African women in agri-business to accelerate agriculture within the next 12 months.
This is contained in the latest Newsletter Edition of the AfDB.
The Newsletter quoted the President, AfDB, Dr Akinwumi Adesina, as announcing the decision during the bank’s conference in Dakar with over 500 delegates, including top Government officials, Central Bank Governors and Ministers of Finance.
Thirty eight ships laden with food items, containers, general cargoes and petroleum products are expected to arrive Lagos ports from Nov.13 to Nov. 30, the Nigerian Ports Authority (NPA) said on Friday.
This is contained in the daily 'Shipping Position' made available to newsmen in Lagos by the NPA.
The document indicated that 20 of the expected ships would arrive at the ports with containers, while seven others would sail in with general cargoes.
Farmers in Benue have advocated for the return of the Produce Marketing Boards, to assist them to have value for their products.
They told the News Agency of Nigeria in Makurdi that the boards assisted in the proper evaluation of the prices of their crops.
Mr Tyoishi Anger and Iorlumun Asue, both rice farmers, lamented the absence of the produce marketing boards in the state, saying that the situation had left them at the mercy of the middlemen.
They said middlemen now decided the prices of their produce.