The Poultry Farmers Asso
ciation of Nigeria (PFAN) says the reform in the National Agriculture Insurance Scheme (NAIC) has enabled it to meet the demands of farmers in the country.
Dr Ayoola Oduntan, the President of PFAN, said this in Abuja last Wednesday in an interview with journalist
He said before the transformation in NAIC a lot of farmers did not get value on insurance, adding that it greatly hampered the nation’s agricultural growth.
The president said that with the interest shown by private insurance companies in agriculture, the move would go a long way in boosting the confidence of farmers to insure their farms.
“Before now, a lot of farmers did not get value on insurance or could not believe they will get value on insurance both on livestock and on other agricultural products.
“But now, the system has been totally revamped and we are optimistic that with NIRSAL and the organisation of NAIC, insurance in agriculture is not longer an issue,’’ he said.
On the issue of interest rate, Oduntan said that the issue needed to be addressed urgently because farmers in Nigeria paid high interest on bank loans.
He said most countries pay bank interest for agriculture activities of three to six per cent in order to attract more people into farming and to enhance development of the sector.
“I have farmers that are borrowing money at 22 to 25 per cent interest rate from the banks and this is not good for the country’s economy.
“We have intervention by the government from the Central Bank of Nigeria on commercial agriculture credit scheme, which has done quite a good job among a particular category of farmers.
“We also have agriculture guarantee scheme and other schemes, but it is not enough because the credit loan does not reach every farmer.
“So the issue of bank interest in agriculture is something government needed to work on,“ he said.
The president said that the association appreciated the Federal Government’s efforts in the sector, saying that more should be done for farmers to access credit facilities.
Oduntan said that he looked forward to a time when farmers in Nigeria would borrow money at four or five per cent interest rate, saying this is possible.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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