- 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.
Nigeria Appoints Four Global Banks To Oversee Eurobonds Issuance
Nigeria on Wednesday appointed four global lenders, JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as book-runners for its forthcoming Eurobond issue, according to the Debt Management Office (DMO).
The debt office also appointed Chapel Hill Denham as Nigerian bookrunner and FSDH Merchant Bank as a financial adviser.
It said in a statement that the Transaction Advisers emerged from an Open Competitive Bidding Process as outlined in the Public Procurement Act, 2007 (as amended).
According to the debt office, 38 institutions jostled for the transaction advisers but chose to select eight after “rigorous evaluation to ascertain the technical capacities of the responders to execute the Transaction.”
The Eurobonds are aimed at raising the external borrowing portion of the N5.6 trillion deficits in the 2021 budget put at N2.34 trillion.
“Whilst the government expects a successful outing, it will be mindful of costs and risks in terms of tenor and pricing in determining the amount of Eurobonds to issue,” the DMO said.
The DMO said proceeds from the bond sale will be used to fund various projects in the budget with the resultant inflow of foreign exchange into the country which will boost Nigeria’s dollar reserves and support the naira.
Nigeria had planned a Eurobond issue early last year after its sixth sale in 2018 where it raised $2.86 billion. But it decided to defer the 2020 sale due to the turmoil caused by the COVID-19 pandemic.
The National Assembly last month approved the external borrowing of about $6.2 billion through the issuance of a Eurobond.
The government has said it wanted to moderate debt servicing costs by accessing relatively cheaper funds abroad, as global interest rates fall below 2020 levels while local rates rise.
Nigeria emerged from its second recession since 2016 in the fourth quarter of last year, but growth is fragile.
The government expects a 2021 budget deficit of N5.6 trillion to be financed largely from foreign and local borrowings in equal proportion.
Nestle Nigeria Plc Appoints Two New Directors
Nestle Nigeria Plc has appointed Mrs Adebisi Lamikanra and Mr Ibukun-Okun Ipinmoye as non-executive director and executive director respectively.
According to a statement signed by the Company Secretary, Bode Ayeku, Lamikanra, whose appointment was approved by the board, has over 30 years of professional experience providing advisory and consulting services to various public and private sector entities within and outside Nigeria.
The statement said before her appointment, Lamikanra was the head of the advisory practice of KPMG Nigeria consisting of management consulting, deal advisory, technology advisory and risk consulting business units. She had also led the financial services sector across Africa.
Lamikanra has a degree in economics and is a fellow of the Institute of Chartered Accountants of Nigeria. She attended various leadership programs over the years at Instead, Lagos Business School, Harvard Business School, Kellogg and many others.
She is currently the co-chair of Women Corporate Directors in Nigeria and the thematic leader for the non-banking sector for the Nigerian Economic Summit Group. She is a promoter of an NGO which focuses on providing employability training to Nigerian graduates.
On his part, the statement said Ipinmoye was currently the factory manager at, Agbara factory. He is a certified professional coach and a fellow of the Institute of Management Consultants.
He had joined Nestle Nigeria as a graduate trainee in 1993 and was appointed in 2016 to be the factory manager, Flowergate Factory, where he effectively built and sustained a high-performing culture at the factory.
He holds an M.Sc degree in biochemistry from the University of Ilorin and an M.Sc degree in management from Commonwealth Open University, United Kingdom.
FrieslandCampina Re-Launches Olympic, Coast Milk Brands
FrieslandCampina WAMCO, Nigeria’s foremost dairy company and makers of Peak and Three Crowns milk, has re-launched Olympic, Coast, and Nunu milk brands into the Nigerian market through the ‘Word twist’ campaign.
The new ‘Word twist’ campaign requires consumers to compose meaningful sentences with Coast, Olympic, and Nunu for a chance to win fantastic prizes.
For example, “You can now Coast to natural goodness like the fastest man alive cruises to Olympic medals with one Nunu milk a day in your meal.”
Omolara Banjoko, marketing manager, FrieslandCampina disclosed that the campaign became necessary following FrieslandCampina WAMCO’s acquisition of PZ Nutricima and its brands; Olympic, Coast, and Nunu.
“These brands have an existing portfolio across different formats with varied strengths in the different regions of the country. Hence, with this campaign, we plan to strengthen the perception of the brands leveraging FrieslandCampina WAMCO’s strong heritage” Banjoko said.
She further explained that FrieslandCampina is committed to bringing affordable and readily available quality dairy products to Nigerians and with the acquisition, it will be able to meet the growing demands of its consumers.
“Coast Milk promises natural goodness and therefore it is a perfect match that will work well with consumers who wish to stick to natural-made products.
“Adults have a myriad of responsibilities to attend to daily and with Olympic milk, they are assured of getting the right nutrients that will cater to their energy needs and active lifestyle,” she said.
“Nunu offers nutrient-rich milk that can conveniently be used by consumers and businesses looking to upgrade their everyday meal and intermediate products. Olympic, Nunu, and Coast milk are back like they never left and we encourage people to look out for the brands in their neighborhood” Banjoko added.
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