No less than 1.26 million smallholder farmers in Kano State are set to benefit from the Islamic Development Bank’s $95 million credit facility.
The credit facility, which is tagged Kano Agro-Pastoral Development Project, is part of the initiatives of the state to support small and medium-scale farmers in reaching their full potential.
The project was announced by the Kano State Governor, Abdullahi Ganduje, during a meeting with officials of Africa Consulting and Trading Mission and public sector stakeholders that would benefit from the project.
The governor, who was represented by his deputy, Nasiru Gawuna, said that efforts had been made to make the project a far-reaching one that would foster economic development and social progress.
He said that although there had been a delay in the take-off of the project as a result of some logistics that needed to be sorted between the Federal Ministry of Finance and IDB . Ganduje said all was sorted and that the funds would soon be made available.
Ganduje explained that the Kano Agro-Pastoral Development Project is one of his administration’s projects in the state. He also said that he had some projects at Dansoshiya forest through its RUGA Committee, aimed at transforming the forest into a modern grazing reserve, Punch reported.
Why this matters: As stated by the State Project Coordinator, Kano Agro-Pastoral Development Project, Garba Muhammad, the project is important as it will help farmers in capacity building while promoting small rural enterprises in the state. It will also support the development of grazing reserves, stock routes demarcation, crop productivity, livestock enhancement, provision of rural infrastructure.
Boost for Agriculture Sector: The initiative is a welcome development aimed at boosting agribusiness by assisting farmers to make food production run smoothly across the nation.
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.
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.
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.
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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