Agriculture

FG outlines activities to mark 2019 World Food Day

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World Food Day, on Oct. 16, the Federal Government through the Ministry of Agriculture and Rural Development has lined up activities to commemorate the day.


The Director of Information in the ministry, Mr Theodore Ogaziechi, made this known in a statement on Thursday in Abuja.

He said the activities would be organised by the ministry in collaboration with critical stakeholders in the sector.

He said the event would begin on Oct. 14 with a sensitisation walk to create awareness on the need to ensure food security and demonstrate Government’s commitment to the course.

Other activities slated for the 4-day event, according to him, include schools quiz competition, news briefing, symposium and colloquium, photo exhibition, among others.

He noted that activities for this year’s world food day with the theme: “Our Actions are our Future, Healthy Diets for a #ZeroHunger World” would culminate in an Agric Show and Exhibition on Oct. 16.

The director said the Agric show would be organised to showcase and exhibit agricultural potential and establish synergy with current realities in the sector.

“The theme for this year’s celebration specifically addresses United Nations Sustainable Development Goal No 2 being “Zero Hunger”.

“The annual event established by  United Nations Food and Agriculture Organisation (FAO), since 1945 is celebrated on Oct. 16 every year in no fewer than 180 countries.

“The essence is to promote worldwide effective action to end hunger, malnutrition and poverty and ensuring that everyone at all times and place has physical and economic access to nutritious  food.

“This year’s theme calls for action across sectors to make healthy and sustainable diets affordable and accessible to everyone.

“The World Food Day celebration in Nigeria has been a laudable event that highlights government’s strategic support and assistance both in addressing emerging challenges and in promoting far reaching interventions to guarantee food security in the nation,” he said.

Ogaziechi said the Minister of Agriculture and Rural Development, Mr Sabo Nanono, government functionaries and delegates from the private sector would be expected to grace the occasion.(NAN)

CJM/DCU

Edited by Donald Ugwu

https://nnn.ng/fg-outlines-activities-to/

Economy

NSE, others commit to expanding retail investment opportunities in capital market

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The Nigerian Stock Exchange (NSE), Nigerian International Securities Limited (NISL) and the Chartered Institute of Stockbrokers (CIS) on Monday commited to expanding retail investment opportunities in the capital market.


The trio made the commitment at a webinar organised by the NSE in collaboration with the NISL in Lagos.

It was also supported by the CIS and the Association of Securities Dealing Houses of Nigeria (ASHON).

The News Agency of Nigeria reports that the webinar was on “Capital Market Investing in a Digital Age”.

Mr Oscar Onyema, Chief Executive Officer, NSE, in his address, said that investor participation was crucial to sustainable economic growth.

Onyema said that the Exchange was committed to playing its role in advancing the Federal Government’s financial inclusion goals.

“Investor participation is central to the growth of sustainable development of any economy.

NSE is committed to playing a critical role in the advancement of the FG’s financial inclusion goals.

“As part of our efforts to realise the objectives of the financial inclusion, we intend to facilitate conversations which will serve to equip existing and potential investors with the necessary skill to effectively manage and grow financial resources at their disposal.

“In these engagements, we will also expand the retail investment opportunities available in the capital market and the channels through which they can be accessed,” Onyema said.

The CEO of the Exchange also hailed operators and investors in the capital market for their resilience, with the COVID-19 pandemic.

“The outbreak of COVID-19 adversely affected the global economy in many ways and at different magnitude.

“The Nigerian capital market was also negatively affected, with the market witnessing a downturn in Q1 of this year.

“However, the market rebounded in Q2 and as a result the NSE all share index has recorded a 18.9 per cent increase from its position at the end of March.

“The market also witnessed the growth in the percentage value of equity transactions contributed by retail investors, currently at 29 per cent from 21.8 per cent in 2018 and 24.72 per cent in 2019,” he said.

According to him, these highlight the market’s resilience in time of adversity and is a testament of market stakeholders’ ability to adapt.

Onyema said that digital technology played a significant role in achieving the positive results recorded in the NSE so far.

He said that technology had helped to make significant services more easily accessible.

Mr Laolu Martins, Managing Director and Chief Executive Officer, NISL, said that it had become imperative to ensure that retail investors were made aware of the opportunities inherent in the capital market.

Martins said that for retail investors, navigating through the web of processes in the capital market was usually difficult, thereby discouraging them from investing.

He said: “The general belief is that retail investors are often left behind and do not have enough knowledge on the workings of the capital market.

“It is interesting to note that the NSE has over the years taken time and work to ensure that retail investors are carried along and aware of the various opportunities inherent in the NSE.

NISL is a securities trading company, financial advisory service, offering consulting solutions to corporate bodies across the value of activities on the stock exchange.

“In order to invest properly, all investors need to carry out some sort of financial planning, no matter how small or big.

“We realised that for retail investors, it is usually difficult for them to navigate through these web of processes and other issues that create a bottleneck or discourage investors.”

Martins said that some processes that create difficulties for investors include budgeting, investment, savings, risk management and liquidity management.

“At NISL, we have enough expertise to ensure that we help our investors navigate through this web of terms and processes to ensure that their investment is rewarding,” he said.

Martins said the reason for the webinar was to expose some of the investment opportunities for retail investors.

“This webinar is to enlighten the investing public, retail investors, that they can buy bonds in the NSE and it is like lending your money to a company or a government entity.

“It is advisable that retail investors should approach their stockbrokers to guide them in which bond they should invest in,” he said.

Mr Femi Balogun, Head, Market services Department, NSE, spoke on the importance of market data in guiding investors’ decision.

“Market data is important to the investment of an intending investor.

“Some people are good at picking stocks, but If you use data to drive your decision in conjunction with your expertise, you make a better informed decision on your investment,” he said.

Mr Olatunde Amolegbe, President of CIS, commended the NSE, while pledging the Institute’s continued support to drive an inclusive financial system.

Amolegbe said that the Exchange had always provided avenues that would support and ensure a seamless investing process for retail and other investors.

Edited By: Tayo Ikujuni/Oluwole Sogunle
Source: NAN

https://nnn.ng/nse-others-commit-to-expanding-retail-investment-opportunities-in-capital-market/
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Science & Technology

Nigeria @60: FG lauds Nigerians for active participation on anniversary branding challenge

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Nigeria @60: FG lauds Nigerians for active participation in anniversary branding challenge

Anniversary

Abuja, Sept. 17, The Federal Government has hailed Nigerians who actively participated in the creative submittion of ideas for the Diamond Jubilee anniversary branding challenge.

Dr Isa Pantami, Minister of Communications and Digital Economy, made this known in a statement, on Thursday in Abuja.

Pantami said that as part of the government’s initiative of having an inclusive Diamond Jubilee Celebration, President Muhammadu Buhari on Wednesday launched and unveiled the anniversary logo that was earlier presented to the public virtually.

“It may be recalled that a Press Statement was released by the Diamond/Innovation/Change Challenge Sub-Committee of the Nigeria @60 Inter-Ministerial Committee, on Friday Sept. 4.

“It Called for the active participation of Nigerians in voting for the preferred logo as well as the design of the creative aspects of the event.

“We are pleased to note that many Nigerians contributed to the Challenge. Four Logos were made available to the public, on the Challenge Portal – https://nigeriaAt60.gov.ng.

“Analysis of the results revealed that the winning logo attracted 44.9 per cent of the total votes cast. The first runner up received 23.2 per cent of the votes, while the second runner up attracted 22 per cent of the votes,” he said.

Pantami added:“The Diamond Jubilee Logo, to be found on the Challenge Portal, depicts our togetherness, a country of approximately 200 million people whose natural talent, grit and passion glitter together like the precious diamond that we are.

“It is a clear illustration of the saying “we are only as strong as we are united, as weak as we are divided.”

He noted that Buhari, while unveiling the Anniversary Logo, appreciated Nigerians for their active participation and also reiterated government’s commitment in ensuring that citizens were actively involved in the development and implementation of its policies, programmes and projects.

“We want to also inform the general public, especially those who participated in the Challenge by submitting their entries for the Anniversary Slogan, Poem and Photograph, that selection process for these aspects of the Challenge is still ongoing.

“Results will be announced as soon as the process is completed. We thank Nigerians for making it possible to realise the goal of the Challenge.

Edited By: Ali Baba-Inuwa
Source: NAN

 

https://nnn.ng/nigeria-60-fg-lauds-nigerians-for-active-participation-on-anniversary-branding-challenge/

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Oil & Gas

FAAC: FG, States, others share N3.88trn in 6 months – Report

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The Federation Accounts Allocation Committee (FAAC) shared N3.879 trillion to the Federal Government, states, local government areas and other statutory recipients in the first half of 2020.


This was contained in the latest edition of the quarterly report on the review of the Nigeria Extractive Industries Transparency Initiative (NEITI) released in Abuja, on Tuesday.

A breakdown of the disbursements showed that N1.53 trillion went to the Federal Government, while the states got N1.29 trillion and the 774 local government areas received N771.34 billion

The N1.53 trillion received by the FG in H1 2020 was 4.28 per cent lower than the N1.599 trillion it got in the first half of 2019 and 7.36 per cent lower than the N1.652 trillion it received in the first half of 2018.

“For states, a total of N1.29 trillion was disbursed in the first half of 2020.

“This was 2.8 per cent lower than the N1.35 trillion disbursed in the first half of 2019, and 5.6 per cent lower than the N1.37 trillion disbursed in the first half of 2020,” the report stated in part.

For local government areas, the 2020 first half disbursements were 2.64 and 3.04 per cent lower than the corresponding disbursements for 2019 and 2018, respectively.

However, disbursements in second quarter(Q2) 2020 were 1.09 per cent higher than total disbursements in Q2 2019 and 3.66 per cent lower than the one for Q2 2018.

FAAC disbursements in the second quarter of 2020 stood at N1.934 trillion.

“This was made up of N739.2 billion to the Federal Government, N629.3 billion to state governments, and N375.4 billion to the 774 local government areas.”

According to the report, the total FAAC disbursements in the second quarter of 2020 was slightly lower than the N1.945 trillion disbursed in the first quarter of 2020.

This aligned with the projections made in the previous issue of the NEITI Quarterly Review, which projected lower FAAC disbursement in the second quarter.

The report attributed the 0.55 per cent decrease in Q2 2020 to a couple of factors, including rebound in oil prices in the second quarter as a result of ease of lockdowns by countries across the world.

The other was the adjustment of the official exchange rate by the CBN from N307 to a dollar to N360 to a dollar in March resulting in higher naira disbursements.

FAAC disbursements in the first quarter and second quarter of 2020 were very volatile, with the difference in total disbursements between months ranging between N58.9 billion and N199.3 billion.

“During this period, the disbursements were very volatile in the first half of 2020, compared to 2018 and 2019.

“Unlike 2018 and 2019 where aggregate disbursements increased and decreased in successive months, in 2020 they fell for two straight months, increased in one month, and then decreased for two straight months.”

In the months under consideration in 2020, aggregate disbursements fluctuated by large amounts, compared to 2018 and 2019.

“Aggregate disbursements were N716.3 billion in January and this fell to N647.4 billion in February.

“Thereafter, disbursements fell to N581.6 billion in March, before increasing to N780.9 billion in April.

“Disbursements then fell to N606.2 billion in May and to N547.3 billion in June.

“These figures indicate differences of N68.9 billion between January and February, N65.7 billion between February and March, N199.3 billion between March and April, N174.7 billion between April and May, and N58.9 billion between May and June.

” For comparison, the highest inter-month difference in the first half of 2018 was N62.9 billion, while the corresponding figure for 2019 was N63.5 billion.

“Thus, there have been very wide fluctuations in aggregate disbursements so far in 2020,” the report also stated in part.

NEITI in the report also disclosed that from January to May 2020, actual government revenue was N1.62 trillion, representing 62 per cent of the expected pro-rata revenue of N2.62 trillion from the revised budget.

This, the NEITI said explained a shortfall of 38 per cent in government revenue for the first five months of the year.

As oil prices continue to rise, and with the increased pace of economic activities, it projected that Government revenue will perform better in the second half of 2020, with the possibility of shortfalls in revenue compared to budgeted figures.

On total net FAAC disbursements and deductions for states for the first half of 2020, the report observed wide disparities.

Osun State had the lowest net disbursement of N13.13 billion, while Delta State had the highest net disbursement of N100.81 billion.

“This implies that Delta State received seven times the disbursement that Osun State received.

“Total net disbursements received by Delta State (N100.81 billion) was higher than the combined total net disbursements of N99.47 billion received by six states – Osun, Cross River, Plateau, Ogun, Gombe and Ekiti.

“Also, the combined total net disbursements of N321.29 billion received by the four highest receiving states of Delta, Akwa Ibom, Rivers, and Bayelsa were higher than the combined total net disbursements of N314.08 billion received by 16 states.

The States are Osun, Cross River, Plateau, Ogun, Gombe, Ekiti, Zamfara, Kwara, Nassarawa, Ebonyi, Taraba, Benue, Adamawa, Ondo, Bauchi, and Abia.

“While Lagos State had the highest deductions, Yobe State had the lowest.

ENO/

Edited By: Kamal Tayo Oropo/Bayo Sekoni
Source: NAN

 

https://nnn.ng/faac-fg-states-others-share-n3-88trn-in-6-months-report/
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Agriculture

Insurance firm to pay farmers affected by flood in Sokoto

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Mr Kenneth Egbaran, the Managing Director of Veritas Kapital Assurance has assured farmers affected by the 2020 flood in Sokoto State of prompt settlement of their insurance premium to defray their losses.


Egbaran made the assurance on Tuesday in an interview with newsmen after he inspected farms affected by flood in Sokoto, Goronyo, Kware, Wamakko and other areas in Sokoto state.

The News Agency of Nigeria reports that the farmers comprised members of Maize Association of Nigeria (MAAN), Rice Farmers Association of Nigeria (RIFAN) and National Cotton Farmers Association of Nigeria (NACOFAN).

He said the company is a solid leading agricultural insurance company targeted at providing good disaster cover to farming communities in the country.

” We are committed to ensure that farmers losses  were restored, to facilitate increased investments in agricultural value chain.

” We build the capacity of farmers, promote expertise in agric business and ensure partnership with other stakeholders in agricultural sector.

” Veritas Kapital Assurance is committed to actualise federal government’s vision on agricultural development and liase with the Central Bank of Nigeria (CBN) and other partners to promote all category of farming toward enduring food security and empowerment. ”  Egbaran said.

He said the present exercise was tagged ”Area Yield Index Insurance (AYII) which covers all forms of disasters that might affect harvests.

Egbaran said his team has inspected all the affected farmlands to ensure that farmers benefit maximally with the insurance covers agreed according to the modalities.

According to him, consultants and supervisors were also deployed to capture benefiting farmers and observe the correct situations on ground, stressing that some teams were deployed to Kebbi.

He added that farmers groups provided list of their members and partnered with them in the assessment.

The Managing Director explained that farmer premium payments depends on farm sizes, adding that CBN intervened to facilitate success of FG social intervention programmes.

In their separate remarks, Sokoto state Chairmen of RIFAN and MAAN, Alhaji Ibrahim Salihu and Alhaji Abubakar Danfoloti, commended Veritas Kapital Assurance for their prompt response.

They explained that thousands of their members suffered losses  due to increased rainfall experienced this year and appealed for prompt intervention in order to provide succor to them.

The leaders noted that the insurance payment would motivate farmers and encourage them to invest more in agriculture.

———

Edited By: Benson
Source: NAN  Iziama/Maharazu Ahmed

https://nnn.ng/insurance-firm-to-pay-farmers-affected-by-flood-in-sokoto/
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