Categories: Economy

Lagos Consumes N1.6bn Worth of Cattle Daily

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending on Thursday said about 8,000 cattle and small ruminants valued at N1.6bn were being consumed in Lagos State daily.

The Managing Director, NIRSAL, Mr. Aliyu Abdulhameed, stated this at a programme to celebrate the movement of the second cattle train of 15 wagons from Nguru, Yobe State, to Oko-Oba, Lagos.

This is coming about three weeks after the movement of about 500 cattle was done by train from Zamfara State to Lagos under the farm to market scheme

NIRSAL is an initiative of the Central Bank of Nigeria to catalyse a national agricultural revolution by boosting food productivity and security through the mechanism of de-risking the agricultural value chain in order to encourage investment by banks and the entire financial sector.

The farm to market scheme, which is being operated under a partnership with Connect Rail Services, a bulk freight and logistics service provider, will also enable the transportation of tomatoes, vegetables and other perishable food items by rail within the next few months.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

UK Tightens Grip on Apple and Google With Antitrust Investigations into iOS and Android

The UK’s Competition and Markets Authority (CMA) has launched antitrust investigations into Apple Inc. and…

17 minutes ago

Nigeria Nears 1.5 Million-Barrel OPEC+ Quota as Output Climbs Amid Security Gains

Africa’s largest crude oil producer, Nigeria, oil production is nearing its 1.5 million-barrel-per-day (bpd) quota…

1 hour ago

Oando Secures Operatorship of Angola’s Block KON 13 in Strategic Expansion Move

Oando PLC, Africa’s leading indigenous energy solutions provider, has secured the operatorship of Block KON…

4 hours ago

Pounds to Naira Black Market Exchange Rate Today, 23rd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

5 hours ago

Dollar to Naira Black Market Exchange Rate Today, 23rd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

5 hours ago

Transcorp Power Records N305.9bn Revenue, 165% PAT Growth in 2024

Transcorp Power Plc, a Transcorp Group power business, hit significant milestones in financial performance for…

5 hours ago