Business
Stakeholders Inaugurate Cooperative To Boost Industrial Agriculture
Some stakeholders in agri
culture yesterday called for replacement of subsistence farming with mechanised farming to eradicate poverty and guarantee food security in the nation
The stakeholders, at the inaugural meeting of the National Cooperative for Commercial and Industrial Agriculture (NACCIA) in Lagos, stressed the need to organise the sector for higher productivity.
Reports say that NACCIA was formed to reposition agricultural practice in Nigeria to global standard.
The founder of the cooperative, Chief Felix Okonti, told newsmen that NACCIA was formed to address problems that reduced output of farmers in Nigeria despite massive deployment of labour.
Okonti, who is also the Managing Director of Lix-Konti Ranch, said that NACCIA was forming farmers into clusters to relate as federating members to address problems of funding, processing, storage and markets for produce.
“What we want to achieve is to do it differently for Nigeria whereby less than a hundred or a thousand people can produce what more than 50 million people are producing today.
“The aim is to place Nigeria in the map as industrialised agro based commercial country that can fulfil its potentials.
“Why would Argentine maize producer produce 16 tons per hectare, while the Nigerian farmer is doing 0.3 tons per hectare?’’ he queried.
Okont said that NACCIA already had over 100 federating units where every farmer ran his farm but fell back to the cooperative to cultivate, process and sell without losses.
He said that the cooperative would also set up processing plants for clusters of federating farms that would extend the model to all farmers in their environment to curb wastages and financial losses.
Okonti said members would be mobilised with a minimum of N100 million to start, adding that various committees were being formed to properly guide farmers towards investments.
He appealed to the Federal Government to construct roads leading to farms and develop other infrastructure and power to promote commercial agriculture.
Prof. Mohammed Yisa, the immediate past Deputy Speaker of the Kwara State House of Assembly, who was chairman of the occasion, lamented that Nigeria imported almost all agricultural products it could produce.
“It is not good for a country with over two million hectares of arable land to be buying things. “We cannot rely on hoe and cutlass or peasant farmers who do about two acres to feed us; that is why we need mechanised farming’’ he said.
Yisa, a former Commissioner for Agriculture, said that there was need to revolutionalise the sector to attract foreign investors and encourage Nigerians to do business and plan for it.
The Managing Director and Chief Executive Officer of the Bank of Agriculture (BOA), Dr Danju Danbala, delivering a keynote address, said commercial agriculture was the antidote to poverty and food insufficiency.
“In many developed economies cooperatives are known to have made invaluable impact in agriculture, commerce, industry and have transformed their society greatly. Not so in Nigeria, why?”, he said.
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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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