The Nation Newspaper

Tag: boost

  • Agric products, others get boost, says SON chief

    Agric products, others get boost, says SON chief

    Nigerian agricultural and allied products now have a major boost in regional and international markets following a  harmonisation of standards exercise by the Africa Regional Organisation for Standardisation (ARSO).

    Thi is coming against the background of calls to make the continent’s agricultural sector competitive at globally.

    At a ARSO General Assembly, Tanzania, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Paul Angya, a member of ARSO, said the next step would be for the nation to prioritise its agricultural sector by making standards available to it.

    This, he said, would prepare our agricultural products to meet the standards stipulated by the association.

    Angya said Small and Medium Enterprises (SMEs) must realise the importance of standards application to their businesses, saying that the sector also has a vital role to play in ensuring that the nation’s non-oil exports are exportable.

    The SON boss said Nigeria had been applauded for its role in ARSO’s development, adding that the nation’s contributions were in the areas of technical work and policy administration.

    Angya said:  “SMEs must realise the importance of standards’ application to their own personal enterprises, the capacity of standards to improve their productivity and their profits. We have embarked on massive sensitisation and education. We have also engaged in training the SMEs.

    “We have trained them in standards application, management systems and they have realised that application of these standards will improve their overall profit margin. That is why they are coming in groups to join the band wagon of SON.”

    He said SON had discussed with institutions about supporting Shea butter producers and that the agency would inform the SMEs about the approval of the project.

    Also, an expert on Technical Barriers to Trade (TBT) of the ACP TBT programme of the European Union, Mrs. Idinakide Eva, said the programme was not only for women development, but also for the development and facilitation of trade.

    She noted that the programme had three dimensions, which include supporting quality infrastructure, supporting the private sector and disseminating information to support the development of relevant data uploading on the website of ARSO.

    Chairman, Senate Committee on Industries, Ebonyi North, Senator Sam Egwu, said he had been better informed about the SON, urging Nigerians to adhere to standards.

    He said the Senate recently approved a bill to make it mandatory for all government procurements to be locally sourced to conserve the nation’s hard-earned foreign exchange and boost locally made products.

    According to him, there is need to understand the importance of SON as it obtains in other parts of the world.

    Meanwhile, the European Union (EU), through its expert on Technical Barriers to Trade (TBT) of the ACP TBT programme, has stated plans to equip Nigerian women with the requisite skills and support to boost Shea butter production.

  • N25b Maryland Mall to boost economy

    N25b Maryland Mall to boost economy

    The commercial arm of the real estate sector is living up to experts’ predictions. At the beginning of the year, realtors had made it clear that shopping malls and office space will be the arm that would be more active in the industry. Across the length and breadth of the country, it is now a common sight to see shopping malls, office buildings and or commercial buildings springing up.

    This trend, it is believed, will boost the retail activities penetration in the country. Available statistics revealed that currently, only two per cent of Nigerians shop in formal retail supermarkets compared to 60 per cent of South Africans; 30 per cent of Kenyans; four per cent of Ghanaians and two per cent of Cameroonians. Similarly, retail trade presently accounts for about 30 per cent of the world’s gross domestic product, (GDP). This is about $22 trillion of retail sales each year.

    Yet, government data shows that Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years. It is estimated that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive. One of such retail outlets that has keyed into this prospect is the Maryland Mall, located on the Ikorodu Road axis in Lagos.

    The project, said to have cost about N25 billion, was inaugurated on Tuesday. It was developed by Purple Capital Partners Limited, a financial and real estate Development Company, attracted since been described as being unique in design and rendition, especially because of the commendable use of space as the mall is springing up in a built up area and designed to fit the space available through mainly vertical development.

    The Maryland Mall sits on 7,700 square metres (sqms) of prime land in a built-up neighbourhood which used to accommodate the Maryland Shopping Complex. It has a gross lettable space of about 6,400sqms and it is built vertically, compared to the horizontal buildings that is the style in this clime. Logistics like movement to and around the Mall has been made easy after due studies carried out by the promoters in collaboration with the Lagos State Ministry of Transport, with an estimated 5,000 cars passing through every hour. A dedicated underground car park, said to be the first within any mall in the country, provides ample space for cars. Already, a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands, have found a home in the Maryland Mall. The exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

    Declaring the Mall open for business, Mrs Onikepo Akande, President, Lagos Chamber of Commerce and Industry (LCCI) noted that retail is one of the cornerstones of trading and investment, and Purple Capital, the developers of Maryland Mall, have done extremely well to give Maryland a new lease of life through this retail investment.

    “It is my sincere belief that this new mall will help to expose and grow the manufacturing and commercial potential of Lagos state and by extension, the national economy,” Akande said.

    As Nigeria’s industrial and commercial capital, Lagos is expected to lead the national count for modern shopping malls over the next decade, in tandem with the city’s fast growing population, currently put at anywhere between 17 and 20 million people.

    The Chairman of Purple Capital Partners Limited, Mr. Omotola Mobolurin, expressed delight at the completion and opening for business of the mall especially because of its attendant benefits into the economy. “I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status. It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates,” Mobolurin said.

    The Maryland area aptly illustrates the various realities of city life. Located right in the middle of mainland Lagos, Maryland has been a residential district and a hectic hub of social activities for decades: it is also an economic and commercial nerve center; a major intersection connecting citizens and visitors alike to the major thoroughfares across the city, and a perfect exhibit of the city’s quest for affordable, urban development.

  • Biscuit market records $5.2b boost

    Biscuit market records $5.2b boost

    Central & Eastern Europe, Middle East & Africa’s largest food company, Yildiz Holding, has merged its core biscuit, chocolate, and confectionary businesses, to form a new global company, Pladis, worth $5.2 billion, to play in the market.

    Yildiz businesses, which include United Biscuits, Godiva Cho-colatier, Ulker and DeMet’s Candy, will now be called Pladis in Nigeria to stir the market.

    In a statement made available to The Nation, the new entity unites internationally recognised brands, such as McVitie’s, a leading biscuit brand in Nigeria with a heritage in the United Kingdom and Europe; Godiva, a leading premium chocolate brand worldwide; and Ulker, the leading biscuits and confectionery brand in Turkey and Middle East to form the $5.2 billion business, hence, positioning Pladis as a global leader in the category.

    With this buy-in, A&P Foods Limited, the producers of McVities Biscuits in Nigeria, becomes a member of Pladis. Established in 2002, A&P Foods is a major player in the biscuit and confectionary categories in Nigeria, and also produces the Haansbro brand, a known brand in Nigeria’s biscuits and confectionery market.

    Yildiz Holding Chairman, Murat Ulker, said: “Establishing pladis is the first step in realising the long-term strategy of Yildiz Holding. We are bringing together some of the world’s best loved brands and combining their 350 years of experience to form a new family company. We will be a global leader in biscuits and confectionery, and bring ‘bites of happiness’ to every corner of the world.”

    With 36 factories in 13 countries, including Nigeria, Pladis hopes to employ 26,000 people and be led by a senior leadership team, comprising Cem Karakas, CEO and Ali Ulker, Vice Chairman focusing on innovation and quality.

    Accordingly, the company will operate on a regional basis, with each region responsible for the manufacturing and commercial activities of the full Pladis brand portfolio.

    Pladis CEO, Cem Karakas, said: “We have significant growth ambitions for Pladis with the aim to outperform the category standard year-on-year.

    “This is supported by our capital position and the strength of our manufacturing as one of only two companies in the world that produce such a broad range of biscuits and confectionery. As one global family, we can be more agile, allowing us to innovate around our products and develop more brand synergies – which are already benefitting our business.”

  • Boost for physically challenged, indigent mothers

    Boost for physically challenged, indigent mothers

    ife of Abia State Governor Mrs. Nkechi Ikpeazu has called on Abians and public spirited individuals to come to the aid of the physically challenged.

    Speaking at the School of the Blind in Afara, Umuahia, Mrs. Ikpeazu, who inspected the reconstruction of some parts of the school, said the physically challenged people of the society need the help to feel the government’s impact.

    Mrs Ikpeazu praised the Abia State Oil Mineral Producing Areas Development Commission [ASOPADEC] for partnering with her to give the physically-challenged a new lease of life.

    She also appreciated the principal and teachers of the school for making personal sacrifices towards the care of the special students and urged them not to relent in their efforts to ensure that the people left under their care are well taken care of.

    The Abia Governor’s wife encouraged the blind students to be steadfast in their studies and used the opportunity to shower them with gifts that included hundreds of school bags, school uniforms, Sandals, foodstuff and household provisions.

    Commissioner for Education, Prof. Ikechi Mgbeoji represented by the Director of Education, Mr. Mba Udensi, Commissioner for Women Affairs Lady Chinedu Brown, represented by her Permanent Secretary Dr. Nnenna Chikezie, and ASOPADEC Chairman  Chief Emeka Stanley praised Mrs Ikpeazu for her gesture.

    The Principal, Mrs. Oriala said the perimeter fencing, renovation of several buildings and construction of a walkway would make the school better.

    In a related development, Mrs Ikpeazu has paid the hospital bills of seven indigent nursing mothers detained at the Federal Medical Centre in Umuahia [FMC] after they gave birth. She also paid the bill of the only survivor of the fatal accident that involved Peace Mass Transit bus and a MAN diesel truck on the Enugu-Port Harcourt expressway.

    The Abia Governor’s wife said that her visit to the Nkasiobi and Bartley wards of the FMC was in the spirit of Children’s Day, “It will enable the nursing mothers to unite with their children at home”.

    She thanked God for the safe delivery of the nursing mothers, “The women wrote to me asking for my intervention and what we are doing is in line with the present administration’s desire to alleviate the suffering of the poor and provide quality health care delivery”.

    Responding on behalf of the beneficiaries, Mrs Goodness Nwachukwu a mother of twins expressed gratitude to Mrs Ikpeazu for coming to their aide and prayed God to protect her and her family.

  • How govt can boost economy

    The Federal Government has been asked to galvanise the economy with policies that will drive business growth.

    A real estate consultant, Mr Omo Aisagbohi, said things were not moving for now because of the liquidity crunch.

    Speaking at Trinity Mall customer reward show in Ikeja, Lagos, he said the real estate sector was the most affected by the current economic hardship. The dearth of liquidity in the system, he said, was discouraging patronage for personal mortgage ownership.

    Aisagbonhi said: ‘’The real estate sec experiencing tough time because there is no liquidity. People are merely trying to survive and those who have money are careful about spending. Generally we are struggling to remain in business as things have gone worse. If not for banks that help us, maintaining our equipment have become more expensive.

    “We expected that the first few months of the administration will make things better. But I don’t think our sector is growing in particular. One must first be well before thinking of owning a house. My fear is that government is discouraging hardworking Nigerians from owning their houses.”

    He explained that challenges, such as multiple taxation, general import policies and difficulty in accessing Foreign Exchange (forex), among others, have prevented the sector from providing affordable housing to Nigerians.

    He said the implication was that it encouraged smuggling of goods and services into the country while stimulating the economy of neighbouring countries.

    The property expert noted, however, that those who make the harsh policies are not aware of the damages they are doing to the economy. He said they are enriching other countries as they smuggle those goods in.

    While stressing the need for the government to rethink its policies in order to stimulate the economy, Aisagbonhi emphasised that the government should be less concerned with the provision of housing, but focus on creating the enabling environment for private sector operators to thrive.

  • Boost for Akwa Ibom women’s, youths’, disables’ participation in governance

    Boost for Akwa Ibom women’s, youths’, disables’ participation in governance

    A Non-Governmental-Organisation (NGO) under the aegis of ‘Women United for Economic Empowerment’, (an NGO for women economic empowerment) working in partnership with an international Agency in Nigeria, ActionAid Nigeria, has taken further their drive to  increase effective political participation among  women, the youths and the disables in Akwa Ibom State.

    In a two week event titled “Strengthening Citizens Engagement on Electoral Processes” ( SCEEP) in Akwa Ibom State, which took the groups to 18 communities in six local government areas in the State covering the three Senatorial Districts, the groups also officially launched and presented to each of the 18 communities the WUEE/ActionAid Community Development Charter.

    The Programme Officer, Aniema S. Nyong said the collaboration is to last for four years, 2015 to 2018 and  slated to cover a total of 180 communities in 10 States of the Federation.

    She said,”before the 2015 general elections, the Women United for Economic Empowerment (WUEE), an NGO with the mission to promote women/children rights, human development to the rural and urban poor and other vulnerable groups through empowerment programs, stormed randomly selected 18 Akwa Ibom Communities in six local government areas of the state with the project tagged “Strengthening Citizens Engagement on Electoral Processes (SCEEP).

    “With Actionaid Nigeria as implementing collaborator in Akwa Ibom State, WUEE came with the mandate to work with women, youths and persons with disabilities with the objective of not only enhancing citizens participation during electoral processes, but to also promote inclusiveness in the Nigerian electoral system by understanding duties owed communities by politicians and how to go about getting political office holders to fulfil those obligations”, the Program Officer stated.

    She said the programme which was  directed at 18 Akwa Ibom communities drawn from six equally randomly chosen local government areas of Abak, ?Ikono, Nsit Ubium, Uruan, Okobo and Ikot Abasi local Government areas of the state, WUEE, before the 2015 general elections organized training workshop where participants brainstormed to identify challenges communities are confronted with during elections.

    The forum provided the select communities the opportunities to identify and tackle issues mitigating against peaceful elections. Having gathered insight into how to present needs of the communities to politicians seeking votes, the communities were better prepared not only to participate during the election but on how to bring political office holders accountable to the people.

    Since non of the select communities had any written document which identify the people, who they are, their resources, occupation, means of earning a living, income/expenditure, health, number of persons with disabilities, education, origin, constituent families, rulership, community map, social conditions, assets, climate / weather, challenges and other things that could aid easy identification and presentation of their needs and expectations to politicians in return for votes. This therefore provided need for what WUEE tagged “The Village Book”.

    Aniema explained that after the 2015 general election, WUEE and Actionaid once again stormed Akwa Ibom communities earlier educated on electoral processes to brainstorm and come up with the Village Book, tied to the need of individual community.

    To achieve this goal, the NGO said it  selected 15 members from each community for a focused group discussion and were able to come up with the map of such community, resources, challenges, festivals, seasons and what obtains during each season.

    Explaining the rationale behind such investigations, the Executive Director of WUEE, Mrs Iniobong Frank, during the official launching of Community Development Charter (CDC)/Village Book at Abak Local Government Secretariat said the intention was to empower and give insight into the challenges facing communities.

    “It is that empowering process that also equips them with the right skills to bring about solutions to these challenges and subsequently built their active agency as a people and recognising the inherent power they possess as a group to bring about transformation in their respective communities”.

    “The near absence of accountability has often characterized Nigeria’s electoral democracy. The community charter is an attempt ?to initiate an accountability spectrum that transcends the pre-election period into the period of the public officer when elected and in office. Often, promises made by politicians are almost forgotten as soon as they are elected.

    Drawing from the engagement platforms, the Community Charter/Village book has provided a structured approach towards ensuring that the needs of the people are at the core of development interventions at their level of priority”, she said.

    With the community challenges clearly articulated, the Executive Director said it had become very easy for policy makers to key into the people’s development plans and actually use them to engage different levels and tiers of governance and different arms of government.

    The representative of Actionaid Nigeria, Mr. Effiong Obo said the target of the SCEEP project was to discourage citizen’s mentality of merely participating in electoral processes and thereafter leave politicians unaccountable to the people. He expressed optimism that with  the village books, communities were  better equipped to identify their problems and know how best to tackle the most pressing ones, using political office holders.

    The communities of Ikot Iyire Ukpom, Abia Okpo and Eriam Afaha Obong in Abak LGA, Nkwot Ikot Obok Idem, Ukpap Ikot Idang and Nung Ukim Ikot Etefia in Ikono, Ikot Okoro, Ikot Okwot and Ndiya Ikot Ukap in Nsit Ubium, Idu, Nwaniba and Ibiaku in Uruan, Akanawana, Annua and Akai Ndyo in Okobo and Uta Ewa, Ikot Akpaidiang and Atan Ikpe in Ikot Abasi Local Government Area,  took active parts and appreciated WUEE and ActionAid for the opportunity. They saw the relationship with the WUEE/ActionAid as a huge eye opener.

  • Boost for women’s education

    The Centre for Health Science Training, Research and Development (CHESTRAD), a non-governmental organisation (NGO), has introduced six initiatives that will help Nigerian communities and individuals cope with the negative impacts of the dwindling oil prices at the international market which has largely curtailed government’s spending.

    With the initiatives, CHESTRAD is raising N250 million to support young women to acquire higher education.

    The President of the organisation, Dr Lola Dare, outlined the initiatives to include Oriade (universal access to health commodities and services), Tariro (early learning and child development) and Umbele (youth empowerment and sustainable livelihood).

    The others are Kambasa (educating and empowering the African woman and the girl-child), Umoja (enabling effectiveness of African civil societies and organisations) and Zabi (purposeful giving).

    Under the six projects, the organisation is leveraging on domestic financing to raise funds through Zabi to embark on the first five projects. The funds being raised are used to plug the shortfall in infrastructures, youth’s empowerment, financing higher education for young women and increasing access to health care in local communities.

    Addressing reporters in Ibadan, the Oyo State capital, Dr Dare revealed that the project began two years ago, adding that many Nigerians have already subscribed to contributing minimum of N60,000 annually towards the project. Besides, some notable Nigerians have endorsed the project in addition to giving money.

    With this, the project, christened “I Will Give,” is rebuilding the lives of individuals and communities across Nigeria.

    According to Dr Dare, through Oriade, the project will widen access to improved health care for 140,000 people by 2020; support 4,000 pre-school children for early learning and child development; empower 30,000 young people with enterprise leadership skills that will help them create wealth and provide financial support for 2,000 young women for tertiary education.

    Others are provision of financial and technical support for 130 civil society organisations for effectiveness and to promote accountability in Nigeria as well as disbursing over N250 million for initiatives identified by subscribers’ database.

    Dr Dare further explained that, with the dwindling international aid and oil prices in the international market, it was time for Africa to look inward and tap domestic financing.

  • How bio-fortification can boost nutrition

    How bio-fortification can boost nutrition

    Bio-fortification is one of the nutritional interventions making communities healthier and farmers more prosperous, Daniel Essiet reports. 

    There is a global reason to promote nutritious staple crops for farmers and consumers.

    Crops involved range from rice, wheat, maize, cassava, beans, sweet potato, pearl millet, banana, plantain, lentil, potato and sorghum. Micro-nutrients that have been targeted for bio-fortification are Vitamin A, iron and zinc.

    In Nigeria, high-yielding cassava, fortified with Vitamin A, is becoming popular as it is helping farmers raise healthier families and improve their livelihoods.

    The farmers planting it have created wealth and made more money. Some have gone ahead to give their surplus to others to grow more biofortified cassava and expand nutritional benefits.

    The Country Manager, Harvest Plus Nigeria, Dr Paul Ilona, noted that while the normal cassava provides calories, it does not provide enough micronutrients, such as Vitamin A that are required for good health.

    These micronutrients are essential as their deficiencies are responsible for some debilitating nutritional disorders, including birth defects, mental and physical retardation, weakened immune systems, blindness and even death. Ilona said people who do not get enough micronutrients suffer from a ‘hidden hunger,’  with serious consequences.

    He stressed that micronutrients are essential for human health and nutrition. If properly used, it can significantly contribute to reduce morbidity, malnutrition and mortality.

    So far, Vitamin A, Iron, Zinc, Iodine, Calcium, Vitamin D and Vitamin B12 are some of the important micronutrients. However, ensuring their availability to the poor is a big challenge. According to him, Vitamin A, is essential for good health. Vitamin A deficiency, he added, increases risk of preventable blindness, disease and death from severe infections.

    He said HarvestPlus, and other partners develop vitamin A cassava through conventional breeding in a process known as biofortification. Therefore, he expects more Nigerians to be eating vitamin A cassava because many people, including farmers, are challenged by micronutrient deficiencies.

    Apart from cassava, he said Harvestplus has  released an orange sweet potato that is richer in Vitamin A. There is also Vitamin A-rich maize.

    So far, Nigeria has incorporated pro-vitamin A cassava and orange-fleshed sweet potatoes in its Growth Enhancement Support Scheme, whose goal is to reach 2.5 million farming households.

    Farmers using these varieties are harvesting more yields per hectare and earning more income selling the surplus. HarvestPlus and its partners work in 22 states to promote the availability, adoption, and consumption of Vitamin A cassava and maize. The goal is that more than 1.6 million farming households will be growing these biofortified crops by 2018.

    According to him, HarvestPlus supports breeding, testing and releasing Vitamin A cassava developed through partnership with the International Institute of Tropical Agriculture (IITA).

    He added that the organisation work with public and private sector partners to multiply Vitamin A cassava stems and distribute to farmers.

    According to him, the programme is using creative public awareness campaigns through the media, including Nollywood, to educate Nigerians on micronutrient deficiencies and the benefits of Vitamin A cassava.

    So far, he said, the organisation is supporting commercial processing of Vitamin A cassava into popularly consumed products, such as gari and fufu that are marketed nationwide. Participants are taken through processing and the preparation of various recipes, such as flour, balls, chips, cakes and  pie.

    The Provost, Federal College of Agriculture, Akure, Ondo State, Dr Samson Odedina, said the institution is providing an outlet where farmers are encouraged to adopt and consume vitamin A cassava.

    ‘’The college also warehouses a model one-stop shop where consumers can buy Vitamin A cassava stems, tubers, and ready-to-eat products. Our advocacy seeks to strengthen national ownership of biofortification through effective integration into national nutrition and agricultural policies. The college is training both students and farmers on processing and utilisation. The training is part of the value chain and enterprise development strategy of to increase household income generation opportunities through the sale of cassava products and market creation,’’ he said.

    Pelumi Aribisala, a farmer in Ibadan, is growing nutritious and high-yield iron-rich cassava and earning higher income. He and others have  harvested their Vitamin A cassava.

  • ‘How to boost cassava production’

    The Federal Government has been urged to double its efforts in boosting cassava production. Participants made the call at the Agra Innovate exhibition in Victoria Island, Lagos.

    Speaking on the topic: Key value chain analysis: cassava, the Dean, College of Food Science and Human ecology, University of Agriculture, Abeokuta, Ogun State, Prof Lateef Oladimeji Sanni, urged the minister of Agriculture to call a strategic meeting of stakeholders in the sector to know its problems and prospects. He said it was not enough for the minister to promise to revamp the sector without getting input from its participants. “We need a minister that will come to the grassroots,” he added.

    The don, who took an overview of the sector since 2002, said it had grown significantly. He however listed its problems as the production and supply of the product, low pricing and insecurity, among others. Mr L. A. Adeniji of the Niji Group, said equipment and storage were some of the problems of the sector. “We try to compare ourselves with Brazil, Turkey, which use heavy equipment. But some of their equipment we cannot use here. Also, firms are set up in the cities, while the farms are in the rural areas,’’ he said. He canvassed the pegging of cassava price for uniformity and that owners of processing firms should be more dedicated.

    Executive Director Manufacturing Honeywell Mills Dr Nino Ozara said access to mills, especially in Apapa, Lagos was a major problem. He wondered how farmers could navigate the bad roads in Apapa to reach the mills. He called for reduction of tariffs and levy on wheat.

    Director (Agro), Allied Atlantic Distilleries Rajasekar Rajaveu whose firm manufactures ethanol from cassava listed the problems in the sector as “90 per cent of farmers are subsistence, who use traditional implements and methods’’ and that the clearing of land was difficult.

    His solution: “All large scale industries should have their own plantations to sustain supply. The government should allocate bulk areas of land for farming.’’ He also called for more extensive programmes and finance for farmers. He said when Nigeria has large farms, it would produce enough ethanol.

    Afrocet Managing Director Bryan Pearson praised the exhibition, saying it was well-attended. “It was good to see debate,’’ hoping that it would engender growth in the sector and direct government’s agric policy.

    Of the 150 exhibitors, a lot of them, he said, were small and large scale, who might be looking forward to investing in the sector. “We expect good business to be undertaken, that a new breed of businessmen will invest in the sector. Agra Innovate is important for the industry to form and complement the policy work of the government. We can help to stimulate the sector’s development,’’ he added.

  • How we plan to boost naira, by Osinbajo

    How we plan to boost naira, by Osinbajo

    To diversify the economy, the Federal Government is collaborating with rice-producing states in the North to step up the commodity’s production.

    Self-sufficiency in rice and wheat production, according to Vice President Yemi Osinbajo, would ease the pressure on the naira.

    The naira currently exchanges for N197 to the dollar at the official market.

    It is over N200 to the dollar at the parallel market.

    Osinbajo said the naira which has plammeted against major currencies would gain value, by moving away from the current mono-product economy; ensuring an increase in earnings; exporting more products and driving infrastructural development through local and foreign direct investment.

    The vice president, who spoke in Enugu, said President Muhammadu Buhari’s economic policies would produce a stronger naira and by earning and exporting more the currency’s value will improve.

    The government, he said, was exploring self sufficiency in rice and wheat production which would also help in strenghtening the naira. “We are trying to ensure that we are self-sufficient in

    rice  and wheat production, so that there will be less pressure on the dollar. One of the major issues is that we have to earn more foreign exchange to raise the value of the naira. We also have to do more

    business internally to  raise the value of the naira. So diversifying the economy is an important way to strengthen the value of the naira,” he said.