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Business News

Nigeria to boost cotton and soya production with N66 billion CBN loan

The Central Bank of Nigeria (CBN) has called on SMEs to take advantage of opportunities from the bank to boost their businesses, as the apex bank extends a total sum of N66 billion as loans to boost cotton, soya beans and cassava production in [email protected]

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The CBN Building, Abuja - capital inflows

The Central Bank of Nigeria (CBN) has called on SMEs to take advantage of opportunities from the bank to boost their businesses, as the apex bank extends a total sum of N66 billion as loans to boost cotton, soya beans, and cassava production in Nigeria.

This call was made by the CBN Director of Corporate Communications, Mr. Isaac Okoroafor, during an enlightenment fair organised by the apex bank for small and medium business owners in Akwa Ibom State.

Mr. Okoroafor, who was represented by Veronica Aqua from the bank, urged the business enterprise owners in the state to note that the bank has put in place various intervention initiatives that are aimed at supporting and empowering SMEs.

Nigeria to Boost Cotton and Soya beans production

Nigerian farmers in the farmland

Breakdown of the loan: The loan is comprised of N50 billion to soya beans farmers, N7 billion to cotton farmers, and N9 billion to be extended to cassava farmers. The aim is to boost the production of these items in Nigeria, thereby discouraging their importation.

Read also: CBN going after importers of banned items

The Central Bank said loans between N100,000 and N10 million have been provided for artisans, entrepreneurs and small business operators to assist them grow their outfits, noting that Nigeria, as a country, in the past used the revenue proceeds from oil to import consumables such as rice, eggs, toothpicks, palm oil, etc. but intervention programmes by the bank had led to the ban on the importation of 43 items.

(Get latest insights on Nigeria’s importS)

The Branch Controller of the Central Bank in Akwa Ibom state, Mrs. Ogbomon Paul, while speaking at the event, said:

Cassava, cotton and soya beans farmers in Cross River State are to benefit from CBN’s Anchor Borrowers’ Scheme, which was initially initiated for increased rice production“.

Anchor Borrowers’ Scheme is loan to farmers without collateral and the benefiting farmers are given farm inputs and cash to cultivate their farms and with the experiment on rice which has achieved huge success, it is time to extend the scheme to cotton, soya beans and cassava farmers,” the bank said.

The CBN Governor, since assumption of office, has initiated several programmes aimed at growing the economy of Nigeria and also bring closer to the people schemes to help them achieve financial stability and growth through taking advantage of the bank’s intervention initiatives.

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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Economy & Politics

Nigeria needs urgent economic diversification – AfDB

The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century.

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AfDB, Lutoyilex Construct Ltd, fraud

The African Development Bank has stated that Nigeria, Africa’s largest economy, needs urgent economic diversification to move the country from a single income source (oil and minerals) towards multiple income sources.

This was disclosed by Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB), at the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Edo state, on Monday.

What the AfDB said about diversification

“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19.

Economic diversification entails a shift away from a single income source (oil and minerals) toward multiple income sources from an increasing spectrum of sectors, products and markets,” he said.

In case you missed it

The International Monetary Fund (IMF) stated earlier this year that economic diversification was important to Nigeria and critical for her economic recovery.

They said the limited gains from inward-oriented policies in terms of creating jobs and improving living standards suggested that Nigeria needed to have a change of strategy. It was pointed out that in order to accommodate a growing number of young people entering the labour market, Nigeria would need to create at least 5 million new jobs each year over the next decade.

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Business News

Ghana-Nigerian traders dispute: FG to send delegation to Ghana

The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.

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AfCFTA: Trade Minister advises Nigerian businesses to take opportunity of agreement

The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.

The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening.

The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.

The meeting between both parties will be held between May 31 and June 1, 2021.

What you should know

Recall Nairametrics reported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.

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