Business
Rivers And Agric Initiatives In 2009
Agriculture has been described as mankind’s primordial occupation and has been a veritable anchor in the sustenance of many households, who have depended on their homestead farms for food security and to drive the grassroots economy.
Agriculture produces the raw materials for a large number of industrial processes, and has also provided a most effective solution to the problem of unemployment in developing countries, especially given the right policy and related incentives and support.
The sector has proven to be the strongest and most effective driver of wealth creation and serving as an engine of growth in the Small Medium Enterprise sector, which is the hub of employment, income-generation and wealth creation in any emerging capitalist system.
The strength and power of any nation depends on its ability to feed her population.
The economic growth of the most developed and developing economies is based on agricultural policies and programme.
At a time when the global economic crisis is taking its toll on nation’s economy, the world needs to be reminded that it is not everyone that works in offices and factories. The crisis is threatening the small scale farmers and rural areas of the world where 70 per cent of the world’s hungry live and work, according to global estimates.
With an estimated increase of 105 million hungry people in 2009, according to FAO report, there are now 1.02 billion malnourished people in the world, meaning that almost one sixth of all humanity is suffering from hunger.
In Nigeria, prior to the discovery of oil, the country was an agriculture driven-nation, exporting large quantities of palm oil, groundnuts, cocoa etc., but today the agricultural sector lies in ruins as attention has been shifted to oil and gas.
Though several policies have been initiated by successive governments in an attempt to encourage agriculture but to no avail due to lack of the political will to implement those policies, inconsistencies, corruption and total negligence. Some of the Agric policies include Operation Feed the Nation (OFN), the Green Revolution, Presidential Initiative on Rice Production, Presidential Initiative on Cassava Production, National Special Programme for Food Security (NSPFS), DEFRI and others.
In Rivers State, in an attempt to change the ugly trend of total neglect on agriculture and to diversify the economy of the state, the Rivers State Government, Rt. Hon. Chibuike Amaechi has in 2009, the year under review planned to reactivate the State-owend moribund Risonpalm Oil Nucleus and Delta Rubber under the Public Private Partnership (PPP) with the envisaged new acquisition of 10,000 hectares of land for oil palm and rubber plantings.
This he said would enhance production and generate massive employment opportunities for the youths.
According to the Rivers State Commissioner for Agriculture, Emmanuel Chinda, the major objective achieved in agriculture by the present administration is the payment of the arrears of 2008 and 2009 counterpart fund contributions to the Rivers State Agricultural Development Programme (ADP) agricultural projects which the National Special Programme for Food Security (NSPFS), Root and Tuber Expansion Programme (RTEP), Community Based Natural Resources Management Programme (CBNRMP) and FADAMA III targeted to touch the lives of the rural populace of the state.
He said the micro-credits scheme of the state government through the microfinance banks was designed to assist rural formers and fisher folks obtain hitherto, scarce credit facility for increased agricultural production, adding that support was also given to large farm establishments and cooperatives in the state to access the commercial agriculture credit facility put up by the federal government and facilitated by the Central Bank of Nigeria with a view to boosting food production in the state.
The Commissioner further maintained that the State Government has during the year 2009 installed palm oil processing mills across different sites in the state with plans to also install rice processing mills that have been received at difference centres, noting that the projects when successfully executed, will encourage the development of oil palm and rice estate farmers whose production capacity were limited due to lack of availability of processing facilities, also it will enhance household incomes and create employment opportunities in the benefiting communities.
To boost food production, government in 2009 provided substantial agricultural inputs at subsidised rates to farmers, revitalised the feed mills and hatcheries at Rumuodomaya and Atali farms, resuscitated the divisional agricultural farms, cassava multiplication project and has attracted increased funding to the agricultural sector, Chinda noted.
Effort was also made to ensure that the organise private sector invest their capital in agricultural production, processing and marketing with a view to enhancing agricultural production as well as achieving food security in the state.
Stakeholders in agriculture who spoke to The Tide commended the efforts of the Amaechi led administration in agriculture compared to the neglect imposed on the sector by the past administrations, especially on the past administrations, especially on the projects that are counterpart fund dependent like the FADAMA, RTEP, (BNRMP) NSPFS.
According to the Rivers State Fadama III co-ordinator, Mr. Kingsley Amadi, the payment of the counterpart fund for 2008/2009 has enabled the World Bank to release the initial deposit of $600,000 for onward disbursement to farmers in the state.
He explained that in each of the states, 20 local government areas will benefit and 10 communities will benefit and in each of the 10 communities 10 Fadama Users Groups (FUGs) are expected to benefit, noting that in the state, 1,100 FCAs/FUGs have been registered as cooperative while another 1,100 are in the making all under the courtesy of counterpart fund paid by the government to boost agriculture
In spite of the progress made on agriculture in 2009, governments at all levels should strategise to tackle the challenges posed by climate change, long spells of draught, many years of neglect on agriculture, increasing use of arable land for production of crops that can be turned into biofuels, lack of knowledge of fertiliser and agro-chemical use, pollution in the coastal areas, militancy and sea piracy in the Niger Delta.
Government should prioritise agriculture and increase its budgetary allocation to the sector, rehabilitate the decayed rural infrastructure like the feeder roads and farm estates to enable farmers produce and transport their produce to the available market. There should be adequate re-orientation of youths towards earning a living through agriculture, processing mills and storage facilities should be constructed to enhance availability of produce all round the year and to curb wastages of produce.
Capacity building and training young school leavers on agriculture should be encouraged, provision of farm inputs, adequate funding of agricultural agencies like ADP and others, should be maintained.
Inconsistencies in the policy thrust of government on agriculture should be discouraged if progress must be made in agriculture in 2010. Farmers accessibility to micro-credit, markets, information on modern farming methods/technology and mechanised farming should be encouraged.
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Ariwera Ibibo-Howells, Yenagoa
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
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