The Nation Newspaper

Category: Business

  • Fed Govt to provide feeds, fingerlings to farmers

    The Federal Government has pledged to provide fish feeds and fingerlings to boost fish production in the country.

    Minister of State for Agriculture and Rural Development, Alhaji Bukar Tijani, said artisan fish farmers would benefit from the deal.

    Tijani, who spoke in Abuja at a meeting with the officials of the Nigerian Union of Fishermen and Seafood dealers (NUFAS), said the ministry had reviewed the registration forms for farmers under the Growth Enhancement Support Scheme (GES) to provide fish feeds and fingerlings to the farmers.

    The minister noted: “Without fishery, the Agricultural Transformation Agenda (ATA) was incomplete”.Tijani said that the FAO had recognised the fish sub-sector as the fastest growing sub-sector in the country’s food security quota.

    “Bayelsa, Kogi states and other flood affected areas will be given free input first, while others will receive fish feeds at 50 per cent subsidy but free fingerlings.”

    He listed outboard engines, fish nets, twines and water testing kit, among other input, to be provided also at subsidised rates to the farmers to boost production.

    The minister also said that the programme was expected to boost the supply of additional 200,000 tonnes of fish and additional number of job opportunities in the sub-sector.

    Earlier, the All farmers Association of Nigeria (AFAN) called for the inclusion of livestock and fish farmers in the Growth Enhancement Support (GES) scheme because of their contribution to the development of the economy. GES is the Federal Government’s fertiliser and seed subsidy programme, which it developed with the private sector to boost access to agricultural input by farmers.The conditions of the e-wallet scheme required a farmer to be registered under the GES and repay 50 per cent of the cost of farm input, while the federal and state governments would pay the 50 per cent balance at 25 per cent each.

    Speaking on access to loan facilities to the fish farmers, Tijani said the ministry was working out modalities with some banks to facilitate the farmers’ access to loans.

    He also said the Jonathan administration was working with NIMASA, Nigerian Navy, Customs and some international bodies to curb the high level of sea piracy.

    He further said the National Environmental Standards and Regulations Enforcement Agency (NESREA) and the Ministry of Environment were working to tackle oil spillage in the Niger Delta because it is affecting fishing.

    According to him, the ministry will also work with the FCT Department of Agriculture to expand the FCT fish market and also establish a fish estate.

    Earlier, President of NUFAS,Mr Anthony Ashagye, reiterated the union’s readiness to partner with the ministry to achieve the objective of ATA.

    “The transformation agenda of Mr President, the MDGs’ target of 2015 and the Vision 20:2020 can be achieved if the core fishermen and fish farmers were carried along in the policy and management.

    “NUFAS is ready to partner with the ministry to ensure availability, accessibility and affordability of fish to reduce diseases and death in the society in line with the ATA,” he said.

    Permanent Secretary in the Federal Ministry of Agriculture and Rural Development, Mrs Ibukun Odusote, NUFAS officials and other directors of the ministry attended the meeting.

  • Group pegs crate of eggs at N650

    The Plateau Chapter of the Poultry Association of Nigeria (PAN) has fixed the price of a crate of eggs at N650.

    The association took the decision at its monthly congress in Jos, following threats by middlemen to force down the price of eggs to N550 per crate.

    Its Chairman, Mr Julius Gusan, said the step was necessary if farmers must make profit against the background of increased price of feeds and the activities of middlemen.

    “The price of feeds has been on the rise since last year without commensurate rise in the price of eggs. This is not good for our farmers who are in the business to make profit.

    “To make matters worse, the middlemen have continued to sap the efforts of the farmers by determining the price of our eggs to the disadvantage of the farmers and the consumers.

    “I want to assure you that PAN is out to change that. As an association whose main objective is to protect the interest of its members, it is our legitimate right to set price for our products.

    “ I am happy we have achieved that today and henceforth, we will continue to take some level of control over the prices of our products,’’ he said.

    Gusan called on all poultry farmers in Plateau to adhere strictly to the resolution and warned that any farmer found selling below the approved price would be sanctioned.

    He said the association was working with the Plateau Ministry of Agriculture to sustain the industry by ensuring its profitability.

    “We are working with the Plateau Ministry of Agriculture to fashion out a way of stabilising the price of eggs that would be profitable to the farmers and affordable to the consumers.

    “The Plateau Commissioner for Agriculture, Mr Steven Barko, has promised to assist the association by instituting a task force that will sanction any erring farmer, who sells below the benchmark, “ he said.

    He called on farmers, who are yet to register with the association to do so as their interest would be better protected if they worked as a group.

  • Expert makes case for pastoral farming

    The Federal Government has been urged to support pastoralists to enable them contribute to economic development.

    An animal production specialist, Prof Abiodun Adeloye, said more support for pastoral communities would boost food security.

    According to him, pastoralists need special grazing reserves where they can spend time and allow their cattle to move around.

    Adeloye, who is of the Department of Animal Production, University of Ilorin, said grazing reserves would boost livestock population, reduce herding and seasonal migration, and enhance interaction among farmers, pastoralists, and rural dwellers.

    At grazing reserves, the government would give each settler of land. Depending on the herd size and the capacity of the land, the settler is expected to pay rent.

    Adeloye said in those reservs there are water points to spread the cattle to avoid pressure. He said what the pastoralists in the north need are large water points along tracks.

    This, according to him,would mitigate adverse effects of drought and alleviate the suffering of livestock farmers.

    In most areas of the country, grazing reserves are not within the reach of about three-quarters of the herders.About 60 per cent of migrant pastoralists, who use the grazing reserves keep to the same reserves yearly. The number and the distribution of the grazing reserves are grossly insufficient for livestock farming. Good reserves that attract many pastoral farmers are overcrowded and there is strain of infrastructure. Animals that charged into the reserve literally drink the water in the dams and outgrow pasture resources.

    About 35 per cent of land that was cultivable 50 years ago is now desert in Borno, Bauchi, Gombe, Adamawa, Jigawa, Kano, Katsina, Yobe, Zamfara, Sokoto and Kebbi states.

    Nomads travel long distances in search of grazing land, and are headed back.

    The livelihoods of some 15 million pastoralists in the North are threatened by decreasing access to water and pasture — shortages linked to climate change.

    Tensions linked to pastoralist-farmer disputes have been mounting in recent months in several states.

  • Transcorp, GE sign deal on power

    Transcorp, GE sign deal on power

    Transnational Corporation of Nigeria Plc (Transcorp) and General Electric (GE), yesterday signed a framework agreement to collaborate in addressing the infrastructural needs of Nigeria, with emphasis on the power and transportation sectors.

    In a statement, GE, confirmed its commitment to facilitate the generation of 10,000MW of additional power in Nigeria over the next decade in line with its existing agreement with the Federal Government of Nigeria, signed in March 2012.

    Transcorp Ughelli Power Plc (TUP), a subsidiary of Transcorp, is a publicly quoted and diversified conglomerate with strategic investments in the hospitality, agribusiness and energy sectors. TUP won the privatization bid for 100 per cent acquisition of the Ughelli power plant.

    The framework agreement, which was signed according to the statement, following a closed door meeting with GE’s global chairman, Jeffrey Immelt, and Transcorp Chairman, Tony O. Elumelu,  will enable both firms explore a partnership for the refurbishment and expansion of the Ughelli power plant in Delta State.

     

  • BFI Group gets BPE offer letter on ALSCON

    BFI Group Corporation has received an offer letter and Share Purchase Agreement (SPA) from the Bureau of Public Enterprises in respect of Aluminium Smelter Company of Nigeria (ALSCON).

    In a statement, BPE said the offer is in compliance with the Supreme Court judgment of July 6, 2012 as well as the directive of the National Council on Privatisation (NCP), which met at the Presidential Villa, Abuja on January 22, 2013.

    BFIG, the plaintiff in the suit at the Supreme Court, is expected to execute the SPA and pay the agreed 10 per cent of the offer price of $410 million (which is $41 million) within 15 days of the execution of the SPA.

    The statement recalled that the court had stated among other averments that “an order of specific performance is hereby decreed mandating the respondent to provide the mutually agreed share purchase agreement for execution by the parties.

    That it said, will enable the plaintiff pay the agreed 10 per cent of the accepted bid price of $410 million (i.e, the sum of $41 million) within 15 working days from the date of the execution of the Share Purchase Agreement in accordance with agreement dated 20/5/2004 and the 90 per cent balance of bid price shall be paid within 90 calendar days.

     

     

     

     

     

  • Fed Govt’s domestic debt hits N6.5tr

    The domestic debt of the Federal Government rose to N6.54 trillion at the end of December last year, FBN Capital, an investment and research firm has said.

    In an emailed report obtained by The Nation, the firm explained that the current debt figure is equivalent to 15.3 per cent of estimated 2012 Gross Domestic Product (GDP). The quarter to quarter increase of N190 billion compares with N200 billion in third quarter and N180 billion in second quarter of 2012. This, it said, underpins the BB- ratings from both Fitch, and Standard and Poor’s for Nigeria’s sovereign credit ratings for its local currency obligations. The Debt Management Office’s (DMO’s) series covers only sovereign naira borrowings.

    However, the report said should the obligations of state governments, Asset Management Corporation of Nigeria (AMCON) and public agencies such as the Nigeria National Petroleum Corporation (NNPC) and external debt be combined, Nigeria debt statistics could theoretically reach 40 per cent of GDP under a worst case scenario.

    It however, said the Federal Government is alert to the rising cost of domestic debt service within total expenditure, and has therefore proposed to launch a $1 billion Eurobond and a smaller foreign currency issue for the Diaspora this year. Its 2013 budget proposals it added, also include plans for a sinking fund to redeem “one or two” of the Federal Government bond issues.

  • NACCIMA criticises CBN’s monetary policy

    NACCIMA criticises CBN’s monetary policy

    •Single-digit interest rate sought

    The Nigeria Chamber of Commerce, Industry Mines and Agriculture (NACCIMA) has made a case for a single-digit interest rate, describing the Central Bank’s 12 per cent Monetary Policy Rate (MPR) as unhealthy for the economy.

    It also warned the Federal Government against increasing fuel price. Rather than increasing fuel price, it implored the government to recover the $29million the Mallam Nuhu Ribadu-led Petroleum Revenue Special Taskforce said the international oil companies are owing.

    Briefing reporters, NACCIMA President, Dr. Demola Ajayi said: “Avoid fuel price increase. The government should compile actual quantities sold through petrol station pumps and do all that would enable us to compare with total claims of refineries.

    “The government should be determined to recover by legal means funds, such as the US$29 billion,which the Ribadu-led Committee was quoted as recoverable payments from International Oil Companies (IOCs).”

    Ajayi urged the government to privatise the refineries and encourage the establishment of private ones.

    Criticising the MPR of the Central Bank of Nigeria (CBN), Ajayi insisted that the only way CBN could help the economy is to bring the interest rate to a single-digit index.

    He said: “The CBN governor has said the apex bank will still maintain the 12 per cent MPR. I don’t think this is good enough.We have to work with CBN governor as Nigerians and watch it closely because I am sure as things go on, the CBN will want to look at this interest rate thing.

    “We feel that industry can only move forwards, especially in the commercial world, referring to the private sector, when access to fund, cost of borrowing are moderate or they are affordable. It makes the economy to move upwards. So, we are hoping that the interest rate will be examined from time to time, depending on what is happening in terms of Gross Domestic Product (GDP) and other factors.”

    He urged the Federal and state governments to cut down on external borrowing, saying this is necessary to keep the economy on a clean slate.

    He said: “The Federal and state governments must curb the high propensity for borrowing from abroad, except from international institutional lenders, such as IMF, African Development Bank, World Bank and International Finance Corporation and only for specific developmental projects.

    “They must also accelerate payment of local debts owed indigenous businesses to enable them to expand, generate wealth and create jobs. This is only fair if treated with same attitude shown in collecting debts owed governments.”

    Ajayi asked the Federal Government to make its position known on unclaimed dividends, including the establishment of an Unclaimed Dividen Trust Fund.

    The NACCIMA chief, who said there is hope for increased economic fortunes for the country this year, advised the Federal Government to consider friendly incentives to woo companies into the country.

    He said: “The Federal Government should provide adequate industry-friendly incentives to woo back companies that have relocated or are at the verge of relocating to neighbouring ECOWAS countries by boosting the power supply situation and addressing other constraints faced by them.”

    Ajayi said epileptic power supply by the Power Holding Company of Nigeria (PHCN) has increased the cost of doing business in the country to 40 per cent.

    He said: “Recently, we are worried that in spite of the recent high tariff charged by the PHCN, electricity supply is yet to reduce the burden of private generators for businesses and the citizens since the government’s intention to meet the 6,000MW to 10,000MW has been difficult.

    “This has contributed as always to the high cost of doing business estimated at about 40 per cent since real sector operators and citizens alike depend mostly on own provision of alternative sources of electricity through own generating plants.”

    He called on the Federal Government to cooperate with private sector to deliver 10,000MW by the end of this year, as well as make provision for sufficient pre-paid meters to consumers.

  • Firm set to boost Internet service

    Wireless Internet operator, Ambion Wireless, said availability of fast and affordable Internet access will deepen its penetration in the country and bring to the people, the untapped potential of the Internet.

    Speaking with The Nation in Lagos, its Managing Director, Tolulope Buraimah said Ambion will increase Internet penetration through the provision of low cost Internet solutions for its clients. This would allow the country to tap into the many benefits of the Internet.

    Buraimah, who said the firm would leverage on the partnership it has with ATI Telecoms to deploy SuperWiFi, the latest technology in the world, to the country, also said the roll-out of its services would mark the end to the downtime usually associated with the services of Internet Service Providers (ISPs).

    “SuperWiFi uses the same signal that television sets use. That means that anywhere there is television signal, there will also be internet connection,” he said, adding that the technology has worked in Japan, the United States, Hong Kong and other parts of the developed world.

    He said the services of the firm would be in phases, adding that Lagos would be the city of first launch while other major cities in the country will follow suit.

    According to experts, the Internet, especially the World Wide Web, has not only created a global audience, it has also provided opportunities for e-commerce, product advertising, do online surveys, provide technical support and obtain customers’ feedback. The Internet also allows for immediate dissemination of information as well as initiate an online discussion.

     

  • Nigeria, Canada target N900b trade volume by 2015

    NIGERIA and Canada have agreed to strengthen their trade and investment ties.

    This will be achieved by leveraging on areas of competitive and comparative advantage.

    Both countries also agreed on strategies to double their volume of trade to N900billion ( $6billion) by 2015.

    To stimulate trade and investment, Canada has agreed to review its visa processing time for Nigerians to 10 days.

    Nigeria’s value of merchandise trade with Canada stood at N405billion ($2.7billion) in 2011.

    The trade value consists of N375 billion ($2.5billion) in Nigeria’s exports to Canada and $199million worth of imports.

    The decisions were reached during the Nigeria-Canada Bi-National Commission meeting in Abuja, which was co-chaired by the Minister of Trade and Investment, Mr Olusegun Aganga and the Canadian Minister for International Trade, Mr Ed Fast.

    A joint communiqué issued at the end of the meeting stated: “The two ministers noted the rapidly growing volumes of trade between the two countries and welcomed the commitment by the Canada-Nigeria Business Association to double the volume of trade by 2015 to $6billion.

    “The ministers welcomed the strong role of the private sector in expanding the two countries’ economic ties and agreed on the importance of renewed efforts to ensure that each country’s private sector is more acquainted with the opportunities in the other country.”

    Aganga said the Federal Government would expand bilateral trade relations with Canada, especially in the exportation of non-oil products.

    The move, he said, would help to create employment, generate wealth and enhance economic growth in the country.

    Fast led a delegation of chief executives of 28 Canadian firms operating in the extractive and infrastructure sectors of his country’s economy.

    Aganga said the meeting provided the platform for both countries to review their socio-economic progress to consolidate on gains and re-strategising for enhanced growth.

    “Nigeria and Canada share strong and increasing trade and investment relations. Canada is a top player in international trade, which makes up a large part of the Canadian economy,” he added.

     

  • Abuja hosts digital Africa confab, exhibition

    Federal Capital Territory has been selected to host the inaugural Digital Africa Conference & Exhibition, slated for April 23-25, this year.

    According to a statement by the organisers of the event, based on the latest statistics from the International Communications Union (ITU), Nigeria, has the largest telecoms market, and the highest number of internet users in the continent as at today.

    The three-day Digital Africa Conference & Exhibition will be held at Nicon Luxury Hotel, in Abuja, the capital city. Transcorp Hilton Hotel, Abuja Sheraton Hotel, Bolingo Hotel, Protea Hotel Asokoro, Chelsea Hotel, Rockview Hotel, and Hampton Suites have been designated as official accommodation hotels for guests expected from around Nigeria, African countries, and the rest of the world.