Business

AfDB, Partners Inject $1bn To Fund Nigeria’s SAPZs

Published

7 months ago

October 28, 2023

African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development have voted $1billion to deliver special agro-industrial processing zones in 24 States of Nigeria.

This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in the country.

Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, in a statement said the President of AfDB, Dr Akinwumi Adesina, disclosed this in the United States.

The News Agency of Nigeria (NAN) reports that Adesina spoke at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa.

Vice-President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue.

In a speech titled, “From Dakar to Des Moines”, Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.

He said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains.

”Food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

” The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones.

“The bank has mobilized additional co-financing of 661 million dollars, for a total commitment of $1.5 billion. ”

Adesina said that the bank was deploying effective partnerships at scale, adding that currently it is implementing 25 Special Agro-industrial Processing Zones in 13 countries.

” The AfDB and the International Fund for Agricultural Development provided $520 million for the development of eight special agro-industrial processing zones in Nigeria.

” The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”

Adesina regretted that while much progress had been made in African agriculture, 283 million people still go to bed hungry, about a third of the 828 million people that suffer hunger globally.

He described the Norman Borlaug International Dialogue World Food Prize 2023, as a journey and narrative combining the power of science, technology, policies and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself with pride.

Adesina thanked Vice-President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event.

He said that their presence was an indication that Africa had the political will and was fully ready to tackle food insecurity as well as make hunger history on the continent.

Earlier, Shettima, who spoke on the Tinubu administration’s initiatives for food security, said the quality of present leadership in Nigeria and the rest of Africa would drive transformation in agriculture and other sectors.

He said, ”A nation falls or rises fundamentally due to the quality of its leadership.

”Right now Africa is blessed with quite a handful of quality leaders that have the drive, passion and skills set to redefine the meaning and concept of modern leadership.

”President Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well.

”Just to mention a few of the African leaders that are distinguishing themselves in leadership. ”

Shettima assured the gathering of investors and stakeholders in the agricultural sector that Tinubu was a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership.

He added, “Be rest assured that there will be a change in the fortunes of the Nigerian nation and by extention, the African continent in the next couple of years because Nigeria is an anchor nation.”

On wheat production, Shettima said the target of Nigeria towards wheat production was to achieve 50 per cent self sufficiency in the next three cycles.

He said, ”It is inconceivable that we are the second largest wheat importer in the world. Luckily, we have already procured the heat tolerant variety of wheat seeds.

”And we are going to drive that process by supporting the farmers with the heat tolerant variety, agricultural extention services, fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.

” We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation.

” All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees and crop insurance.”

On rice production, Shettima said the major challenge for Nigeria was the insufficiency of paddy rice.

He said that Nigeria had adequate milling capacity, adding, “but, we need to produce three to four million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum.

” We have 75 million hectares of arable land and most of it suited for rice cultivation.

” We will provide our farmers with certified seeds, fertilzer, extension services, the digitlisation of services, inputs, finance and market information.

” Our target is to achieve self sufficiency in rice latest by 2027.”

The vice-president, who spoke on SAPZs, reiterated the Tinubu administration’s commitment to providing an enabling environment for investors in the zones.

He said government would create an SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.
(NAN)

Business

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

2 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

7 days ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.