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UNIFEMGA identifies problems confronting Nigeria’s agricultural sector, proffers solutions
UNIFEMGA identifies problems confronting Nigeria’s agricultural sector, proffers solutions
By: Michael Mike
For Nigeria to get on the right trajectory to agricultural development and food sustainability, she needs to overcome the challenges of limited finance, high cost of power generation, limited storage facilities, inadequate market information, among others.
These challenges were identified by Obafemi Awolowo University Muslim Graduates Association (UNIFEMGA) at a one-day third agricultural conference organised by the Ogun state Chapter of the association in Abeokuta.
it was resolved that to get it right as a country, all the factors listed must be adhered to.
At the Conference, whose theme is: Agricultural Entrepreneurship and Development: Access to finance and funding opportunities”, it was resolved that to get it right as a country, all the factors listed must be adhered to.
UNIFEMGA noted with concern that corruption has been the main factor affecting the Nigerian economy and until it is vigorously tackled, the country will not make any progress, while adding that interventions and aids which could have helped the sector only come as crash programme and never consistent.
According to the foremost Muslim Alumni, natural occurrences such as flood which could lead to famine must also be taken into consideration for Nigeria to move forward in the agricultural sector.
In the communique issued at the meeting, also identified national insecurity and mistrust, banditry, kidnapping for ransom, the Boko Haram insurgence were recognized as some of the factors responsible for the reluctance of financial institutions to provide credit for agriculture venture as it poses a great financial risk and therefore attracts high interest rate that is mostly unaffordable to agriculture entrepreneurs.
The communique read: “Corruption is the bane of our economy and until we drive it out from all the sectors of the economy, we are going nowhere as a nation. The challenges confronting Nigeria as a nation among others are lack of modernisation/mechanisation, market volatility, limited finance, tax and duties laced with inconsistencies by government, high cost of power generation.
“Project interventions and aids come as crash programme and is not consistent. Natural phenomena are very difficult to cope with and manage because of the negativities such as flood which wash away farm settlements and which may result in famine. So also is national insecurity and mistrust, banditry, kidnapping, Boko Haram insurgence, etc.
“The presence of these challenges are responsible for the reluctance of financial institutions to provide credit for agriculture venture as it poses a great financial risk and therefore attracts high interest rate that is mostly unaffordable to agriculture entrepreneurs. With less than 5% of banks’ credit granted to the sector, finance from traditional banks remains a major challenge to agriculture development in Nigeria.
“In order to bridge the gap within the agriculture credit market, financial institutions like Lotus Bank has a critical role to play by developing areas around the value chain through product financing, financing of farm inputs, financial advisory and financial literacy. Financial institutions must understand that whatever financing option to adopt must be mutually beneficial,” the Communique added.
The conference advised entrepreneurs to take advantage of Lotus Bank, where there are financing for the purchase of inputs for crop production such as seedlings/seeds, fertilisers, insecticides, manual sprayers, for the acquisition of farm machinery, of working capital needs through forward purchase of agriculture produce, for infrastructure development such as farm house and warehouse as well as equity partnership on agriculture venture.
While calling on those who want to embrace agriculture as business to have sound knowledge of the sector through mentorship and research, he urged government and policy makers to show sincerity of purpose in addressing the multiple challenges facing the Nigerian economy so that people are encouraged to put in their best.
“Government policy must not be anti- people and innovation as we have in most situation in Nigeria where upcoming local business are brutally killed by multiple unexplained heavy financial demands from government agencies.”
Participants at the conference include the former minister of Agriculture, Alhaji Najeemdeen Adewale, UNIFEMGA BOT Chairman, Alhaji Rafiu Ebiti, Prof. Sabur Adesanya, former Olabisi Onabanjo University Vice Chancellor and chairman of the occasion as well as National President of UNIFEMGA, Alhaji Abdulfattah Olanlege.
Others were the duo of the guest speakers ,Alhaja Kafilat Araoye , MD/CEO of Lotus Bank, Prof. Jimoh Farinde from OAU Ile-Ife, Mr Tairu Olarenwaju, the chairman of UNIFEMGA Ogun state,representatives of various chapters of UNIFEMGA, other stakeholders in agricultural business, among several others.
UNIFEMGA identifies problems confronting Nigeria’s agricultural sector, proffers solutions
Senator Lawan visits Emir of Bade
By: Yahaya Wakili
President of the Ninth Senate, Senator Ahmed Ibrahim Lawan PhD, GCON, Sardaunan Bade, Yobe North Senatorial District, has paid homage to the Emir of Bade, His Royal Highness, Alhaji Abubakar Umar Suleiman, at his palace in Gashua.
Senator Ahmed Ibrahim Lawan, PhD, GCON, also joined His Royal Highness for Juma’at prayers at the Emir’s palace mosque.
After the prayers, the former Senate President proceeded to Nguru local government area in his senatorial district to condole with two families that lost their loved ones last week.
Amongst those he visited were the family of former Yobe state commissioner for water resources, Alhaji Salihu Bakabe, who lost his beloved mother, Hajiya Budu Bakabe, and the family of a prominent Islamic scholar, Sheik Kalifa Fatigu, over the passing of his son, Aliyu Harazimi.
Senator Ahmed Ibrahim Lawan, PhD, GCON, prayed for the repose of the souls of the deceased. He asked Allah (SWT) to forgive their shortcomings and to give their families the strength to carry on at such a difficult time.
He also prays that Allah (SWT) grants the souls of the deceased rest in Aljannatul Firdaus. Amen.
Senator Lawan visits Emir of Bade
News
Senator Kaka Shehu delivered a victory message to Gov Zulum as the Elkanemi Warriors smashed Kano Pillars 1-0
Senator Kaka Shehu delivered a victory message to Gov Zulum as the Elkanemi Warriors smashed Kano Pillars 1-0
By: Our Reporter
The game which drew a large crowd of supporters from across the state, took place this afternoon at the famous Elkanemi Warriors Sports Centre Maiduguri.
Having confidence in the fitness of the players, the Senator representing Borno Central Senator Kaka Shehu Lawan had in earnest, threw his weight behind the Warriors as he led thousands of soccer fans in cheering up the Elkanemi Warriors to victory as he waived the gate fee for the teeming supporters.
Al-Amin of the Elkanemi Warriors scored in the first half of the game and the team maintained a perfect advantage over the Kano Pillars despite the presence of an international player Ahmed Musa. A second score by the same Al-Amin came in the second half of the game but was flatly denied by the referee.
Gov Babagana Umara Zulum who was heavily represented by Senator Kaka Shehu Lawan alongside 3 members of the House of Representatives namely Hon Abdulkadir Rahis of MMC, Hon Satomi Ahmed of Jere and Engr Bukar Tslba representing Marte, Monguno, Nganzai.
Also present was the Hon Commissioner of Youth and tHon Sainna Buba and the ADC to the Governor Ashigar.
Played in an atmosphere of peace and harmony, the game further highlights the resilience and the build up to the restoration of peace in the state.
H.E Prof Babagana Umara Zulum rejoiced with the Elkanemi Warriors saying it is a victory well deserved.
Senator Kaka Shehu delivered a victory message to Gov Zulum as the Elkanemi Warriors smashed Kano Pillars 1-0
News
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
By: Michael Mike
The Nigeria-China Strategic Partnership (NCSP) has said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the present administration of President Bola Tinubu has secured a significant milestone in Nigeria’s economic development.
Director-General and global liaison for the Nigeria-China strategic partnership the Nigeria-China Strategic Partnership (NCSP),
Joseph Tegbe said on Sunday said this landmark deal strengthens economic ties between the two nations, facilitating bilateral trade and investment, reducing reliance on the US dollar, and mitigating financial risks.
He noted the agreement, worth NGN 3.28 trillion, is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024. This makes China Nigeria’s number one trading partner, and the partnership is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development.
He said the currency swap agreement is a crucial step towards achieving these goals, and it signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience, adding that by enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks. This is a significant step towards achieving President Tinubu’s vision for a more prosperous and economically independent Nigeria, as outlined in his Renewed Hope Agenda.
He said the establishment of the Nigeria-China Strategic Partnership (NCSP) has been instrumental in fostering bilateral relations and promoting partnerships between the two nations. This development is a testament to President Tinubu’s commitment to expanding Nigeria’s foreign policy thrust. Specifically, it
underscores the importance which the President gives to the comprehensive strategic partnership with the People’s Republic of China.
He said overall, President Tinubu’s administration deserves commendation for this significant achievement, which is expected to contribute to a more prosperous and economically independent Nigeria.
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Senator Lawan visits Emir of Bade
Senator Kaka Shehu delivered a victory message to Gov Zulum as the Elkanemi Warriors smashed Kano Pillars 1-0
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
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