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Business News

FG spent N1.3 trillion on rice, wheat importation in 12 months – CBN 

The CBN has disclosed that not less than N1.3 trillion was spent by FG on the importation of rice, fish, sugar and wheat in the last 12 months. 

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FG spent N1.3 trillion on rice, wheat importation in 12 months – CBN 

The Central Bank of Nigeria (CBN) has disclosed that not less than N1.3 trillion was spent by the Federal Government on the importation of rice, fish, sugar and wheat in the last 12 months.

The Nation reported that the disclosure came from the bank’s Deputy Governor, Corporate Services, Edward Lametek while speaking at a seminar organized for Finance reporters in Owerri, Imo State.

Lametek made known that it was pertinent for the country to push local production of commodities because it puts a lot of pressure on the country’s import bill. He said that economic diversification remained a sustainable way to grow the economy which is why the Anchor Borrowers’ Programme (ABP) was launched in November 2015.

FG spent N1.3 trillion on rice, wheat importation in 12 months – CBN 

Lametek explained that the purpose of the ABP was to build partnerships between smallholder farmers and reliable large-scale agro-processors, with a view to increasing agricultural output while improving access to credit for farmers.

According to him, the CBN was focused on the agricultural and manufacturing sectors as there were opportunities for growth in these sectors given the country’s high population.

[READ MORE: CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund]

Lametek said making efforts to develop finance initiatives had helped to accelerate the attainment of government’s economic diversification programme, adding that diversifying the economic base presents a more sustainable and stable option.

“Given the foregoing, it is our conviction that focusing our developmental efforts on sectors with inherent potential for growth, employment and accretion to foreign reserves, would enhance the fortune of the Nigerian economy.

 “The CBN increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Anchor Borrowers’ Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility,” he said.

Achievements garnered so far: The Deputy Governor stated that the bank’s development finance interventions had done a great deal in supporting farmers across the country.

Lametek’s words: “Our development finance interventions have helped to bolster agricultural production by removing obstacles faced by smallholder farmers. We have also improved access to markets for farmers by facilitating greater partnership with agro-processors and industrial firms in the sourcing of raw materials. 

“So far, the programme has supported more than 1.5 million farmers across all the 36 states of Nigeria, in cultivating 16 different commodities over 1.4 million hectares of farmland. It has also supported the creation of over 2.5m jobs across the agricultural value chain.”

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What you should know: As stated by Lamatek, the CBN intervention in the rice value chain in Kebbi and other rice-producing states has raised local rice production from 2.5 million tonnes in 2015 to a total of 5.8 million tonnes in 2017. Also, the cotton intervention, with the flag-off of input distribution to 150,000 cotton farmers, encouraged them to cultivate 150,000 hectares in 23 states.

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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]

1 Comment

1 Comment

  1. manager

    December 4, 2019 at 5:38 pm

    God bless Buhari, osibanjo and others.

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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-coloured trading app known for allowing local-based Nigerians 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.

That being said, 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.

Bamboo: It 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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Obituaries

Just-in: Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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