Business
Expert Wants States To Establish Rice, Oil Palm Mills

A renowned agricultural expert, Professor Ofoegbu Amadike has called on the state governments in the south-South and South-East regions to establish mini modern rice mills and oil palm processing mills to serve the need of the people in the rural areas. This, he said, would also be in line with the federal government’s drive towards increased local rice production in the country.
Amadike who is a retired professor of agriculture and a consultant to many agro-based industries in the South-South, made the call in Port Harcourt during an interview with The Tide, recently.
He said that if the projects were carried out, it would encourage the development of oil palm and rice production estate by farmers who were limited by the non availability of processing facilities.
Amadike noted that these projects like rice and oil palm could be pursued under the commercial agricultural credit scheme and would in turn complement other production efforts in providing sufficient raw materials for the operation of oil palm and rice mills.
He commended farmers and fishermen for their perseverance in spite of odds militating against the production and sustenance of food security in this era of global food crisis.
He pointed out that lack of easy access to credit, inability to acquire relevant agricultural equipment/inputs, inadequate training on modern agricultural practices and dearth of information on recent innovation in agricultural development were some of the inhibiting factors retarding the progress of agriculture in the county.
The agric expert also urged state governments to pay counterpart funds in respect of their state’s Agricultural Development Programme (ADP), Community Based Natural Resource Management Programme (CBNRMP) and the FADAMA III Programme, as a way to boost agricultural business in the country.
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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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