$152m Approved by FEC for Agric Development

On Wednesday, April 24, a loan of $152.12milion from the African Development Bank (AfDB) was approved by the Federal Executive Council (FEC) for the agricultural sector.

The Minister of Agriculture, Dr. Akinwunmi Adesina who gave this information said that the loan would be used to develop 14 staple crops processing zones in 7 states and 27 local governments and that the zones are being developed in conjunction with the United Nations’ Industrial Development Organisation (UNIDO).

Rural agriculture funding key to economic growth –AFRACA

Mr. Saleh Gashua, the secretary-general, African Rural and Agricultural Credit Association (AFRACA), has said rural agriculture financing is vital to the economic development of the country and Africa in general. He said this in Lagos at the opening of the association’s conference, which had the theme, ‘Propelling economic development through functional agricultural value chain financing model.’

FG and German Development Bank Establish $100m Agricultural Funding

The Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina, at the inauguration of the Executive Leadership of the Nigerian Agric-business Group in Abuja on Monday stated that the FG and German Development Bank have established $100m for agricultural financing in Nigeria.

FG to Increase Agric Financing to 7%

The Central Bank of Nigeria (CBN) has revealed plans to increase financing initiatives in the sectors through partnerships with appropriate stakeholders to further empower entrepreneurs at the bottom of the pyramid as well as increase banks’ focus on agriculture.

As a result, the CBN said it was planning to increase agricultural financing to 7% by 2018. The CBN Governor, Mr. Lamido Sanusi, said the move would allow farmers to gain access to credit, fertilisers and also drive the agricultural sector of the economy.

FG, USAID Seal Agreement on Agric Export Expansion

The Executive Director/Chief Executive, Nigerian Exports Promotion Council on Tuesday signed a Memorandum of Understanding on behalf of the Federal Government with the United States Agency for International Development (USAID) which was represented by Mr. Michael Harvey, the Nigeria Director of USAID to boost the exportation of agricultural products by 30% within the next three years

Farmers Get Extended Loan Repayment Period

The Federal Ministry of Agriculture & Rural Development has said that the Federal Government and Deposit Money Banks (DMB) have resolved to extend the loan repayment period for farmers from six months to one year.

The ministry, in a statement, said the expansion is to ensure further increase in food production in the coming year and reduce inflation.

According to the statement, the decision was reached at a breakfast meeting organised by the ministry, in Abuja, which had the Central Bank of Nigeria and heads of various DMBs in attendance.

Fast Food Industry Needs Healthy Competition to Grow

The important role that the fast food industry is playing in the Nigerian economy is significant and cannot be trivialised. Presently, the industry contributes about ₦200 billion, annually, to the economy and employs over 500,000 workers at the processing and retailing levels, in addition to paying over ₦1 billion to the various tiers of government in taxes and levies.

Nigeria Aims to Reduce Wheat Importation by 50%

The Federal Government of Nigeria (FG) has reached a decision to empower farmers in about 12 northern states, distributing up to 7,500 improved wheat seeds for planting.

The major objective of this decision is to reduce wheat importation into the country by 50%, thereby saving importation cost of about N318 billion annually.

Agricultural Sector Gets Mainstreet Bank’s ₦10b

In support of the Federal Government’s agricultural transformation initiative, Mainstreet Bank Limited said it had invested about ₦10 billion in the Growth Enhancement Scheme (GES) of the sector.

Roger Woodbridge, Mainstreet Bank’s Executive Director, Corporate and Investment Banking, who made this disclosure, commended the government for coming up with the GES which was designed specifically to provide affordable agricultural inputs to farmers in order to increase their yields.

Agric Sector Attracts ₦80b Investment

The agricultural sector has attracted more than ₦80 billion investments from the private sector, President Goodluck Jonathan said yesterday.

He made this remark in Abuja while speaking at a two-day summit titled: ‘Realising the Potential of African Agriculture’ by the Rockefeller Foundation.

The president stressed that the transformation of agriculture in Nigeria is a centerpiece of the entire transformation agenda of his administration