Nigeria earned over N103 billion from cocoa commodity export in the year 2018. This was disclosed by Mr. Segun Awolowo, the Chief Executive Officer of the Nigerian Export Promotion Council (NEPC).
While speaking on Monday at a capacity building programme on cocoa grading and regulations in Lagos, Mr. Segun Awolowo reportedly disclosed that the country earned $338.17 million or N103.8 billion from Cocoa commodity export in 2018.
Further details: Cocoa, which is one of Nigeria’s leading agricultural exports and the second highest foreign exchange earner next to crude oil production capacity, lurks around 245 metric tons.
According to the Chief Executive Officer of NEPC, “the low levels of production is a result of many factors including poor grading and quality-related issues.”
While disclosing the efforts made by NEPC to boost cocoa production, he said, “We have donated seedlings and agro-inputs including sprayers, agrochemicals as well as organizing capacity building on integrated pest management for our cocoa farmers and processors. Workshops for cocoa farmers and stakeholders were held in Akure, Ondo State; Oshogbo, Osun State, Umuahia, Abia State, Uyo, Akwa Ibom State and Ikom, Cross River State.”
Recent development: In a bid to boost revenue from cocoa exports, the Nigerian government is planning to team up with Cameroon to influence international cocoa prices. Both countries currently account for 10% of global cocoa production.
Speaking on the development, Mr Sayina Riman, President of the Cocoa Association of Nigeria, recently stated that Nigeria and Cameroon were looking to see if they could become a regional bloc and see if buyers who knew the quality of both countries cocoa were willing to give better prices differentials. However, all of these are still informal talks between the two countries and a bilateral approach would be taken to establish it formally.
A Quick check: According to the foreign trade report recently released by the National Bureau of Statistics (NBS), as at Q2 2019, Nigeria’s cocoa commodity export was to the tune of N18 billion, as against N14.2 billion the recorded in Q2 2018. This represents a 29.65% increase in the value of cocoa commodity exports year-on-year.
The breakdown of cocoa exports in the NBS report showed that Nigeria exports different types of Cocoa products. Specifically, Nigeria’s cocoa exports include fermented cocoa beans, natural cocoa butter, other quality cocoa butter, and other quality raw cocoa beans.
House of Reps to make Youths globally competitive
House of Representatives is determined to make the Youths globally competitive.
“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.
Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.
COVID-19: Ogun orders full reopening of churches, mosques, hotels
Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.
The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.
This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.
Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.
According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.
He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.
“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.
He later announced the reopening of only worship centres and schools in August.
Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.
CBN reveals framework for the N75 billion Youth Investment Fund
The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.
The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.
This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Objectives of the scheme:
Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.
Explore Data on the Nairametrics Research Website
The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.