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Business News

Stanbic, Union, and Sterling banks pledge to disburse N4.5 billion to farmers

Stanbic IBTC Bank, Sterling Bank Plc, and Union Bank Plc have disbursed a total of N4.5 billion to the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) for farmers in Niger, Ekiti, and Benue states.

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Stanbic, Union, and Sterling banks have disbursed N4.5 billion to farmers

Stanbic IBTC Bank, Sterling Bank Plc, and Union Bank Plc have pledged to disburse as much as N4.5 billion to the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) for farmers in Niger, Ekiti, and Benue states.

The funding will be used solely for the purpose of cultivating maize and soybeans in the above-mentioned states.

More Details: A breakdown of the funds shows that Stanbic IBTC Bank disbursed N2 billion, while the sum of N1.5 billion was disbursed by Sterling Bank Plc. Union Bank Plc also disbursed N1 billion.

The loan was disbursed after a two-day stakeholders’ meeting held at the headquarters of NIRSAL in Abuja, which was attended by key stakeholders in the maize and soybean value chains, banks/financial institutions, value chain support stakeholders, and other stakeholders.

Utilising the Fund: According to the Managing Director of NIRSAL, Aliyu Abdulhameed, the loan will be used to support 3,750 farmers across the three states.

He stated that 107.5 metric tonnes of seeds which is worth about N65.5 million, would be supplied by seed companies. Also, some 2,062 metric tonnes of fertilizer which is worth about N290 million, would be made available by the fertilizer companies. More so, 33,250 litres of crop protection products worth N54.6 million would all be committed into the project.

The NIRSAL boss further explained that 8,750 metric tonnes of maize with a market value of N744 million and 2,000 metric tonnes of soybean worth N208 million would be produced under this pilot phase.

More details: Abdulhameed said the NIRSAL team would be in touch with all key stakeholders to ensure requirements are duly captured and interests fairly represented in the agreements and contracts for implementation.

“We will also deploy other robust risk management instruments including the Area Yield Index Insurance to safeguard yields at harvest, our boots-on-ground project monitoring, reporting, and remediation Office personnel in Ekiti, Niger and Benue states and other risk management instruments to guarantee adequate returns on investment.”

What this means for the economy: Abdulhameed emphasized that with this level of financial commitment, each farmer is expected to generate revenue as much as N425,000 and N2.26 million under the loan scheme. He added that the scheme would help save the country about N1 billion through import substitution.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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