Business
Lagos Traders Decry Shortage Of PoS Terminals
Traders in Lagos have complained that the unavailability of Point of Sales (PoS) terminals might hinder the implementation of the cash-less policy by the Central Bank of Nigeria (CBN) in the state.
They told newsmen in separate interviews that the aim of the scheme might be defeated if the CBN fails to address the shortage of PoS immediately.
Our correspondents, who visited some major markets in Lagos, recently reported that many traders were yet to key into the pilot scheme, 10 days after its commencement, due to non- availability of the terminals.
President, Association of Alaba Traders, Uche Ugochukwu, advised CBN to deploy more PoS terminals, adding that it was necessary to remove any hurdle that might hinder the implementation of the policy.
The association president said that the PoS terminals were still inadequate in major markets in Lagos.
He said that the charges for using the terminals ranged between two per cent and three per cent, depending on the service provider.
Ugochukwu said that the remittance of money to traders’ accounts “is real time as it is online process’’.
He also said that network connectivity was sometimes a major challenge to the efficiency of the system.
According to him, the deposit and withdrawal limits under the policy were impacting negatively on their businesses. “It slows down transactions,” he said.
The Vice-President, Ladipo Auto Central Executive Committee (LACEC), Justice Mbila, said there was the need to create more awareness on the new policy to enable more traders to key into it.
He recalled that some officials of banks visited the market early in the year to educate traders on the policy and teach them how to use the PoS terminals.
Mbila, however, said that majority of Ladipo traders were illiterates, insisting that they needed more enlightenment to enable them to understand the benefits of the policy.
Emaka Obina, a spare part dealer, said that he did not understand the new system.
He said that he had not seen a PoS terminal, but he believed that it would not be difficult to operate, just like the mobile phones.
Mrs. Shukurat Adekunle, a beverage seller at Apongbon market, told The Tide source that she had only seen the demonstration of the PoS on television, but that she had not seen it physically.
She admitted that there were enough enlightenment campaigns on the scheme, but that the apex bank should have extend the campaign and ensure that enough PoS terminals were made available.
The acting Chief Executive Officer, Nigeria Inter-Bank Settlement System (NIBSS), Niyi Ajao, said that 30,000 terminals had been deployed and connected to NIBSS central switch since January.
He said that the issue of delay in debiting merchants accounts after transactions had been addressed and customers’ account were being debited within one day.
The governor of CBN, Malam Lamido Sanusi, said in January, that bank customers would not pay charges for using Point of Sale (PoS) machines.
He said that the cost of such deals would be borne by merchants by paying 1.25 per cent of the transaction fee.
Meanwhile, Interswitch Nigeria, provider of cards and other e-payment services, has assured that there would be an improvement on Point of Sales (PoS) terminal and other e-transaction channels facing challenges.
According to the company, solution to public complaints on the e-payment challenges was in areas that have drawn immediate attention of both the regulator and stakeholders. The company described them as issues instituted from infrastructural and technology instability.
The Director, Payment, Infrastructure and Transaction Processing, Akeem lawal said the newness of PoS and other e-payment methods, aside from ATM, couple with infrastructure are some of the factors militating against the development of the cashless policy.
Speaking to newsmen in Lagos, over the weekend, he said: “The Central Bank of Nigeria has licensed several PTSP operators to focus on the PoS market and ensure that first and second level supports are given to business and merchant outlets that have PoS terminals.”
Business
NASS Engages Agric Minister On Food Crisis
The National Assembly through its joint committee on Agriculture Production Services and Rural Development has engaged the Minister of Agriculture and Food Security, Senator Abubakar Kyari on an urgent solution to food inflation bedeviling the country.
The committee chaired by Senator Saliu Mustapha (APC Kwara Central), at an interface with the Minister, interrogated him on plans being put in place to arrest high cost of food prices in the country and make it affordable and available to the poor masses.
In his response, the Minister said the Federal Government has commenced distribution of 42,000 metric tonnes of grains to some focal points of state capitals nationwide.
“We have received directive and approval from Mr. President to distribute for immediate impact 42,000 metric tons of assorted grains free of charge to the Nigerian population.
“This was received in mid-February, as we are speaking, we have a record of the distribution being carried out, but I will want to plead with the honorable house and distinguished senators that some of the movements can’t be made public but a lot of states have started receiving their grains.
“We are distributing to state capitals in the first instance as you all are aware of the risk involved in the vandalism of foodstuff so we are working with the office of the national security adviser and other national security agencies.
“Furthermore, 58,500 metric tonnes of milled rice from mega rice millers will also be released into the market for stabilisation”, he said.
Speaking with newsmen shortly after the interactive session, Senator Mustapha expressed satisfaction with the steps being taken by the federal government.
He said: “From our interactive session, we are on the other side of the parliament; we are fully in the picture of what is happening, we are convinced that the steps being taken by the federal government are in the right direction.
“All we did again is to further emphasise on the need for certain things to be done on time, I think from this collaborative approach by the grace of God, Nigerians will have a better feel of the government policy on food security”.
Business
Obj Harps On Cheap Credit, Policy Consistency For Food Production
Nigeria’s former President, Olusegun Obasanjo, has called on the government to provide cheap credit and ensure policy consistency to enable farmers increase food production in the country.
The former President made the call as food inflation and nutrition security concerns grow in Africa’s most populous country.
Obasanjo’s made the call at the 9th Agrofood & Plastprintpack conference in Lagos recently, where he said farmers in the country were yearning for consistency in policy and single-digit interest loans to drive growth in the sector and attain food security.
“Policy sustainability and predictability is what farmers want. It helps them to plan. Availability of finance is also what farmers want. They cannot survive on the double digital interest rate”, Obasanjo, who is also a farmer, said at the conference.
According to him, food and nutrition security start with availability, then affordability by ensuring that everyone who needs food can get it.
He noted that food was one of the major imperatives in life, adding that “there cannot be food without agriculture and agribusiness”.
Obasanjo further stressed the importance of agriculture in changing the fortunes of the economy, with attendant exponential gains by way of earnings, employment, food security and other spin-offs.
He noted that agriculture must be made attractive to the country’s teeming youth population, saying this would address the rising unemployment, worsening insecurity and youth migration through the Mediterranean.
“We have to make agriculture attractive to the youths. We have to think within and outside the box to make it attractive to the youths so they are willing to get their hands dirty and feet wet”, he advised.
He continued that “Part of the security issue is owing to our inability to get them engaged. The need for agro-food and agribusiness is for food security, employment, wealth creation and income generation, particularly foreign exchange”.
Speaking also, Wouter Plom, the ambassador of the Kingdom of the Netherlands, said his country had faced challenges similar to those Nigeria confronts – feeding a growing population with limited resources.
He said as partners with a joint vision, the Netherlands and Nigeria recognise that the agricultural sector was one of the prominent drivers for economic growth.
He noted that the Netherlands has further strengthened its partnership with Nigeria to boost the agriculture sector in three main areas- economic growth, improved diets and youth employment.
The ambassador noted that all the challenges in driving growth through the sector, improving diets and tackling unemployment can be addressed when food production is efficient.
Paul Maerz, Managing Director of Fairtrade Messe, said with more investment in agro-food & plastprintpack solutions, products and technologies, brighter days were ahead for Nigeria’s agriculture.
Business
Abuja Farmers, Others Lose N12bn To Ginger Disease
The Federal Government, has confirmed the outbreak of ginger blight epidemic in four States in Nigeria, saying ginger farmers have lost over N12 billion due to the disease.
The government disclosed this at the inauguration of the National Ginger Blight Epidemic Control Taskforce in Abuja, revealing that the fungal disease had inflicted significant damage on ginger farms in Kaduna, Nassarawa Plateau and the Federal Capital Territory.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the blight had caused billions of naira in losses, impacting not only the livelihoods of farmers, but also Nigeria’s position as the world’s second-largest ginger producer.
“Our preliminary estimates suggested that affected farmers in southern Kaduna lost over N12bn.
“Furthermore, considering that over 85 per cent of Nigeria’s ginger cultivation occurs in this region, we can safely assume a substantial loss of cultivated land, potentially exceeding 70 per cent of total land”, he stated.
Abdullahi, however, stated that the Federal Government through the National Agricultural Development Fund would launch a N1.6bn recovery package for affected farmers in ginger-producing areas.
He said the ginger blight epidemic served as a stark reminder of the importance of preparedness in safeguarding agricultural resources, adding that by investing in research, extension services and farmer support systems, “we can build a more sustainable future for our agricultural sector”.
On his part, the Chairman of the task force committee, Abubakar Abdullahi, said there was no doubt that the blight on ginger had negatively affected the Gross Domestic Product earnings from this subsector.
“It is of necessity and great urgency that various subcommittees are put in place to forestall these negative effects”, he stated.
Abdullahi assured the minister of the commitment of the team to salvage the situation, as he pleaded with the minister to give the committee the power to co-opt members that would add value to the task force to discharge their duties efficiently and effectively.
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