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Business

CBN invests over N120 billion on 320,000 farmers across CTG within four years

CBN has invested over N120 billion on 320,000 Cotton, Textile and Garment (CTG) farmers within four years.

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The Central Bank of Nigeria (CBN) via its verified Facebook account has announced that it has spent over N120 billion across the Cotton, Textile and Garment (CTG) sector, with over 320,000 beneficiaries (farmers) financed between 2016-2020.

This is in line with the diversification agenda of the present Federal Government, as enshrined in the Economic and Recovery Growth Plan (2017-2020).

Backstory

This latest development is the sequel to an earlier disclosure by CBN to invest over N100 billion in the CTG value chain. In addition, Nairametrics had earlier reported on the inherent economic potentials available in the CTG sector. It reported that if well harnessed, the sector has the potential to create nothing less than 2 million jobs and save the nation about $4 billion of our hard-earned forex on import bills annually.

What to expect

CBN justified the investment in the sector so far. According to the post, the following are the expected outcome of its sustained financing in the aforementioned sector:

  • The expected output for seed cotton in 2020 is projected to be over 300,000 metric tons
  • Enhance production capacity of Ginneries to over 102,000 metric tons of cotton lint, which is expected to meet and surpass the cotton lint requirement of our Textile industries
  • 19 Ginneries resuscitated across the country and more expected to join before the end of 2020

Why this matter

A part of the CBN press release succinctly captured why the recent development is of delight to every well-meaning citizen of the country,

“CBN Interventions in Cotton, Textile and Garment sector is designed to resuscitate and return the Textile industries back to its glory days, creating jobs, diversifying Nigeria’s economy, and achieving self-sufficiency in cotton production.”

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Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Business

Reps to investigate train ticket racketeering after Nairametrics report

Lawmakers allegedly found that ticket racketeering is done by operators of the Abuja and Kaduna railway stations.

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Legislators in the House of Representatives are set to investigate alleged railway ticket racketeering after Nairametrics uncovered the menace in a special report in March.

The House of Representatives resolved to do this after they allegedly found that ticket racketeering activities were being carried out by operators of the Abuja and Kaduna railway stations.

READ: Nigerians lament over hike in train fare caused by black market racketeering

What lawmakers are saying about racketeering

Zayyad Ibrahim of APC from Kaduna at the plenary, on Tuesday, said:

“The e-Ticketing System for the Abuja-Kaduna train services enabled commuters to book tickets online, thus curbing ticket racketeering and the stress of purchasing tickets at the train stations.

“[We are] concerned that ticket racketeering, which the e-Ticketing System sought to eradicate, is still going on unabated, as tickets can no longer be adequately accessed online due to the mischievous activities of some people, who buy wholesale tickets and resell to passengers at exorbitant prices.

“Taking cognizance of the fact that if the activities of racketeers are not curbed, passengers will continue to be denied the privilege of accessing the train services as, sometimes, a train may leave the station without carrying the required number of passengers, because the tickets are not accessible or affordable to the majority of passengers.”

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READ: Sanwo-Olu says Lagos rail projects will cost over N100 billion

The House urged the management of the Nigerian Railway Corporation (NRC) to strengthen their internal mechanisms with a view to eradicating ticket racketeering.

In his ruling, the Speaker of the House, Rep. Femi Gbajabiamila, mandated the Committee on Land Transport to investigate the matter and report back within two weeks for further legislative action.

What you should know about the e-Ticketing system

The Abuja-Kaduna train services were officially commissioned by President Muhammadu Buhari on 26th July 2016, to provide an alternative to road transportation in the area.

There had been a tremendous increase in passengers at Idu and Kubwa stations in Abuja, as well as at Rigasa in Kaduna, due to increased patronage following security challenges on the Abuja and Kaduna Expressway. But it appears that that the increase in passengers led to ticket-racketeering, an ugly practice.

READ: Train 7 project: NLNG reacts after NNPC, others delay decision 

On March 16, 2021, Nairametrics published a special report where Nigerians lamented over the recent hike in train fares, which many of them said was illegal.

Jaiz bank

Aside from the difficulties and over 100% hike in the fares, most of the victims, who spoke with Nairametrics, urged the Federal Government through the Rotimi Amaechi-led Ministry of Transportation to investigate the allegations and expose the activities of the corrupt individuals involved in the menace.

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Business

Insecurity: Lagos to roll out extensive policies in May to keep the state safe

Governor Sanwo-Olu has assurred Lagos residents of his government’s intention to tackle impending security challenges in the state.

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The Lagos State Government has said that it would in the month of May roll out extensive policies to tackle impending security challenges in addition to providing far-reaching support to all security operatives to keep the state safe.

This follows the high rate of insecurity which is characterized by kidnapping, banditry, terrorism, armed robbery and so on, in different parts of the country.

This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, on Monday, while speaking at the 3rd session of the 34th Synod of the Diocese of Lagos, Church of Nigeria (Anglican Communion) held at Our Saviour’s Anglican Church, Tafawa Balewa Square, Lagos.

Sanwo-Olu assured that Lagos will be a state that everybody would be proud of, adding that his administration will deliver on all the THEMES six-pillars developmental agenda for ‘Greater Lagos.’

READ: Lagos takes steps to prevent third wave of Covid-19, facilities on high alert

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Talking about security, we can say Lagos is relatively better but I sit on it and I know what we are doing and the things we need to do. We know we have issues to deal with as a country and Lagos will certainly be leading that conversation because we know how critical this State is to the nation.

“This is the melting pot for our nation where anybody can come in with a lot of aspirations and do well. Lagos is a state that gives hope to a lot of Nigerians. Lagos is a state that gives hope to all of Nigeria. So, we cannot afford anything to happen here. I can assure you with every sense of commitment that we will stop at nothing to make sure that Lagos remains safe and secure.

“In this month of May, you will see extensive pronouncements in that regard. You will see extensive policies and far-reaching support that would be given out to all our security operatives so that it is not just a talk show and film show; it is something we are committed to and we will continue to make sure that our Lagos remains safe, secure, prosperous and a place where all of you would truly be proud of.”

READ: Lagos announces the closure of Ikorodu Road inbound Anthony for 4 weeks

On some of the measures being taken by his administration to curb insecurity in the state, Governor Sanwo-Olu said “We will deal with the issue of motorcycle in systematic order and to have a human face to it, we would provide credible alternatives. We cannot throw the baby and the water away. The alternatives would be properly fashioned out before the end of the month of May.

Governor Sanwo-Olu also appealed to citizens who have buildings that are either not completed or abandoned to get a professional security company to take them over so that they can monitor and police them well instead of leaving them open for criminals as hideouts.

 

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