Ecobank plans to grow its agricultural loan portfolio of N84 billion significantly in the next four years, in line with the Federal Government’s agenda.
The Country Manager, Agriculture and Export Finance, Ecobank Nigeria, Abel Ajala, who made this known in Lagos, said the plan was part of the bank’s initiative to increase support to the sector.
According to Ajala, the bank works with Central Bank of Nigeria (CBN) and Bank of Industry (BoI), using intervention funds and other schemes to avail credit facilities at concessionary interest rates and single digit interest rate for CBN/BoI intervention funds. Apart from the bank’s lending to agricultural sector, Ecobank has supported many stakeholders in the sector to obtain BoI loans and various CBN-support facilities for agriculture, such as Commercial Agricultural Credit Scheme (CACS), Nigeria Incentive-based Risk Sharing for Agricultural Lending (NIRSAL) at a single digit interest rate.
Ecobank has built a robust agriculture and export unit, staffed by professionals to ensure easy risk assessment of loans while adequately providing measures to guarantee that beneficiaries use the funds diligently and pay back as at when due
He said Ecobank is supporting agriculture both in the production, including agricultural processing, distribution and other areas of the value chain, stressing that the sector is at the centre of transforming the economy.
“It is part of our deliberate and strategic initiative to increase support to the Agric sector,’’ he said.
Tag: Agric
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Ecobank unveils four-year agric financing plan
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Fed Govt targets 30,000 youths through agric
As part of its commitment to the promotion of decent income generation and livelihood for Nigerian Youth, the Federal Government, through the Youth Employment in Agriculture Programme (YEAP), has commenced the empowerment of 30,000 youths in area-based priority value chains.
The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Sonny Echono, made this known, during a meeting with stakeholders in the poultry industry at the Ministry’s Headquarters in Abuja.
He said the ministry received about 34,000 applications from intending agropreneurs and market oriented producers from 12 participating states, including the Federal Capital Territory (FCT). He said a total of 250 agropreneurs would be selected per state including FCT under the first phase of the programme.
He explained that the validation and final selection of the young agropreneurs and market oriented producers would be done at state levels in collaboration with the ministry’s state directors; training would also be conducted for the beneficiaries at various credible agricultural and research institutions, universities and other vocational training institutions across Nigeria.
Echono listed the participating states to include Akwa Ibom, Bauchi, Gombe, Imo, Kaduna, Kastina, Lagos, Niger, Ogun as well as the Federal Capital Territory (FCT).
The beneficiaries, according to the Permanent Secretary, would be trained in various value chains, including rice, aquaculture, poultry, maize, tomato, wheat, sorghum, apiculture, soya bean, cassava, groundnut, oil palm, snailry, grass cutter and multiple value chains, such as welding and fabrication, repairs and maintenance.
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Union advises Buhari to woo investors to agric sector
As part of measures to encourage more people, especially youths to go into agriculture, Agriculture and Allied Employees Union of Nigeria (AAEUN) has advised President Muhammadu Buhari to encourage more foreign investors to invest in the country.
Speaking at a reception for reporters, the National President of Nigeria branch of Ecosystem Based Adaptation for Food Security Assembly (EBAFOSA), a United Nations initiative and the Lagos State Chairman of AAEUN, Obafemi Oyenubi said agricultural products would be in high demand and wastes would be checkmated if more investors are in the country.
“The problem we have in the past is the issue of monopoly where exporters who have market abroad do not want other investors to come into the country”, he said.
Obafemi said Nigeria has a huge potential of being the leader in prosuction of various agricultural products in the world, giving the expanse of land and the favourable climate, but lamented that most of the products coming from farms now get perished easily.
This he attributed to non availability of processing firms, who could easily take off the excess fresh products from the farmers, process and preserve it, thereby making farming as a profession or vocation, more rewarding.
He advised the government to create an enabling environment for the would be investors, while also calling for the re-engineering of the old farm settlements across the country to further encourage those who want to go into agriculture.
Speaking further on some of the government policy banning agricultural products, like rice, poultry and fish, the labour leader said this was not appropriate as Nigeria presently is not self sufficient in the production of these products.
He said, “The problem is that most of the government policy is sectional, as it it done to favour some people. We should stop politicizing everything in the country. Some few peolpe who are producing these products are behind this,but you discover that what they are producing cannot be enough for the whole country, and Nigerians due to the scarcity of the products, will have to pay more. So it is the few rich that are bennefitting.”
The National President of EBAFOSA, James Oyesola, in his contribution said EBAFOSA seeks to combat food insecurity, climate change, ecosystems degradation and poverty in Africa using an innovative approach that decentralizes the development and application of the policy solutions in the least bureaucratic channel.
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Dangote to develop Kano varsity’s agric master plan, says VC
African richest man Alhaji Aliko Dangote is partnering Kano University of Science and Technology (KUST), Wudil, Kano, to develop its agricultural master plan.
Its Vice Chancellor, Prof Shehu Alhaji Musa, made this known at a briefing on the 15th Anniversary of the university.
He said Dangote, who is Pro-Chancellor of the university, is keen in seeing to the development of the university’s faculty.
“The plan is in the pipeline and we have already started clearing way for the new project. When the master plan is achieved, it can cater for one million farmers. That will bring succour to our agriculture. We can also have reliable food security with its attending benefits,” Musa said.
Dangote, who is president of Dangote Group of Companies, the VC added, pledged to also construct industrial borehole that could cater for 30,000 people.
“Apart from these contributions, he pledged to give a support of N100million to the university to inject in other projects,” the VC said.
“For your information, Alhaji Dangote has promised to employ 15 professors for the university and promised to pay for their salary for four years. This will bring tremendous development for the state. Academically, this assistance will improve our institution and the state in general,’’ the VC added.
Other contributions made to the varsity by Dangote are the building of two 500-bedroom hostels for males and females, he said.
The VC added that Dangote completed 12 new projects, handling 36 ongoing ones and four others four at tender stages.
“Thirty one academic staff are sent for PhD programme – 22 abroad and nine within Nigeria. So far, we have nine Professors and 14 Readers as academic staff. We also have 49 Visiting Professors, “ he added.
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‘How to create jobs through agric’
The Federal Government has been urged to sufficient and decent employment the major target for revamping the agricultural sector.
The Deputy Director, Department of General Administration, Agricultural and Rural Management Institute (ARMTI), Ilorin, Kwara State, said over the next five years, over 500,000 new young graduates would enter the labour market, which mean new jobs have to be created.
According to him, not only is the creation of new jobs important, the government should determine to make the agriculture sector attractive to encourage more investors to come in so they can work to support the development of jobs-focused agribusiness ventures.
While employment prospect in other sector are shrinking because of massive use of technology, Adeyemo said there were possibilities of increasing the potential of the various value chains by supporting activities in production, processing, storage and marketing of commodities.
The majority of new jobs, which would be created, would increase employment opportunities for young people between 20 and 35.
He called for improved funding to help state governments to increase training of youths on improved techniques for crops and livestock production, processing and marketing and for new and existing entrepreneurs to modernise their businesses.
He stressed the need to support cooperatives and chambers of commerce and industry to promote agriculture and improve the capacities of farmers and for more focus on introducing university students to agric businesses through mentorship schemes and integration of entrepreneurship into college curriculum.
He added that the agric sector has a lot to offer young entrepreneurs and that the sector remains a major area of job creation, outside oil and telecoms, adding that what farmers and producers need is an healthy business environment with the right incentives for innovation and change and then the nation can be assured of food security.
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‘Agric waste’ll address energy shortage’
Nigeria has great potential to develop bio-gas from agricultural and animal waste, the Deputy Director, Directorate of General Management, Agricultural and Rural Management Institute (ARMTI), Dr. Ademola Adeyemo, has said.
In an interview, he said though agricultural waste is a source of pollution, it can be converted to biogas to generate electricity, adding that it will countries that are seeking new sources to replace or supplement traditional fossil energy sources.
He said millions of households in rural areas should be encouraged to acquire biogas digesters that convert waste into clean-burning fuel for cooking.
According to him, bio-gas technology convert organic waste into bio-gas to reduce the greenhouse effect, wipe out diseases at breeding farms, and create a clean energy source for cooking, lighting, and generating electricity.
He said bio-gas is an indispensable factor in agricultural production as it reduces pollution.
In view of the ever-increasing cost of conventional energy source, and the worsening rural and urban ecological problem of pollution resulting from improper waste disposal and management.
He urged the government to adopt biogas technology to generate additional power sources.
He called on the government to support farmers to use bio-gas from animal waste to generate energy.
He expressed concerns that the country lacks strategies and policies for bio-gas development, calling on the government to map out a strategy for bio-gas development.
Recently, the Institute of Agricultural Research and Training (IAR&T), Moor Plantation, Ibadan inaugurated its new biogas project at Apete Onidoko farming village in Ido Local Government Area of Oyo State, calling on the Federal Government and other tiers of government to replicate the project across the country.
Director, IAR&T, Prof James Adediran, said the benefits of biogas are limitless, and that it could be used in the farms, in the homes, in institutions and also at abattoirs, among others.
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‘There’s need to revamp agric sector’
A sensitisation exercise tagged: “Revamping Agricultural Sector in Nigeria Through Aggressive Industrial Farm Park Project”, was held recently in Lagos, organised by the management of 1.2 Green Limited in partnerships with Chinese Government Export Credit.
The exercise, according to the organisers, was organised to discuss ways in revamping the Agricultural sector through aggressive industrial farm park project.
According to Mr Obada Votu, CEO 1.2 Green Ltd, expressing the company’s readiness and willingness to assist the government in resuscitating this crucial sector stated, “This crucial sector should not be neglected, but should be given the needed attention. Nigerian became a net importer of food and major importer of wheat, rice, sugar and fish. The importation of these four commodities, according to reports, consume over N1 trillion in foreign exchange every year since 2005.
“The CBN report shows that Nigeria is the world largest importer of United States hard red and white winter wheat, with an annual food import of N635billion. Nigeria’s food imports are growing at an unsustainable rate of 11 per cent per annum, while reliance on the import of expensive food in the global market fuels domestic inflation, and Nigeria is importing what it can produce in abundance. And that import dependency is hurting Nigeria’s farmers, displacing local production and creating rising unemployment,” he added
Stating further that, there is need for stakeholders to reduce the importation of these products that can be produced in Nigeria. “Nigeria spends N1 trillion annually to import rice, sugar, wheat and fish, translating to N10 trillion from 2005 till date.
The Nation has vast arable land for cultivation, adding that this must be harnessed by stakeholders in order to effectively prevent food crisis considering the growing population and reduce imports to the barest minimum.
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Stakeholders advocate sustenance, modifications of agric reforms
Stakeholders in the agric sector from the Southwest have expressed confidence on the ability of the reforms implemented by the former Minister of Agriculture, Dr Akinwumi Adesina to boost food production.
The reforms, according to them, will ensure abundant food production.
They urged the President Muham-madu Buhari-led administration to adopt, adapt and upgrade the Agricultural Transformation Agenda (ATA) blueprint of the former administration and sustain its gains.
This was their resolution at the end of a one-day town hall meeting anchored by AgroNigeria, a media organisation promoting agriculture and its value chain. It held at the conference hall of the University of Ibadan.
A stakeholder and Chief Executive Officer (CEO), Agric House, Mr Kayode Ehindero, advised that President Muhammadu Buhari-led administration should avoid policy summersaults in agriculture, refine and sustain good policies and frameworks put in place by the former agriculture minister.
He advocated that migratory cattle herdsmen should be incorporated as an integral part of the policy and frameworks to be put in place by the new administration. This, he said, is to forestall needless clashes between crop producers and herdsmen, adding that all are working to ensure a food-secure Nigeria.
Another stakeholder and Chief Executive Officer, Aquatech, Dr George Sheguna, identified challenges faced by farmers in Nigeria and other parts of developing world as finance, management and marketing.
He said farmers should be able to show financiers what they need the money for and faithful in the implementation of financial proposal to engender trust in the industry.
Sheguna also advocated that youths should be attracted into agriculture by making training in management, land and farm tools available at subsidised prices.
A University of Ibadan (UI) post-graduate student, who attended the conference, Miss Michele Opinache, said graduates of agriculture and allied disciplines were not interested in agriculture because they opted for such studies because they couldn’t secure admission into their chosen disciplines.
Prof Rasheed Awodoyin, of the Department of Crop Protection and Environmental Biology, UI, said public universities in Nigeria are overwhelmed with lopsided admission applications, with over 70 per cent applying to study popular programmes, such as Medicine, Law, Accounting, Economics, among others, while Agriculture and allied disciplines are usually not applied for.
This, he said, informs giving candidates courses they do not apply for. He urged agricultural graduates and others to develop interest in agribusiness as their contributions would reduce unemployment, poverty and associated vices.
Another participant, Chief Executive Officer of Fagna Consult, an agricultural service provider, Mr. Ajadi Bolade, while lamenting poor financing of youths in agriculture, encouraged them to ignore all odds, explore agriculture with passion, plans and determination to make a difference with quality products, good agricultural practices and cost-cutting strategies.
Representative of Oyo State Agricultural Development Programme (OYSADEP), Mr Akinola Dauda, said although youths should be incorporated into schemes of things in agriculture, most of them entrusted with facilities are not usually faithful based on experience.
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Set aside 10% of budget for agric, govt urged
The Federal Government has been urged to set aside 10 per cent of the budget for agriculture to ensure food security.
The sector, according to the Deputy Director, Directorate of General Management, Agricultural and Rural Management Institute (ARMTI), Ilorin, Kwara State, Dr Ademola Adeyemo, is slowly recovering from disrupted farming.
Adeyemo said agriculture is one of the key sectors that have propelled steady and sustainable economic growth. To this end, adequate funding, he said, is needed to help the government follow a clear roadmap for its development.
Past budgets, he said, have not allocated sufficient funds to agriculture, especially in the expansion of infrastructure for growth. Post-Budget analysis revealed that the allocation is not adequate for the boosting of the sector and falls below the international benchmarks. He said key agricultural areas are still underfunded falling short of the Comprehensive Africa Agricultural Development Programme (CAADP) target of allocating 10 per cent of the budget to agricultural sector.
Adeyemo stressed the need to allocate more resources to other key areas such as research and development and provision of extension services and infrastructure. He recognised that several positive measures and pronouncements have been presented in the budget to support agricultural development. He urges the government to ensure that the ideas are backed by implementation.
According to him, sufficient budgetary provisions will translate into a vibrant agricultural sector, raking in revenue into the Government’s coffers and providing jobs for Nigerians to contribute effectively towards economic growth.
He urged the government to employ prudent fiscal discipline as a key to ensuring financial sustainability and quality service delivery.
Adeyemo also asked for doubled efforts aimed at using improved seed variety and diversify on-farm activities. These measures, he added, should be supplemented by enhanced extension services.
He called on the government to enhance the use of science and technology in the pursuit of its policy objective of achieving a competitive, diversified and sustainable agricultural sector.
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Udiroko Festival: Ekiti monarch urges subjects to embrace agric
THE Ewi of Ado Ekiti, Oba Adeyemo Adejugbe, has urged his subjects to embrace agriculture to prevent hunger, generate more jobs and boost food security.
Adejugbe, who spoke yesterday after the community held a prayer session as part of a week-long activities to mark this year’s Udiroko Festival, said agriculture used to be the mainstay of his kingdom’s economy.
He said Ado-Ekiti was renowned for yam production, but the momentum has declined as youths and old people abandoned farming.
The monarch decried a situation in which the Ebiras now dominate yam production in his kingdom and indigenes no longer show interest in farming.
He said: “Only God knows what will happen should the Ebira farmers go on strike. Farming is our pride; it is our tradition, which we must not abandon.
“In those days, people did not suffer hunger because there was plenty to eat and people participated timely in farming, but now, people are no longer interested in farming.
“It is better for all of us to go back to farming, make use of the land behind your house and cultivate the land. In those days, everything you need is at your backyard.”
Adejugbe explained that the Udiroko Festival marks the beginning of a new year in Ado traditional calendar, clarifying that the event has nothing to do with idol worshipping as believed in some quarters.
The traditional ruler said the festival is an opportunity for Ado sons and daughters to come together and deliberate on issues affecting their community.
According to him, many capital projects like the palace amphitheatre and the Faculty of Law building at the Ekiti State University (EKSU) resulted from Udiroko.
The monarch said the festival is another way to promote the rich cultural heritage of the community, offer prayers to the Almighty for witnessing another year and promote unity among indigenes and non-indigenes.
He was happy that his kingdom has grown in leaps and bounds in the last 20 years, which, he said, was made possible as a result of cooperation and unity among the indigenes.
Adejugbe urged his subjects to attend activities marking the festival, which will end on Saturday when the community’s New Year begins.