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FG set to provide interest-free loans and agricultural inputs to farmers

The FG has disclosed plans aimed at providing interest-free loans to farmers in the country.

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#EndSARS: Looted wheat in Jos poisonous, not for consumption – FMARD warns, FG set to provide interest-free loans and agricultural inputs to farmers, FG moves to reduce gender inequality in agriculture , Border closure doesn’t violate free trade agreement – Agric Minister, Sabo Nanono 

The Federal Government of Nigeria has revealed plans aimed at providing interest-free loans to farmers in the country. This was disclosed by the Honourable Minister of Agriculture and Rural Development, Sabo Nanono, who stated that his ministry would work with the Central Bank of Nigeria (CBN) in providing the loans.

READ: Non-Performing loans in Nigerian Banks rise to N1.21 trillion in H1 2020

According to a report by PUNCH, the aforementioned plan was revealed by the Minister while receiving the 2020 Wet Agricultural Performance Survey on October 18, 2020. The Minister revealed that the survey had shown that effective input subsidization would accelerate productivity in the agricultural sector.

READ: FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

Backstory

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Nairametrics had earlier reported plans by CBN to provide interest-free loans to MSMEs affected by the pandemic, with about 1.1 million farmers set to benefit from this largesse.

READ: De facto Government: CBN explains why it will keep funding the economy

What they are saying

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Commenting on the latest development, Nanono said, “The ministry would support the farmers with agricultural inputs and zero-interest loans, through the Central Bank of Nigeria and other financial institutions to mitigate the effect of COVID-19 and the recent flooding in Kebbi, Jigawa and Kano States.’’

He urged farmers to intensify efforts and focus on achieving more successes during the dry season farming in order to cushion the losses caused by the pandemic.

READ: Nigeria @ 60: The Banking Sector and the Nigerian economy 

Why it matters

The recent announcement is a step in the right direction as it will help boost output in the agricultural sector, ensure food security, boost farmers’ morale, and contribute immensely in boosting farmers’ income. In addition, this gesture can also go a long way in driving financial inclusion, especially in rural areas.

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READ: Lai Mohammed reveals what FG is using loans for

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4 Comments

4 Comments

  1. Awa Kalu Ume JP, PhD

    October 20, 2020 at 8:37 am

    It’s a shame that we read these loan issues on paper without I single action. We applied for a loan, attended the training in February, went for the CBN interview in July and till date, nothing has happened. I think the government and her agents are decieving the Nigerian people.

    • Anonymous

      October 21, 2020 at 7:03 am

      Yes you are right.

  2. Attahiru Abdullah w

    October 20, 2020 at 9:22 am

    Need and i interested the loan for famine

  3. Anonymous

    October 20, 2020 at 1:06 pm

    It is very disheartened in this nation that as a youth and woman in my father’s land I can not access a loan for past 7months, I have paid for training, paid for applying for the loan AGEIMESS loans through NIRSAL up till now the loan has not been given. I am a poultry farmer residing in Ogun State, Ota township. Just imaging the kind of hardship that I am going through simply be because I did not know anyone at the top or in Abuja.

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Business

COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN

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CACOVID devotes N23 billion to feed Nigerians

The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.

The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.

The breakdown of the expenditure in the aforementioned areas are:

  • Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
  • Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
  • Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.

Why this matters

The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.

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What you should know

Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).

The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.

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Business

FG, Tiimafrica to provide $5,000 one-time grant to young business owners

FG partners Tiimafrica to provide a one-time grant of $5,000 to young Nigerians who run businesses.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Ministry of Youths and Sports, in partnership with Tiimafrica, has organized a one-time grant of $5,000 to Nigerians between the ages of 25 and 35, who run businesses and have 6 months financial records. 

This disclosure was made by the Federal Ministry of Youth and Sports, in a tweet via its official Twitter handle.

The tweet reads: 

Need to scale up your business? Tiimafrica in partnership with the Federal Ministry of Youth and Sports is giving out $5000 to young Nigerians between the ages of 25-35, who run a business and have 6 months financial records. Visit http://noya.ng or http://youthandsport.gov.ng to register #DEEL.” 

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Why this matters 

The grant is an initiative under the Project Grow 100, set up by the Federal Government through a partnership between the Federal Ministry of Youth and Sports and Tiimafrica to help small business owners access the much-needed funds required to take their businesses to the next level. 

The initiative is expected to yield both direct and indirect gains to the economy and strengthen the resilience of young Nigerian business owners through the provision of funds to innovative and creative young entrepreneurs in the country. 

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What you should know 

The Federal Ministry of Youth and Sports and Tiimafrica outlined that those who would be considered for the one-time grant must meet the minimum requirement below: 

  • Applicants must be between 25 and 35 years old.
  • Eligible applicants must be Nigerian.
  • You must have been running a business within Nigeria.
  • Your business must financial records of at least 6 months.

To register for the $5,000 visit https://t.co/DTkReCuyEm or https://t.co/Er9CwYxHX4

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NAFDAC blacklists Indian manufacturer for falsified Ciproflaxin tablets

The DG of NAFDAC has disclosed that the agency has blacklisted Mars Remedies PVT Limited for manufacturing falsified Ciprofloxacin Tablets

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Prof. Mojisola Christianah Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has disclosed that the agency has blacklisted Mars Remedies PVT Limited, India.

According to the press release issued, the agency blacklisted Mars Remedies PVT Limited for manufacturing falsified Ciprofloxacin Tablets BP 500mg (NAFDAC REG. NO C4-0498) for Pinnacle Health Pharmaceutical Ltd, 16/18. Nuru Oniwo Street, Surulere, Lagos.

In view of the unprofessional practice, Prof. Adeyeye explained that all products manufactured by the Indian company will not be allowed into Nigeria with immediate effect.

According to Prof. Adeyeye, the variation in the formulation of the Ciprofloxacin 500mg tablets, which may impact the product quality and shelf-life, was not approved by the Agency before the changes were made.

This constitutes a violation of the NAFDAC Act, noting with dismay that the company has displayed a flagrant disregard for compliance with global standards necessary to assure the production of quality assured products. Therefore, the company has been blacklisted accordingly.

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The Director-General wishes to warn all manufacturers and importers of medicines to adhere strictly to the conditions for which their products were registered by NAFDAC or face similar sanctions.

What you should know

This decision is a follow up to the notice sent to the Indian company, in a letter dated October 9, 2020 and addressed to the Managing Director of Mars Remedies PVT Limited, with the title; “Notice of blacklisting as a manufacturer of substandard and falsified medicines.

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The DG of NAFDAC, in the letter, reiterated the agency’s position of zero tolerance for substandard and falsified medicines preponderance in Nigeria, in fulfillment of the regulatory obligation to safeguard the health of the nation.

She explained that the company illegally manufactured different formulations of Ciprofloxacin tablets, instead of the approved formulation for export to Nigeria, and this is in violation of NAFDAC’s extant laws and regulations.

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