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CBN Targets $200bn Non-Oil Export Revenue …As Nigeria Loses N60bn Yearly To Lack Of LID
Determined to frontally address inadequate foreign exchange in the economy, the Central Bank of Nigeria (CBN) has announced an initiative named, RT200 Programme, to stimulate non-oil exports, with a $200billion FX income target in the next three to five years.
The CBN Governor, Mr. Godwin Emefiele, announced the initiative at the end of the Bankers’ Committee meeting, in Abuja, yesterday.
Under the programme, the CBN, working with the Money Deposit Banks, is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters.
It would also provide loans to companies for value-addition and production of finished goods for export at 5percent for a 10-year period, with two years of moratorium.
Other key features of the programme, according to the CBN boss, included Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; and Biannual Non-Oil Export Summit.
Rather than exporting raw cocoa, with minimal export proceeds, Emefiele said that his team would fund companies to produce chocolate in-country.
He said that cashew processing, currently at a mere 5per cent of the nation’s production, as well as, sesame seeds processing would be prioritised.
Meanwhile, the Cocoa Farmers Association of Nigeria (CFAN), yesterday, said Nigeria loses N60billion annually to the non-existence of Living Income Differential (LID) for producers of the cash crop in the country.
According to the organisation, Nigeria has the potential to reclaim its position as the second largest producer of cocoa in the world and solve its foreign exchange woes through a mechanism that encourages help producers earn a living wage.
CFAN’s President, Mr. Adeola Adegoke, stated these during a workshop jointly organised in Abuja by the University of Ibadan and the Agricultural Policy Research in Africa (APRA) with the theme: ‘Cocoa Commercialisation in Nigeria: Issues, Prospects and Policy Requirements’.
He lamented that because of the global oversupply of cocoa many producers in the country receive a woefully low share of cocoa revenues; hence, live in extreme poverty.
Adegoke noted that the cocoa sectors in Ghana and Côte d’Ivoire establish fixed ‘floor’ price of cocoa annually and applies a ‘differential’ of US$400/tonne above the floor price to increase income for cocoa producers to help them achieve a living income.
He said, “In the 1960s, we were the number two highest producers of cocoa in the world. We were producing 590,000 metric tonnes and with this potential, the Western Regional Government was being run with this money.
“As of today, Ivory Coast is producing about 2.5million metric tonnes of cocoa. Ghana is producing about 800,000 – 1million tonnes of cocoa; but when you look at what Nigeria is producing side-by-side with our land resources and number of cocoa farmers that we have, it is clear, we can surpass what these two countries are producing combined. That is why, as smallholder farmers, we have been able to analyse the challenges responsible for our low productivity.
“In Ivory Coast, they produce nothing less than 800-1000kg of cocoa per hectare, but in Nigeria, it is an average of 350-400kg per hectare. This is unacceptable, because it made Nigerian cocoa farmers poorer.
“In Ghana today, each farmer collects $400 on each tonne of cocoa after the fall price. Same in Ivory Coast, and that’s why we believe that Nigeria must begin to collect Living Income Differentia (LID). The refusal to collect it makes us lose N60billion annually,” he said.
Adegoke stressed the need for the government and stakeholders to strengthen mechanisms that would increase Nigeria’s guaranteed cocoa farm gate price to encourage production.
“The indices today, especially in the last two months, show that cocoa is next to oil in terms of foreign exchange revenue in Nigeria. It means that the foreign exchange deficit we are having could be solved through the cocoa economy,” he stressed.
The Chairman, House of Representatives Committee on Agriculture Colleges, Universities and Institutions, Hon. Munir Agundi, lamented the non-implementation of the country’s cocoa policies.
“We are not going to leave policies at the ministry level anymore without being backed by the law,” he stated.
The Country Lead and Principal Investigator of APRA (Nigeria), Dr. Adeola Olajide, called for the formulation of Nigeria’s cocoa utilisation and consumption policy, adding that we must consume our own cocoa.
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Rivers Capable Of Delivering Massive Votes For Tinubu, Chinda, Others -Fubara …Charges APC, Rainbow Coalition To Embrace Team Work
Rivers State Governor, Sir Siminalayi Fubara, has declared that the State is capable of delivering massive votes for President Bola Tinubu, the All Progressives Congress (APC) governorship candidate, Rt. Hon. Kingsley Chinda and other candidates of the Rainbow Coalition in the 2027 general elections.
Fubara, who stated this yesterday at the inauguration of the APC Presidential Campaign Council in Port Harcourt, said the surest path to victory is for the members of the Presidential Campaign Council drawn from the APC and the Rainbow Coalition to embrace the spirit of teamwork.
He said what the state was witnessing in the current political season is a repeat of the successful mobilization done in 2022 and 2023, when a large campaign council worked in unity to deliver victory for him and for President Tinubu.
He added that the present council is bigger, wider and better coordinated and should therefore achieve even better results.
He noted that the beauty of the new council is the fact that some persons who were in the opposition camp during the previous elections are now part of the team, saying their inclusion has made the task easier, provided everyone works as one team and with sincerity of purpose.
The governor thanked the Coordinator of the Presidential Campaign Council for Rivers State, Chief Nyesom Wike, and other leaders who worked tirelessly to bring the council to fruition, stressing that nothing is impossible especially when people work together for a common purpose.
He expressed optimism that with seriousness and commitment, the state would record a higher number of votes than it recorded in 2023.
Fubara, while congratulating members who made the list, appealed to those whose names were omitted not to be discouraged, as there are still sub-committees to be constituted and the list can still be updated, even as he warned against double loyalty.
He said the state has gone past the stage of division and is now looking to the future and what God holds for Rivers people, expressing confidence that with the strategy already put in place, the APC and the Rainbow Coalition would come out victorious in 2027.
Minister of the Federal Capital Territory and Coordinator of the Campaign Council, Chief Nyesom Wike, while inaugurating the Council, lauded Fubara for finding time to attend the ceremony and other engagements of the Council in spite of his busy schedules.
Wike, who is also the National Leader of the PDP/ Rainbow Coalition, reminded members of the Council that they were chosen based on their capacity to participate in the activities of the group and deliver positive results.
He charged them to work hard to win votes for the candidates of the APC and the Rainbow Coalition for the Presidential, Governorship, National Assembly as well as State House of Assembly elections next year.
He disclosed that apart from the Presidential Campaign Council and its sub-committees, the Local Government Campaign Councils will soon be inaugurated to ensure better coverage of the grassroots during the current campaign season.
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RSG Floats MNET Culture Content Promo
The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.
Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.
He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.
He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.
“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.
Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.
The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.
On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.
Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.
With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.
He, therefore, called for collaboration from stakeholders in the State.
Kevin Nengia
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APC Presidential Campaign Storms PH, ‘Morrow
Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.
This is according to a campaign timetable released by the APC Campaign Council last month.
The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.
The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.
President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.
The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.
The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.
The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.
Tomorrow’s visit will be his first to the State since assuming office.
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