Connect with us

Business

‘Nigeria Producing Six Million MT of Rice’

Published

on

Rice
  • ‘Nigeria Producing Six Million MT of Rice’

A post-harvest expert in African rice, Dr. Chijioke Osuji, has said that Nigeria’s volume of paddy rice is over six million metric tonnes.

Speaking in an exclusive interview with our correspondent, Osuji attributed the feat to the various efforts by the Federal Government and individuals geared towards scaling up the production of rice in the country.

He added that the number of rice mills in the country had grown from two in 2011 to 40.

Meanwhile, the National President, Rice Farmers Association of Nigeria, Aminu Goronyo, has stated that come next month, a bag of 50kg rice will sell for N10,000.

The price of rice has witnessed a sharp drop from the N22,000 per 50 kg bag that it was selling between November and December 2016 following massive efforts by the federal and state governments in scaling up rice production.

Experts said this was being achieved through the release of funds and fertilisers to farmers using the Anchor Borrowers Programme and Presidential Initiative on Fertiliser.

The results of all the efforts, it was learnt, had been consistent increase in the volume and quality of paddy rice in the country.

In December, Lagos and Kebbi state governments entered into an agreement to make rice available to consumers at a reduced rate of N13, 000 per 50 kg bag.

Rice currently sells for between N16,000 and N18,000, per 50 kg bag.

Goronyo said that with farmers now having direct access to fertilisers, many of the challenges they faced had been removed.

“Fertiliser was a very big challenge; but today, it has become history. Fertiliser is now sold for N5,500 per bag directly to the farmers.

“We have already achieved rice sufficiency in the last two years because all the rice we eat is grown here in the country. With the ban on rice importation through the land borders and the high exchange rate, no importer can make profit from rice. I assure you that in the next three months, a 50kg bag of rice will come down to N10,000,” he said.

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.

Business

President Tinubu Approves N150,000 Non-Refundable Grant for Enugu MSMEs

Published

on

bola-ahmed-tinubu

President Bola Tinubu has moved to put smiles on the faces of small business owners in Enugu State with the approval of a N150,000 non-refundable grant as part of plans to tackle the economic hardship in the country.

Tinubu’s approval was delivered to business owners in the state by Vice President Kashim Shettima during a visit to the MSME Fashion Hub.

Shettima, who spoke via a statement on Thursday by his spokesperson, Stanley Nkwocha, at the launch of the 5th Expanded National MSME Clinic in Enugu, revealed that the funds are awards from President Tinubu for the outstanding exhibiting MSMEs at the event. 

He assured the beneficiaries that the money was an outright grant with no requirement for repayment, stating that it was a sign of the government’s commitment to nurturing MSMEs.

According to Shettima, “Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event. 

“Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth.”

Speaking further, VP Shettima revealed that small businesses cover 96% of all businesses in Nigeria and contribute more than 45% to the nation’s GDP, adding that the country cannot achieve the desired economic growth without them.

The vice president called for unity in the business sector, he stated, “The only way we can achieve this is by standing united, from Abia to Zamfara, in pursuit of a shared objective. Small businesses account for 96% of all businesses in Nigeria and contribute more than 45% to our GDP. I am sure you understand what this means: without you, Nigeria would be nowhere.”

Continue Reading

Business

Lagos Faces Job Crisis as State Plans Ban on Sachet Water and Single-Use Plastics

Published

on

Banana Island

The already high unemployment rate in Lagos State is set to surge even further as the state government plans to ban the production and sale of single-use plastics and sachet water.

The ban, which will take effect in January 2025, was announced by the Commissioner for Environment and Water Resources, Tokunbo Wahab, during a stakeholders’ workshop in Lagos.

At the workshop, aimed at raising awareness about the implementation of the new initiative, Wahab disclosed that the move aligns with the state’s plastic utility policy.

Investors King reported that in January 2024, the Lagos State government began taking bold steps toward effective plastic waste management and promoting a healthy, safe environment.

In that month, the government announced a ban on the use of Styrofoam across the state.

The ban, which came with strict enforcement, left many citizens and residents in the state complaining.

Speaking on behalf of the stakeholders, the Lagos Chairperson of the Association for Table Water Producers of Nigeria (ATWAP), Mosaku Ololade, emphasized the importance of implementing the ban in phases, noting that it would give members ample time for compliance.

He revealed that the union has been actively involved in sensitizing its members while engaging with the government on the way forward.

He said, “We have been engaging the Lagos State Government on the way forward and sensitizing our members on the planned ban.

“We want the government to continue engaging with us. We are a responsible association and are ready to work with the government.

“We have over 2,000 members in Lagos alone with over 10,000 workers.

“We hereby implore the government to implement the ban in phases to allow our members ample opportunity for compliance.”

Continue Reading

Appointments

Stanbic IBTC Appoints Dr. Kunle Adedeji as Acting CEO Ahead of Leadership Transition

Published

on

Stanbic IBTC - investorsking.com

The Board of Stanbic IBTC has appointed Dr. Kunle Adedeji as the acting Chief Executive Officer of the financial institution ahead of the end of Dr. Demola Sogunle’s tenure on October 31, 2024.

Adedeji, who brings with him over 25 years in the banking sector, was confirmed on October 2, 2024, in a letter addressed to the Nigerian Exchange (NGX) and signed by the company secretary, Chidi Okezie.

Okezie revealed that Dr. Kunle Adedeji‘s appointment is set to take effect on November 1, 2024.

The statement detailed that Adedeji, who was in 2019 appointed as an Executive Director, is also the current Chief Finance and Value Management Officer of the Company.

Okezie noted that he will continue serving in the position while also serving as Acting Chief Executive of the Company.

The statement reads, “Adedeji, brings a wealth of experience and a strong track record of leadership within our organization.

Dr Adedeji, who was appointed as an Executive Director in 2019 is a seasoned financial expert with over 25 years in the banking sector.

“He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland.

He is also the current Chief Finance and Value Management Officer of the Company and will continue in this capacity throughout the duration of his tenure as Acting Chief Executive of the Company.

The Board is confident that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.”

Investors King learned that Dr. Adedeji is set to succeed Dr. Demola Sogunle, whose tenure as the firm’s Chief Executive will come to an end on October 31, 2024.

Stanbic IBTC expressed gratitude to the outgoing CEO for his significant contributions during his 35 years of service.

“The Board of Directors expresses its heartfelt gratitude for his unwavering commitment, visionary leadership, and pivotal role in steering Stanbic IBTC through various challenges and milestones,” the statement added.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending