Business
FG Tasks States Infrastructure Master Plan
The Minister of National Planning, Dr Abubakar Suleiman, has urged state governments to redouble their commitments to the full implementation of States Integrated Infrastructure Master Plans (SIIMPs).
Suleiman gave the advice in Abuja while meeting with Commissioners of Economic Planning and Chief Executives of states Planning Commissions on the development and implementation of the plan.
He said the SIIMP was developed to improve the living standards of people in the country.
“ SIIMP as an extension of National Integrated Infrastructure Master Plan (NIIMP) is designed to give Nigerians improved infrastructure services accelerated economic growth and better standard of living.
“The development and implementation of SIIMP in our various states will help the nation to have a unified drive in all sectors of our infrastructure development,’’ the minister said.
According to him, the states are and federal governments are expected to establish infrastructure delivery units within relevant ministries, departments and agencies to drive implementation of the master plan.
“Governments should develop priority of infrastructure projects and identify other sources of funding for infrastructure development such as bonds, loans and others.
“They are also expected to establish a legal framework and streamline bureaucracy to attract private sector investment and build a strong synergy for infrastructure development,’’ Suleman said.
He expressed optimism that the decisions, recommendations and steps taken at the meeting would help in closing infrastructure gap in the country.
The Secretary, National Planning Commission, Mr Fidelis Ugbo, said the commission would commence the process of implementing the national infrastructure master plan beginning from 2015 budget.
Expert Identifies Reason For Money Market Rates Increase
Executive Secretary, Financial Market Dealers Association (FMDA), Mr. Wale Abe has attributed the upward trends in the money market rates to the volatilities in the Nigerian capital market.
Volatility is a measure for variation of price of a financial instrument over time. It is a measure of risk based on the standard deviation of the asset return.
It is a measure of security’s stability calculated as the standard deviation from a certain contnuously compounded return over a given period of time.
Abe told The Tide source in Lagos that the volatilities were because of the socio-political uncertainties and national security challenges.
He said the uncertainties had led to investment lethargy as noticed in the sustained dropping of the All Share Index (ASI).
ASI shows the movement in the price of stocks of companies on the Nigeria Stock Exchange (NSE).
Abe said that the volatilities in the capital market had made foreign investors to pull out their investments following low yields from the listed equities.
He also said that the development had made the stock market to remain unattractive to both domestic and foreign investors.
The executive secretary added that the downward movement in the price of listed equities could be traced to the Central Bank of Nigeria (CBN) induced liquidity through its tight monetary policy.
Abe said that the sustained fall in ASI was a threat that would make the nation’s portfolio investment climate unattractive.
He added that short term investors in the capital market preferred to put their money in the money market because of artificial returns noticeable in the money market.
Abe also said that the sustainability of the upward trend in the money market could only be retained by the law of demand and supply.
He added that the force of the law of demand and supply in the ideal and real market made it not possible for the rates to be manipulated.
“The net yield of treasury is higher than that of the stock market.
“The two markets differ, especially because of the tax deduction in the stock market therefore making the short-term investors to be attracted to the money market.
“The higher the interest rates in money market, the lower the interest rate in the stock market,” he said.
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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