Business
FG Approves N3.6bn For Agric Mechanisation
The Federal Government
has approved N3.6 billion to support the establishment of Agricultural Equipment Hiring Enterprise (AEHE) nationwide, Agric Minister Akinwunmi Adesina, said.
He said this recently at an interactive session with mechanisation intervention partners in Abuja.
Adesina, who was represented by the Permanent Secretary in the ministry, Mrs Ibukun Odusote, said mechanisation in an agrarian country like Nigeria must be taken very seriously.
The minister said that the initiative would enable the country to attain the desired height of putting agriculture at the fore front of the economy.
“To kick-start the implementation of this framework, I approved an intervention scheme to serve as a pilot with N3.6 billion released by the Federal Ministry of Agriculture and Rural Development towards financing the establishment of the Agricultural Equipment Hiring Enterprise (AEHE).
“The funds in the first phase will make available 400 units of tractors, 500 power tillers, and various harvest and post harvest equipment to set up 80 centres.’’
Adesina said government was aware of the challenges that had bedevilled the mechanisation sector in the past years, in spite of past efforts to subsidise the cost of tractors at 45 per cent.
He said that the small scale farmers that produced 80 per cent of the nation’s food had very little or no access to these subsidised machinery.
Adesina said the second phase would achieve similar results like the first but that the third phase would acquire 250 tractors through the partnership programme.
He predicted that at the end of the first, second and third phases, the intervention scheme would bring in 1050 units of tractors, 1500 power tillers and 2400 units of various harvest and post-equipment such as rice reapers, grain threshers and cassava peelers.
Adesina said also that about 210 units of the equipment would be located in demand driven locations nationwide.
He said that the intervention would also create 6,090 direct jobs, mechanise a minimum of 488,250 hectares of land.
Adesina said that the AEHEs would be run by the private sector, adding that the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) would cover the programme.
In her remarks, Odusote, who was represented by a Director in the minister’s office, Dr Damilola Eniaiyeju, said the success of the Agricultural Transformation Agenda (ATA) depended on mechanisation.
She said in spite of government’s efforts to mechanise agriculture over the years, it was still at 0.027 horse power per hectare.
Odusote said the dismal state of mechanisation had led to the formation of advisory committee saddled with the responsibility of producing a workable mechanisation frame work to support the agricultural transformation agenda.
She said for a start, government was clearing 6,400 hectares of land nationwide for cassava production, adding that farmers through the Growth Enhancement Support (GES) scheme would access effective tractor services and enable them own their tractors.
Mr Thomas Atsu, who spoke on behalf of the lead-accredited vendor/manufacturers’ representatives, expressed satisfaction with government mechanisation programme.
He said tractor vendors were happy with the programme and urged the banking sector to help finance vendors and farmers to achieved mechanisation.
On his part, the Managing Director, Bank of Agriculture, Dr Mohammed Santuraki, said the bank was known for its positive investments.
He applauded the minister for the intervention, adding that the major challenge facing agriculture in Africa was mechanisation.
Santuraki expressed the determination of the bank to support for the programme, saying ‘’only through mechanisation will agriculture be transformed from a development programme to a business’’.
Highlight of the event was the signing of performance agreement between the ministry and the accredited vendors, manufacturers and representatives.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
-
Environment4 days ago
World Water Day And Provision Of Clean Water
-
Rivers4 days ago
Abua/Odual Is Simplified -Board Member
-
Niger Delta2 days ago
C’River, Ebonyi Govts Resolve Boundary Dispute
-
Opinion2 days ago
Leveraging On ICT For Timely Retirees’ Payment
-
Politics4 days ago
Gov Mutfwang Harps On Tolerance Among Nigerians
-
Nation3 days ago
WTD: Banigo Advocates Good Hygiene
-
News2 days ago
Nigeria’s 149 Private Varsities Undersubscribed -NUC
-
News2 days ago
Police Neutralise Notorious Cult Leader In Owube Kingdom