Agriculture

CBN supports cultivation of 2,000 hectares out-grower farms in Borno

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The Central Bank of Nigeria (CBN), on Sunday said it had supported the cultivation of 2,000 hectares out-grower farms in Borno to produce improved variety seedlings and accelerate paddy rice production.

The Nigeria News Agency reports that the seeds nurseries were established at Dusuman and Zabalmari villages in Konduga Local Government Area of Borno, under the apex bank’s Anchor Borrower scheme.

Anchor Borrower programme is a critical component of the Federal Government’s agriculture transformation agenda designed to encourage crop production and processing to achieve self-sufficiency.

It is also aimed at enhancing farmers’ access to fertilisers, seeds, and inputs; promote farmer enterprising skills, value addition and create market for the produce.

The programme is being implemented by the CBN in collaboration with Bank of Agriculture (BOA), Nigeria Agriculture Insurance Corporation (NAIC) and designated agricultural input dealers otherwise called “private anchors”.

Mr Mahmood Nyako, the Head of Development Finance Office (DFO) of the CBN Office in Maiduguri, made the disclosure during a field inspection of the seeds nursery in Konduga.

Nyako disclosed that the out-grower farms were designed to enhance farmers’ access to improved variety seedlings and encourage productivity.

He explained that the anchor clients would commence distribution of the seedlings to the registered farmers for transplanting next week in order to achieve maximum yields.

“We inspected the seed nursery with farmers, anchor clients and extension personnel accredited by the Food and Agriculture Organization (FAO).

“The extension experts advised us to commence distribution of the seedlings for transplanting by next week in order to achieve higher yields at harvest.

“They also sensitised farmers on tillage, spacing, proper application of chemicals and other farming skills,” he said.

Nyako added that the bank had distributed fertilisers, seeds and chemicals to farmers through the designated anchor clients, to boost paddy rice, maize, cotton and sorghum production in the state.

According to him, the bank is also providing support to the up-takers to encourage development of mills, processing and value addition as well as create market for the produce.

Nyako called on the farmers to ensure effective utilization of the inputs and engage in productive activities to enable them repay the loans and ensure sustainability of the programme.

Also, Alhaji Abba Kale, the Manager of Kalef Ventures, an anchor consultant, disclosed that the seedlings would be distributed to 5, 000 registered farmers in Konduga and Jere Local Government Areas of the state.

Kale explained that the company provided technical services to the anchor clients, who distributed inputs and money for farm labour activities to the benefiting farmers.

He added that the company had also established a rice mill at Dusuman community to up-take paddy rice produced by farmers in the area.

“We set up a modern mill in the community to mop up grain produced by farmers, process and package it for local consumption and export.”
RSA/BHB/IS

Edited by Buhari Bolaji/Ismail Abdulaziz

https://nnn.ng/cbn-supports-cultivation-of-2000-hectares-out-grower-farms-in-borno/

CBN

Financial expert advises CBN on interest rates as MPC holds

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As CBN holds its 275th quarterly Monetary Policy Committee (MPC) meeting on Monday, a Financial expert, Mr Okechukwu Unegbe called for reduction of  lending rates by banks to encourage investment.


Unegbe, who is a Past President of Chattered Institute of Bankers of Nigeria (CIBN) made the call in an interview with News Agency of Nigeria in Abuja.

He suggested that the lending rate should be reviewed downwards from its present rate of about 15 per cent to encourage investor borrowings.

He said that such a step would improve job creation, poverty reduction and economic growth.

“The MPC should look at the interest rate issue, particularly lending rates by the banks.

“Deposit rate is almost zero but the lending rate is still high.

“They should consider a downward review of the lending rate so as to encourage borrowing for investment,’’ he said.

Unegbe, a former Managing Director of the defunct Citizens International Bank also urged the CBN to initiate a credit culture in Nigeria as way of further improving the economy.

He said that the bank should work with government to find ways of making resources available to help businesses survive as a result of challenges posed by COVID-19.

CBN should initiate a credit culture in Nigeria so that people can raise small monies for certain expenditure.

“There is also the need to fund the economy by assisting businesses survive economic challenges posed by COVID-19.

“That is what the American government did recently by setting aside two trillion dollars to support businesses.

“Some private schools in Nigeria, for instance, will have to close down if they do not get some form of palliatives from government,’’ he said.

He urged the committee to come out with policies through which the CBN, working with the fiscal sector, could generate employment and reduce poverty.

NAN reports that the MPC is the highest policy making committee of the CBN, which has the responsibility of formulating monetary and credit policy functions.

The 11 member committee comprises the governor of the bank who is the chairman and the four deputy governors of the bank.

Others are two members of the board of directors of the bank, three members appointed by the president, and two members appointed by the governor.

The MPC was inaugurated in 2005.  

Edited Grace Yussuf

https://nnn.ng/financial-expert-advises-cbn-on-interest-rates-as-mpc-holds/
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General news

Gov. Matawalle eulogises late Emirs of Biu, Zazzau

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Gov. Bello Matawalle of Zamfara has described as “commendable” the roles played by the late Emir of Biu, Borno state and Emir of Zazzau in Kaduna state.


This is contained in a statement by Yusuf Idris, the Director-General of Media, Public Enlightenment and Communication to the governor in Gusau on Sunday.

News Agency of Nigeria recalls that the Emir of Biu, Mai Umar Mustapha the 28th emir, died at the age of 80 years at the Federal Medical Centre, Gombe on the 15th of September, after serving on the throne for 31 years.

The Emir of Zazzau, Alhaji Shehu Idris, who was emir for 45 years as the 18th emir, also died at the age of 84 years at the 44 Hospital, Kaduna on Sunday, the 20th of September after a brief illness.

According to Matawalle’s media aide, the governor, particularly commended the significant roles played by the two mornarchs in ensuring the indivisibility of Nigeria, and their great contributions in finding lasting solutions to acts of terrorism and banditry during their historic reigns.

Matawalle said the duo would be remembered for their patience, honesty, sincerity and preaching of peace and unity in Nigeria.

He said, “Allah, Who is the All Knowing, knows best why He chose these trying times to take away the royal fathers from our sinful world.”

The governor prayed that Allah in His endless mercies hosts the departed souls of the two great rulers in Jannatul Firdaus, grant the people and governments of the two states the fortitude to bear the loss and continue to bless members of the families left by the natural rulers.

Edited By: Felix Ajide
Source: NAN

https://nnn.ng/gov-matawalle-eulogises-late-emirs-of-biu-zazzau/
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Agriculture

NIRSAL, Coy unveil insurance product for crop indemnity

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The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), has developed a Hybrid Multi-Peril Crop Indemnity-Index Insurance (HM-II).


Speaking during the launch of the product in Abuja, NIRSAL’s Managing Director, Aliyu Abdulhameed, the HM-II was developed in collaboration with Royal Exchange General Insurance Company (REGIC).

He said that the HM-II was piloted during NIRSAL’s participation in the Central Bank of Nigeria’s (CBN) 2019 Anchor Borrowers’ Programme (ABP) Wet season farming.

NAN reports that the HM-ll , is designed to protect farmers from losses during a planting season caused by bad weather (low & high rainfall, early & late season dry spells.

It also covers lightning, hailstorms and thunderstorms), pest outbreak, disease outbreak, fire outbreak and permanent disability or death of the farmer.

He said that the new product was another step towards the development of the NIRSAL Comprehensive Index Insurance (NCII) conceptualised in 2018 with the ultimate goal of Agric insurance product development by factoring in commodity pricing parameter in the cover to be issued.

” Towards achieving the NCII, the launch of the HM-II marks an improvement to the NIRSAL Area Yield Index Insurance (AYII) which the corporation developed in 2017 and piloted in the wet season farming of the same year to significant effect, covering17,000 farmers and 10,000 hectares with a harvest value of N3Billion.

“This latest development is a testament to the progress NIRSAL Plc is making in the Agricultural insurance space, prior to NIRSAL Plc’s intervention, private underwriters were not insuring agriculture.

” However, leveraging on NIRSAL Plc’s Insurance Pillar and in collaboration with the Nigerian Agricultural Insurance Corporation (NAIC) and the National Insurance Commission (NAICOM).

” We have brought about the inclusion of underwriters other than NAIC in underwriting Agricultural transactions and stimulated the development of new and innovative agricultural insurance products.”

Abdulhameed reiterated NIRSAL Plc’s commitment to not only protect farmers but to also help Nigeria diversify its economy, attain self-sufficiency in food production and entrench inclusive economic growth in alignment with the Federal Government’s Economic Recovery and Growth Plan (ERGP).

Also speaking, Yusuf Yila, Director of CBN’s Development Finance Department revealed that the CBN has already adopted NIRSAL Plc’s Area Yield insurance (AYII) products and looks forward to deploying the HM-II.

He commended NIRSAL Plc for always being at the forefront of agribusiness innovation and encouraged the company to continue on its upward trajectory.

Also, Mr Benjamin Agili, Managing Director REGIC, described the product HM-ll as a that product seeks to protect the small-holder farmers from farming loss during a particular farming season.

This, he said, guarantees sustainability and continuity, “ensuring the farmer is able to remain in business, no matter the loss or situation.”

He thanked NIRSAL Plc for “the exceptional job being done to change the face of agriculture financing in Nigeria” and for giving REGIC the opportunity to partner with it on the HM-II.

On his part, Mr Sunday Thomas, NAICOM’s Commissioner for Insurance who was represented by Mr Leonard Akah, NAICOM’s Director of Policy & Regulation, said that in line with the Federal Government’s Financial Inclusion Strategy, NAICOM was eager to lend its support to the development of a product such as HM-II.

Thomas noted that the partnership between NAICOM, NIRSAL PLC and REGIC to support federal government’s efforts in the promotion of agriculture and economic diversification have become inevitable.

NAN reports that a key advantage of the HM-II is that in cases where such risks happen, benefits paid out to the farmer would be up to the maximum loan or the insured amount after confirmation by advanced satellite technology, an assessment by an agriculture expert, or both.

Edited By: Sadiya Hamza
Source: NAN

https://nnn.ng/nirsal-coy-unveil-insurance-product-for-crop-indemnity/
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Metro

NiMet predicts cloudiness, rains Sunday to Tuesday

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The Nigerian Meteorological Agency (NiMet), has predicted cloudiness and rains from Sunday to Tuesday across the country.


NiMet`s weather outlook released on Saturday in Abuja predicted cloudy morning over the north on Sunday with prospects of isolated thunderstorms over Southern Borno, Adamawa and Taraba.

According to it, few thunderstorms are expected over Borno, Sokoto, Kebbi, Yobe, Bauchi, Taraba, Adamawa and Gombe state in the afternoon and evening hours.

“The north central is expected to be cloudy during the morning hours with chances of a few thunderstorms and rains over Abuja, Niger and Benue.

“ Later in the day, isolated thunderstorms and rains are expected to affect Kogi, Abuja, Kwara, Benue and Plateau.

“ Cloudy atmosphere is anticipated over the inland cities of the south west in the morning, while moderate rains are expected over parts of the southeast inland, like Abakaliki, Awka, Cross-River and Imo.

The agency forecast moderate rains over the coastal cities of the south to include the coastal part of Ondo state in the morning.

NiMet predicted few thunderstorms and rains over most parts of the inland with chances of moderate rains over the coastal parts of Cross-River, Akwa-Ibom, and Rivers state in the afternoon and evening periods.

According to NiMet, cloudy skies are anticipated over the north western flank in the morning of Monday with prospects of few thunderstorms over the northeast to affect southern Borno, Adamawa, Taraba and Yobe.

“Progressing into the day, pockets of thunderstorms are expected to affect parts of Yobe, Sokoto, Zamfara, Bauchi and Kebbi in the northwest, while a cloudy atmosphere should prevail over the north east.

“ The north central is expected to be dominated by cloudy atmosphere in the morning with prospects of isolated thunderstorms and rains over Plateau and Benue.

“ As the day progresses, pockets of thunderstorms are expected to affect parts of Abuja, Plateau, Kwara and Niger, “ it said.

It predicted the south to be dominated by cloudy atmosphere in the morning with chances of moderate rains over parts of the inland and coastal cities.

The agency envisaged moderate rains over most parts of the south later in the day.

According to NiMet, thunderstorms are expected to affect some places in the north, like Taraba, southern Sokoto, Gombe, Bauchi and Adamawa in the Tuesday`s morning.

The agency envisaged cloudy conditions over the north with chances of thunderstorms over Taraba in the afternoon and evening periods.

“Isolated thunderstorms and rains are expected to affect places in the north central region, like Niger, Abuja, Benue, Kwara and Kogi in the morning.

“ Later in the day, cloudy conditions are expected to dominate this region with prospects of isolated thunderstorms and rains over Niger and Kwara.

“Cloudy atmosphere is anticipated over most parts of inland of south with chances of moderate rains over Enugu in the morning.

“In the afternoon and evening periods, moderate rains are anticipated over most places, “ it sad.

Edited By: Felix Ajide
Source: NAN

 

 

https://nnn.ng/nimet-predicts-cloudiness-rains-sunday-to-tuesday/
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