Business
Foodstuffs Prices: Expert Harps On Effective Transportation System
An effective rail and road transportation system will help to reduce the cost of foodstuffs in Nigeria, an agricultural expert has said.
Mr Alpheaus Kimbeghi, a food technologist, said this last Wednesday in Abuja in an interview with newsmen while reacting to the high cost of foodstuffs.
Kimbeghi said that the lack of access roads to move farm produce to markets was the major reason for the intermittent hikes in the prices of foodstuffs and other goods.
“Government’s readiness to put our railways back on track will go a long way in ensuring that foodstuffs easily get evacuated from the villages to the cities.
“Similarly, road maintenance, construction and opening of new roads, will make it easy for more goods to get to the market, thereby reducing the cost,” he said.
Kimbeghi noted that traders spent more money on transportation because lorries and trucks, which often conveyed their goods, cost more to hire.
“Now that the rains and the roads are getting worse, prices in the market will escalate too,” he added.
He attributed the huge influx of people from the rural areas to urban centres to the decline in agriculture and the frustration suffered by farmers in getting their goods across to buyers.
He said that several farmers had been compelled to leave their occupation and large expanse of farm lands to engage in menial jobs such as commercial motorcycle business, because their food production efforts were not appreciated.
“A lot of taxi drivers, okada men and wheelbarrow pushers have suffered losses on their farms and have refused to farm,” he said.
The food technologist stressed that,.an efficient rail transportation system, coupled with good road networks linking villages, cities, and markets would curb the hike in the cost of goods.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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