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Business News

Commissioner urges youths to explore World Bank’s $200 million grant 

Following World Bank’s disbursement of $200 million grant for the purpose of optimizing agribusiness, the Lagos State Commissioner of Agriculture, Prince Gbolahan Lawal, has advised youths to explore the opportunities presented by the grant. 

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Commissioner urges youths to explore World Bank's $200 million grant 

Following World Bank’s disbursement of $200 million grant for the purpose of optimizing agribusiness, the Lagos State Commissioner of Agriculture, Prince Gbolahan Lawal, has advised youths to explore the opportunities presented by the grant. 

He said this while shortlisted applicants were being screened for the commencement of the grant known as APPEALS (Agro-processing, productivity enhancement and livelihood improvement support). He added that agriculture and agribusiness was the key to addressing unemployment and increase the development quotient of the youths in the country. 

[READ MORE: Nigerian start-ups lead $334.5 million fund race in Africa

Lawal highlighted the efforts of the Lagos State Government in the last 20 years to get more youths involved in the agricultural industry. He explained that the government on its own part would develop the agricultural value chain by providing technical assistance, capacity development and knowledge expansion to the businesses run by youth. 

Why this mattersBy 2030, global need for water and food will double. It is very pivotal for the agri-businesses to ensure sustainable food production systems and implement resilient agricultural practices that increase productivity and production, as well as improve land and soil quality. Therefore the World Bank’s grant earmarked for that purpose is expected to be utilized. In return, agribusiness contributes to the economy by boosting the Gross Domestic Product (GDP), creating employment and eliminating food wastage. 

Lawal reiterated the importance of involving youths in agriculture and agribusiness, noting that it is a priority for the state government. He also added that this is the government’s way of promoting youth employment and self-employment as part of the development momentum. 

[READ ALSOFinTech firm, Esusu Financial, just got $1.6 million]   

The goal for APPEALS is to increase productivity and improve processing and marketing of targeted value chains, which included rice, poultry and aquaculture for Lagos. 

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About APPEALS 

APPEALS is an abbreviation for agro-processing, productivity enhancement and livelihood improvement support which is geared at helping agricultural businesses thrive in Nigeria while optimizing agribusiness for achieving prospects. 

The project, initiated by the World Bank targets 60,000 beneficiaries and 360,000 farm household members as indirect beneficiaries. Part of its sub-component is to benefit women and youth that would allow them to develop agri-businesses that are expected to create jobs and improve their livelihoods. States benefitting from its projects are Cross River, Enugu, Lagos, Kogi, Kaduna, and Kano States. 

 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Business

FG explains why Lagos-Ibadan rail line was not linked to the sea

The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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In case you missed it

It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

This is because other minor and major stations along that route were yet to be completed.

 

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Manufacturing

Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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Manufacturing: Activity levels pick up albeit readings still below water

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

GAINER

  • MEYER up by19.51% to close at N0.49.

LOSER

  • WAPCO down by -3.00% to close at N21.00.
  • BUACEMENT down by -1.09% to close at N72.70.

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