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Ogun Invests N4b in Rice

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Rice
  • Ogun Invests N4b in Rice

The Ogun State Government has invested N4billion to boost rice production.

Agriculture Commissioner, Mrs Adepeju Adebajo, made this known in a statement.

She said the government was ready to develop areas of high-quality rice products, using high technology.

She said the government is focusing on researching high-quality rice varieties and rice production technical package to reduce production cost, improve rice quality, protecting the environment and ensure sustainable agricultural reforms.

“This administration is encouraging the restoration of culture and heritage of our people, this include the production of indigenous variety ofada. Hence the government is leaving no stone unturned to promote and improve the production of ofada which has become the State’s brand.

Moreover, other varieties, such as Nerica 8 and Faro, which are short and long grain are also being promoted. This is to ensure that economic growth plan of the Federal Government of “eating what we grow” is realised in the state.”

The state, according to her, working with various development partners, such as World Bank through Fadama and International Fund for Agricultural Development Programne (IFAD)-assisted Value Chain Development Programme (VCDP), boosted rice production.

“This is apart from the public sector supported intervention which resulted in increasedhectarageunder cultivation. Prior to now, there was not much rice processing mills in the state.

“Farmers had to travel long distances to access the few that deploy old equipment which hinders quality. The establishment of the processing mills in at least one in each senatorial district will ensure the easy access by farmers, ensure quality assurance and traceability of products, she added.

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 long experience in the global financial market.

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Investment

Pension Funds Invest N55.25bn as Total Assets Hit N10.7trn

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pension funds

Pension Funds Administrators Invest N55.25bn

The Pension Funds Administrators said a total sum of N55.25 billion has been invested under the Contributory Pension Scheme in infrastructure as of the end of May.

This was stated in the commission report titled ‘Summary of pension fund assets as at 31 May, 2020’ obtained on Monday.

According to the report, the total assets under the Pension Funds Administrators stood at N10.79 trillion during the period under review.

In the commission amended investment regulation, it had stated that it would invest the funds in line with the provisions of Pension Reform Act, 2014.

This was also stated by the PenCom. The PenCom said the Pension Funds Administrators must maintain a multi-fund structure in line with the regulation.

It stated, “In addition to the requirements of other guidelines issued by the commission on corporate governance, ethics and business practices, each PFA shall establish an investment strategy committee as well as a risk management committee, in compliance with section 78 of the Pension Reform Act, 2014.

“The investment strategy committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this regulation, taking into cognisance the macro-economic environment as well as the investment objectives and risk profile of the respective PFA Funds.”

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Investment

Investment Commitment Drops By 67% to $5.06bn in H1, 2020

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asia

Nigeria’s Investment Commitment Depreciates to $5.06 Billion in H1, 2020

The Nigerian Investment Promotion Commission (NIPC) disclosed that the nation’s total investment commitment by investors declined to $5.06 billion between January and June 2020.

This represents a decline of 67 percent or $10.9 billion from the $15.15 billion reported in the first half of 2019.

The commission disclosed this in a report obtained in Abuja on Sunday and stated that the drop was in line with the projected downward pressure in investment inflows given the negative impact of COVID-19 pandemic on the economy as a whole.

The report also revealed that investors from Nigeria and three other countries announced 34 projects in 16 states and the Federal Capital Territory during the first quarter of the year.

Top destinations for investors in the first quarter were $2.61 billion; Lagos, $221 million; Nasarawa, $56 million; Ekiti, $50 million; and Cross River, $15 million.

Accordingly, the transport and storage sector attracted 40 percent of the total investment commitment while information and communication received 32 percent with mining and quarrying attracting 22 percent.

The United States of America emerged as the most active source of investment during the first quarter, committing 43 percent of the announcements.

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Investment

COVID-19: Zenith Bank to Access First IFC Financing Support Package in Africa

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Zenith Bank

Zenith Bank to Access $100 Million COVID-19 Support fund from IFC

Africa’s sixth-largest bank, Zenith Bank Plc, is the first African Bank to access a $100 Million loan from International Financial Corporation (IFC) to battle the negative effect of the global health pandemic.

The world Bank Group reported that the investment is to enable Zenith Bank gain access to foreign currency, additional working capital and more fund for trading.

Accordingly, the loan will enable the bank to support Nigerian businesses in various sectors, strengthen operations, preserve employment and help gain access to required raw materials in this challenging economic period.

The Group Managing Director/CEO of Zenith Bank, Ebenezer Onyeagwu said that IFC support will help the nation tackles the negative impacts of COVID-19 pandemic on the economy.

IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements,” he stated

The loan to Zenith Bank is part of the $8 billion COVID-19 global support finance package announced by the World Bank in the first quarter of the year to support businesses affected by the pandemic. Over 250 global clients have requested for financial support from the multilateral institution.

Eme Essien Lore, IFC Country Manager in Nigeria, said, “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.

With the World Bank predicting Africa’s first recession in 25 years, the adverse effects of COVID-19 have seen the shutdown of businesses in Nigeria’s economy and other countries in Africa

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