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Textile Industry: CBN to Sponsor 100,000 Cotton Farmers

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Textile
  • Textile Industry: CBN to Sponsor 100,000 Cotton Farmers

In an effort to resuscitate the textile sector, the Central Bank of Nigeria has partnered with the National Cotton Association of Nigeria to sponsor 100,000 cotton farmers for the 2019 season.

The farmers would be sponsored to farm 100,000 hectares of cotton for the 2019 season.

The apex bank said the move would help revive the sector and support job creation in the country.

The plan stated in the proposal for revamping the cotton, garment and textile sector in Nigeria would be executed by the Textile Revival Implementation Committee inaugurated by Mr Godwin Emefiele, the CBN Governor.

Members of the committee are selected from the CBN; Kaduna State government; ministries of Power, Works and Housing; Finance; Agriculture and Rural Development; Commerce and Industry and the Nigeria Customs Service.

The document also showed the central bank is already discussing how to increase the hectares to 200,000 hectares by the 2020 planting season.

It said improved cotton seeds had been procured with a minimum yield of 2.5 metric tonnes per hectares as against the 1.5 metric tonnes average in Nigeria.

It read in part, “Figures from the ministry of trade show that in its boom years, the industry used to net an average of $2bn annually, across the value chain.

“The industry provided about one million direct jobs and over two million indirect jobs and hence accounting for about 60 per cent of the textile industry capacity in West Africa.”

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.

Business

Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion

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Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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CAC Sets Three-Hour Circle For Company Registration

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Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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