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Fertilizer Plants to Produce One Million Tonnes to Boost Farming

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fertilizer
  • Fertilizer Plants to Produce One Million Tonnes to Boost Farming

Chairman of the Presidential Committee on Fertiliser and Governor of Jigawa state, Alhaji Abubakar Badaru have disclosed that one million metric tons of fertilizer would be made available to farmers from 11 fertilizer blending plants in the country this farming season.

Speaking with journalists over the weekend, shortly after the committee inspected the three fertilizer blending plants in Kaduna, Badaru said the 11 plants will produced 20 million of 50kg bags of fertilizer to be sold to farmers during the farming before the end of June.

According to Badaru, with the production from the plants, ‎the era of hoarding fertilizer is gone, as the 11 fertilizer blending companies are producing across the country at a rate that the market will be saturated with the products.

“The project is working very well and the farmers are happy; they are getting fertilizers at a very good price and very available too. Nobody believed we will get to this stage when we started, but you have seen the development so far, how fertilizer has started becoming available everywhere. And we intend to continue because there is no subsidy element as the private sector is involved in this, it is well sustainable and it will continue” he said.

The governor explained that from the plant,” fertilizer is being sold to the agro dealers at the rate of N5,000 per bag, and after deducting transport, it shouldn’t sell for more than, N5,500. ”

He also disclosed that telephone numbers were printed on each bag for whistle blowers to raise the alarm if any agro dealer sells the product for more than N5,500.

“Such dealer will be prosecuted. This project is going to distribute one million metric tons of fertilizers, which amount to 20 million bags. This is a great improvement, because last year, all the fertilizers consumed in Nigeria was 300,000 metric tons. So, this year we are producing 700,000 tons over what was consumed last year” he warned.

Speaking on the fertilizer project, Managing Director, Nigeria Sovereign Investment Authority (NSIA), one of the collaborative agents, Mr. Uche Orji said, 1.3 million bags of fertilizers have already been sold across the country, while another 1.6 million bags have been released.

“We have materials on ground to deliver more than eight million bags. And next week, more materials will come for another four million bags. This programme targets 20 million bags for this year, it has never been done in this country. So, there will be enough fertilizer for everyone. So anyone hoarding is just wasting his time because more is coming”, he stressed.

Other members of the committee that toured the plants were the Chief of Staff to President Muhammadu Buhari, Mallam Abba Kyari, the Minister of Education, Mallam Adamu Adamu and Minister of State for Aviation, Sen. Hadi Sirika.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Global Deal Activity Down by 4.5% in October 2020

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A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.

Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”

North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.

The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.

Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”

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Investment

Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business

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Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.

According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.

The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.

Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.

“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.

The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.

The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.

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Investment

Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB

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Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19  

The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.

This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.

Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.

In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.

“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.

“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”

In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.

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