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Banks Release N77.4bn for Agric Projects

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agriculture
  • Banks Release N77.4bn for Agric Projects

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has facilitated the release of a total of N77.4bn from the Deposit Money Banks into agribusiness in Nigeria.

The Managing Director, NIRSAL, Aliyu Abdulhameed, gave the figure on Wednesday in Abuja during his investiture as a fellow of the Chartered Institute of Purchasing and Supply Management.

NIRSAL was created by the Central Bank of Nigeria to stimulate the flow of affordable finance and investments into the agricultural sector by de-risking the agribusiness finance value chain, fixing agricultural value chains, building long-term capacity and institutionalising incentives for agricultural lending.

Speaking at the event, Abdulhameed said that NIRSAL had trained over 700,000 farmers in best agronomic practices and financial education.

He added that the agency had provided high quality agricultural inputs and affordable finance to more than 500,000 smallholder farmers.

He commended the institute for the recognition, adding that the award would spur the agency to continue to maintain high standards in the transformation of agribusiness in Nigeria.

He said, “It is one thing for an individual to make a lifetime effort to abide by the qualities of transparency and integrity, but it is another to be recognised for it by a prime institution such as CIPSM.

“As a non-bank financial institution mandates to de-risk agriculture and facilitate agribusiness, NIRSAL with me at the helms of affairs is dedicated to abiding by good procurement principles to achieve these goals.

“Under my stewardship, NIRSAL has facilitated the flow of N77.4bn from commercial banks’ balance sheet into agric businesses, trained over 700,000 farmers on beat agronomy practices and financial education and directly facilitated high quality agricultural inputs to more than 500,000 smallholder farmers.”

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

FG Says Nigeria’s Rice Production Rises by 1.2mmt in Three years

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FG Interventions Boost Rice Production by 1.2mmt in Three Years

The Federal Government has said the nation’s rice production increased by 1.2 million metric tonnes within three years due to its interventions in the rice value chain.

This was disclosed by Mustapha Shehuri, Minister of State for Agriculture and Rural Development, in Omor and Umerum at Ayamelum Local Government, Anambra State while assessing the Federal Government rice farms/mills project there.

He added that the federal government is working on revitalising its rice farm in Anambra to boost rice production, increase new jobs and improve the standard of the people in the state and Nigeria at large.

The minister was quoted as saying, “The present administration has provided various interventions to promote investment in the rice sector.

“As a result of these interventions, the country has increased its production from 4.8 million metric tonnes of milled rice in 2015 to over six million metric tonnes by 2019 with huge reduction in the nation’s deficit.

He added that President Muhammadu Buhari administration is pursuing and implementing programmes to achieve self-sufficiency in rice production because of its strategic importance as a major staple food crop.

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Economy

Lagos State Declares N89bn Surplus in 2019 After BudgIT False Report

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Lagos

Lagos State Economically and Financial Stable, Declared N89bn Surplus in 2019

Lagos State, Nigeria’s commercial capital, has declared an impressive N89 billion surplus for the year ended 2019.

This was disclosed in the state’s 2019 Audited Financial Statements.

The report was released following BudgIT, a public sector-focused financial information house, recent report titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’, that claimed the state was among states that can not meet monthly recurrent expenditure and loan repayment obligations.

A report, BudgIT later withdrew and apologised for misleading the public as several factors were not taken into consideration during the report. It added that Lagos was financially buoyant, and the only state with such financial capacity to function without federal allocations.

On Monday, Dr Rabiu Olowo, Lagos State Commissioner for Finance, in a statement to media houses, said the state was economically and financially buoyant.

In the statement titled ‘Lagos financially, economically stable’ said the commissioner said the state is presently doing 103 percent of the budget targets despite COVID-19, this he said is well above 2019 figures.

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Economy

Buhari to Inaugurate Nigeria’s First Standard Gauge Train in Itakpe-Warri Today

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Light Rail

Nigeria’s First Standard Gauge Train to Be Inaugurated Today

President Muhammadu Buhari will be in Itapke-Warri today, September 29, 2020 to inaugurate Nigeria’s first standard gauge train, the Itakpe-Ajaokuta-Warri rail line.

Fidet Okhiria, the Managing Director, Nigerian Railway Corporation disclosed this on Sunday.

Okhiria explained that President Buhari will conduct the inauguration virtually and not be physically present at the event.

He, however, said Mr. Rotimi Amaechi, the Minister of Transportation, would lead other members of the Federal Executive Council as well as other government functionaries to the event.

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