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MSMEClinic gets 200,000 capacity yam storage facility in Benue

A 200,000 yam capacity storage facility has been commissioned in Zaki Biam to reduce the post-harvest losses that result from poor storage facilities 

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As part of the Shared Facilities Initiative of the MSMEClinics, a 200,000 yam capacity storage facility has been constructed and commissioned in Zaki Biam, Benue state.

This large capacity storage, according to Vice President Yemi Osinbajo, will greatly reduce the post-harvest losses that result from poor storage facilities for the agriculture produce.

The choice to site the facility in Benue state, according to Osinbajo, resonates from the fact that the Zaki Biam market accounts for 70% of the yam cultivated in Nigeria, and sends out over 200 trucks loaded with yams weekly.

“Besides, post-harvest losses have been the bane of agricultural production in Nigeria: Nigeria produces 17 million tons of yam annually, but loses up to 40% on account of inadequate storage and processing facilities 

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“Following discussions between the federal government’s MSME Clinics project, the Benue State Government and market stakeholders, it was unanimously agreed that this 200,000 capacity Yam Storage Facility should be located right here in Zaki Biam, Benue State,” he said at the virtual commissioning on Tuesday.

READ MORE: Hope for Higher Oil Prices

The commissioned facility has several features including the yam storage facility, 660 units of reconstructed stalls/sheds, construction of internal roads, administrative buildings and a solar-powered borehole.

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MSMEClinic gets 200,000 capacity yam storage facility in Benue

While performing the virtual inauguration and handing over of the 200,000-capacity Yam Storage Facility at the Zaki Biam International Yam Market in Benue State, Osinbajo noted that the National MSMEs’ Shared Facility Scheme is part of the government’s innovation to support Micro, Small and Medium enterprises in the country.

He noted that the storage capacity in the market was inadequate to contain the size of commerce that goes on in the food supply chain, and that most individual small businesses operating in the area could not afford such equipment to ease their business operations and maximise profitability.

He stated further that there are re-construction works going on to provide 660 units of stalls/sheds, as well as a police/market administrative building, eight units of public toilets, provision of solar-powered borehole with an overhead tank, construction of internal roads with drainage and installation of solar street lights.

READ MORE: Crude oil price up 32%, as report paints gloomy picture

 What you should know

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President Muhammadu Buhari set up the MSMEClinic in 2016 under the chairmanship of Professor Yemi Osinbajo.

Among other things, the MSMEClinic was charged to provide a meeting point in every state between regulatory or approving authorities such as NAFDAC, SON, and SMEs. These bodies were to help the MSMEs proffer solutions to their challenges, at such meetings, and offer advice on how to access credit facilities through the Bank of Industry.

READ MORE: FG goes after AMCON’s N5trillion debtors, sets up task force on funds recovery

The shared facilities project is an offshoot of the National MSMEs clinic, just like similar facilities are seen in Oyo and Bauchi states.

Also present at the virtual commissioning were Benue State Governor, Samuel Ortom, Senator Gabriel Suswan, Honorable Richard Gbande, Agriculture and Rural Development Minister, Sabo Nanono; Special Duties Minister, Senator George Akume, among others.

 

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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]

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Consumer Goods

Floods disrupt operations in Flour Mills’ Sugar Estate 

Heavy floods at Flour Mills’ Sunti Golden Sugar Estate has disrupted its operations.

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Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

Sunti Golden Sugar Estate (SGSE), owned by Flour Mills, has suffered some disruptions to its operations as floodwater breached the Sugar Estate. 

This information was gathered by Nairametrics from a notification sent to the Nigerian Stock Exchange and signed by the Company’s Secretary, Umolu Joseph A. O.  

The largest miller by market capitalization, explains that the floods were as a result of the long rainfalls recorded recently at the northern and central parts of the Niger basin, as the floods were triggered by severe downpours at the Sokoto Rima basin, and as a consequence, the Kainji and Jeba dams witnessed an upsurge in the lateral flow of water. 

READ: Julius Berger to diversify into Agro-processing industry

The Management stated that SGSE has suffered some disruptions to operations, as the resulting high inflows in the downstream Niger River caused a breach to the extensive and properly designed dyke systems at Sunti Golden Sugar Estates (SGSE). 

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This development is expected to delay the expansion project, geared towards increasing the area under cultivation to 4,000 hectares by mid-2021. 

The Miller assures stakeholders, that there is no immediate threat to the earlier indicated earnings projections of FMN, as immediate safety protocols have been instituted to safeguard employees, property and equipment. Hence the breach is not foreseen to impact the overall performance of the Group. 

READ: DeFi crypto market value gains over 1000% from June

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The company informs investors and other key stakeholders that the actual state of damage to the current sugarcane crop at Sunti, can only truly be assessed once the floodwater subsides, and ensures that it will release further details in due course as the need arises. 

Shares of Flour Mills at the end of the trading session on Friday closed at N21.50, and this is 6.70% higher than the market opening price for the day, 8.59% higher than the market opening price for the week, and 14.36% higher than the market opening price for the month. While the YTD gains stood at 9.14%. 

READ: Stock market drops below N12 trillion mark, investors lose N456 billion on Thursday

Flour Mills shares are currently trading in the overbought zones, going with the agreement of Technical Momentum  Indicators, like the William Percentage Range, the Relative Strength Index and its stochastic variant, as the shares of the company are driven by strong fundamentals. 

In like manners, the company shares currently trade at 21.15x earnings per share (EPS), and 0.57x book value per share (BVPS), with a Market capitalization of N81.628 billion.  

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Business

Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN 

The CBN disclosed in its September PMI report that the manufacturing sector contracted.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September

The Manufacturing Purchasing Managers’ Index (PMI), in September 2020, has witnessed a contraction for the fifth consecutive month, as it stood at 46.9 index points. 

This was disclosed by the Central Bank of Nigeria (CBN), in its September PMI report released on Wednesday. 

READ: Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months

The report stated that, out of the 14 subsectors surveyed, 4 subsectors reported expansion (above 50% threshold) in the review month in the following order: 

  • Electrical equipment 
  • Transportation equipment  
  • Cement, and 
  • Nonmetallic mineral products 

The paper product subsector was stable. 

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READ: Emirates Airlines banned from operating in Nigeria

 

READ: U.S dollar drops, low U.S interest rates expected to persist for long

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While the remaining 9 subsectors reported contraction (below 50% threshold) in the review month in the following order: 

  • Petroleum & coal products 
  • Primary metal 
  • Furniture & related products 
  • Printing & related support activities 
  • Food, beverage & tobacco products 
  • Textile, apparel, leather & footwear 
  • Chemical & pharmaceutical products; 
  • Fabricated metal products and  
  • Plastics & rubber products 

The Non-manufacturing sector PMI stood at 41.9 points in September 2020, indicating contraction in nonmanufacturing PMI, for the sixth consecutive month.  

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Manufacturing

FG moves to clamp down on illegal fertilizer manufacturers and agro-dealers 

It is now forbidden for anyone to go into fertilizer business in Nigeria, without registering with the FISSD.

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Fertilizer Producers hail FG's total ban on NPK fertilizers

The Federal Ministry of Agriculture and Rural Development has disclosed that anyone caught producing or merchandising adulterated fertilizers, under the new lawwill be jailed. 

This disclosure was made via the Ministry’s official Twitter handle, to the general public, and seen by Nairametrics. 

The announcement notifies the general public that the National Fertilizer Quality Control (NFQC) Act 2019, is to make sure that every farmer has good and efficient fertilizer for their farms, to boost farming harvest and output. 

The ministry reiterated that it is forbidden for anyone to go into fertilizer business in Nigeria, without registering with the Farm Inputs Support Services Department (FISSD) of the Federal Ministry of Agriculture and Rural Development. However, anyone caught producing or merchandising adulterated fertilizers will be jailed. 

READ: Guinea-Bissau calls on Nigeria to assist in rice production 

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This regulation is to address the recurring issues of the effect of substandard fertilizers on farm produceand the market proliferation of adulterated fertilizers in the country, which continues to bedevil farm outputs and harvests in the country. 

Backstory: On the 26th of August, the Permanent Secretary of Agriculture and Rural Development,  Dr. Abdulkadir Mu’azu, reaffirmed the Federal Government’s commitment towards implementing the National Fertilizer Quality Control (NFQC) Act 2019. He ensured that the fertilizer regulatory system is in place, to safeguard the interest of the farmers, as when the regulation is implemented, it will protect farmers from using adulterated fertilizers that are nutrient deficient.  

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READ: FG offers $1.1billion Agric mechanisation scheme

Why this matters  

This policy is important to safeguard both the interest of the farmers and the members of the public, as the initiative is expected to increase agricultural harvest and productivity, in a bid to make national food security a reality. 

The NFQC Act will safeguard interests of fertilizer enterprises, businesses and agrodealers, as it will create part of the enabling environment for private sector investment in the fertilizer industry, and protect the environment against potential dangers, that may result from market proliferation of adulterated fertilizers and the use of harmful substances in fertilizer. 

READ: FG seeks to crash price of locally produced rice

The Executive Secretary of FEPSAN, Mr. Gideon Negedu, reiterated that the new National Fertilizer Quality Control Act 2019, is a game-changer for the nation’s agricultural sector and a powerful weapon for the farmers. 

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In his view, Prof. Yemi AkinseyeGeorge (SAN), said, “that the Federal Government and relevant stakeholders of the fertilizers industryhave taken the bull by the horn in enacting a robust legal framework for quality control in the country.

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