Food security and self-sufficiency requires immediate attention at policy and strategic levels to sustain the country.
Lagos State Governor, Mr. Akinwunmi Ambode this week, made this statement at the signing of a Memorandum of Understanding between Lagos and Kebbi States to establish a commodity value chain that will boost food processing, production, and distribution.
Ambode revealed that Lagos State is currently consuming 6,000 herds of cattle daily which may increase to 8,000 in the next 5 years.
It is his believe that the partnership between Lagos and Kebbi States would bring an end to the importation of rice into Nigeria.
Lagos state is the largest consumer of food commodities in Nigeria by virtue of our state population.”
“We have the market, with the required purchasing power also. Lagos state has an estimated consumption of over 798,000 metric tonnes of milled rice per year which is equivalent to 15.96 million of 50kg bags, with a value of N135 billion per annum.”
The Lagos State Chief Executive said the state is currently consuming 6,000 herds of cattle daily which may increase to 8,000 in the next five years.
Ambode said the partnership between the two states would bring an end to the importation of rice into the country.
“This is the first time in the history of Nigeria that two states are collaborating to develop their agricultural potentials,” he said.
“We have the economic prowess to produce rice locally. The reality is for all of us to embrace the consumption of local foodstuff and commodities.”
The partnership is aimed at bringing about national food sufficiency and food security, as well as create employment for both states and the country.
“Lagos state is one of the largest producers of poultry and thus has a large demand for maize for livestock feed production.”
“The state also houses most of the industrial users of wheat and sorghum; mostly flour mills, bakeries, breweries, and food manufacturers.
“Kebbi state, on the other hand, is blessed with a vast arable land characterised by very large flood plains, lowland swamps and gentle slopes. In the 2014/2015 wet season, over 600,000 hectares of land was deployed for rice cultivation in the three senatorial areas of the state.”
“The people of Kebbi are traditionally rice farmers with average land holding of about 10 hectares. Presently, Kebbi has over 50,000 metric tonnes of paddy in store produced from the last two planting seasons,” said Mr. Ambode.
“With these considerations mind, Lagos state and Kebbi state have decided to collaborate and exploit our areas of comparative advantage to create value for both states.
“This alliance will ensure food security, job creation, increase in farmers’ income and the overall improvement in the living conditions of the residents of both states through wealth creation and poverty reduction.”
“We have already designated the 100 hectare land at Imota as the Agric Park in the state. Other locations in and outside the state will be vigorously activated to fulfil our mission in record time.
Here’s what the Governor of Kebbi State, Abubakar Bagudu said in response:
“What we are doing is that we are pioneering a collaboration that will bring other states on board later and we believe that our potentials is enormous and we must have pacesetters to start that process of joint collaboration for our collective good.”
CBN includes sugar, wheat on FX restriction list
The CBN is set to include sugar and wheat in the forex restriction list.
The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.
The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.
The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”
Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them . #Emefiele
— Central Bank of Nigeria (@cenbank) April 16, 2021
It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.
What you should know
- The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
- In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
- Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
- In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
- Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.
Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency
Atsu Davoh has gone from failed projects to running one of Ghana’s most innovative startups.
In recent times, the tech space in Africa has experienced immense growth, with the introduction of several key players and disruptors across various sectors. One sector that is also rising is the cryptocurrency space with Africa experiencing greater crypto ownership and trade volume.
The number of Bitcoins processed on a single day reached its highest value at the beginning of 2021, as more people displayed interest in the cryptocurrency. Due to its fast adoption, more fintech players have created platforms that have made trading with cryptocurrency easier. One of such players is Atsu Davoh who calls himself the “product guy.”
Atsu Davoh dropped out of college (Carleton College) in the United States and moved back to Ghana to help innovate on Africa’s financial infrastructure. Atsu first discovered Bitcoin in 2017 during the first boom when it became mainstream. Before then, he and his co-founder Samuel Baohen had been involved in many failed projects.
He developed a USSD system where people could buy bitcoin through their phone numbers, like tying crypto to phone numbers in a native way. This was one of the first iterations of Bitsika.
Atsu was invited to Join Binance Labs Incubator by Yele Bademosi where he got $150,000 after graduating from the incubator. Bitsika went on to raise around $900,000 from investors. This brought the total seed raised to $1,050,000.
This USSD system worked in Ghana but didn’t work in Nigeria. Atsu and his team then pivoted the platform to a donation crowdfunding platform, which allowed people living in other countries to send donations to African nationals in need of the funds before finally building it into a cross-border crypto remittance platform.
Bitsika users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bitsika stored in USD credits or stable-coin.
Bitsika has over 50,000+ downloads on Playstore and processed nearly $40 million in 2020 with $18,872,474 in deposits, $17,890,807 in payouts (withdrawals), and $3,189,834 in internal peer-to-peer transfers.
Despite a few unfavourable regulations surrounding cryptocurrency in Africa, the market has shown no signs of slowing down as more people are building products that will make trading seamless.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.