- One Million Farmers Benefit From Anchor Borrowers Programme – CBN
The Federal Government has disbursed over N190 billion to over one million smallholder farmers under the Anchor Borrowers Programme introduced by President Muhammadu Buhari on the 17th of November 2017, Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has said.
The governor confirmed this during his screening for reappointment as CBN Governor on Wednesday 15th of May 2019.
Emefiele said; “The results are there to see that as a result of our anchor borrowers programme where we have disbursed over N190 billion to over 1.1 million smallholder farmers, cultivating over 1.3 million hectares of land, that we need to do more of this.”
According to the CBN Governor, the Anchor Borrowers Programme has tremendously improved our economic activities through easy access to credit and employment opportunities within our rural population. He laid more emphases on easy access to funds and at a low-interest rate which is the statutory responsibilities of CBN to Nigerians.
The Governor, however, stated that Nigeria has more to achieve in other to measure up with other countries of the world. Over the past 50 years, the development level recorded in Nigeria has been disheartening.
“I went to one Asian country, I entered the country happy but I came out of the country sadly. Sad because I could see the level of development that this country has achieved over the last 50 years.
“And I cast my mind back and look at my country, Nigeria that what have we achieved? this is what gives me the push that at my age of 57, I saw this country when it was good.”
The dye is yet to cast, as the CBN Chief is confident about the future and the fulfillment of the mandate by the monetary authority.
“I am looking at the country today and I am saying I don’t want to say it is bad but I want to say that we have a lot of work to do; because the country has no doubt receded somewhat.
So from our side in the monetary policy, we will do everything possible to ensure that with the mandate that is bestowed on us, we will pull this country forward.”
The broad objective of the ABP is to create economic linkage between smallholder farmers and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilization of processors. It is targeted at smallholder farmers who engaged in the production of identified commodities across the country. The Farmers should be in groups/cooperative(s) of between 5 and 20 for ease of administration.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.
Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.
Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.
Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.
Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.
The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.
However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.
Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.
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