Connect with us
nairametrics

Business News

Nigeria’s food security, GDP growth hinge on financial inclusion of farmers

financial inclusion is the x-factor needed to transition Nigerian farmers from subsistence to a growth phase.

Published

on

Nigeria’s food security, GDP growth hinge on financial inclusion of farmers

It will be impossible for Nigeria to achieve food security or GDP growth when more than 74% of her small-scale farmers are financially excluded. This was disclosed by the Co-founder and Managing Partner of Sahel Consulting, Ndidi Okonkwo Nwuneli, who was a guest on this week’s Nairametrics Tweetchat which took place yesterday.

According to her, financial inclusion is the x-factor needed to transition Nigerian farmers from subsistence to a growth phase. This will be actualized by providing farmers with funding so they can invest in the needed technology that will expand operations and enable them compete with agro-entrepreneurs across the world. Ultimately, food security would also be realised.

(READ MORE: Food crisis imminent as lockdown continues to restrict cargo movement – Kobo360)

Nwuneli observed that agricultural financing is a prerequisite for attaining food security. However, this cannot be adequately met until farmers are taken seriously. She added that a national survey showed that more about 74% of Nigeria’s smallholder farmers are financially excluded.

“According to a report by the @worldbankdata, there is a strong correlation between financial inclusion and GDP growth. Improving access to finance for smallholder farmers will improve their output, the availability and affordability of food, and in turn the GDP of our economy”

GTBank 728 x 90

She then went ahead to warn about the repercussions of the closure of regional and national borders, and restricted trading.

“Our regional and national borders are closed, and trading is being restricted. These realities, if pro-longed and not urgently addressed, will lead to short term consequences of food shortages, price hikes, and medium to long term consequences of under-nutrition, mass starvation.”

GTBank 728 x 90

(READ MORE: 7 million Nigerians, 13 states to experience food shortage- FAO)

Nwuneli, who is also co-founder of AACE Foods, an indigenous agro-processing company and social enterprise, reiterated that farmers have to get to a point where they can receive payments and other funding through secured electronic means, which would translate to an improved financial sector in the long term.

Ndidi Nwuneli

What you should know: The Nairametrics Tweetchat is a weekly chat with prominent personalities in the different areas of the financial industry. It is aimed  at providing insights on the Nigerian economy and how trending events affect the naira.

Fidelity ads

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

Click to comment

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

UK moves to seize $39 million from Ibori’s lawyer over role in former Governor’s case

The lawyer who was convicted alongside Ibori may lose his financial asset to the British government.

Published

on

British prosecutors have moved to seize about $39.3 million (30.8 million pounds) from a London lawyer, who helped former Delta State Governor, James Ibori, in looting and laundering illegal funds from the oil-rich state.

The British lawyer, Bhadresh Gohil, was sentenced to 10 years in prison, following his conviction in 2010 on 13 counts of money-laundering, and other offenses, over his role in the fraud and money laundering case of James Ibori, who was the former governor of Delta State, from 1999 to 2007.

It can be recalled that the former Delta State Governor, James Ibori, was extradited to the United Kingdom from the United Arab Emirates in 2011, and subsequently got convicted on 10 counts of fraud and money laundering. He was handed a 13-year jail term.

Gohil, who was then a partner at a firm in the London district of Mayfair, helped Ibori siphon these stolen funds, through shell companies and offshore accounts. He bought assets such as an English country house and a $20 million private jet. However, the police authorities caught up with the men before the jet was delivered.

The lawyer was also said to have masterminded a fraud, in which $37 million in fake consultancy fees was stolen from two Nigerian states, in connection with the sale of their stakes in a telecoms company in the country.

GTBank 728 x 90

The outcome of the case was hailed in Britain and described as a victory for the fight against corruption, while also pledging to return stolen funds to the Nigerian government.

However, the confiscation proceedings against the two culprits have dragged on for almost 10 years, and repeatedly delayed by appeals and complications.

In Ibori’s case, the hearing took place at London’s Southwark Crown Court in January, and prosecutors asked the court to make a confiscation order of 117.7 million pounds against Ibori. The judge has yet to hand down his decision.

GTBank 728 x 90

A hearing on Gohil’s case is ongoing at the same court. Lead prosecution counsel, Jonathan Kinnear, on Thursday began setting out the details of what he said was Gohil’s criminal benefit. He will have a chance later in the hearing to call witnesses, and give evidence to dispute the prosecution case.

Continue Reading

Business

Trade remedies needed for African free trade implementation – Tola Onayemi

Onayemi said Trade remedies would protect the market from getting flooded by subsidized goods of foreign companies.

Published

on

Trade remedies to protect Nigerian producers from unfair and injurious trade practices from foreign companies that harm domestic industries are key factors for the implementation of the African Continental Free Trade Area (AfCFTA).

This was disclosed by Tola Onayemi, Head, Trade Remedies Unit National office for Trade Negotiations on Thursday at the AfCFTA Sensitization Seminar organized by the National Action Committee of the implementation of the agreement.

Mr. Onayemi said Trade remedies would protect the market from getting flooded by subsidized goods of foreign companies which would be sold below competitive prices for Nigerian producers. “Trade remedies is not protectionism, it’s protection against unfair trade practices,” he said.

He added that the remedies are policy tools used by governments to take remedial action against unfair trade practices by companies and countries which cause injury to domestic industries, after a rules-based investigation.

Onayemi cited WTO and AfCFTA Trade laws which make provisions for trade remedies in trade agreements. He cited Article 17,18,19  and 20 AfCFTA Protocol on Trade in Goods and Annex 9 of the AfCFTA Protocol on Trade in Goods and the CFTA Guidelines implementation of Trade Remedies in accordance with the relevant WTO agreement. He said the AfCFTA and WTO laws protect against Anti-dumping, which are only applied after a careful analysis has been taken by the host nation.

GTBank 728 x 90

Before an application of a trade remedy policy tool can be investigated, there must be an existing legislation/regulation and an Investigating authority recognized by international organizations as the body responsible to investigate and recommend appropriate remedies for each unfair practice. If the investigation has been carried out, and there is proof of government subsidies on the product entering the host market, the difference in price is added at the border, before the goods enter the market.

He added that the key features of any Trade Remedy Mechanism include:

  • Data-driven
  • Technical and Investigation based
  • Independent of any Policy-making Arm
  • Timelines
  • Full Notification and Disclosures ( to WTO/AfCFTA, all Importers, Exporters, Home Countries of investigated importer).

On Nigeria’s Trade Remedy implementation policies, Onayemi mentioned a 3-month On-The-Job-Training for Country Trade Remedy experts held from April-June 2018, the Set-up and meetings of EMT committee on Trade Remedies in 2018, also in 2018 Approval of Nigerian Trade Remedies Infrastructure by EMT and Basic technology frameworks for Trade Remedies Investigation in December 2019.

GTBank 728 x 90

Outstanding tasks include the Signing and Publication of Legal Framework of Nigerian trade remedies and the Deployment and launch of Trade Remedies Electronic Platform with integration by the Nigerian Customs, NBS and Finance.

Continue Reading

Tech News

Dell partners firms to launch Tech Experience Centre in Nigeria

Dell Technologies is to establish a Tech Experience Centre in Nigeria.

Published

on

Dell Technologies has partnered with some global tech firms to establish a Tech Experience Centre in Nigeria. The centre is a technology project designed to bridge the gap to cutting-edge technologies for millions in the country.

This was disclosed in a statement issued by the company and seen by Nairametrics on Thursday.

In the statement, Nicholas Travers, Director, Central and West Africa, Dell Technologies explained that the project, which will be launched on October 1, would save huge costs and capital flight while also boosting technology adoption in Nigeria.

He said, “We believe the Tech Experience Centre will help reduce the decision making cycle and save huge costs and time of traveling to locations outside our continent to visit and experience these technologies at work. This is a fantastic initiative by TD Africa, perhaps the first of its kind in the region and we are proud to be part of it.”

According to him, the project will go a long way in helping Dell Technologies showcase its suite of cutting-edge technologies.

GTBank 728 x 90

‘‘The launch of the Experience Centre will support the growth of technology in Nigeria and the West African region. Also, it provides a fantastic platform for Dell Technologies to showcase the very many technologies we offer,” Travers added.

Minister of Communications and Digital Economy, Dr Isa Ali Pantami, is expected to commission the Tech Experience Centre, the first of its kind in Africa.

Travers added that the Centre marked the first time global tech giants would come together to establish their respective experience centres under one roof to create a truly immersive and rich experience of latest technologies in action.

GTBank 728 x 90

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement