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FG to Engage 6,000 Youths in Agribusiness

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youth - Investors King
  • FG to Engage 6,000 Youths in Agribusiness

The Federal Government and the World Bank under the FADAMA III Project have approved a new programme initiative under the Graduate Unemployment Youths Support Scheme known as FADAMA GUYSS, with the aim of engaging about 6,000 youths in agricultural enterprises.

The Fadama National Project Coordinator (NPC), Mr. Tayo Adewunmi disclosed this in Akure, Ondo State capital during the meeting with the Ondo State Federated Fadama Community Association (FFCA), which was attended by various stakeholders under the scheme.

Adewunmi said under the scheme, about 300 youths from ages 18 to 35 years would be encouraged to go into agriculture as a profession and business in about 20 states. He said in subsequent programmes, between 500 and 1,000 youths would be accommodated under the scheme.

“The programme, named GUYSS, is to encourage youths from the ages of 18 to 35 and maximum of 40 years to go into agriculture as a profession and business. By study, real farmers are aging away, some dead and old. To start with, 15 to 20 states, including Ondo, will be among the first phase of 200 to 300 youths per state.

“By end of June, starter packs should be given to the youths based on different enterprise of interest like aquaculture, or poultry. My coming to Ondo State is at the right time because we have a lot to anchor this year for our youths in the country”, he said.

The FADAMA National Project Coordinator said a good number of youths can be taken away from social vices and restiveness through agriculture, adding that there is a plan for Sunshine rice in Ondo State before the end of the year.

“We want to make sure that the rice we are producing, we bring it out publicly, and give it a name and brand. What the World Bank wants us to do is to test-run the project in about 10 states, but we were able to convince our minister and the World Bank country director to allow us to do it at least in 20 states. The project design is to give money or equipment to allow them start business on different agricultural enterprises on their own.”

The NPC said the programme would engage 200 to 300 youths in each state for a start, adding that 500 to 1000 youths would be engaged in subsequent programmes. He called on the youths to endeavour to register their names online this week when the programmes are broadcast on radio, television and other media outfits.

Adewumi also noted that the federal and state governments were working on modalities to continue to create awareness and sensitisation for both farmers and the herdsmen to live in peace across the country.

Speaking earlier, the Ondo State FFCA Chairman, Mr. Akin Olotu appreciated the NPC of the FADAMA Project for its landmark achievement across the nooks and crannies of the nation.

Olotu noted that efforts by the FFCA to secure a friendly credit portfolio for members to revive their projects have not been easy and had become a great source of discouragement to the members.

According to him, FFCA was able to secure some hectares of land from the Benin-Owena River Basin Development Authority for use by members for cluster farming but were constrained because of lack of tractors.

“We only have 13 tractors in whole of the state and the tractors are not in good condition and we have been told that it will take over N1million to repair them”, he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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