Connect with us

Business

FG To Peg Farmers’ Loan Interest Rate At 5%

Published

on

The Minister of Agricul
ture and Rural Development, Chief Audu Ogbe, says the Federal Government would lobby banks to peg interest rate at five per cent instead of the current nine per cent.
Ogbe made this known  recently in Ilorin at the launching of the 2nd phase of Agricultural Equipment Hiring Enterprise (AEHE) programme at the National Centre for Agricultural Mechanism, (NCAM).
The minister was of the view that nine per cent was too high as interest rate for farmers, adding that for people of Nigeria to feed well, agriculture must grow.
“So interest rate has to come down, if this is done, banks will have more loans to give and more farmers will be taking the loan because of the low rate,” Ogbe said.
The Minister said incessant clashes between farmers and cattle herdsmen in the country would be brought to an end in the next two years.
He Federal Government would create grazing areas in the country where the herdsmen would take care of their cattle.
“We will grow grass in the South to feed the cattle in the North, just as Saudi Arabia did,” he said.
According to the minister, if Saudi Arabia with the largest cattle ranch in the world can grow its grass for the cows in the United States of America, Nigeria should be able to do same.
The minister said he would soon come out with a road map for the ministry, adding that the ministry would come up with soil map of the country.
With this soil map, farmers would know the type of fertiliser suitable for his farm and how to apply same for optimal yield.
He said his ministry was targeting three million metric tons of cocoa and planned to plant more castor trees, rice, sugar and wheat.
Ogbe commended NCAM for its efforts in the mechanization of agriculture, adding that no country can practice large scale agriculture without mechanization.
He promised that the Federal Government would assist NCAM to improve on the tractors it developed.
“We cannot develop agriculture by distributing cutlasses and hoes to the farmers, only one per cent of farms are produced by mechanised farming,” he said.
The minister lamented that Nigeria has less than 300 tractors while the whole of Europe was mechanised and USA completely mechanised.
Ogbe said that from available statistics, there are 800 million hectares of farm land in the world with 400 million of this from Africa.
He said Nigerian has 79 per cent of farmland which translated to 92 sq km of land, adding that Nigeria is wealthy as land is wealth everywhere.
The minister, however, said that in 34 years to come, Nigeria population would stand at 500 million on the same piece of land.
Ogbe, therefore, appealed to state governments not to give too much land to a single person for farming so that young people wishing to go into farming would find land to farm.

Continue Reading

Business

NCDMB Recommits To  Youths’ Capacity Building

Published

on

The Executive Secretary,  Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola-Ogbe, has reeled out initiatives evolved by the Board in its contribution towards capacity building for youths across the country.
The NCDMB Scribe revealed this recently at the 2024 Practical Nigerian Content (PNC) Youth Forum held in Yenagoa, the Bayelsa State capital.
Tagged “empowering the future: unlocking the opportunities in the Niger Delta oil and gas sector”, the event featured three thematic lecture series delivered by the founder and leader of the Niger Delta Peace Coalition (NDPC), Mr. Zik Gbemre, the Bayelsa State Commissioner for Youths Development, Mr. Alfred Kemepado Nimizigha, and the Chief Executive Officer, PE Energy ltd., Mr Daere Akabo.
Ogbe, who was represented by the Manager, Capacity Building of the Board, Mr. Olugbenga Sheba, noted that the NCDMB has recently partnered the Nigerian Liquified Natural Gas (NLNG) to commence the Nigerian Content Human Capacity Development (NC-HCD) in the oil and gas sector for the training of 331 young graduates.
“As you already know, the NCDMB was established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
“Our mandate is to develop human capabilities and material capacities in the Nigerian oil and gas industry, and to monitor and enforce compliance with the provisions of the act”, the NCDMB Scribe said.
“The theme for this year’s youth event is ‘Empowering the future: Unlocking the opportunities in the Niger Delta Oil and Gas Sector’. This theme speaks to our determination and ongoing efforts to introduce youths from the Niger Delta to opportunities that abound in the oil and gas industry.
“Few weeks ago, we partnered the NLNG to kick start the Nigerian Content Human Capacity Development (NC-HCD) basic training programme for a total of 331 young graduates. The training covers ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and working at Height, Quality Management Systems, Marine and offshore services and  Facility Management and Maintenance.
“We also organised training for youths with the Industrial Training Fund (ITF), WalterSmith Petroleum, and other organizations. And as part of the NCDMB’s initiatives in the Niger Delta, we’ve developed two oil and gas parks at Emeyal one in Ogbia Local Government Area of Bayelsa State, and Odukpani in Cross River State”, he added.

By: Ariwera Ibibo-Howells, Yenagoa

Continue Reading

Business

FGC, Warri Wins NCDMB, ICPC Maiden Anti-Corruption Schools Debate

Published

on

The Federal Government College, Warri, Delta State, has won the maiden ‘’Anti-Corruption” debate organised for select Secondary Schools across the six geopolitical zones of the nation by the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the Independent Corrupt Practices and other related offences Commission (ICPC) at the Content Tower, headquarters of the Board, Yenagoa, Bayelsa State.
The Tide reports that at the debate umpires said following the evaluation from the presentations by the two finalists, Federal Government College, Kazaure, Jigawa State, scored a total of 74.4 points as first runner-up while the Federal Government College, Delta State garnered 76.4 points to emerge winners.
Other schools that participated in the various stages of the debate leading to the finals were Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State;  Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
The Tide further reports that the theme for the 2024 International Day of Anti-Corruption was, “Effective Whistleblower Protection Mechanism: A Critical Tool in the Fight Against Corruption”, while topic for the debate was, “Impact of integrity on the expansion of public trust and confidence in governance.
Earlier in his keynote address, the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, restated the Board’s stance against corruption, noting that fighting corruption is a must for the Board.
He reaffirmed his commitment to ideas and programmes geared towards putting an end to corruption within the system, and lauded the Federal Ministry of Education for approving the participation of students in the event.
While commending the ICPC for their support and continuous oversight over the activities of the Anti-Corruption Unit (ACTU) of NCDMB, Ogbe also thanked the anti-graft unit of the Board for putting the event together, noting that they were doing well in their efforts at combating corruption.
“To be clear on what today is about, we’re marking and celebrating International Anti-Corruption Day (IACD), with focus on raising the consciousness of our youths on the ills of corruption and how it stunts the socio-economic development of any Nation.
“This is to send a strong message for extra vigilance by all of us in combating the menace of Corruption from all fronts”, the NCDMB boss said.

By: Ariwera  Ibibo-Howells, Yenagoa

Continue Reading

Business

Free Meter Distribution: FG Deducts N700bn From Federation Account 

Published

on

The Federal Government has earmarked  N700billion from the federation account to implement the distribution of free electricity meters under the Presidential Metering Initiative.
This was disclosdd by the Special Adviser to the Minister of Power on Strategic Communications and Media, Bolaji Tunji.
Tunji, who, in a chat with The Tide’s source noted that the PMI was on course with a target to deliver two million meters yearly, also revealed that the amount reserved for the project had reached N700 billion and procurement had started.
“The Presidential Metering Initiative is still on course. Two million meters every year, delivery of the first batch will start by the first quarter of next year. About N700billion provision has been made, and the money is ready”, he said.
He further revealed that the government would fulfil its promise to deliver 1.3million electricity meters out of the 3.2 million meters under the World Bank Distribution Sector Reform Programme initiative this month, saying that “The DISREP programme will commence this month”.
An analysis of the Federal Account Allocation Committee meeting minutes obtained by our correspondent between April and August showed that the government had saved N420billion from a monthly deduction of N100billion.
The amount deducted from the monthly federation revenue before allocation to the three tiers of government was aimed at bridging the metering gap in the country, which currently stands at 50 per cent.
Recall that N120 billion was deducted from April revenue as the first tranche for the PMI, bringing the amount deducted from the federation account for the initiative as of August to N420billion.
In May, the Minister of Power, Adebayo Adelabu, said the government would provide an initial N75billion as seed capital while the Nigerian Sovereign Investment Authority pledged to inject N250 billion annually for the initiative.
The Minister also disclosed that the initiative would leverage debt financing from diverse financial institutions to bolster the PMI’s resources.
The Managing Director of Abuja Distribution Electricity Distribution Company, Mr. Victor Ojelabi, recently said the PMI would unlock about N1trillion in revenue currently tied up in the Nigerian Electricity Supply Industry due to a large number of unmetered customers.
Under the initiative, the Nigerian Electricity Regulatory Commission announced the approval of N21billion for the 11 electricity Distribution Companies to provide meters for end-use customers at zero cost.
The Distribution Sector Recovery Programme is a comprehensive initiative aimed at addressing the challenges and inefficiencies within Nigeria’s electricity distribution sector.
Recently, the NERC acknowledged that the country’s metering gap remains substantial despite installing 3.03million meters since privatising the power sector in 2013.
It said 6.15 million out of 13.33 million registered customers had been metered, bringing the metering rate to 46.14 per cent in 2024.

Continue Reading

Trending