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CBN Commences distribution of grants and inputs worth over N700 million to cocoa Farmers

The CBN has kicked-off the distribution of a special loan to cocoa farmers.

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Nigerian Cocoa beats competitors, to earn N220.5 billion in 2019, Nigeria AFEX Cocoa, Nigerian cocoa beats competitors, set to record N220.5 billion in global market , CBN Commences distribution of grants and inputs worth over N700 Million to cocoa Farmers

The Central Bank of Nigeria (CBN) has flagged off the distribution of cash and inputs to cocoa farmers under the Anchors Borrowers Programme.

The flag-off took place in Akure, Ondo state and was duly graced by members of Cocoa Farmers Association of Nigeria (CFAN).

READ: CBN to integrate non-interest window in its loans to SMEs, households

According to findings by Thisday, cash and inputs worth N770million were distributed to 221 cocoa farmers in 10 cocoa producing states in Nigeria . The breakdown of the beneficiaries from the 10 cocoa producing states were; Ondo -365; Cross Rivers -74; Edo – 214; Ekiti – 38, Osun -193, Kwara -43; Ogun – 118; Oyo – 156; Delta – 17; and Abia – 4.

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

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In addition, the findings reported that each farmer would get 300 sachets of Ultima Plus, 12 litres of Clear weed herbicides, nine litres of Avesthrin insecticides six litres of Folar cocoa fertilizer and cash.

READ: Nigerian Oil producing States shared N302 billion in 7-months

Commenting on behalf of the cocoa farmers in Nigeria, the president of CFAN, Mr. Adeola Adegoke, opined that the CBN assistance would lead to increase in the yield of farmers per hectare. He revealed that under the Anchor Borrowers Scheme, the sum of N197, 444 was being given out as loan per hectare with a maximum of three hectares per farmer. In addition, the loan attracts a 9% interest payable within 18 months. The loan named “Good Agricultural Practices” is expected to increase beneficiaries’ productivity from about 350kg of cocoa beans per hectare to about 600kg, he asserted.

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READ: Lagos approves 33% increase for all state pensioners

Recall that the Anchor Borrowers Scheme for Cocoa farmers is being managed by Wema Bank Plc, in which all beneficiaries, have opened accounts for the purpose of the loan scheme.

1 Comment

1 Comment

  1. Olusegun AA Odutola

    October 9, 2020 at 3:28 pm

    Until then, it is all propaganda, since they have being announcing how many applicants have benefited from loan’s and grants?

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Petrol tanker explodes at filling station in Ogba

Residents of Ajayi road in the Ogba area of Lagos came close to panic at the explosion of a petrol-loaded tanker.

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A petrol-loaded tanker has exploded along Ajayi road, Ogba area in Lagos.

The incident, which was confirmed by Nairametrics’ staff, occurred on Tuesday morning, at Yerevan petrol station along Ajayi Road, Ogba.

When Nairametrics inquired from the owner of the filling station on what caused the explosion, he refused to talk to our analyst.

He said, “I can’t make any comment now because I am still trying to process what actually happened myself too.”

Men of the Lagos State Emergency Management Agency (LASEMA) have arrived at the location.

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No casualty was reported, as the fire only affected the tanker.

Meanwhile, some residents had allegedly taken the owner of the filling station to court, when they claimed such a facility is not meant to be in a residential area like Ogba.

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Details soon …

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Governor Makinde directs the employment of 5000 youths

Governor Makinde has initiated moves to create job opportunities for about 5000 youth in Oyo state.

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Seyi Makinde

Governor Seyi Makinde has directed the employment of 5000 youths across the state under the auspices of the State Government’s Agency Schemes in the next few months.

This information was disclosed by Governor Seyi Makinde while speaking yesterday at the Post-Protest Meeting with Traditional Rulers and Other Stakeholders, held at the House of Chiefs, Agodi, Ibadan.

During the meeting with the traditional rulers, caretaker chairmen of local government and local council development areas, and clerics; Makinde discussed the way forward for the state following the #EndSARS protests and subsequent events.

The Governor disclosed that in line with the mandate of his administration, he has directed the employment of 5,000 young persons across all government agency schemes over the next few months.

What they are saying

The Governor during the meeting said,

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“Let me again reassure the good people of Oyo State that our administration will continue to live up to our mantra of putting the people first. We will continue to protect the rights of every resident of Oyo State as contained in the amended Constitution of the Federal Republic of Nigeria 1999.

“I have directed the employment of 5,000 young persons across all government agency schemes over the next few months. The criteria for employment and the dates for assessment will be announced by the agency authorities.

“Going forward, starting from 2021, there will be provisions made for the Direct Labour Agency in the budget. This will ensure more employment opportunities for residents who have requisite skills when projects are awarded.

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“We will be proceeding with the fifth phase distribution of palliatives by the end of this week, having completed the verification of the individuals who qualify for them.

“I outlined the steps we are taking to address the issue of ending police brutality and other injustices, as a judicial panel will be inaugurated within a week to consider cases of injustice.”

Why this matters

The 5000-youth employment initiative across the state under the auspices of the State Government’s Agency Schemes is in line with the current administration’s determination to address the needs of the youths and quell their dissatisfaction.

However, this move is expected to create opportunities for youths in the state, as it will reduce the level of unemployment in Oyo State, and build on the gains of previous actions and steps taken by Governor Seyi Makinde.

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CACOVID reacts to looting of food items, explains why distribution of palliatives was delayed

CACOVID has explained why the distribution of palliatives to Nigerians to cushion the impact of the COVID-19 pandemic was delayed.

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CACOVID reacts to looting of food items, explains why distribution of palliatives was delayed

Private sector-led Coalition Against COVID-19 (CACOVID) on Monday explained why the distribution of palliatives to poor and vulnerable families to cushion the impact of the COVID-19 pandemic was delayed.

The coalition said that the distribution of the relief items, which were for 2 million most vulnerable families in the 774 local government areas across the country, was delayed due to the magnitude of the number of food items to be distributed.

READ: Top Nigerian billionaires and their contributions to the fight against COVID-19

This disclosure was made by the Acting Director of Corporate Communications of the Central Bank of Nigeria (CBN), Osita Nwanisobi, on behalf of the coalition, on Monday, October 27, 2020.

The coalition said that the large scale of this nationwide food programme and the timing of the orders, which coincided with the lockdowns and limited movement across the country, delayed the procurement and distribution exercise.

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A statement by the coalition’s spokesman partly reads, “Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.

The Coalition is deeply concerned by the recent events and is urging those involved in the wanton destruction of public and private property to immediately desist from these raids, in order to allow the States to proceed with a peaceful and fair distribution of these palliatives to the neediest and most vulnerable in our society.

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READ: NFIU sets new rules, denies Governors from accessing LG funds

“Over the past few months, the private sector, through CACOVID has been working with governors, the FCT Minister, and the Nigerian Governors’ Forum (NGF) to procure, deliver, and distribute these food relief items to almost 2 million most vulnerable families (over 10 million Nigerians) across the 774 local government areas of the country, as part of the private sector’s support towards the national response to the COVID-19 pandemic.

“The sheer scale of this nationwide food programme and the timing of the orders and deliveries, which coincided with the lockdowns and reduced movement across the country, compelled CACOVID to roll out distribution in a staggered manner.

READ: Dangote, Otedola, Elumelu, Ovia, others donate N19.48 billion to COVID-19 relief fund

“The very large size of the order and the production cycle required to meet the demand caused delays in delivering the food items to the states in an expeditious manner; hence, the resultant delay in delivery of the food palliatives by the state governors.”

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CACOVID warned that some intended beneficiaries for palliatives will not get the relief food items due to the looting of these items by hoodlums.

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The coalition said it worked with all Governors and the Minister of the Federal Capital Territory (FCT) to share the food items to over 10 million poor Nigerians.

It, however, pointed out that not every warehouse in Nigeria that contains palliatives is affiliated with the CACOVID donation, given that the states themselves, the Federal Government, and other organizations have also made donations.

READ: FG, States, LGAs share N3.879 trillion in H1 2020 – NEITI

What you should know

It can be recalled that as part of the fallout of the outbreak of violence during the #EndSARS protests, there has been widespread looting of warehouses used to temporarily store the palliative items for distribution to the poor and vulnerable, as part of measures to reduce the impact of the coronavirus pandemic. These incidents have been prevalent in different states across the country including the FCT.

Nigerians have been very critical and expressed their anger over the non-distribution of these items in the face of hunger across the country, some months after the announcement of this exercise. They accuse the politicians of allegedly keeping these items for themselves, their cronies, and possible distribution during electioneering campaigns.

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