Connect with us

Economy

CBN seeks govs, private sector’s support to generate 10m jobs annually

Published

on

CBN seeks govs, private sector’s support to generate 10m jobs annually


Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN) says if Governors and private sectors collaborate with the bank to boost agriculture and industries, the country will generate 10 million jobs yearly.

Emefiele said this during a meeting with governors of Cassava Producing States in Abuja on Thursday.

Nigeria News Agency reports that CBN also signed a Memorandum of Understanding (MoU) with Nigeria Cassava Growers Association and Large Scale Cassava Processors at the event.

He said the 100 million jobs in 10 years President Muhammadu Buhari set as part of his agenda was achievable.

According  to him, if all stakeholders work together, 10 million jobs can be created annually.

“Creating 10 million jobs yearly should be a collective efforts and all hands must be on deck to achieve that.

“Achieving this, the states need to be economically viable, for states to be economically viable, it means CBN and the state Governors need to partner to see how we can harness the potential that are inherent in the states.

“We need to do it so that those who are farming can have access to finance so that they can produce not just for consumption but in commercial quantities.

“For instance, the value chain in cassava production alone has enormous potential for employing more than two million people in the country if well harnessed.

“We place a high premium on cassava because the commodity can generally be used for different purposes along the value chain due to the diverse secondary products that it offers.

“Some of the products include High Quality Cassava Flour (HQCF), Starch, Sugar Syrups and Sweeteners and Chips.

He added that cassava could also be used as domestic livestock feed and for export to China, Ethanol and bio-fuels, High Fructose Cassava Syrup (HFCS), Fuel Ethanol (E10) as well as Animal Feed from cassava waste among others.

Also speaking, Gov. Kayode Fayemi of Ekiti state commended Emefiele’s zeal to develop agriculture.

Fayemi said South-West where he hailed from produced bulk of cassava in the country.

He said the states in the zone had various cassava processing plants but had no require quantity of cassava to use those plants.

On insecurity,  the CBN governor said it should be addressed as herders and farmers’ clash was still a threat to boosting agriculture.

NAN reports that the governors of Ekiti, Ondo and the Deputy Governor of Ogun attended the event.

Edited by Ese E. (NAN)  Ekama

Mustapha Sumaila: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

CBN

Ex-CBN director urges FG to intensify efforts to strengthen nation’s economy

Published

on


Dr Titus Okunrounmu, a former Director, Budgetary Department of the Central Bank of Nigeria (CBN) has called on the Federal Government to redouble efforts in developing the economy in order to stabilise the nation’s exchange rate.


Okunrounmu made the call on Tuesday while reacting to the fall of the naira amid COVID-19 pandemic in an interview with the News Agency of Nigeria in Ota, Ogun.

The naira exchanged for about N387 to a dollar in the foreign exchange market as at Aug. 3.

He said that developing the nation’s economy would reduce heavy dependence on foreign countries.

“The nation can refine its petroleum products to meet local demand and export to other countries.

“This development will generate more revenue for Nigeria and help to stabilise the nation’s currency,” Okunrounmu said.

The former CBN director further said that diversifying the nation’s economy could facilitate the overall development of Nigeria.

He said that Nigeria being able to feed its 200 million population through agriculture would have strong impact on the naira.

Okunrounmu further said that a developed economy would help to create job opportunities for the country’s teeming youth, reduce poverty and crime rate in the country.

Edited By: Sam Oditah/Maharazu Ahmed (NAN)

Continue Reading

Health

School feeding programme gulps over N500m during Lockdown – Minister

Published

on


The Federal Government expended about N523.3 million on school feeding programme during the lockdown against the coronavirus pandemic.


The Minister of Humanitarian Affairs, Disaster Management and Social Development (MHADMSD), Sadiya Farouq, announced this at the Presidential Taskforce briefing on COVID-19 on Monday in Abuja.

Farouk made the revelation against the rumours and speculations going around one of our key interventions of the government – the Home Grown School Feeding Programme.

She said that the programmed was modified and implemented in three states following a March 29th, Presidential directive.

“It is critical at this juncture to provide details that will help puncture the tissue of lies being peddled in the public space.

“The provision of ‘Take Home Rations’, under the modified Home Grown School Feeding programme, was not a sole initiative of the MHADMSD.

“The ministry, in obeying the Presidential directive, went into consultations with state governments through the state Governor’s Forum, following which it was resolved that ‘take-home rations’, remained the most viable option for feeding children during the lockdown.

“So, it was a joint resolution of the ministry and the state governments to give out take-home rations.

“The stakeholders also resolved that we would start with the FCT, Lagos and Ogun states, as pilot cases,’’ the minister said.

According to her, each takes home ration was valued at N4,200 and that the figure was arrived at with proper consultation.

The minister said that the figure generated from statistics provided by the National Bureau of Statistics (NBS) and the Central bank of Nigeria (CBN)

“According to statistics from the NBS and CBN, a typical household in Nigeria has 5.6 to six members in its household, with three to four dependents.

“So, each household is assumed to have three children.

“Based on the original design of the Home Grown School Feeding programme, long before it was domiciled in the ministry, every child on the programme receives a meal a day.

“The meal costs N70 per child.

“When you take 20 school days per month, it means a child eats food worth N1,400 per month.

“Three children would then eat food worth N4,200 per month and that was how we arrived at the cost of the ‘take-home ration’.

“The agreement was that the federal government will provide the funding while the states will implement.

“To ensure transparency in the process, we partnered with the World Food Programme (WFP) as technical partners.’’

She said that her ministry invited government agencies like the EFCC, CCB, ICPC, DSS and some NGOs to monitor the process.

“TrackaNG monitored and gave daily updates validating the programme.

“In the FCT, 29,609 households were impacted, 37,589 households in Lagos and 60,391 in Ogun, making a total of 124,589 households impacted between May 14, and July 6.

“If 124,589 households received take-home rations valued at N4,200, the amount will be N523,273,800.

Edited By: Bola Akingbehin/Abdulfatah Babatunde (NAN)

Continue Reading

Agriculture

ABP: NIRSAL structures FCT farmers into 16 Agro Geo-Cooperatives

Published

on


The Nigeria Incentive-Based Risk Sharing System (NIRSAL), said it had structured Federal Capital Territory (FCT) farmers into 16 established Agro Geo-Cooperatives (AGCs) for the 2020 wet season farming.


NIRSAL Head of Corporate Communications, Ms Anne Ihugba, said this in a statement she in Abuja, on Wednesday.

She added that 12 of the AGCs had been included in the Anchor Borrowers Programme (ABP).

NIRSAL had also linked 926 FCT farmers cultivating 1,140 hectares of land with guaranteed off-taker markets.

”This is to protect them from price fluctuations and exploitative tendencies of some middlemen.

”Other forms of support for the AGCs include provision of fertiliser, crop protection products and round-the-clock technology-driven project monitoring services,” she said.

Ihugba said NIRSAL would continue to provide trainings on bookkeeping, modern farming practices, mechanisation for pre-planting, planting, harvesting activities and distribution of improved, high-yielding seed varieties as more AGCs develop around FCT and beyond.

She said that rice, maize, cassava, sesame and soybean farmers in Nasarawa, Niger, Kogi and Benue states and the FCT were positioned for an increase in yields and improvement in livelihoods.

“This is following NIRSAL’s support for their 2020 wet season farming activities under Anchor Borrowers’ Programme.

“Symbolic of input distributions that occurred across the north-central region where some farmers in Dobi area of the FCT received support for their ongoing farming activities from NIRSAL.

NIRSAL’s AGC model, applied in its role as Participating Financial Institution (PFI) in the ABP, was a demonstration of increasing multi-sectoral support to agriculture in spite of the times,” she said.

Ihugba said that since inception, NIRSAL had facilitated over N105 billion across the Pre-Upstream, Upstream, Midstream and Downstream segments of the Agricultural value chain from public and private sources of finance.

“This finance has had a profound positive socio-economic consequence, resulting in the creation of over 400,000 jobs and impacting two million lives positively.

“At the forefront of its finance facilitation drive, is the NIRSAL Agro Geo-Cooperative formation process.

NIRSAL Plc is structuring farmers by creating 16,000 Agro Geo-Cooperatives made up of eight million farmers cultivating four million hectares of farmland.

“To date, over 452 Agro Geo-Cooperatives covering over 270,000 hectares of land have benefitted from the process Geo-Cooperatives,” she said.

The News Agency of Nigeria reports that NIRSAL was created by CBN to link agriculture and finance.

It has developed technology-driven risk-mitigation mechanisms designed to boost farmers’ productivity and encourage financiers to lend to agriculture.

Edited By: Chidinma Agu/ Felix Ajide (NAN)

 

Continue Reading

General news

Revamped National Theatre to create 8,000 jobs on completion – Lai Mohammed

Published

on


The Minister of Information and Culture, Alhaji Lai Mohammed, says the National Arts Theatre handed over to the Central Bank of Nigeria (CBN) for rehabilitation, will generate no less than 8000 jobs upon completion.


The minister stated this on Thursday when he featured on the Radio Nigeria live programme, “Politics Nationwide,” monitored by the News Agency of Nigeria in Abuja.

He said about 6000 jobs would be created at the reconstruction and revamping stages of the national theatre while additional 2000 jobs would be provided when the project was completed.

Mohammed allayed the fears of the management of the national theatre as well as concerned stakeholders that the process might lead to job loss.

He reiterated that, to the contrary, more jobs would be created and the rehabilitation which would boost the potentials of the creative and entertainment industry.

The minister said the decision to hand over the national theatre to the CBN was informed by the need to reposition the entire creative industry.

“The handover of the national theatre to the CBN is one of the many steps by government to reposition the creative industry.

“As you know, the national theatre is the hub of the creative industry as a whole and one of the iconic edifice in the country.

“For more than 43 years, there has been really no serious renovation as a result of lack of fund by the government and the edifice is at a sorry state.

“Several attempts to privatise or concession the edifice either before or during my tenure as minister has failed, and the truth of the matter is that government has no money to embark on the renovation.

“Therefore, when the CBN made the offer, we saw it as a golden opportunity to return the national theatre to its glory days,” he said.

On the agreement, the minister said that the CBN and its partner, the Bankers Committee, would renovate and revamp the edifice and hand over a brand new national theatre back to government.

He said government, in return, handed over about 142 fallow hectares around the edifice to them to construct a Lagos Creative and Entertainment City, with four hubs – film, music, fashion and IT.

Mohammed said that the national theatre and the hubs would be connected with other facilities, including water ways, amphitheatre and community centre, among others.

“The idea is to have a creative and entertainment centre where burding musicians can record their works and do post productions and where burding actors can hold rehearsals and shoot their films.

“The national theatre will become the platform for consumption of the music, film and fashion produced in the hubs.

“The facilities would be given out at a much more affordable price because the intention is not just to make profit but to engender the growth of the creative industry,” he said.

The minister added that with the creative hubs in place, there would be an end to capital flight and economy bleed occasioned by artistes going outside the country for post production of their films and music.

On the controversies generated by the handing over of the edifice to CBN, tne minister said there was no time, before or during his tenure that government entered into any binding agreement with anybody.

Mohammed commended the ace comedian, Ali Baba led-committee of creative industry stakeholders, for advising the Federal Government on the best way to mitigate the effect of COVID-19 pandemic on the industry.

“Let me use the opportunity to thank the Ali Baba led-committee for a comprehensive, detailed and well researched report submitted to government.

“It will guide us on the new steps to take in our efforts to reposition the creative industry,” he said.

The minister added that the report revealed amazing potentials in the creative industry and government would set up a committee for the implementation of the recommendations.

Edited By: Ejike Obeta (NAN)

Continue Reading

Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

COVID-19 Update in Nigeria – NCDC Coronavirus Records VIDEO: Hydroxychloroquine is a CURE for COVID-19, Dr Stella Immanuel insists MNJTF assures surrendered Boko Haram terrorists of humane treatment 95% of students in exit classes resume in FCT   Obaseki’s administration has restored pride, dignity of Edo people – Shaibu Gov. AbdulRazaq sets up commission of inquiry on Kwara assets Buhari congratulates new NMA President, Prof. Innocent Ujah on election UN, United States commiserate with Lebanon over deadly explosions Manchester City sign Valencia winger on 5-year deal Ex-lawmaker emerges Ondo PDP chairman Nadal to skip United States Open due to COVID-19 concerns, as organisers announce entries Bank robbery: Police arrest 3 more suspects in Oyo Food sufficiency: Osun commissioner inaugurates ‘Wave City’ project Fulham back in EPL after Bryan’s extra time double in playoff final Safety Compliance: LASWA impounds engines of 6 erring ferry operators Resumption: Unity schools’ Principals in Lagos assure parents, guardians of students’ safety Police warn private owners against opening schools to all students New York’s health commissioner resigns over COVID-19 handling LASG holds consultative forum for Y2021 Budget, adopts holistic approach to COVID-19 Limit your speed on highways to avoid crashes, FRSC urges motorists Resumption: Lagos schools comply with COVID-19 protocols Robogarden set to empower education stakeholders on coding technology Gov. Sule condemns killing of journalist, others in Nasarawa state Opposition lawmakers leading anti-corruption investigations says Elumelu Edo 2020: Nothing unusual about lawmakers backing candidates of their choice – Edo speaker Man, 18, docked for allegedly smoking Indian hemp publicly  Kaduna State maternity, paternity leave bill to be ready by end of 2020- El’Rufai’s wife Risks of COVID-19 infection through breastfeeding negligible — WHO Zamfara Govt directs schools to resume on August 9 NSE: Trading sustains positive trend, up by 0.31% 30 stranded Nigerians in Lebanon rescued, among 150 awaiting evacuation – NIDCOM ILO records universal ratification on Child Labour Convention Flood: FCTA demolishes 102 houses in Gwagwalada 75% of vehicles plying 3rd Mainland Bridge ‘ll still be captured-  FRSC Kaduna govt spends N16 bn on security in 5 years – El-Rufai Nigeria Airforce partners local Engineering coy for improved services High turnout of students as schools resume for exit class in FCT APC working towards having data bank for members – Sen. Ali Intervene in 37-year-old kingship tussle in Ikire, Residents urge Osun govt. EEDC nabs 2 suspected electricity installation vandals Sokoto: BESDA pledges to enrol 300,000 out-of-school children in 4 years Police arraign man, 40, over alleged N162,000 fraud Security Challenges: You must rejig security strategy, Buhari tells Security Chiefs Alleged $3m bribe: Appeal Court dismisses Farouk Lawan’s no-case -submission Pa Fasanmi buried as Fayemi, Akeredolu,Tinubu pay tributes Business woman, man docked over alleged public fighting Plateau PDP set for state congress – Acting chairman COVID-19: Bayelsa schools ready, safe to re-open – Gov. Diri Police arrest 10 suspects, recover arms, ammunition in Enugu Ebonyi govt pledges to promote breastfeeding, provides crèches, jingles Gombe govt. moves to address dearth of agric extension workers Police nab 3 over alleged culpable homicide, 2 for kidnapping in Niger