Connect with us
nairametrics
UBA ads

Business News

CBN moves to reduce cassava derivatives import worth $600 million  

The CBN has signed a Memorandum of Understanding with the Nigeria Cassava Growers Association and Large Scale Cassava Processors. 

Published

on

IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira

In order to reduce the number of cassava derivatives imported into the country, the Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding with the Nigeria Cassava Growers Association and Large Scale Cassava Processors.

The MoU was signed in a meeting held with the governors of cassava-producing states and the CBN Governor, Godwin Emefiele. The CBN governor announced that Nigeria imports cassava derivatives valued at about 600 million dollars annually.

UBA ADS

According to Emefiele as reported by Punch, the MoU was signed to guarantee steady off-take and processing of cassava in Nigeria going forward. He made known that the move would maximize local benefits of all the derivatives in cassava and save scarce foreign exchange.

CBN moves to reduce cassava derivatives import worth $600 million  

The CBN Governor pointed out that the country is blessed with several varieties of cassava that could be explored to optimum potential.

GTBank 728 x 90

Emefiele’s words: “In achieving this goal, we are holding consultations with the International Institute for Tropical Agriculture, Ibadan and the National Root Crops Research Institute, Umudike. Apart from foreign exchange conservation, increasing cassava production is a necessity as starch, glucose, sorbitol and other products currently being imported.

“Statistics show that out of the 53.0 million metric tonnes of cassava produced in Nigeria annually, more than 90 per cent is processed into food for human consumption. Whereas a significant industrial demand exists for the output of processed cassava, primarily as substitutes for imported raw materials and semi-finished products.

“Potential demand that exists in our cassava value chain, demand High-Quality Cassava Flour (HQCF) in bread, biscuits and snacks is above  500,000 tonnes annually while supply is below 15,000 tonnes. Demand for cassava starch is above 300,000 tonnes annually while supply is below 10,000 tonnes,” he explained.

onebank728 x 90

[READ MORE: CBN plans intervention fund for Nigerian rice farmers]

Issues in the industry: Emefiele noted that the cassava industry suffers as a result of low yield varieties, poor farm practices, lack of good quality farm inputs, non-utilization of available cultivable lands, manual system of production, inadequate funding for smallholder out-grower schemes and low processing capacity.

What you should know: Though Nigeria is the world’s largest producer of cassava tubers with 53 million metric tonnes per annum, the country imports cassava derivatives worth over $600 million each year. This is according to Emefiele.

app
GTBank 728 x 90

Patricia

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]

2 Comments

2 Comments

  1. Akeju Olagbaju

    November 22, 2019 at 10:02 am

    This is not a true statement. CBN is using this to justify incursions to Agriculture. If CBN has so much money to throw in to Agriculture and especially value chain Development let him push them to to Federal Min of Agriculture .CBN should strengthen Agriculture desks in various banks to discharge financial services to farmers rather than going to unfamiliar terrain.Let them clear the mess created in Rice Economy before they create chaos in Cassava and indeed Garri

  2. Husaini S.Malami

    November 23, 2019 at 10:19 pm

    This is a very good idea but the processing machinery are what need to be provided to achieve the desired goal.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

CBN directs dealers to immediately discontinue maize importation

Dealers are to return their forms on or before Wednesday, July 15, 2020.

Published

on

CBN Bans Maize Importation

The Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country. This directive is contained in a notice that was addressed to authorised dealers and signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department.

In the notice which was made available to the public earlier today, the CBN noted four main reasons for the directive to discontinue maize importation, The reasons are:

UBA ADS
  • To increase local production
  • To stimulate a rapid economic recovery
  • To safeguard rural livelihoods
  • To increase jobs

In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020. The notice by the CBN said:

“As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect. 

“Accordingly, all Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday July 15, 2020. Please ensure strict compliance.”

GTBank 728 x 90

You may see a copy of the CBN notice along with ‘the attached format’ by clicking here.

Patricia
Continue Reading

Economy & Politics

4.48 million beneficiaries apply for N-Power jobs in 16 days

The Minister for Humanitarian Affairs, Disaster Management and Social Development announced on Twitter.

Published

on

4.48 million beneficiaries apply for N-Power jobs in 16 days

The Federal Government have announced that it has received 4.48 million applications from beneficiaries for the Batch C of its N-Power programme within 16 days.

The N-Power 2020 recruitment portal which opened on Friday, June 26, 2020, at 11.45 pm is the third batch of the programme

UBA ADS

This was disclosed in a tweet post by the Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, on her official Twitter handle on Sunday, July 12, 2020.

READ MORE: COVID-19: Ekiti workers, top officials donate over N48.7million from salaries

The Minister in the tweet post said, ‘’My team and I continue to interface with stakeholders to ensure a successful transition for the N-Power programme. It has been 16 days since the portal opened and we have received 4.48 million applications to date.’’

GTBank 728 x 90

According to the ministry, the batch C of the N-Power National Social Investment Programme (NSIP), will only absorb 400,000 applicants at the end of the recruitment exercise.

READ ALSO: FG’s conditional cash transfer programme gets more beneficiaries despite criticism

Nairametrics had over 2 weeks ago, reported the opening of fresh online application portal for the batch C of the N-Power Programme. It was reported that those that applied before the due date and time set for opening of the portal, will have it declared null and void. They also said that all the processes involved in the application are free and as such, applicants do not have to pay anybody.

onebank728 x 90

Explore useful research data from Nairametrics on Nairalytics

It was also reported that upon the opening of the portal, the ministry received over 1 million applications across the country within a period of 48 hours. While playing down the initial fear of the portal being compromised, the ministry also assured that it was secured, with all data safe.

app
GTBank 728 x 90

 

 

 

devland

Patricia
Continue Reading

Corporate Press Releases

Yomi Badejo-Okusanya, Ayeni Adekunle, Tomiwa Aladekomo, Others to speak at the Phyllion Tech Conference

The event will provide opportunities for stakeholders in technology to showcase future-driven solutions.

Published

on

Phyllion unveils its line-up of reputable speakers and tech leaders who will drive the conversation about the theme; Technology Transformation in Africa, What’s Next? The event is phased into three sessions; the general session, led by the Keynote speaker and female tech influencer as moderator; the Panel discussion, and will end with the start-up pitch session.

Leading this team of tech and communications thought leaders with the Keynote Address are Yomi Badejo-Okusanya (YBO) and Adrian Clews. YBO is a renowned Public Relations Veteran, Group Managing Director of CMC Connect (Perception Managers) and President, African Public Relations Association (APRA), with over 30 years of experience in the Marketing Communications industry, while Adrian Clews is Managing Director at Hinckley Associates Nigeria, leveraging on innovative solutions to help reduce business costs & improve security.

UBA ADS

Other reputable speakers are Tosin Faniro-Dada, who leads the Lagos Innovates Team at the Lagos State Employment Trust Fund (LSETF). She is responsible for developing and implementing programmes that provide an enabling environment for tech start-ups to thrive, and cultivating strategic partnerships to increase its reach in Lagos State.

Tomiwa Aladekomo, the Chief Executive Officer of Big Cabal Media, publisher of TechCabal and Zikoko, tech and youth publications. He is involved in building the next generation of African media brands and creating some of the most interesting original content from the continent.

Award-winning Media & Public Relations Consultant, Ayeni Adekunle, who is the Founder of the Black House Media Group (BHM), home to highly revered Public Relations Consultancy Company- BlackHouse Media, digital marketing and media company – ID Africa, and technology start-up – Plaqad.

GTBank 728 x 90

In addition are Emmanuel Asika, Covid-19 survivor and Channel Manager for Hewlett Packard (HP), Central Africa ; Funmilola Eniolorunda, the Chief Operations Officer at fast-growing software company, Venture Garden Group ; and Segun Iffie the Global Service Delivery Manager (Nigeria) at HPE .

Noteworthy on the panel is Temi Ophylia Ibekwe, Founder, Phyllion & Partners, who is a Strategic Communications Professional with nine years hands-on experience in Public Relations and Marketing, working with consumer brands, government institutions as well as small and medium enterprises (SMEs).

onebank728 x 90

Also the start-up pitch panel is packed with tech leaders such as, Managing Director, HP Central Africa, Ify Afe, CEO Edgebase Technologies, Joel Egbai, US-based Digital Business Transformation Strategist, Ogechi Chidebell and Mo Durosinmi-Etti, Program Manager at the Bulb Africa.

To host the event and moderate the sessions is a well-known female tech influencer, Tobi Ayeni, (Miss Techy).

Speaking on the conference, member of the panelist, Black House Media Group Founder, Ayeni Adekunle said, “I’ve always spoken about the importance of Nigerian companies embracing technology to transform not only their operations but the Nigerian landscape and I’m glad platforms like the Phyllion Tech PR Conference are championing the cause ensuring we set a lot of these theories in motion.”

app
GTBank 728 x 90

The event will not only help determine the direction of businesses post-COVID,  it would make prominent the impact of communication on tech businesses, and also reward tech-preneurs who have discovered innovative ways of solving problems in their milieu and society at large.

It is first of its kind within the sector and it provides opportunities for various stakeholders in technology to showcase future-driven solutions that will drive technology growth in the African continent.

The event is scheduled for  Friday, July 17, 2020 between 12:00pm and 2:30pm. The Phyllion Tech Conference presents a platform for communication to enable technology transformation in Africa through impact-driven conversations and actions.

devland

Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement