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  •  President Muhammadu Buhari has reiterated the Federal Government s commitment to drive industrilisation focusing on Small and Medium Enterprises SMEs Buhari said this while declaring open the 17th Abuja International Trade Fair with the theme Creating an Export Ready Market Through SMEs Digitisation Represented by Otunba Adeniyi Adebayo the Minister of Industry Trade and Investment Buhari recognised the importance of SMEs to the economy and said that developing the sector remained one of the priority areas of his administration According to him the SMEs segment is critical to the stimulation of economic development as no economy can thrive without robust trade Identifying the significant role trade plays in the economic growth of a nation Buhari said that it helps to build wealth and improve foreign reserves Trade is key to ending poverty across countries raising standards of living and improving productivity Nigeria is estimated to be home to more than 40 million MSMEs which together contribute about 48 per cent to our Gross Domestic Product GDP Many of us just see SMEs as the Mama that fries akara or the friendly malam that owns the kiosk on our street That is not the case some of the fastest growing Fintech start ups in Africa are SMEs This trade fair provides an opportunity to change the narrative of what SMEs are and demonstrates how innovative they can be Here present I see enterprises with the capacity to produce in large quantities I see enterprises that employ large cross sections of our youth population I see enterprises with the capacity to export I do not see small businesses here I see future mighty businesses the president said He expressed the Federal Government s determination to help SMEs achieve their full potential According to him the government has developed strategic policy interventions enshrined laws and established institutions to create a supportive business environment for entrepreneurs and SMEs In line with this the Ministry of Industry Trade and Investment has developed a programme that will enhance access to credit for over 10 million SMEs at single digit rate Aside from provision of finance this project will address key ecosystem issues such as development of SMEs clusters to lower operating costs as well as capacity building initiatives The ministry has also commenced the process of adopting a centralised automated platform for the registration of trademarks patents and designs The overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation he said Buhari said that the Federal Government also approved fiscal incentives for SMEs including exemption from Company Income Tax and Value Added Tax for enterprises with annual turnover of less than N25 million The Pioneer Status Incentive also grants tax holidays for start ups across multiple sectors In 2016 the Federal Government approved establishment of the Presidential Enabling Business Environment Council PEBEC to eliminate bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business The Nigerian Investment Promotion Commission NIPC also has One Stop Investment Centre which comprises 27 government agencies The aim is to significantly reduce the time spent in processing regulatory approvals While the Federal Government is doing its part we need to rethink our impression that SMEs are small businesses and focus on how they can be energised as vehicles for economic growth As always the Federal Government remains committed to ensuring ease of doing business and creating an enabling environment for businesses to thrive Buhari said Earlier the Minister of the Federal Capital Territory FCT Muhammad Bello urged investors to leverage the opportunity provided by the trade fair to invest According to him FCT is in constant need of investments in critical sectors such as agriculture and waste management We will continue to strive to make the FCT a haven for investors Bello said On his part Dr Al Mujtaba Abubakar the President of Abuja Chamber of Commerce and Industry ACCI said that the objective of the fair was to create an export ready market for SMEs Aside promoting businesses the 17th AITF will also strengthen trade and investment opportunities in the country thus offering a neutral and open atmosphere for blue chip companies trade and government Abubakar said Dr Johnson Anene the Chairman National Chamber of Commerce Trade Centre said that the trade fair was focused on promoting local products He said it would provide a platform to educate SMEs operators to improve on the quality of the products to avoid rejection in foreign markets Anene urged FCT residents to patronise made in Nigeria goods and also appealed to investors to explore new investment opportunities provided by the trade fair NewsSourceCredit NAN
    FG restates commitment to industrialisation drive via SMEs
     President Muhammadu Buhari has reiterated the Federal Government s commitment to drive industrilisation focusing on Small and Medium Enterprises SMEs Buhari said this while declaring open the 17th Abuja International Trade Fair with the theme Creating an Export Ready Market Through SMEs Digitisation Represented by Otunba Adeniyi Adebayo the Minister of Industry Trade and Investment Buhari recognised the importance of SMEs to the economy and said that developing the sector remained one of the priority areas of his administration According to him the SMEs segment is critical to the stimulation of economic development as no economy can thrive without robust trade Identifying the significant role trade plays in the economic growth of a nation Buhari said that it helps to build wealth and improve foreign reserves Trade is key to ending poverty across countries raising standards of living and improving productivity Nigeria is estimated to be home to more than 40 million MSMEs which together contribute about 48 per cent to our Gross Domestic Product GDP Many of us just see SMEs as the Mama that fries akara or the friendly malam that owns the kiosk on our street That is not the case some of the fastest growing Fintech start ups in Africa are SMEs This trade fair provides an opportunity to change the narrative of what SMEs are and demonstrates how innovative they can be Here present I see enterprises with the capacity to produce in large quantities I see enterprises that employ large cross sections of our youth population I see enterprises with the capacity to export I do not see small businesses here I see future mighty businesses the president said He expressed the Federal Government s determination to help SMEs achieve their full potential According to him the government has developed strategic policy interventions enshrined laws and established institutions to create a supportive business environment for entrepreneurs and SMEs In line with this the Ministry of Industry Trade and Investment has developed a programme that will enhance access to credit for over 10 million SMEs at single digit rate Aside from provision of finance this project will address key ecosystem issues such as development of SMEs clusters to lower operating costs as well as capacity building initiatives The ministry has also commenced the process of adopting a centralised automated platform for the registration of trademarks patents and designs The overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation he said Buhari said that the Federal Government also approved fiscal incentives for SMEs including exemption from Company Income Tax and Value Added Tax for enterprises with annual turnover of less than N25 million The Pioneer Status Incentive also grants tax holidays for start ups across multiple sectors In 2016 the Federal Government approved establishment of the Presidential Enabling Business Environment Council PEBEC to eliminate bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business The Nigerian Investment Promotion Commission NIPC also has One Stop Investment Centre which comprises 27 government agencies The aim is to significantly reduce the time spent in processing regulatory approvals While the Federal Government is doing its part we need to rethink our impression that SMEs are small businesses and focus on how they can be energised as vehicles for economic growth As always the Federal Government remains committed to ensuring ease of doing business and creating an enabling environment for businesses to thrive Buhari said Earlier the Minister of the Federal Capital Territory FCT Muhammad Bello urged investors to leverage the opportunity provided by the trade fair to invest According to him FCT is in constant need of investments in critical sectors such as agriculture and waste management We will continue to strive to make the FCT a haven for investors Bello said On his part Dr Al Mujtaba Abubakar the President of Abuja Chamber of Commerce and Industry ACCI said that the objective of the fair was to create an export ready market for SMEs Aside promoting businesses the 17th AITF will also strengthen trade and investment opportunities in the country thus offering a neutral and open atmosphere for blue chip companies trade and government Abubakar said Dr Johnson Anene the Chairman National Chamber of Commerce Trade Centre said that the trade fair was focused on promoting local products He said it would provide a platform to educate SMEs operators to improve on the quality of the products to avoid rejection in foreign markets Anene urged FCT residents to patronise made in Nigeria goods and also appealed to investors to explore new investment opportunities provided by the trade fair NewsSourceCredit NAN
    FG restates commitment to industrialisation drive via SMEs
    Economy2 months ago

    FG restates commitment to industrialisation drive via SMEs

    President Muhammadu Buhari has reiterated the Federal Government’s commitment to drive industrilisation focusing on Small and Medium Enterprises (SMEs).

    Buhari said this while declaring open the 17th Abuja International Trade Fair with the theme: “Creating an Export-Ready Market Through SMEs Digitisation”.

    Represented by Otunba Adeniyi Adebayo, the Minister of Industry, Trade and Investment, Buhari recognised the importance of SMEs to the economy and said that developing the sector remained one of the priority areas of his administration.

    According to him, the SMEs segment is critical to the stimulation of economic development as no economy can thrive without robust trade.

    Identifying the significant role trade plays in the economic growth of a nation, Buhari said that it helps to build wealth and improve foreign reserves.

    “Trade is key to ending poverty across countries, raising standards of living and improving productivity.

    “Nigeria is estimated to be home to more than 40 million MSMEs which, together, contribute about 48 per cent to our Gross Domestic Product (GDP).

    “Many of us just see SMEs as the Mama that fries akara or the friendly “malam” that owns the kiosk on our street.

    That is not the case; some of the fastest growing Fintech start-ups in Africa are SMEs. “This trade fair provides an opportunity to change the narrative of what SMEs are and demonstrates how innovative they can be.

    “Here present, I see enterprises with the capacity to produce in large quantities.

    I see enterprises that employ large cross-sections of our youth population.

    “I see enterprises with the capacity to export.

    I do not see small businesses here; I see future mighty businesses,’’ the president said.

    He expressed the Federal Government’s determination to help SMEs achieve their full potential.

    According to him, the government has developed strategic policy interventions, enshrined laws and established institutions to create a supportive business environment for entrepreneurs and SMEs. “In line with this, the Ministry of Industry, Trade and Investment has developed a programme that will enhance access to credit for over 10 million SMEs at single digit rate.

    “Aside from provision of finance, this project will address key ecosystem issues such as development of SMEs clusters to lower operating costs as well as capacity building initiatives.

    “The ministry has also commenced the process of adopting a centralised automated platform for the registration of trademarks, patents and designs.

    “The overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation,’’ he said.

    Buhari said that the Federal Government also approved fiscal incentives for SMEs including exemption from Company Income Tax and Value Added Tax for enterprises with annual turnover of less than N25 million.

    “The Pioneer Status Incentive also grants tax holidays for start-ups across multiple sectors.

    “In 2016, the Federal Government approved establishment of the Presidential Enabling Business Environment Council (PEBEC) to eliminate bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business.

    “The Nigerian Investment Promotion Commission (NIPC) also has One Stop Investment Centre which comprises 27 government agencies.

    “The aim is to significantly reduce the time spent in processing regulatory approvals.

    “While the Federal Government is doing its part, we need to rethink our impression that SMEs are small businesses and focus on how they can be energised as vehicles for economic growth.

    “As always, the Federal Government remains committed to ensuring ease of doing business and creating an enabling environment for businesses to thrive,’’ Buhari said.

    Earlier, the Minister of the Federal Capital Territory (FCT), Muhammad Bello, urged investors to leverage the opportunity provided by the trade fair to invest.

    According to him, FCT is in constant need of investments in critical sectors such as agriculture and waste management.

    “We will continue to strive to make the FCT a haven for investors,’’ Bello said.

    On his part, Dr Al-Mujtaba Abubakar, the President of Abuja Chamber of Commerce and Industry (ACCI), said that the objective of the fair was to create an export ready market for SMEs. “Aside promoting businesses, the 17th AITF will also strengthen trade and investment opportunities in the country, thus, offering a neutral and open atmosphere for blue-chip companies, trade and government,’’ Abubakar said.

    Dr Johnson Anene, the Chairman National Chamber of Commerce Trade Centre, said that the trade fair was focused on promoting local products.

    He said it would provide a platform to educate SMEs operators to improve on the quality of the products to avoid rejection in foreign markets.

    Anene urged FCT residents to patronise made-in Nigeria goods and also appealed to investors to explore new investment opportunities provided by the trade fair.


    NewsSourceCredit: NAN

  •  President Muhammadu Buhari will on Friday present the 2023 budget estimates to the joint session of the National Assembly by 10 am This is contained in a letter Buhari write to the President of Senate Dr Ahmad Lawan and read at plenary on Tuesday Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives According to him arrangements would be made to accommodate all the senators adding that senators would proceed to the venue in procession The News Agency of Nigeria reports that Minister of Finance Budget and National Planning Mrs Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19 76 trillion for the 2023 fiscal year The minister who made this known at the 2023 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11 30 trillion and N12 41 trillion depending on the choice that would be made by the federal government on the issue of fuel subsidy payment She stated that the federal government was projecting total revenue of N8 46 trillion out of which N1 9 trillion was expected to come from oil related sources while the balance would come from non oil sources Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435 57 to a dollar oil production was put at 1 69 million barrel per day real Gross Domestic Product GDP growth was projected at 3 7 per cent while inflation was put at 17 16 per cent in the MTEF She said petrol subsidy would remain up to mid 2023 based on the 18 month extension announced early 2021 in which case only N3 36 trillion would be provided for it in next financial year The minister also pointed out that Nigeria has been able to consistently without defaulting service her debt adding that the country does not have any projections even in the near future to fail in its debt obligation Speaking further Ahmed said although the amount currently used to service the country s debt had overshot what was appropriated for in the budget measures have been put in place to manage the situation www NewsSourceCredit NAN
    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill
     President Muhammadu Buhari will on Friday present the 2023 budget estimates to the joint session of the National Assembly by 10 am This is contained in a letter Buhari write to the President of Senate Dr Ahmad Lawan and read at plenary on Tuesday Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives According to him arrangements would be made to accommodate all the senators adding that senators would proceed to the venue in procession The News Agency of Nigeria reports that Minister of Finance Budget and National Planning Mrs Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19 76 trillion for the 2023 fiscal year The minister who made this known at the 2023 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11 30 trillion and N12 41 trillion depending on the choice that would be made by the federal government on the issue of fuel subsidy payment She stated that the federal government was projecting total revenue of N8 46 trillion out of which N1 9 trillion was expected to come from oil related sources while the balance would come from non oil sources Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435 57 to a dollar oil production was put at 1 69 million barrel per day real Gross Domestic Product GDP growth was projected at 3 7 per cent while inflation was put at 17 16 per cent in the MTEF She said petrol subsidy would remain up to mid 2023 based on the 18 month extension announced early 2021 in which case only N3 36 trillion would be provided for it in next financial year The minister also pointed out that Nigeria has been able to consistently without defaulting service her debt adding that the country does not have any projections even in the near future to fail in its debt obligation Speaking further Ahmed said although the amount currently used to service the country s debt had overshot what was appropriated for in the budget measures have been put in place to manage the situation www NewsSourceCredit NAN
    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill
    General news2 months ago

    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill

    President Muhammadu Buhari will on Friday present the 2023  budget estimates  to  the joint session of the National Assembly by 10 am.

    This is contained in a letter Buhari write to the President of Senate, Dr Ahmad Lawan and read at plenary on Tuesday.

    Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives.

    According to him, arrangements would be made to accommodate all the senators, adding that senators would proceed to the venue in procession .

    The News Agency of Nigeria reports that Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19.76 trillion for the 2023 fiscal year.

    The minister who made this known at the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance, however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year.

    NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11.30 trillion and N12.41 trillion, depending on the choice that would be made by the federal government on the issue of fuel subsidy payment.

    She stated that the federal government was projecting total revenue of N8.46 trillion, out of which N1.9 trillion was expected to come from oil-related sources while the balance would  come from non-oil sources.

    Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435.57 to a dollar, oil production was put at 1.69 million barrel per day, real Gross Domestic Product (GDP) growth was projected at 3.7 per cent while inflation was put at 17.16 per cent in the MTEF.

    She said petrol subsidy would remain up to mid-2023, based on the 18-month extension announced early 2021, in which case only N3.36 trillion would be provided for it in next financial year.

    The minister also pointed out that Nigeria has been able to consistently without defaulting, service her debt, adding that the country does not have any projections even in the near future, to fail in its debt obligation.

    Speaking further, Ahmed said although the amount currently used to service the country’s debt had overshot what was appropriated for in the budget, measures have been put in place to manage the situation. 

    (www,
    NewsSourceCredit: NAN

  •  As the country attains 62 years of Independence economists have called on the Federal Government to seek more innovative policies that would further support its efforts on economic growth and development Former Executive Secretary Chartered Institute of Bankers of Nigeria CIBN Dr Uju Ogubunka made the call in an interview with the News Agency of Nigeria in Lagos on Saturday Ogubunka said the federal government could focus more on strengthening the nation s productive capacity to expedite the desired economic development It is not appropriate that after 62 years of independence a large percentage of what our people consumed is still imported No country will develop this way Our government needs to do more in harnessing the enormous prospects to facilitate our self reliance Ogubunka said He noted that the government also needed to focus more on its human capital assets by expanding the knowledge and skills of its people saying that it affects economic growth We must insist on training our human capital because it is linked to the next phase of growth as a people Giving so much emphasis on trainings is crucial in transforming our society and making it more relevant in our digital world Ogubunka said Also the President Standard Shareholders Association of Nigeria SSAN Mr Godwin Anono said at this stage of the nation s independence more effort must be made in tackling challenges associated with critical sectors of the economy Resolving the headwinds associated with production will accelerate our economic independence and enhance our domestic capacity Then the country can develop economically and be recon with globally Anono said He noted that the federal government must continue to enhance the business environment to attract more private capitals Also the Chief Executive Officer Centre for the Promotion of Private Enterprise Dr Muda Yusuf said the federal government could continue to modify the structural changes in the economy According to him the service sectors alone contribute as much as 56 per cent to the Gross Domestic Product GDP of the economy The sector s contribution to employment opportunities and revenue generations to government has grown tremendously over time Yusuf said He noted that the federal government should execute a better macro economic management framework to stabilise the exchange rate This will eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the nation s currency It is imperative to have urgent reforms in the foreign exchange market with greater focus on supply side strategy There is need to review the disproportionate emphasis on demand management of the foreign exchange market to attract private sector capital Yusuf added NewsSourceCredit NAN
    Independence: Experts task FG on development policies to unleash economic growth
     As the country attains 62 years of Independence economists have called on the Federal Government to seek more innovative policies that would further support its efforts on economic growth and development Former Executive Secretary Chartered Institute of Bankers of Nigeria CIBN Dr Uju Ogubunka made the call in an interview with the News Agency of Nigeria in Lagos on Saturday Ogubunka said the federal government could focus more on strengthening the nation s productive capacity to expedite the desired economic development It is not appropriate that after 62 years of independence a large percentage of what our people consumed is still imported No country will develop this way Our government needs to do more in harnessing the enormous prospects to facilitate our self reliance Ogubunka said He noted that the government also needed to focus more on its human capital assets by expanding the knowledge and skills of its people saying that it affects economic growth We must insist on training our human capital because it is linked to the next phase of growth as a people Giving so much emphasis on trainings is crucial in transforming our society and making it more relevant in our digital world Ogubunka said Also the President Standard Shareholders Association of Nigeria SSAN Mr Godwin Anono said at this stage of the nation s independence more effort must be made in tackling challenges associated with critical sectors of the economy Resolving the headwinds associated with production will accelerate our economic independence and enhance our domestic capacity Then the country can develop economically and be recon with globally Anono said He noted that the federal government must continue to enhance the business environment to attract more private capitals Also the Chief Executive Officer Centre for the Promotion of Private Enterprise Dr Muda Yusuf said the federal government could continue to modify the structural changes in the economy According to him the service sectors alone contribute as much as 56 per cent to the Gross Domestic Product GDP of the economy The sector s contribution to employment opportunities and revenue generations to government has grown tremendously over time Yusuf said He noted that the federal government should execute a better macro economic management framework to stabilise the exchange rate This will eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the nation s currency It is imperative to have urgent reforms in the foreign exchange market with greater focus on supply side strategy There is need to review the disproportionate emphasis on demand management of the foreign exchange market to attract private sector capital Yusuf added NewsSourceCredit NAN
    Independence: Experts task FG on development policies to unleash economic growth
    General news2 months ago

    Independence: Experts task FG on development policies to unleash economic growth

    As the country attains 62 years of Independence, economists have called on the Federal Government to seek more innovative policies that would further support its efforts on economic growth and development.

    Former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), Dr Uju Ogubunka, made the call in an interview with the News Agency of Nigeria in Lagos on Saturday.

    Ogubunka said the federal government could focus more on strengthening the nation’s productive capacity to expedite the desired economic development.

    “It is not appropriate that after 62 years of independence, a large percentage of what our people consumed is still imported.

    “No country will develop this way.

    Our government needs to do more in harnessing the enormous prospects to facilitate our self-reliance,” Ogubunka said.

    He noted that the government also needed to focus more on its human capital assets by expanding the knowledge and skills of its people, saying that it affects economic growth.

    “We must insist on training our human capital because it is linked to the next phase of growth as a people.

    “Giving so much emphasis on trainings is crucial in transforming our society and making it more relevant in our digital world,” Ogubunka said.

    Also, the President, Standard Shareholders Association of Nigeria (SSAN), Mr Godwin Anono, said at this stage of the nation’s independence, more effort must be made in tackling challenges associated with critical sectors of the economy.

    “Resolving the headwinds associated with production will accelerate our economic independence and enhance our domestic capacity.

    “Then, the country can develop economically and be recon with globally,” Anono said.

    He noted that the federal government must continue to enhance the business environment to attract more private capitals.

    Also, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the federal government could continue to modify the structural changes in the economy.

    According to him, the service sectors alone contribute as much as 56 per cent to the Gross Domestic Product (GDP) of the economy.

    “The sector’s contribution to employment opportunities and revenue generations to government has grown tremendously over time,” Yusuf said.

    He noted that the federal government should execute a better macro-economic management framework to stabilise the exchange rate. 

    “This will eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the nation’s currency.

    “It is imperative to have urgent reforms in the foreign exchange market, with greater focus on supply side strategy. 

    “There is need to review the disproportionate emphasis on demand management of the foreign exchange market to attract private sector capital,” Yusuf added.


    NewsSourceCredit: NAN

  •  As Nigerians celebrate the country s 62nd independence stakeholders say the insurance industry has fared well while suggesting measures to reposition it Mrs Adeola Adewunmi Zer Chief Executive Officer Allianz Nigeria Insurance Ltd said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy However Adewumi Zer said insurers must not rest on their oars but do a lot more especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters According to her insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country There are so many educated people who are uneducated when it comes to insurance and managing their financial lives she said The Allianz CEO charged the National Insurance Commission NAICOM to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better To Mr Sola Ajayi Executive Head of Sales Leadway Assurance the insurance industry in Nigeria is a pre independent industry whose operators have contributed immensely to the sector and the economy at large Ajayi stated that the expectations of insurers was for the economy to improve so that citizens can afford more assets and insure them also He expressed optimism that the insurance industry would grow as the economy continued to grow The Leadway Assurance sales head lauded the current Commissioner For Insurance CFI Mr Sunday Thomas for bridging the gap between the regulator and operators adding that this had engendered growth within the industry Ajayi noted that the operators however expected deeper level of engagement and interaction between the regulator and stakeholders The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover he said According to him operators must invest more in human capital marketing product innovation and experimentation which will enable them to understand their current customers the more and how to serve them better Ajayi said We must collectively improve our service delivery as a bad experience with one underwriter is a bad experience with all Operators must understand this and carry the responsibility with a sense of collectivity Mr Moses Igbrude immediate past Publicity Secretary Independent Shareholders Association of Nigeria explained that the insurance industry had fared well although it might be lagging behind compared to other sectors of the economy Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low When you compare between independence in 1960 when the awareness was not even there at all and now one would admit that there has been a lot of improvement new products new companies and consolidation he said According to him insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry On halting the recapitalisation of the industry he noted that insurance like every other industry should be recapitalised but the exercise must be driven by the stakeholders There is need for the industry to expand through recapitalisation for more business transactions and risk taking and no one is against this Unfortunately present circumstances in the business space after the COVID 19 which include inflation low capital income pose a challenge to raise such funds he said Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county s Gross Domestic Product GDP He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance especially on health building motor insurance amongst others NewsSourceCredit NAN
    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders
     As Nigerians celebrate the country s 62nd independence stakeholders say the insurance industry has fared well while suggesting measures to reposition it Mrs Adeola Adewunmi Zer Chief Executive Officer Allianz Nigeria Insurance Ltd said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy However Adewumi Zer said insurers must not rest on their oars but do a lot more especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters According to her insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country There are so many educated people who are uneducated when it comes to insurance and managing their financial lives she said The Allianz CEO charged the National Insurance Commission NAICOM to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better To Mr Sola Ajayi Executive Head of Sales Leadway Assurance the insurance industry in Nigeria is a pre independent industry whose operators have contributed immensely to the sector and the economy at large Ajayi stated that the expectations of insurers was for the economy to improve so that citizens can afford more assets and insure them also He expressed optimism that the insurance industry would grow as the economy continued to grow The Leadway Assurance sales head lauded the current Commissioner For Insurance CFI Mr Sunday Thomas for bridging the gap between the regulator and operators adding that this had engendered growth within the industry Ajayi noted that the operators however expected deeper level of engagement and interaction between the regulator and stakeholders The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover he said According to him operators must invest more in human capital marketing product innovation and experimentation which will enable them to understand their current customers the more and how to serve them better Ajayi said We must collectively improve our service delivery as a bad experience with one underwriter is a bad experience with all Operators must understand this and carry the responsibility with a sense of collectivity Mr Moses Igbrude immediate past Publicity Secretary Independent Shareholders Association of Nigeria explained that the insurance industry had fared well although it might be lagging behind compared to other sectors of the economy Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low When you compare between independence in 1960 when the awareness was not even there at all and now one would admit that there has been a lot of improvement new products new companies and consolidation he said According to him insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry On halting the recapitalisation of the industry he noted that insurance like every other industry should be recapitalised but the exercise must be driven by the stakeholders There is need for the industry to expand through recapitalisation for more business transactions and risk taking and no one is against this Unfortunately present circumstances in the business space after the COVID 19 which include inflation low capital income pose a challenge to raise such funds he said Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county s Gross Domestic Product GDP He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance especially on health building motor insurance amongst others NewsSourceCredit NAN
    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders
    Economy2 months ago

    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders

    As Nigerians celebrate the country’s 62nd independence, stakeholders say the insurance industry has fared well, while suggesting measures to reposition it.

    Mrs Adeola Adewunmi-Zer, Chief Executive Officer, Allianz Nigeria Insurance Ltd., said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy.

    However, Adewumi-Zer said insurers must not rest on their oars but do a lot more, especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters.

    According to her, insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country.

    “There are so many educated people who are uneducated when it comes to insurance and managing their financial lives,” she said.

    The Allianz CEO charged the National Insurance Commission (NAICOM) to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better.

    To Mr Sola Ajayi, Executive Head of Sales, Leadway Assurance, the insurance industry in Nigeria is a pre-independent industry whose operators have contributed immensely to the sector and the economy at large.

    Ajayi stated that the expectations of insurers was for the economy to improve, so that citizens can afford more assets and insure them also.

    He expressed optimism that the insurance industry would grow as the economy continued to grow.

    The Leadway Assurance sales head lauded the current Commissioner For Insurance (CFI), Mr Sunday Thomas, for bridging the gap between the regulator and operators, adding that this had engendered growth within the industry.

    Ajayi noted that the operators, however, expected deeper level of engagement and interaction between the regulator and stakeholders.

    “The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover, ” he said.

    According to him, operators must invest more in human capital, marketing, product innovation and experimentation, which will enable them to understand their current customers the more and how to serve them better.

    Ajayi said: “We must collectively improve our service delivery, as a bad experience with one underwriter is a bad experience with all.

    “Operators must understand this and carry the responsibility with a sense of collectivity.

    ” Mr Moses Igbrude, immediate past Publicity Secretary, Independent Shareholders Association of Nigeria, explained that the insurance industry had fared well, although it might be lagging behind compared to other sectors of the economy.

    Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low.

    “When you compare between independence in 1960 when the awareness was not even there at all and now, one would admit that there has been a lot of improvement, new products, new companies and consolidation,” he said.

    According to him, insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.

    On halting the recapitalisation of the industry, he noted that insurance like every other industry should be recapitalised, but the exercise must be driven by the stakeholders.

    “There is need for the industry to expand through recapitalisation for more business transactions and risk taking, and no one is against this.

    “Unfortunately, present circumstances in the business space after the COVID-19, which include inflation, low capital income pose a challenge to raise such funds,” he said.

    Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county’s Gross Domestic Product (GDP).

    He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance, especially on health, building, motor insurance, amongst others. 


    NewsSourceCredit: NAN

  •   Nigeria 62 FG must sustain non oil campaign financing to boost manufacturing An analysis by Rukayat Moisemhe News Agency of Nigeria As the Federal Government rolls out the drums to celebrate the country s 62nd independence anniversary stakeholders in the manufacturing industry insist targeted campaigns and financing must be sustained to boost non oil exports in order to achieve economic growth The call is indeed imperative seeing that the country s economy 62 years post independence is said to be a mixed bag of lows and highs At 62 Nigeria remains the biggest economy on the continent with a Gross Domestic Product GDP of over 510 billion dollars The country is also ranked sixth among the top ten manufacturing destinations on the continent Economic indicators reveal that the country s GDP grew in the second quarter of 2022 by 3 54 per cent year on year in real terms while its oil sector has consistently recorded negative growth for the ninth consecutive quarter contracting by 11 8 per cent Combined key drivers within the non oil economy accounted for 78 3 per cent of total GDP in Q2 Compared to countries like Cameroon Togo Madagascar Somalia Gabon Senegal Mali and Mauritania and a host of others that attained independence in 1960 experts believe that even though Nigeria is not doing badly there is great room for improvement Dr Chinyere Almona Director General Lagos Chamber of Commerce and Industry LCCI stated that the country s economic growth trend measured by the performance of GDP had generally been positive over the last two decades She however noted that the growth of 1 2 per cent recorded for agriculture and the 3 per cent for manufacturing were comparatively low when compared with other sectors that grew at above 5 per cent She stated that the quality of the business environment remained a concern to investors especially in the manufacturing sector According to her weak infrastructure uncertain policy environment and institutions have continued to adversely affect the efficiency productivity and competitiveness of many enterprises in the economy posing a major risk to job creation and economic inclusion across sectors The LCCI DG noted the need to address the weak government revenue base caused by oil theft and pipeline vandalism rising and unsustainable debt profile over dependence on oil revenue exposure to foreign shocks through inadequate forex supply and double digit inflation In view of this Almona stated that the Federal Government must sustain its targeted interventions in selected critical sectors like agriculture manufacturing export infrastructure and tackling insecurity She added that if oil revenue made up more than 80 per cent of government revenue government was expected to tackle the menace of oil theft and pipeline vandalism with sterner approach It is impossible to have a vibrant manufacturing sector in the face of cheap imports into the country and high production and operating cost in the domestic economy For most manufacturing businesses it is a nightmare yet production is critical to enduring economic and social stability The way forward is to address the fundamental constraints to manufacturing competitiveness in the Nigerian economy Our nation is at a crossroads and in dire need of big decisions to drive the drastic transformation the economy requires to return to economic prosperity she said Looking back Mr Segun Ajayi Kadir Director General Manufacturers Association of Nigeria MAN said the discovery of oil ushered in a period of prosperity in the form of huge oil revenue from export of crude oil and more domestic infrastructural development was embarked upon The MAN DG stated that the manufacturing sector had been largely unimpressive as the country remained largely import dependent He noted that the coronavirus pandemic and the ongoing Russian Ukraine war had compounded the familiar challenges that had limited the growth and development of the manufacturing sector He added that inflation which had risen to 20 per cent interest rate at double digits high rate of foreign exchange and the non prioritisation of allocation to the sector truncated its growth prospects disrupted its operations and continued to limit the potential of the sector for expansion There is therefore the need to address the binding constraints that have continued to militate against the performance of the manufacturing sector and limited its share of contribution to the GDP he said He recommended that investments in local raw materials through direct incentives must be encouraged and significant proportion of available foreign exchange must be allocated to the productive sector particularly manufacturing Ajayi Kadir stressed that export support policies like the Export Expansion Grant EEG must operate as planned and other support policies must be allowed to gestate before they are changed The country must improve power supply by removing the impediments to access of the eligible customers scheme by manufacturers We must review the curricular of tertiary institutions to align with industry skill requirements and subject to update based on the direction of global changes Existing major economic road corridors must be rehabilitated and new ones must be constructed for seamless movement of raw materials to factories and finished goods to the markets Also the capital base of the Bank of Industry BOI must be improved to allow for adequate lending to the productive sector by the bank he said Dr Muda Yusuf Founder Centre for the Promotion of Private Enterprises CPPE noted that the Information and Communication Technology ICT aviation transportation education sector health sector print and electronic media and many more had been significantly transformed over the past six decades Accordingly Yusuf said the economy had witnessed impactful private sector footprints in many sectors which had made the Nigerian economy to grow in leaps and bounds over the years He however stated that the country s macroeconomic management framework continued to pose serious challenges to investors in the economy as the fragile macroeconomic conditions remained a major cause for concern The situation he posited had been compounded by the shocks and disruptions inflicted by the Russian invasion of Ukraine and the lingering effects of the coronavirus pandemic For the manufacturing sector Yusuf said high infrastructure deficit cargo clearing challenges worsening at the ports weak productivity regulatory challenges and policy inconsistency among others continued to beat down the sector s potential As way forward he stressed the need for urgent steps to be taken to ensure a better macroeconomic management framework to stabilise the exchange rate eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the naira Institutional reforms are necessary to ensure that the regulatory institutions have better disposition to support the growth of investment and focus less on the generation of revenue The international trade process needs to be reformed to prioritise trade facilitation The current obsession for revenue generation is hurting the international trade processes and impacting adversely on domestic and foreign investment Therefore the orientation of the Nigeria Custom Service Nigerian Ports Authority the shipping companies and the terminal operators and the security agencies at the ports need to change in favour of an investment friendly international trade processes he said The journey thus far for the Nigerian economy particularly manufacturing has no doubt been fraught with daunting challenges But experts believe that the country has the potential to attain economic growth and development NewsSourceCredit NAN
    Nigeria@62: FG must sustain non-oil campaign, financing to boost manufacturing
      Nigeria 62 FG must sustain non oil campaign financing to boost manufacturing An analysis by Rukayat Moisemhe News Agency of Nigeria As the Federal Government rolls out the drums to celebrate the country s 62nd independence anniversary stakeholders in the manufacturing industry insist targeted campaigns and financing must be sustained to boost non oil exports in order to achieve economic growth The call is indeed imperative seeing that the country s economy 62 years post independence is said to be a mixed bag of lows and highs At 62 Nigeria remains the biggest economy on the continent with a Gross Domestic Product GDP of over 510 billion dollars The country is also ranked sixth among the top ten manufacturing destinations on the continent Economic indicators reveal that the country s GDP grew in the second quarter of 2022 by 3 54 per cent year on year in real terms while its oil sector has consistently recorded negative growth for the ninth consecutive quarter contracting by 11 8 per cent Combined key drivers within the non oil economy accounted for 78 3 per cent of total GDP in Q2 Compared to countries like Cameroon Togo Madagascar Somalia Gabon Senegal Mali and Mauritania and a host of others that attained independence in 1960 experts believe that even though Nigeria is not doing badly there is great room for improvement Dr Chinyere Almona Director General Lagos Chamber of Commerce and Industry LCCI stated that the country s economic growth trend measured by the performance of GDP had generally been positive over the last two decades She however noted that the growth of 1 2 per cent recorded for agriculture and the 3 per cent for manufacturing were comparatively low when compared with other sectors that grew at above 5 per cent She stated that the quality of the business environment remained a concern to investors especially in the manufacturing sector According to her weak infrastructure uncertain policy environment and institutions have continued to adversely affect the efficiency productivity and competitiveness of many enterprises in the economy posing a major risk to job creation and economic inclusion across sectors The LCCI DG noted the need to address the weak government revenue base caused by oil theft and pipeline vandalism rising and unsustainable debt profile over dependence on oil revenue exposure to foreign shocks through inadequate forex supply and double digit inflation In view of this Almona stated that the Federal Government must sustain its targeted interventions in selected critical sectors like agriculture manufacturing export infrastructure and tackling insecurity She added that if oil revenue made up more than 80 per cent of government revenue government was expected to tackle the menace of oil theft and pipeline vandalism with sterner approach It is impossible to have a vibrant manufacturing sector in the face of cheap imports into the country and high production and operating cost in the domestic economy For most manufacturing businesses it is a nightmare yet production is critical to enduring economic and social stability The way forward is to address the fundamental constraints to manufacturing competitiveness in the Nigerian economy Our nation is at a crossroads and in dire need of big decisions to drive the drastic transformation the economy requires to return to economic prosperity she said Looking back Mr Segun Ajayi Kadir Director General Manufacturers Association of Nigeria MAN said the discovery of oil ushered in a period of prosperity in the form of huge oil revenue from export of crude oil and more domestic infrastructural development was embarked upon The MAN DG stated that the manufacturing sector had been largely unimpressive as the country remained largely import dependent He noted that the coronavirus pandemic and the ongoing Russian Ukraine war had compounded the familiar challenges that had limited the growth and development of the manufacturing sector He added that inflation which had risen to 20 per cent interest rate at double digits high rate of foreign exchange and the non prioritisation of allocation to the sector truncated its growth prospects disrupted its operations and continued to limit the potential of the sector for expansion There is therefore the need to address the binding constraints that have continued to militate against the performance of the manufacturing sector and limited its share of contribution to the GDP he said He recommended that investments in local raw materials through direct incentives must be encouraged and significant proportion of available foreign exchange must be allocated to the productive sector particularly manufacturing Ajayi Kadir stressed that export support policies like the Export Expansion Grant EEG must operate as planned and other support policies must be allowed to gestate before they are changed The country must improve power supply by removing the impediments to access of the eligible customers scheme by manufacturers We must review the curricular of tertiary institutions to align with industry skill requirements and subject to update based on the direction of global changes Existing major economic road corridors must be rehabilitated and new ones must be constructed for seamless movement of raw materials to factories and finished goods to the markets Also the capital base of the Bank of Industry BOI must be improved to allow for adequate lending to the productive sector by the bank he said Dr Muda Yusuf Founder Centre for the Promotion of Private Enterprises CPPE noted that the Information and Communication Technology ICT aviation transportation education sector health sector print and electronic media and many more had been significantly transformed over the past six decades Accordingly Yusuf said the economy had witnessed impactful private sector footprints in many sectors which had made the Nigerian economy to grow in leaps and bounds over the years He however stated that the country s macroeconomic management framework continued to pose serious challenges to investors in the economy as the fragile macroeconomic conditions remained a major cause for concern The situation he posited had been compounded by the shocks and disruptions inflicted by the Russian invasion of Ukraine and the lingering effects of the coronavirus pandemic For the manufacturing sector Yusuf said high infrastructure deficit cargo clearing challenges worsening at the ports weak productivity regulatory challenges and policy inconsistency among others continued to beat down the sector s potential As way forward he stressed the need for urgent steps to be taken to ensure a better macroeconomic management framework to stabilise the exchange rate eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the naira Institutional reforms are necessary to ensure that the regulatory institutions have better disposition to support the growth of investment and focus less on the generation of revenue The international trade process needs to be reformed to prioritise trade facilitation The current obsession for revenue generation is hurting the international trade processes and impacting adversely on domestic and foreign investment Therefore the orientation of the Nigeria Custom Service Nigerian Ports Authority the shipping companies and the terminal operators and the security agencies at the ports need to change in favour of an investment friendly international trade processes he said The journey thus far for the Nigerian economy particularly manufacturing has no doubt been fraught with daunting challenges But experts believe that the country has the potential to attain economic growth and development NewsSourceCredit NAN
    Nigeria@62: FG must sustain non-oil campaign, financing to boost manufacturing
    Features2 months ago

    Nigeria@62: FG must sustain non-oil campaign, financing to boost manufacturing

    Nigeria@62: FG must sustain non-oil campaign, financing to boost manufacturing An analysis by Rukayat Moisemhe, News Agency of NigeriaAs the Federal Government rolls out the drums to celebrate the country’s 62nd independence anniversary, stakeholders in the manufacturing industry insist targeted campaigns and financing must be sustained to boost non-oil exports in order to achieve economic growth.

    The call is, indeed, imperative seeing that the country’s economy, 62 years post independence, is said to be a mixed bag of lows and highs.

    At 62, Nigeria remains the biggest economy on the continent with a Gross Domestic Product (GDP) of over 510 billion dollars.

    The country is also ranked sixth among the top ten manufacturing destinations on the continent.

    Economic indicators reveal that the country’s GDP grew in the second quarter of 2022 by 3.54 per cent year-on-year in real terms, while its oil sector has consistently recorded negative growth for the ninth consecutive quarter, contracting by -11.8 per cent.

    Combined, key drivers within the non-oil economy accounted for 78.3 per cent of total GDP in Q2. Compared to countries like Cameroon, Togo, Madagascar, Somalia, Gabon, Senegal, Mali, and Mauritania, and a host of others, that attained independence in 1960, experts believe that even though Nigeria is not doing badly, there is great room for improvement.

    Dr Chinyere Almona, Director-General, Lagos Chamber of Commerce and Industry (LCCI), stated that the country’s economic growth trend, measured by the performance of GDP, had generally been positive over the last two decades.

    She, however, noted that the growth of 1.2 per cent recorded for agriculture and the 3 per cent for manufacturing were comparatively low when compared with other sectors that grew at above 5 per cent.

    She stated that the quality of the business environment remained a concern to investors, especially in the manufacturing sector.

    According to her, weak infrastructure, uncertain policy environment, and institutions have continued to adversely affect the efficiency, productivity, and competitiveness of many enterprises in the economy posing a major risk to job creation and economic inclusion across sectors.

    The LCCI DG noted the need to address the weak government revenue base caused by oil theft and pipeline vandalism, rising and unsustainable debt profile, over-dependence on oil revenue, exposure to foreign shocks through inadequate forex supply and double-digit inflation.

    In view of this, Almona stated that the Federal Government must sustain its targeted interventions in selected critical sectors like agriculture, manufacturing, export infrastructure and tackling insecurity.

    She added that if oil revenue made up more than 80 per cent of government revenue, government was expected to tackle the menace of oil theft and pipeline vandalism with sterner approach.

    “It is impossible to have a vibrant manufacturing sector in the face of cheap imports into the country and high production and operating cost in the domestic economy.

    “For most manufacturing businesses, it is a nightmare; yet, production is critical to enduring economic and social stability.

    “The way forward is to address the fundamental constraints to manufacturing competitiveness in the Nigerian economy.

    “Our nation is at a crossroads and in dire need of big decisions to drive the drastic transformation the economy requires to return to economic prosperity,” she said.

    Looking back, Mr Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN), said the discovery of oil ushered in a period of prosperity in the form of huge oil revenue from export of crude oil and more domestic infrastructural development was embarked upon.

    The MAN DG stated that the manufacturing sector had been largely unimpressive as the country remained largely import dependent.

    He noted that the coronavirus pandemic and the ongoing Russian-Ukraine war had compounded the familiar challenges that had limited the growth and development of the manufacturing sector.

    He added that inflation; which had risen to 20 per cent; interest rate at double digits, high rate of foreign exchange and the non prioritisation of allocation to the sector truncated its growth prospects, disrupted its operations and continued to limit the potential of the sector for expansion.

    “There is, therefore, the need to address the binding constraints that have continued to militate against the performance of the manufacturing sector and limited its share of contribution to the GDP,” he said.

    He recommended that investments in local raw materials through direct incentives must be encouraged and significant proportion of available foreign exchange must be allocated to the productive sector, particularly manufacturing.

    Ajayi-Kadir stressed that export support policies, like the Export Expansion Grant (EEG), must operate as planned and other support policies must be allowed to gestate before they are changed.

    “The country must improve power supply by removing the impediments to access of the eligible customers scheme by manufacturers.

    “We must review the curricular of tertiary institutions to align with industry skill requirements and subject to update based on the direction of global changes.

    “Existing major economic road corridors must be rehabilitated and new ones must be constructed for seamless movement of raw materials to factories and finished goods to the markets.

    “Also, the capital base of the Bank of Industry (BOI) must be improved to allow for adequate lending to the productive sector by the bank,” he said.

    Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises (CPPE), noted that the Information and Communication Technology (ICT) aviation, transportation, education sector, health sector, print and electronic media and many more had been significantly transformed over the past six decades.

    Accordingly, Yusuf said the economy had witnessed impactful private sector footprints in many sectors, which had made the Nigerian economy to grow in leaps and bounds over the years.

    He, however, stated that the country’s macroeconomic management framework continued to pose serious challenges to investors in the economy as the fragile macroeconomic conditions remained a major cause for concern.

    The situation, he posited, had been compounded by the shocks and disruptions inflicted by the Russian invasion of Ukraine and the lingering effects of the coronavirus pandemic.

    For the manufacturing sector, Yusuf said high infrastructure deficit, cargo clearing challenges worsening at the ports, weak productivity, regulatory challenges and policy inconsistency, among others, continued to beat down the sector’s potential.

    As way forward, he stressed the need for urgent steps to be taken to ensure a better macroeconomic management framework to stabilise the exchange rate, eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the naira.

    “Institutional reforms are necessary to ensure that the regulatory institutions have better disposition to support the growth of investment and focus less on the generation of revenue.

    “The international trade process needs to be reformed to prioritise trade facilitation.

    “The current obsession for revenue generation is hurting the international trade processes and impacting adversely on domestic and foreign investment.

    “Therefore, the orientation of the Nigeria Custom Service, Nigerian Ports Authority, the shipping companies and the terminal operators and the security agencies at the ports need to change in favour of an investment friendly international trade processes,” he said.

    The journey thus far for the Nigerian economy, particularly manufacturing, has no doubt, been fraught with daunting challenges.

    But experts believe that the country has the potential to attain economic growth and development.


    NewsSourceCredit: NAN

  •  Mr Ishaq Yahaya Chairman Commodity Brokers Association of Nigeria CBAN has expressed optimism that the agricultural sector will be repositioned by the Federal Government to take its pride of place Yahaya who said this in an interview with the News Agency of Nigeria on Friday in Abuja said agriculture was once Nigeria s mainstay He said in spite that the sector failed to match its performance before the oil boom with implementable policies and strong drive it would bounce back He also said Nigeria could take advantage of technology like drones and deployment of agro rangers to tackle the problem of insecurity so that farmers could go to the farm without the fear of attack Yahaya called for improvement in the irrigation system to mitigate the effect of flooding and other challenges He said 62 years down the line one would have thought that the sector would continue to lead in its contribution to the country s Gross Domestic Product GDP We know that the oil boom led to less attention on agriculture but with recent attention on the non oil sector agriculture will take its pride of place in the near future So if we are able to deploy the right policy appropriate technology tackle insecurity among other things we will take the sector to another level On commodity exchange the chairman said proper attention should be given to the commodity exchange ecosystem like brokerage and warehousing to move the sector forward NAN reports that agriculture contributed 21 09 per cent to nominal GDP in the first quarter of 2022 according to the National Bureau of Statistics NBS NBS further reports that the figure was lower than the rate recorded for the first quarter of 2021 and lower than the fourth quarter of 2021 which recorded 21 42 per cent and 24 17 per cent NewsSourceCredit NAN
    Nigeria@62: Commodity expert optimistic on rebounce of agricultural sector
     Mr Ishaq Yahaya Chairman Commodity Brokers Association of Nigeria CBAN has expressed optimism that the agricultural sector will be repositioned by the Federal Government to take its pride of place Yahaya who said this in an interview with the News Agency of Nigeria on Friday in Abuja said agriculture was once Nigeria s mainstay He said in spite that the sector failed to match its performance before the oil boom with implementable policies and strong drive it would bounce back He also said Nigeria could take advantage of technology like drones and deployment of agro rangers to tackle the problem of insecurity so that farmers could go to the farm without the fear of attack Yahaya called for improvement in the irrigation system to mitigate the effect of flooding and other challenges He said 62 years down the line one would have thought that the sector would continue to lead in its contribution to the country s Gross Domestic Product GDP We know that the oil boom led to less attention on agriculture but with recent attention on the non oil sector agriculture will take its pride of place in the near future So if we are able to deploy the right policy appropriate technology tackle insecurity among other things we will take the sector to another level On commodity exchange the chairman said proper attention should be given to the commodity exchange ecosystem like brokerage and warehousing to move the sector forward NAN reports that agriculture contributed 21 09 per cent to nominal GDP in the first quarter of 2022 according to the National Bureau of Statistics NBS NBS further reports that the figure was lower than the rate recorded for the first quarter of 2021 and lower than the fourth quarter of 2021 which recorded 21 42 per cent and 24 17 per cent NewsSourceCredit NAN
    Nigeria@62: Commodity expert optimistic on rebounce of agricultural sector
    Economy2 months ago

    Nigeria@62: Commodity expert optimistic on rebounce of agricultural sector

    Mr Ishaq Yahaya, Chairman, Commodity Brokers Association of Nigeria (CBAN), has expressed optimism that the agricultural sector will be repositioned by the Federal Government to take its pride of place.

    Yahaya, who said this in an interview with the News Agency of Nigeria on Friday in Abuja, said agriculture was once Nigeria’s mainstay.

    He said in spite that the sector failed to match its performance before the oil boom with implementable policies and strong drive, it would bounce back.

    He also said Nigeria could take advantage of technology like drones and deployment of agro rangers to tackle the problem of insecurity so that farmers could go to the farm without the fear of attack.

    Yahaya called for improvement in  the irrigation system to mitigate the effect of flooding and other challenges.

    He said “62 years down the line, one would have thought that the sector would continue to lead in its contribution to the country’s Gross Domestic Product (GDP).

    “We know that the oil boom led to less attention on agriculture but with recent attention on the non oil sector, agriculture will take its pride of place in the near future.

    “So, if we are able to deploy the right policy, appropriate technology.

    tackle insecurity among other things, we will take the sector to another level.

    ” On commodity exchange, the chairman said proper attention should be given to the commodity exchange ecosystem like brokerage and warehousing to move the sector forward.

    NAN reports that agriculture contributed 21.09 per cent  to nominal GDP in the first quarter of 2022 according to the National Bureau of Statistics (NBS).

    NBS further reports that the figure was lower than the rate recorded for the first quarter of 2021 and lower than the fourth quarter of 2021 which recorded 21.42 per cent and 24.17 per cent.


    NewsSourceCredit: NAN

  •  Economic experts have identified agriculture as the mainstay of Nigeria s economy providing employment to over 60 per cent of the population At independence in 1960 Nigeria was the leading producer of cash crops such as palm oil groundnut cotton and cocoa globally The sector accounted for more than half of the nation s Foreign Exchange Earnings FOREX and Gross Domestic Product GDP With discovery of crude oil and subsequent development of petroleum industry agriculture witnessed gradual setbacks which made Nigeria to fall in the global commodity market rankings To address the ugly trend successive administrations initiated various policies and programmes to reinvigorate the sector and enhance food security in the country In 1972 the Yakubu Gowon administration introduced the National Accelerated Food Production Programme NAFPP and in 1976 the Olusegun Obasanjo s military regime rolled out Operation Feed the Nation OFN Also In April 1980 the Shehu Shagari administration introduced the Green Revolution Programme GRP to ensure self sufficiency in food production through introduction of mechanise system of agriculture improved varieties seeds and enhance farmer extension services Similarly the democratically elected Obasanjo s administration initiated the National Special Programme for Food Security NSPFS in 2003 The programme was replaced by the National Food Sector Plan NFSP anchored in 2007 by late President Umaru Yar Adua In 2011 the Goodluck Jonathan s administration introduced the Agriculture Transformation Agenda ATA which metamorphosed into the Agricultural Promotion Policy APP under President Muhammadu Buhari in 2015 The programmes focussed at accelerating rapid transformation of agriculture encourage productivity and processing promote value addition farmer enterprising skills and provide market for the produce to achieve self sufficiency and national food security The programmes failed to achieve their noble objectives due to lack of continuity by successive governments However stakeholders in the sector expressed divergent views as to whether agriculture made positive contributions or otherwise to national development Alhaji Umar Daware the Adamawa Commissioner for Agriculture said agriculture went through series of transformation geared towards making it a major contributor to national economic development He said that pre and post independence era had been characterised by agricultural initiatives such as Operation Feed the Nation Green Revolution and current Anchor Borrowers Programme ABP He said the programmes assisted farmers increased productivity and processing reduce poverty and enhance food security in the past 62 years This he said were achieved through innovative interventions that enhanced farmer access to inputs extension services enterprising skills and agricultural financing Abdussalam Gulak and AbdulRazaq Ahmed rice growers in Yola said agriculture made significant progress towards encouraging food production under the ABP scheme They however said that proactive measures were imperative to encourage production of fertilisers chemicals and other farming implements in the country This will reduce high cost of fertiliser and inputs and encourage agricultural productivity Also Ibrahim Zubairu Chairman Maize Growers Farmers and Manufacturers Association MAGFAMAN in Bauchi State said about 10 000 farmers benefitted from farm support services under the ABP scheme in the state He said farmers received fertilisers seeds water pumps chemicals sprayers among others under the programme Addtionally Mr Ibrahim Sadiq Coordinator Wheat Farmers Processors and Marketers Association of Nigeria WFPMAN said the ABP initiative encouraged farmers to engage in dry season activities Farmers are motivated by the government support which enabled them to record bumper harvest he said Corroborating Sadiq Marka Abbas Chairperson Small Scale Women Farmers Organisation of Nigeria SWOFON said the ABP programme encouraged more women to engage in agriculture since inception Many women farmers in recent years engage in farming activities due to awareness creation and sound farmer support services initiated by the Federal Government she said In Jigawa rice farmers said agricultural sector witnessed unprecedented achievements under President Buhari s administration through the implementation of ABP The sector the farmers said enjoyed massive deployment of resources and initiatives aimed at achieving self sufficiency in rice production A rice grower Misbahu Sadik said farmers received loans and inputs to accelerate cultivation of rice wheat maize cotton cassava cotton groundnut and soybeans as well as fishery poultry and livestock productions Another farmer Idrisa Guda said Nigeria made progress in irrigation farming adding the achievements couldn t have been possible without government support in the development of irrigation schemes and farmer support services Without government support on irrigation over the years Nigeria could have found it difficult to feed itself because of the uncertainties associated with rain fed farming he said While Malam Abubakar Danladi an agro dealer noted that the Presidential Fertiliser Initiative PFI had enabled farmers to access fertilisers at affordable prices thereby addressing scarcity of the commodity In his contribution a 25 year old farmer Basiru Dan Mai Awara called on the government to regulate prices of fertilisers This he said would enable farmers to access the commodity at N10 000 as against its current prices of N30 000 per 50kg bag Also commenting Malam Umaru Abubakar said though the achievements were there but farmers who are the players are still facing a lot of challenges ranging from lack of access to subsidised inputs preservation and processing technologies Unlike before the market value of rice and other commodities were poor thereby exposing farmers to losses but things changed sequel to the ban on importation of rice The measure put smile on the face farmers making agriculture lucrative and attractive he said In Yobe the state government said it spent over N2 9 billion on procurement of fertilisers in the past three years Dr Mairo Amshi Commissioner for Agriculture and Natural resources said that N1 5 billion of the amount was spent on the procurement of 3 000 tones of NPK brand of fertiliser in 2021 adding the commodity was sold to farmers at subsidised rate of N13 000 per bag She said that N1 4 billion was spent on the purchase of 7 500 tones of NPK fertiliser in 2020 and sold to he farmers at N5 000 per bag representing 40 per cent subsidy She said in 2019 government spent N882 million on procurement of 40 tractors given as loans to large scale farmers at N11million each payable within four years Amshi said the state in collaboration with International Committee of the Red Cross ICRC had vaccinated over 1 2 million cattle sheep goats and dogs The commissioner said the state s Livestock Development Programme was supported by 135 veterinary surgeons 47 animal scientists five equipped veterinary clinics and 17 Area Livestock offices across the state She said the state in collaboration with the Federal Ministry of Agriculture and Rural Development FMARD set up livestock development centres at Badegana and Gurjaje grazing reserves The centres she said had been equipped with boreholes earth dams veterinary clinics feed lots fish ponds access roads electricity artificial insemination and milk collection units among others Amshi said a Livestock Investigation and Breeding Centres LIBC was also established by at Nguru to enhance livestock production While 2 000 hectres of land had been developed to facilitate take off of the 2022 LAVA irrigation scheme in parts of the state According to Amshi the state in collaboration with Ahmadu Bello University ABU Zaria had set up National Animal Production Research Institute NAPRI North East Outreach Station in Damaturu She said the state also got approval to participate in the Federal Government s Livestock Productivity and Resilience Support Programme L Pres Programme For his part Mr Stephen Maduwa Chairman Rice farmers Association RIFAN in Adamawa said Nigeria had made giant stride in its bid to become a leading rice producer in the world Maduwa therefore urged youth to embrace agriculture set up their businesses to become self reliant and employers of labour NewsSourceCredit NAN
    Farmers celebrate Nigeria’s agriculture transformation since independence
     Economic experts have identified agriculture as the mainstay of Nigeria s economy providing employment to over 60 per cent of the population At independence in 1960 Nigeria was the leading producer of cash crops such as palm oil groundnut cotton and cocoa globally The sector accounted for more than half of the nation s Foreign Exchange Earnings FOREX and Gross Domestic Product GDP With discovery of crude oil and subsequent development of petroleum industry agriculture witnessed gradual setbacks which made Nigeria to fall in the global commodity market rankings To address the ugly trend successive administrations initiated various policies and programmes to reinvigorate the sector and enhance food security in the country In 1972 the Yakubu Gowon administration introduced the National Accelerated Food Production Programme NAFPP and in 1976 the Olusegun Obasanjo s military regime rolled out Operation Feed the Nation OFN Also In April 1980 the Shehu Shagari administration introduced the Green Revolution Programme GRP to ensure self sufficiency in food production through introduction of mechanise system of agriculture improved varieties seeds and enhance farmer extension services Similarly the democratically elected Obasanjo s administration initiated the National Special Programme for Food Security NSPFS in 2003 The programme was replaced by the National Food Sector Plan NFSP anchored in 2007 by late President Umaru Yar Adua In 2011 the Goodluck Jonathan s administration introduced the Agriculture Transformation Agenda ATA which metamorphosed into the Agricultural Promotion Policy APP under President Muhammadu Buhari in 2015 The programmes focussed at accelerating rapid transformation of agriculture encourage productivity and processing promote value addition farmer enterprising skills and provide market for the produce to achieve self sufficiency and national food security The programmes failed to achieve their noble objectives due to lack of continuity by successive governments However stakeholders in the sector expressed divergent views as to whether agriculture made positive contributions or otherwise to national development Alhaji Umar Daware the Adamawa Commissioner for Agriculture said agriculture went through series of transformation geared towards making it a major contributor to national economic development He said that pre and post independence era had been characterised by agricultural initiatives such as Operation Feed the Nation Green Revolution and current Anchor Borrowers Programme ABP He said the programmes assisted farmers increased productivity and processing reduce poverty and enhance food security in the past 62 years This he said were achieved through innovative interventions that enhanced farmer access to inputs extension services enterprising skills and agricultural financing Abdussalam Gulak and AbdulRazaq Ahmed rice growers in Yola said agriculture made significant progress towards encouraging food production under the ABP scheme They however said that proactive measures were imperative to encourage production of fertilisers chemicals and other farming implements in the country This will reduce high cost of fertiliser and inputs and encourage agricultural productivity Also Ibrahim Zubairu Chairman Maize Growers Farmers and Manufacturers Association MAGFAMAN in Bauchi State said about 10 000 farmers benefitted from farm support services under the ABP scheme in the state He said farmers received fertilisers seeds water pumps chemicals sprayers among others under the programme Addtionally Mr Ibrahim Sadiq Coordinator Wheat Farmers Processors and Marketers Association of Nigeria WFPMAN said the ABP initiative encouraged farmers to engage in dry season activities Farmers are motivated by the government support which enabled them to record bumper harvest he said Corroborating Sadiq Marka Abbas Chairperson Small Scale Women Farmers Organisation of Nigeria SWOFON said the ABP programme encouraged more women to engage in agriculture since inception Many women farmers in recent years engage in farming activities due to awareness creation and sound farmer support services initiated by the Federal Government she said In Jigawa rice farmers said agricultural sector witnessed unprecedented achievements under President Buhari s administration through the implementation of ABP The sector the farmers said enjoyed massive deployment of resources and initiatives aimed at achieving self sufficiency in rice production A rice grower Misbahu Sadik said farmers received loans and inputs to accelerate cultivation of rice wheat maize cotton cassava cotton groundnut and soybeans as well as fishery poultry and livestock productions Another farmer Idrisa Guda said Nigeria made progress in irrigation farming adding the achievements couldn t have been possible without government support in the development of irrigation schemes and farmer support services Without government support on irrigation over the years Nigeria could have found it difficult to feed itself because of the uncertainties associated with rain fed farming he said While Malam Abubakar Danladi an agro dealer noted that the Presidential Fertiliser Initiative PFI had enabled farmers to access fertilisers at affordable prices thereby addressing scarcity of the commodity In his contribution a 25 year old farmer Basiru Dan Mai Awara called on the government to regulate prices of fertilisers This he said would enable farmers to access the commodity at N10 000 as against its current prices of N30 000 per 50kg bag Also commenting Malam Umaru Abubakar said though the achievements were there but farmers who are the players are still facing a lot of challenges ranging from lack of access to subsidised inputs preservation and processing technologies Unlike before the market value of rice and other commodities were poor thereby exposing farmers to losses but things changed sequel to the ban on importation of rice The measure put smile on the face farmers making agriculture lucrative and attractive he said In Yobe the state government said it spent over N2 9 billion on procurement of fertilisers in the past three years Dr Mairo Amshi Commissioner for Agriculture and Natural resources said that N1 5 billion of the amount was spent on the procurement of 3 000 tones of NPK brand of fertiliser in 2021 adding the commodity was sold to farmers at subsidised rate of N13 000 per bag She said that N1 4 billion was spent on the purchase of 7 500 tones of NPK fertiliser in 2020 and sold to he farmers at N5 000 per bag representing 40 per cent subsidy She said in 2019 government spent N882 million on procurement of 40 tractors given as loans to large scale farmers at N11million each payable within four years Amshi said the state in collaboration with International Committee of the Red Cross ICRC had vaccinated over 1 2 million cattle sheep goats and dogs The commissioner said the state s Livestock Development Programme was supported by 135 veterinary surgeons 47 animal scientists five equipped veterinary clinics and 17 Area Livestock offices across the state She said the state in collaboration with the Federal Ministry of Agriculture and Rural Development FMARD set up livestock development centres at Badegana and Gurjaje grazing reserves The centres she said had been equipped with boreholes earth dams veterinary clinics feed lots fish ponds access roads electricity artificial insemination and milk collection units among others Amshi said a Livestock Investigation and Breeding Centres LIBC was also established by at Nguru to enhance livestock production While 2 000 hectres of land had been developed to facilitate take off of the 2022 LAVA irrigation scheme in parts of the state According to Amshi the state in collaboration with Ahmadu Bello University ABU Zaria had set up National Animal Production Research Institute NAPRI North East Outreach Station in Damaturu She said the state also got approval to participate in the Federal Government s Livestock Productivity and Resilience Support Programme L Pres Programme For his part Mr Stephen Maduwa Chairman Rice farmers Association RIFAN in Adamawa said Nigeria had made giant stride in its bid to become a leading rice producer in the world Maduwa therefore urged youth to embrace agriculture set up their businesses to become self reliant and employers of labour NewsSourceCredit NAN
    Farmers celebrate Nigeria’s agriculture transformation since independence
    General news2 months ago

    Farmers celebrate Nigeria’s agriculture transformation since independence

    Economic experts have identified agriculture as the mainstay of Nigeria’s economy providing employment to over 60 per cent of the population.

    At independence in 1960, Nigeria was the leading producer of cash crops such as palm oil, groundnut, cotton and cocoa globally.

    The sector accounted for more than half of the nation’s Foreign Exchange Earnings (FOREX) and Gross Domestic Product (GDP).

    With discovery of crude oil and subsequent development of petroleum industry, agriculture witnessed gradual setbacks which made Nigeria to fall in the global commodity market rankings.

    To address the ugly trend, successive administrations initiated various policies and programmes to reinvigorate the sector and enhance food security in the country.

    In 1972, the Yakubu Gowon administration introduced the National Accelerated Food Production Programme (NAFPP), and in 1976, the Olusegun Obasanjo’s military regime rolled out Operation Feed the Nation (OFN).

    Also; In April 1980, the Shehu Shagari administration introduced the Green Revolution Programme (GRP), to ensure self-sufficiency in food production through introduction of mechanise system of agriculture, improved varieties seeds and enhance farmer extension services.

    Similarly; the democratically elected Obasanjo’s administration initiated the National Special Programme for Food Security (NSPFS) in 2003.The programme was replaced by the National Food Sector Plan (NFSP) anchored in 2007 by late President Umaru Yar’Adua.In 2011, the Goodluck Jonathan’s administration introduced the Agriculture Transformation Agenda (ATA) which metamorphosed into the Agricultural Promotion Policy (APP) under President Muhammadu Buhari in 2015.The programmes focussed at accelerating rapid transformation of agriculture, encourage productivity and processing, promote value addition, farmer enterprising skills and provide market for the produce to achieve self-sufficiency and national food security.

    The programmes failed to achieve their noble objectives due to lack of continuity by successive governments.

    However, stakeholders in the sector expressed divergent views as to whether agriculture made positive contributions or otherwise to national development.

    Alhaji Umar Daware, the Adamawa Commissioner for Agriculture, said agriculture went through series of transformation geared towards making it a major contributor to national economic development.

    He said that pre and post independence era had been characterised by agricultural initiatives such as Operation Feed the Nation, Green Revolution and current Anchor Borrowers Programme (ABP).

    He said the programmes assisted farmers, increased productivity and processing, reduce poverty and enhance food security in the past 62 years.

    This, he said, were achieved through innovative interventions that enhanced farmer access to inputs, extension services, enterprising skills and agricultural financing.

    Abdussalam Gulak and AbdulRazaq Ahmed, rice growers in Yola, said agriculture made significant progress towards encouraging food production under the ABP scheme.

    They, however, said that proactive measures were imperative to encourage production of fertilisers, chemicals and other farming implements in the country.

    “This will reduce high cost of fertiliser and inputs, and encourage agricultural productivity”.

    Also, Ibrahim Zubairu, Chairman, Maize Growers, Farmers and Manufacturers Association (MAGFAMAN) in Bauchi State, said about 10,000 farmers benefitted from farm support services under the ABP scheme in the state.

    He said farmers received fertilisers, seeds, water pumps, chemicals, sprayers, among others under the programme.

    Addtionally; Mr Ibrahim Sadiq, Coordinator, Wheat Farmers, Processors and Marketers’ Association of Nigeria (WFPMAN), said the ABP initiative encouraged farmers to engage in dry season activities.

    “Farmers are motivated by the government support, which enabled them to record bumper harvest,” he said.

    Corroborating Sadiq, Marka Abbas, Chairperson, Small Scale Women Farmers Organisation of Nigeria (SWOFON), said the ABP programme encouraged more women to engage in agriculture since inception.

    “Many women farmers in recent years engage in farming activities due to awareness creation and sound farmer support services initiated by the Federal Government,” she said.

    In Jigawa, rice farmers said agricultural sector witnessed unprecedented achievements under President Buhari’s administration through the implementation of ABP.

    The sector, the farmers said, enjoyed massive deployment of resources and initiatives aimed at achieving self sufficiency in rice production.

    A rice grower, Misbahu Sadik, said farmers received loans and inputs to accelerate cultivation of rice, wheat, maize, cotton, cassava, cotton, groundnut and soybeans as well as fishery, poultry and livestock productions.

    Another farmer, Idrisa Guda, said Nigeria made progress in irrigation farming, adding the achievements couldn’t have been possible without government support in the development of irrigation schemes and farmer support services.

    “Without government support on irrigation over the years, Nigeria could have found it difficult to feed itself because of the uncertainties associated with rain fed farming,” he said.

    While Malam Abubakar Danladi, an agro dealer noted that the Presidential Fertiliser Initiative (PFI) had enabled farmers to access fertilisers at affordable prices thereby addressing scarcity of the commodity.

    In his contribution, a 25-year-old farmer, Basiru Dan Mai Awara, called on the government to regulate prices of fertilisers.

    This, he said, would enable farmers to access the commodity at N10,000 as against its current prices of N30,000 per 50kg bag.

    Also commenting, Malam Umaru Abubakar, said though the achievements were there but farmers who are the players are still facing a lot of challenges, ranging from lack of access to subsidised inputs, preservation and processing technologies.

    “Unlike before the market value of rice and other commodities were poor thereby exposing farmers to losses, but things changed sequel to the ban on importation of rice.

    “The measure put smile on the face farmers making agriculture lucrative and attractive,” he said.

    In Yobe, the state government said it spent over N2.9 billion on procurement of fertilisers in the past three years.

    Dr Mairo Amshi, Commissioner for Agriculture and Natural resources, said that N1.5 billion of the amount was spent on the procurement of 3,000 tones of NPK brand of fertiliser in 2021, adding the commodity was sold to farmers at subsidised rate of N13,000 per bag.

    She said that N1.4 billion was spent on the purchase of 7,500 tones of NPK fertiliser in 2020, and sold to he farmers at N5,000 per bag, representing 40 per cent subsidy.

    She said in 2019, government spent N882 million on procurement of 40 tractors, given as loans to large scale farmers at N11million each, payable within four years.

    Amshi said the state, in collaboration with International Committee of the Red Cross (ICRC), had vaccinated over 1.2 million cattle, sheep, goats and dogs.

    The commissioner said the state’s Livestock Development Programme was supported by 135 veterinary surgeons, 47 animal scientists, five equipped veterinary clinics and 17 Area Livestock offices across the state.

    She said the state, in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD), set up livestock development centres at , Badegana and Gurjaje grazing reserves.

    The centres, she said, had been equipped with boreholes, earth dams, veterinary clinics, feed lots, fish ponds, access roads, electricity, artificial insemination and milk collection units, among others.

    Amshi said a Livestock Investigation and Breeding Centres (LIBC) was also established by at Nguru to enhance livestock production.

    While 2,000 hectres of land had been developed to facilitate take off of the 2022 LAVA irrigation scheme in parts of the state.

    According to Amshi, the state, in collaboration with Ahmadu Bello University (ABU), Zaria, had set up National Animal Production Research Institute (NAPRI) North-East Outreach Station in Damaturu.

    She said the state also got approval to participate in the Federal Government’s Livestock Productivity and Resilience Support Programme ( L-Pres Programme).

    For his part, Mr Stephen Maduwa, Chairman, Rice farmers Association (RIFAN) in Adamawa, said Nigeria had made giant stride in its bid to become a leading rice producer in the world.

    Maduwa, therefore, urged youth to embrace agriculture, set up their businesses to become self-reliant and employers of labour.


    NewsSourceCredit: NAN

  •  Some stakeholders on Thursday called on the government to address the issue of outward migration of brains brain drain from the country The stakeholders made the call at the second edition of NITRA ICT Growth Conference 2 0 in Lagos with the theme Creating A Digital Ecosystem In Nigeria The Hurdles The Gains The Chairman of the occasion Mr Chris Uwaje Founder Mobile Software Solutions said that brain drain had become a very serious issue that should be put on the front burner by the government Uwaje said that there was need to develop a knowledge based park that would encourage local content grooming and development He said that such park would encourage our local technology development We need a park where we can talk tech where we can gain knowledge and so on Nigeria can be built we do not have to run away he said Gbenga Adebayo President Association of Licenced Telecommunications Operators of Nigeria ALTON said that government should address the issue of brain drain by making available necessary amenities He said that the sad reality of brain drain was that those leaving are not needed where they are migrating to Adebayo an Engineer said that governments need to urgently address the brain drain because there are no available jobs Ike Nnamani President Association of Telecommunications Companies of Nigeria ATCON said that the Telecomunications Industry had lost close to 2000 staff due to outward migration Nnamani said that outward migration of professionals was part of the challenge faced by the industry and the country as a whole He urged that something should be done as the industry was a major contributor to the nation s Gross Domestic Product GDP According to him the industry has also contributed by creating employment for the teeming youths in the country Nnamani noted that the challenge of brain drain was affecting every sector of the nation s economy The News Agency of Nigeria reports that NITRA ICT Growth Conference was organised by Nigeria Information Technology Reporters Association NITRA NewsSourceCredit NAN
    ICT stakeholders want govt to address brain drain in the country
     Some stakeholders on Thursday called on the government to address the issue of outward migration of brains brain drain from the country The stakeholders made the call at the second edition of NITRA ICT Growth Conference 2 0 in Lagos with the theme Creating A Digital Ecosystem In Nigeria The Hurdles The Gains The Chairman of the occasion Mr Chris Uwaje Founder Mobile Software Solutions said that brain drain had become a very serious issue that should be put on the front burner by the government Uwaje said that there was need to develop a knowledge based park that would encourage local content grooming and development He said that such park would encourage our local technology development We need a park where we can talk tech where we can gain knowledge and so on Nigeria can be built we do not have to run away he said Gbenga Adebayo President Association of Licenced Telecommunications Operators of Nigeria ALTON said that government should address the issue of brain drain by making available necessary amenities He said that the sad reality of brain drain was that those leaving are not needed where they are migrating to Adebayo an Engineer said that governments need to urgently address the brain drain because there are no available jobs Ike Nnamani President Association of Telecommunications Companies of Nigeria ATCON said that the Telecomunications Industry had lost close to 2000 staff due to outward migration Nnamani said that outward migration of professionals was part of the challenge faced by the industry and the country as a whole He urged that something should be done as the industry was a major contributor to the nation s Gross Domestic Product GDP According to him the industry has also contributed by creating employment for the teeming youths in the country Nnamani noted that the challenge of brain drain was affecting every sector of the nation s economy The News Agency of Nigeria reports that NITRA ICT Growth Conference was organised by Nigeria Information Technology Reporters Association NITRA NewsSourceCredit NAN
    ICT stakeholders want govt to address brain drain in the country
    General news2 months ago

    ICT stakeholders want govt to address brain drain in the country

    Some stakeholders  on Thursday called on the government to address the issue of outward migration of brains (brain drain)  from the country.

    The stakeholders made the call at the second edition of NITRA ICT Growth Conference  2.0 in Lagos with the theme, “Creating A Digital Ecosystem In Nigeria: The Hurdles, The Gains”.

    The Chairman of the occasion, Mr Chris Uwaje, Founder, Mobile Software Solutions, said that brain drain had become a very serious issue that should be put on the front burner by the government.

    Uwaje said that there was need to develop a knowledge-based park that would encourage local content grooming and development.

    He said that such park would encourage our local technology development.

    ‘’We need a park where we can talk tech, where we can gain knowledge and so on.

    ‘’Nigeria can be built, we do not have to run away’’ he said.

    Gbenga Adebayo, President, Association  of Licenced Telecommunications Operators of Nigeria (ALTON), said that government should address the issue of brain drain by making available necessary  amenities.

    He said that the sad reality of brain drain was that those leaving are not needed where they are  migrating to.

    Adebayo, an Engineer,  said that governments need to urgently  address the brain drain because there are no available jobs.

    Ike Nnamani, President, Association of Telecommunications Companies of Nigeria (ATCON), said that the Telecomunications Industry had lost  close to 2000 staff due to outward migration.

    Nnamani said that outward migration of professionals was part of the challenge faced by the industry and the country as a whole.

    He urged that something should be done as the industry was a major contributor to the nation’s Gross Domestic Product (GDP).

    According to him, the industry has also contributed by creating employment for the teeming youths in the country.

    Nnamani noted that the challenge of brain drain was affecting every sector of the nation’s economy.

    The News Agency of Nigeria reports that NITRA ICT Growth Conference was organised by Nigeria Information Technology Reporters Association (NITRA).

    ≠≠=
    NewsSourceCredit: NAN

  •  Minister of Communications and Digital Economy Prof Isa Pantami has informed global leaders at the International Telecommunication Union ITU Plenipotentiary Conference PP 22 achievements recorded in the nation s digital economy sector This was made known in a statement signed by Mrs Uwa Suleiman spokesperson of the minister on Thursday in Abuja Pantami while addressing heads of delegation and policy makers at the on going ITU PP22 in Bucharest Romania said that Nigeria s digital economy was fast growing in the nation s economy Suleiman quoted the minister as saying that the digital economy was the only sector that grew by double digits at the peak of the COVID 19 pandemic Pantami said that the sector s contribution to Nigeria s Gross Domestic Product GDP in the last three years has been unprecedented The minister said In the first quarter of 2020 the sector contributed more than 14 per cent to Nigeria s GDP while In the second quarter of 2021 it contributed 17 90 per cent The current statistics stand at an unprecedented 18 44 per cent Pantami said that five out of the seven unicorns in Africa originated from Nigeria and by implication Nigeria currently contributes over 70 per cent of the entire unicorns in Africa He said that the establishment of two virtual academies during the pandemic were dedicated to the empowerment of citizens with digital skills Pantami said that the various partnerships with global technology giants to train 10million citizens in the next two to three years had played a significant role in the success story of Nigeria s digital economy The Nigeria Startup Law which is in its advanced stage aims at providing an enabling environment for indigenous innovators to provide solutions to existing national and global challenges is also a significant achievement in the sector he said The minister reiterated that the development of 19 national policies all of which were in various stages of implementation have facilitated the quantum leap recorded by the sector These national policies are in the areas of developmental regulation Infrastructure digital skills as well as indigenous content development among others Pantami added He commended the ITU for its efforts at global digital transformation NewsSourceCredit NAN
    Pantami recounts digital economy’s successes at ITU conference
     Minister of Communications and Digital Economy Prof Isa Pantami has informed global leaders at the International Telecommunication Union ITU Plenipotentiary Conference PP 22 achievements recorded in the nation s digital economy sector This was made known in a statement signed by Mrs Uwa Suleiman spokesperson of the minister on Thursday in Abuja Pantami while addressing heads of delegation and policy makers at the on going ITU PP22 in Bucharest Romania said that Nigeria s digital economy was fast growing in the nation s economy Suleiman quoted the minister as saying that the digital economy was the only sector that grew by double digits at the peak of the COVID 19 pandemic Pantami said that the sector s contribution to Nigeria s Gross Domestic Product GDP in the last three years has been unprecedented The minister said In the first quarter of 2020 the sector contributed more than 14 per cent to Nigeria s GDP while In the second quarter of 2021 it contributed 17 90 per cent The current statistics stand at an unprecedented 18 44 per cent Pantami said that five out of the seven unicorns in Africa originated from Nigeria and by implication Nigeria currently contributes over 70 per cent of the entire unicorns in Africa He said that the establishment of two virtual academies during the pandemic were dedicated to the empowerment of citizens with digital skills Pantami said that the various partnerships with global technology giants to train 10million citizens in the next two to three years had played a significant role in the success story of Nigeria s digital economy The Nigeria Startup Law which is in its advanced stage aims at providing an enabling environment for indigenous innovators to provide solutions to existing national and global challenges is also a significant achievement in the sector he said The minister reiterated that the development of 19 national policies all of which were in various stages of implementation have facilitated the quantum leap recorded by the sector These national policies are in the areas of developmental regulation Infrastructure digital skills as well as indigenous content development among others Pantami added He commended the ITU for its efforts at global digital transformation NewsSourceCredit NAN
    Pantami recounts digital economy’s successes at ITU conference
    General news2 months ago

    Pantami recounts digital economy’s successes at ITU conference

    Minister of Communications and Digital Economy.

    Prof. Isa Pantami, has informed global leaders at the International Telecommunication Union (ITU) Plenipotentiary Conference (PP-22), achievements recorded in the nation’s digital economy sector.

    This was made known in a statement signed by Mrs Uwa Suleiman, spokesperson of the minister on Thursday in Abuja.

    Pantami, while addressing heads of delegation and policy makers at the on-going ITU PP22 in Bucharest, Romania said that Nigeria’s digital economy was fast growing in the nation’s economy.

    Suleiman quoted the minister as saying that the digital economy was the only sector that grew by double digits at the peak of the COVID-19 pandemic.

    Pantami said that the sector’s contribution to Nigeria’s Gross Domestic Product (GDP) in the last three years has been unprecedented.

    The minister said: “In the first quarter of 2020, the sector contributed more than 14 per cent to Nigeria’s GDP, while In the second quarter of 2021, it contributed 17.90 per cent.

    ”The current statistics stand at an unprecedented 18.44 per cent.

    ” Pantami said that five out of the seven unicorns in Africa originated from Nigeria and by implication, Nigeria currently contributes over 70 per cent of the entire unicorns in Africa.

    He said that the establishment of two virtual academies during the pandemic were dedicated to the empowerment of citizens with digital skills.

    Pantami said that the various partnerships with global technology giants to train 10million citizens in the next two to three years had played a significant role in the success story of Nigeria’s digital economy.

    “The Nigeria Startup Law, which is in its advanced stage, aims at providing an enabling environment for indigenous innovators, to provide solutions to existing national and global challenges is also a significant achievement in the sector,” he said.

    The minister reiterated that the development of 19 national policies, all of which were in various stages of implementation, have facilitated the quantum leap recorded by the sector.

    “These national policies are in the areas of developmental regulation, Infrastructure, digital skills, as well as indigenous content development, among others,” Pantami added.

    He commended the ITU for its efforts at global digital transformation.


    NewsSourceCredit: NAN

  •  The Permanent Secretary Federal Ministry of Agriculture and Rural Development Dr Ernest Umakhihe says the Nigeria s Livestock subsector has huge economic potentials worth more than N33 trillion annually that ought to be explored Umakhihe said this at the inauguration of the Edo chapter of Animal Science Association of Nigeria ASAN held on Monday in Benin He noted that the subsector was estimated to contribute about 17 per cent of the Agricultural Gross Domestic Product GDP and 5 per cent of the National GDP As we all know the livestock sector is very vital to the socioeconomic development of the country and it represents an important source of high quality animal protein It provides about 36 5 per cent of the total protein intake of Nigerians generates employment income and earns foreign exchange for the country The Edo government through the ministry of Agriculture and Food Security is interested in improving livestock production hence the creation of animal husbandry department in the ministry I urge you all to take advantage of this department to explore the huge potential in the animal husbandry subsector he said Also speaking the Registrar of the Nigerian Institute of Animal Science NIAS Prof Eustace Iyayi commended the state government for creating a department of animal husbandry As an institute we are going to key into the mandate of helping the state grow livestock to harness the potential in the sector I am confident that at a time when the Nigeria s oil industry is failing we will be able to tap into the N33 trillion huge potential earnings in the value chain he said The National President of ASAN Raymond Isiadiino in his goodwill massage applauded the initiative to inaugurate the Edo chapter of the association Isiadiino noted that in face of daunting challenges the association had made landmark contributions to the advancement of the sub sector and projected the animal scientist as a professional with unlimited potential The Special Adviser to Gov Godwin Obaseki on Livestock Mr Bashiru Kadiri commended the initiative to inaugurate the Edo chapter of ASAN Kadiri said no system can develop if we do not define who plays what role and how According to him the governor believes that the livestock and the entire animal husbandry must thrive hence the implementation of the Edo state livestock initiative programme in the state Highpoints of the event was the inauguration of the ASAN state executives to be chaired by Mr Peter Aikhuomobhgbe NewsSourceCredit NAN
    Livestock sector capable of generating N33 trn annually – FG
     The Permanent Secretary Federal Ministry of Agriculture and Rural Development Dr Ernest Umakhihe says the Nigeria s Livestock subsector has huge economic potentials worth more than N33 trillion annually that ought to be explored Umakhihe said this at the inauguration of the Edo chapter of Animal Science Association of Nigeria ASAN held on Monday in Benin He noted that the subsector was estimated to contribute about 17 per cent of the Agricultural Gross Domestic Product GDP and 5 per cent of the National GDP As we all know the livestock sector is very vital to the socioeconomic development of the country and it represents an important source of high quality animal protein It provides about 36 5 per cent of the total protein intake of Nigerians generates employment income and earns foreign exchange for the country The Edo government through the ministry of Agriculture and Food Security is interested in improving livestock production hence the creation of animal husbandry department in the ministry I urge you all to take advantage of this department to explore the huge potential in the animal husbandry subsector he said Also speaking the Registrar of the Nigerian Institute of Animal Science NIAS Prof Eustace Iyayi commended the state government for creating a department of animal husbandry As an institute we are going to key into the mandate of helping the state grow livestock to harness the potential in the sector I am confident that at a time when the Nigeria s oil industry is failing we will be able to tap into the N33 trillion huge potential earnings in the value chain he said The National President of ASAN Raymond Isiadiino in his goodwill massage applauded the initiative to inaugurate the Edo chapter of the association Isiadiino noted that in face of daunting challenges the association had made landmark contributions to the advancement of the sub sector and projected the animal scientist as a professional with unlimited potential The Special Adviser to Gov Godwin Obaseki on Livestock Mr Bashiru Kadiri commended the initiative to inaugurate the Edo chapter of ASAN Kadiri said no system can develop if we do not define who plays what role and how According to him the governor believes that the livestock and the entire animal husbandry must thrive hence the implementation of the Edo state livestock initiative programme in the state Highpoints of the event was the inauguration of the ASAN state executives to be chaired by Mr Peter Aikhuomobhgbe NewsSourceCredit NAN
    Livestock sector capable of generating N33 trn annually – FG
    General news2 months ago

    Livestock sector capable of generating N33 trn annually – FG

    The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, says the Nigeria’s Livestock subsector has huge economic potentials worth more than N33 trillion annually that ought to be explored.

    Umakhihe said this at the inauguration of the Edo chapter of Animal Science Association of Nigeria (ASAN) held on Monday in Benin.

    He noted that the subsector was estimated to contribute about 17 per cent of the Agricultural Gross Domestic Product (GDP) and 5 per cent of the National GDP.

    “As we all know the livestock sector is very vital to the socioeconomic development of the country and it represents an important source of high-quality animal protein.

    “It provides about 36.5 per cent of the total protein intake of Nigerians, generates employment, income, and earns foreign exchange for the country.

    “The Edo government through the ministry of Agriculture and Food Security is interested in improving livestock production hence, the creation of animal husbandry department in the ministry.

    “I urge you all to take advantage of this department to explore the huge potential in the animal husbandry subsector,” he said.

    Also speaking, the Registrar of the Nigerian Institute of Animal Science (NIAS), Prof.Eustace Iyayi,  commended the state government for creating a department of animal husbandry.

    “As an institute, we are going to key into the mandate of helping the state grow livestock to harness the potential in the sector.

    “I am confident that at a time when the Nigeria’s oil industry is failing, we will be able to tap into the N33 trillion huge potential earnings in the value chain,” he said.

    The National President of ASAN, Raymond Isiadiino, in his goodwill massage, applauded the initiative to inaugurate the Edo chapter of the association.

    Isiadiino noted that in face of daunting challenges, the association had made landmark contributions to the advancement of the sub-sector and projected the animal scientist as a professional with unlimited potential.

    The Special Adviser to Gov. Godwin Obaseki on Livestock, Mr Bashiru Kadiri, commended the initiative to inaugurate the Edo chapter of ASAN Kadiri said: ” no system can develop if we do not define who plays what role and how”.

    According to him, the governor believes that the livestock and the entire animal husbandry must thrive hence, the implementation of the Edo state livestock initiative programme in the state.

    Highpoints of the event was the inauguration of the ASAN state executives to be chaired by Mr Peter Aikhuomobhgbe.


    NewsSourceCredit: NAN

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