The Federal Government has announced plans to develop 142 agro-processing centres across the six geopolitical zones in the country.
The projects will be funded by the “Green Imperative” programme a $1.2 billion joint Nigerian-Brazilian agriculture development scheme.
The Minister of Information, Lai Mohammed and the Minister of Agriculture, Saba Nanono announced the implementation of the scheme.
Mohammed said, “The $1.2 billion programme is to be implemented over a period of 5-10 years with finding from the Development Bank of Brazil (BNDES) and Deutsche Bank with Insurance provided by Brazilian Guarantees, Funds Management Agency (FMA), Islamic Corporation for Insurance of Export Credit (ICIIEC) of the Islamic Development Bank (ISDB) and coordinated by the Getulio Vargas Foundation.”
The agro-processing centres will manufacture all equipment required for processing, drying, packaging, storage and marketing of agro commodities, as the government aims to revolutionise the agricultural sector.
Download the Nairametrics News App
“The Programme will create 5 million jobs and inject over $10 billion into the economy within 10 years and impact 35 million persons nutritionally and economically,” the Minister added.
The Green Imperative programme was launched by Vice President, Yemi Osinbajo in 2018 and influenced by the More Food International Programme of the Brazilian Government to maximize productivity of smallholder farms with the provisions of tractors.
Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million
Nestlé S.A has spent N1.165 billion to buy shares of its Nigerian subsidiary in 22 days over three transactions.
Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 229,697 additional units in the shares of the company.
This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Nairametrics.
The purchase according to the notification signed by the Company’s Secretary, Bode Ayeku, was made on the bourse in a single transaction on 11th, September.
This disclosure is a regulatory requirement that must be reported to the Nigerian Stock Exchange, especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.
The breakdown of the transaction, shows that the purchase consideration for the 229,697 additional units of Nestlé Nigeria shares at an average price of N1,249.65 per unit is put at N287 million.
This purchase and previous purchases strengthen Nestlé S. A’s status as the parent company of the subsidiary. So far, the company has accumulated a total of 977,744 additional shares worth N1.165 billion since 20th August.
As of June 30th, in line with the shareholding analysis of Nestlé Nigeria in its half-year financial results, the company had exactly 792,656,252 shares outstanding, with Nestlé S.A being the majority shareholder with 524,559,457 units, which amount to 66.18% of the total shares of the company outstanding.
Hence, with the purchase of 229,697 additional units, and previous purchases from 20th August till date, which amount to 977,744 units. Nestlé S. A’s ownership percentage of Nestlé Nigeria is now put at 66.30%.
What it means: Insider transactions, both sales and purchases, are often a sign of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the major shareholders are strengthening their existing holdings.
The purchase of the shares of Nestlé Nigeria by Nestlé S.A has reduced the volatility of the company share price, with the parent company consistently mopping up stray volumes on the bourse.
About the company
Nestlé Nigeria PLC is one of the largest foods and beverage companies in Africa, and the largest consumer goods company by market capitalization. Nestlé Nigeria Plc engages in the manufacturing, marketing and distribution of food products including purified water. It also exports some of its products to other countries within Africa.
It has three product segments: Food, Beverages, and seasoning. The Food segment engages in the production and sale of Cerelac, Nutrend, Nan, Lactogen and Golden Morn. The Beverages segment engages in the production and sale of Milo, Chocomilo, Nido, Nescafe and Nestlé Pure Life. While the seasoning segment engages in the sale of Maggi cubes.
How the N13.9 billion pest control fund will be spent
As a follow-up to the recent approval of N13.9 billion for Pest, Migratory Birds and Zoonotic disease control programme in Nigeria, the Department of Veterinary and Pest Control Services has come forward to explain what the funds will be used for.
The fund was approved by the Federal Executive Council (FEC) on March 11, to address the control of migratory pests, animal and zoonotic or trans-boundary animal diseases, and the upgrade of abattoirs.
The Minister of Agriculture and Rural Development, Sabo Nanono, had announced the approval of the intervention fund at the launch of the 2020 Dry Season Control of Trans-boundary or Migratory Pests on June 12 in Kebbi State.
In an interview with NAN on Tuesday, the Director, Department of Veterinary and Pest Control Services in the Ministry, Dr Alabi Olaniran, provided a breakdown of what the funds would be expended on.
- Of the approved sum, N2.8 billion will be spent on Migratory pest control;
- The sum of N9.6 billion will be spent on the control of animal and zoonotic diseases;
- And N1.4billion will go into the rehabilitation and upgrade of abattoirs in the country.
According to Olaniran, the N2.8billion for control of migratory pests would be disbursed to 12 states –Kebbi, Sokoto, Katsina, Kano, Jigawa, Borno, Yobe, Taraba, Adamawa, Gombe, Bauchi and Zamfara.
The choice of these 12 northern states was guided by the fact that they were entry points for migration of pests from other countries.
He added that no state in the South was chosen because “we are bounded to the South by the sea or ocean, so nothing comes in from there.
“The rest of the funds for control of animal and zoonotic diseases, and the rehabilitation and upgrading of abattoirs would be distributed among all states in the country.”
Control of animal and zoonotic diseases
Olaniran explained thus:
“The second area of intervention is the control of trans-boundary animal diseases, through vaccination and eradication of dog-related human rabies. Because over the years we have been inundated with increasing number of animal diseases and some of these diseases are zoonotic that can also affect human beings.
“And you know that Nigeria is endowed with very large livestock resources and presently diseases are affecting the production level of our animals.”
He stated further that it was the first time ever that the government would be providing funds for control of animal diseases, and that it had become expedient given that many diseases such as COVID-19 were traceable to animals.
Upgrading of abattoirs
Olaniran noted that a lot of abattoirs across the country were in deplorable conditions, which affected the quality of meat that people consumed.
“We are trying to see if we can develop a model. The function is really for the state governments and local governments. We are just trying to see if we can build model standard abattoirs in the states so that the states can see and replicate” he said.
The funds would be disbursed accordingly as soon as the Ministry of finance made the funds available.