Connect with us


Nigeria Unveils Bold $500 Million Plan to Revolutionize Food Production and Tackle Hunger Crisis

The comprehensive initiative seeks to address pressing challenges in the agro-sector while ensuring a stable food supply for its population of over 200 million.



Agriculture - Investors King

Nigeria‘s government has revealed an audacious $500 million plan aimed at revolutionizing food production and bolstering food security across the nation.

The comprehensive initiative, announced by Vice President Kashim Shettima, seeks to address pressing challenges in the agro-sector while ensuring a stable food supply for its population of over 200 million.

With funds secured from diverse sources, including multilateral development banks and international financial institutions, Nigeria is poised to embark on an ambitious journey of agricultural renaissance.

The primary focus of the plan will be threefold: to drive innovation finance for food system transformation, develop Nigeria’s agro value chain, and establish special agro-industrial processing zones programs.

The urgency of this massive undertaking was underscored by President Bola Tinubu’s recent declaration of a state of emergency, signaling a dire need for exceptional measures to boost food security and supply. Inflation, at its fastest pace in two decades, has intensified the challenges faced by a nation already grappling with an array of socioeconomic hurdles.

As part of the strategic approach, the government is considering innovative solutions to ramp up agricultural output and ease food costs. One such measure involves the potential clearance of forests for farmland expansion, a move that aims to optimize land usage and increase overall agricultural capacity.

However, Nigeria’s food crisis is not solely a challenge of production; it is also inextricably linked to security concerns. A decade-long insurgency led by Islamist militants and the menace of banditry have significantly curtailed farm output and disrupted rural livelihoods.

Vice President Kashim Shettima stressed the administration’s commitment to addressing the security challenges head-on. He revealed that the president has already approved substantial funds for the strategic repositioning of the country’s security architecture.

This critical step will ensure the safety and protection of farmers and agricultural assets, fostering an environment conducive to enhanced food production.

The unveiling of the $500 million plan signifies a determined effort by Nigeria’s government to secure a brighter future for its citizens. By targeting food production and security, the nation aims to establish a resilient and sustainable food system that can withstand external shocks and ensure the well-being of its populace.

The success of this multifaceted plan hinges on efficient implementation and coordination among various stakeholders. As the nation stands at the threshold of a new agricultural era, it seeks to leverage its resources, embrace innovation, and foster partnerships to uplift farmers, secure the food supply chain, and finally tackle the hunger crisis head-on.

As Nigeria’s agricultural revolution begins to take shape, the world will be watching closely, witnessing the impact of a $500 million investment on food security, economic stability, and the overall prosperity of this vibrant nation.

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

Continue Reading


August 2023 Witnesses Highest Revenue Allocation of the Year – N1.1 Trillion Shared

The driving force behind this boost in revenue can be attributed to foreign exchange gains that have contributed significantly to the government’s income stream.



Revenue - Investors King

The Federation Account Allocation Committee (FAAC) unveiled its allocation of N1.1 trillion to the three tiers of government for the month of August 2023, Investors King reports.

This substantial increase was detailed in a communiqué following the committee’s latest meeting. August allocation was the highest so far with an increase of N133.99 billion when compared to the N966.11 billion shared in July 2023.

The driving force behind this boost in revenue can be attributed to foreign exchange gains that have contributed significantly to the government’s income stream.

Breaking down the N1.1 trillion total distributable revenue, the statement reveals that it consists of distributable statutory revenue amounting to N357.4 billion, distributable Value Added Tax revenue totaling N321.94 billion, Electronic Money Transfer Levy revenue at N14.10 billion, Exchange Difference revenue of N229.57 billion, and an augmentation of NN177.09 billion.

Of this impressive sum, the Federal Government is set to receive N431.25 billion, while the State governments will be allocated N361.19 billion, and the local government Councils will obtain N266.54 billion.

However, it’s essential to note that the total revenue available for August stood at N1.48 trillion, marking a 14% or 0.26 trillion decrease from the preceding month’s figure of N1.74 trillion.

The FAAC communiqué further underscores that various deductions were made, including N58.76 billion for the cost of collection, N254.05 billion for total transfers and refunds, and N71 billion allocated to savings. Additionally, the Excess Crude Account maintained a balance of $473,754.57.

The statement elaborated, “Gross statutory revenue of N891.934 billion was received for the month of August 2023. This was lower than the N1,150.424 billion received in July 2023 by N258.490 billion. The gross revenue available from the Value Added Tax was N345.727 billion. This was higher than the N298.789 billion available in July 2023 by N46.938 billion.”

Continue Reading


Zambia’s Finance Minister Faces Dual Challenge in Upcoming Budget Address



Zambian economy

As Zambia’s Finance Minister, Situmbeko Musokotwane, prepares to present the nation’s budget, he finds himself at a pivotal crossroads.

The second-largest copper producer in Africa is grappling with two pressing concerns: debt sustainability and soaring living costs.

Debt Restructuring Dilemma: Musokotwane’s foremost challenge is finalizing the $6.3 billion debt-restructuring deal with official creditors, led by China and France.

Delays have hindered disbursements from the International Monetary Fund (IMF) and left private creditors in limbo.

To reassure investors, a memorandum of understanding with the official creditor committee is urgently needed.

President Hakainde Hichilema emphasizes the importance of sealing these transactions to signal closure on this tumultuous chapter.

Plummeting Tax Revenue: The key copper-mining industry, which accounts for 70% of Zambia’s export earnings, is in turmoil.

First-half mining company taxes and mineral royalty collections have nosedived, adding to economic woes.

This, in turn, has depreciated the local currency, exacerbating imported inflation, particularly in fuel prices.

Rising Food Inflation: Musokotwane faces mounting political pressure to combat soaring living costs, with annual inflation reaching an 18-month high of 12%. Corn meal prices, a staple in Zambia, have surged by a staggering 67% in the past year.

Neighboring countries’ demand for corn has led to smuggling and further price spikes, raising concerns about food security.

Currency Woes: The kwacha’s value has been a barometer for the nation’s economic health. It depreciated by 16% since June 22, the worst performance among African currencies, reflecting the ongoing debt-restructuring uncertainty.

In his budget address, Musokotwane faces the daunting task of striking a balance between debt management, economic stability, and alleviating the burden on Zambia’s citizens.

The international community will keenly watch to see if his fiscal measures can steer the nation toward a path of recovery and prosperity.

Continue Reading


IMF Urges Sub-Saharan African Nations to Eliminate Tax Exemptions for Fiscal Health



IMF global - Investors King

Sub-Saharan African countries have been advised by the International Monetary Fund (IMF) to tackle their fiscal deficits by focusing on eliminating tax exemptions and bolstering domestic revenue rather than resorting to fiscal expenditure cuts, which could hamper economic growth.

The IMF conveyed this recommendation in a paper titled ‘How to avoid a debt crisis in Sub-Saharan Africa.’

The IMF’s paper emphasizes that Sub-Saharan African nations should reconsider their overreliance on expenditure cuts as a primary means of reducing fiscal deficits. Instead, they should place greater emphasis on revenue-generating measures such as eliminating tax exemptions and modernizing tax filing and payment systems.

According to the IMF, mobilizing domestic revenue is a more growth-friendly approach, particularly in countries with low initial tax levels.

The paper highlights success stories in The Gambia, Rwanda, Senegal, and Uganda, where substantial revenue increases were achieved through a combination of revenue administration and tax policy reforms.

The IMF also pointed out that enhancing the participation of women in the labor force could significantly boost Gross Domestic Product (GDP) in developing countries.

The IMF estimates that raising the rate of female labor force participation by 5.9 percentage points, which aligns with the average reduction in the participation gap observed in the top 5% of countries during 2014-19, could potentially increase GDP by approximately 8% in emerging and developing economies.

In a world grappling with the weakest medium-term growth outlook in over three decades, bridging the gender gap in labor force participation emerges as a vital reform that policymakers can implement to stimulate economic revival.

Continue Reading