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Firm To Facilitate N5.7bn Loan For 25,000 Farmers

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An agritech focused company, Farmcrowdy Limited (FC), says it is committed to impact 25,000 farmers across Nigeria through its Structured Financing of N5.7 billion.
The Chief Financial Officer and Business Leader, FC Structured Finance, Mr Oluwakotanmi Ojo, made this known at the firm’s fourth year anniversary in Lagos.
Ojo said 90 per cent of farmers in the country could not access loan facilities as a result of their inability to meet the criteria of commercial banks.
According to him, this is a threat to food security and sufficiency in the country.
Ojo said: “Some of the challenges facing the farmers include: lack of information, high interest rates, lack of access to funds, among others.
“Farmcrowdy Structured Finance has created a business solution to help farmers with access to loan, provide affordable interest rate facilities, farmers inclusion, market access ease, equipment and third party collaboration for farmers.
“We want to impact farmers with the lowest single digit interest loans with the raise of N5.7 billion to finance 25,000 farmers nationwide.
“We have currently cultivated 17,000 acres of lands.
“This will enhance production of farmers and adequately lower the prices of food,” he said.
Also,  a Co-Founder and Chief Lead of the Technology and Data arm, Mr Christopher Abiodun, said the firm had built tools and platforms to support the agriculture sector.
According to Abiodun, the tools will help farmers predict yields, profits, and identify markets, among others.
He said: “We have built input disbursement apps, farmers app, Farmcrowdy trader, e-commerce platforms.”
pacting farmers’ lives, and livelihoods positively,” he said.
Commenting, Obiajuru Luya, the Business Leader of Farmcrowdy Aggregation, said that the model was to ease farmers’ access to urban markets and adequately reduce the effects of middlemen in the value chain.
Luya said that this model was to use a tech-powered network of agro commodity aggregation centres (102 centres in eight states) to aggregate some fresh commodities, from farmers to end buyers, and processors.
According to her, this model will also help farmers with the provision of Good Agricultural Practices (GAP).
In her remarks, Mrs Linda Obi, a Business Leader of Farmcrowdy Foods, said that it was an integrated fresh food supply ecosystem with over 800 customers, and over three thousands orders recorded in the pilot 22 weeks.
Obi said that customers were provided with traceable, high-end quality and fresh foods when they purchase from the Farmcrowdy Foods app.
Contributing, Onyeka Akuma, Founder of Farmcrowdy, said that the firm was borne out of the need to help Nigeria’s 38 million small-scale farmers to get access to funding, technical knowledge, and expertise they need to sell their produce.
Akuma said that about 90 per cent of the farmers were facing the challenged of how to get their foods to the market.
He recalled the challenges faced in the first year, saying that the firm began to gain international and funding attention to raise enough money for farmers in poultry, cassava and others.
According to him, the crowd funding company had to see to the challenge of farmers in getting funds to support their businesses and make marginal profits.
Newsmen reports that Farmcrowdy, prioritises empowerment of smallholder farmers, also officially rolled out its Farmcrowdy Foods, Farmcrowdy Technology/Data, Farmcrowdy Aggregation, Farmcrowdy Insurance and Farmcrowdy Marketing.
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NUPRC Gets New Gazette On Host Community Dev Trust

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The Nigeria Upstream Pe
troleum Regulatory Commission (NUPRC), Monday, said another set of draft regulation on Nigeria Upstream Petroleum Host Community Development Trust regulations had been gazetted.
The Nigeria Upstream Petroleum Host Community Development Trust regulations was among the six draft regulations presented for discussion during the first phase of the commission’s consultations with stakeholders earlier in April.
Making this known at the second phase of consultation with stakeholders on draft regulations, Monday, the Chief Executive Officer, NUPRC, Gbenga Komolafe, said it was part of the Commission’s efforts towards ensuring an enabling environment for growth and investments in the upstream oil and gas industry.
Seven regulations were gazetted at the session: Acreage Management (Drilling & Production) Regulations; Upstream Petroleum Environmental Regulations; Upstream Petroleum Environmental Remediation  Fund Regulations; Upstream Petroleum Safety Regulations; Unitisation Regulations; Upstream Petroleum Decommissioning & Abandonment Regulations; and Frontier Exploration Fund Regulations.
Komolafe said the outstanding five regulations, Royalty Regulations; Domestic Gas Delivery Obligation Regulations; Nigeria Conversion & Renewal (Licence and Lease) Regulations; Petroleum Licensing Round Regulations; Upstream Petroleum Fees and Rents Regulations have been finalised and ready for gazetting.
He stated that the Commission would continue to ensure that key policies and regulations necessitated by the Petroleum Industry Act (PIA) are developed and gazetted timely so that the industry operators can align their operations with the PIA provisions as quickly as possible.
A statement by the Commission reads: “The inputs of the stakeholders from the engagement were incorporated, where necessary, in the draft regulations.
“Thereafter, the regulations were forwarded to the Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval. I am happy to inform you that One of the regulations.”
Kolade, who welcoming the stakeholders to the consultation session, said it was in compliance with Section 216 of the Petroleum Industry Act (PIA).
“Please permit me to reiterate that the process of formulating the regulations has been a rigorous and strenuous exercise. They are products of critical thinking and evaluation, and hard work by the Commission’s Regulation development Team and the Presidential Implementation Committee on PIA.
“Despite this, however, the process is not complete until the Stakeholders’ critical inputs are obtained, discussed, and incorporated, where necessary, in the Regulations,” Komolafe said.
He promised that “the Commission will continue to embark on programmes and policies that will create enabling environment for growth and more investments in the Nigerian upstream oil and gas sector.”

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Nigeria’s Debt Hits N42.84trn 

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The Debt Management Office (DMO) says domestic debt has pushed Nigeria’s total public debt stock from N41.60tn as at March 2022 to N42.84tn in June of the same year, showing an increase of N1.24tn in three months.
A press statement published on the DMO’s website, Monday, said Domestic and External debt stock of the Federal and State Governments went up from N41.60tn in March to N42.84tn in June, 2022.
“The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 State Governments and the Federal Capital Territory, was N42.84tn ($103.31bn) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60tn ($100.07bn)”, according to the statement.
The DMO said the Federal Government was unable to secure any foreign loans in the second quarter of 2022, noting that external debt remained the same at N16.61tn ($40.06bn) from Q1 to Q2 2022.
It further stated that 58 per cent of external debt was concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim,  African Development Bank and bilateral lenders, including Germany, China, Japan, India and France.
It added that domestic debt rose to N26.23tn ($63.24bn) due to new borrowings by the government to part-finance the deficit in 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.
Total Public Debt to GDP as at June 30, 2022, the DMO continued, was 23.06 per cent compared to the ratio of 23.27 per cent as at March 36 2022, adding that the debt service-to-revenue ratio remained high.

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No Petrol Scarcity In December – NNPCL

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The Nigerian National Petroleum Company Limited (NNPCL) says the country will not experience petrol scarcity in December and beyond, as it has made adequate arrangements for supply.
NNPCL’s Chief Financial Officer, Mr Umar Ajia, said this in Abuja, Monday, when he appeared before the Ad hoc Committee of the House of Representatives on fuel subsidy regime in Nigeria.
He said the company had put in place adequate measures to prevent petrol scarcity in the country, even after the 2023 general election.
“We have extended our Direct Sales Direct Purchase (DSDP) contract by six months, to sustain supply of PMS through the country.
“The DSDP contract in reality ended in August and it is very dangerous period to begin to retender for that because we are facing the winter, these are the difficult ‘ember months’ that we normally avoid fuel scarcity.
“You know the scarcity in Nigeria is really associated with the Christmas period so if you now tender, the tendering process will take one or two months.
“So, what the Board approved is to extend the contract for six month such that we have passed the winter and we have passed the election, otherwise we could have problems during the election,” he said.
The Chairman, Committee, Rep. Ibrahim Al-Mustapha (APC-Sokoto) said there was the need for an upward review of petrol price, in-line with the global price.
Al-Mustapha said petrol was being sold for N536 per litre in Niger Republic, N577 per litre in Mali and N389 per liter in Benin Republic.
Ajia, however, said petrol subsidised for Nigerians was being smuggled to neighbouring countries saying that figures of petrol consumed in the country does not necessarily represent the true picture.
He said as a result of the porous borders, subsidised petrol meant to be consumed by Nigerians go as far as Mali and other neighbourimg countries.
“If you have N5 million, you can cross the borders with trucks laden with petrol and that is the bitter truth, we have porous borders; yes we have customs but I do not know,” he said.
The committee went into a closed door session to further deliberate on the matter.

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