SESAME SEEDS PRODUCTION

Sesame seeds

Sesame Seed

Sesame seeds are one of the crops that are in high demand in Nigeria. After Cocoa, Sesame seeds are the next export crop in terms of export value. Statistically, 90% of the sesame seeds produced in the country are export abroad. So why does Nigeria export such a high volume of this crop? This is due to its numerous health and industrial benefits. Also, when compared to other oilseed crops, sesame seed has a higher oil content.

The Oil extracts from the seed are used in the cosmetic industries in producing body lotions and creams. In order to produce canned sardines, corned beef, margarine, and soaps, oil extracted from sesame seed is used. It is also used in the bakeries, confectioneries, paint, and pharmaceutical industries.

For Health benefits, sesame seed oil contains little or no cholesterol oil. This oil extract is rich in vitamin E and pantothenic acid. The seed is a good source of amino acid, fatty acid, calcium, and phosphorus.

Nigeria has the capacity to produce 4.8 million tonnes yearly but produces just a little above 300, 000 tonnes annually. This makes Nigeria the second largest producer of sesame seed in the world and seventh in the world.

The crop is grown in 26 states of the federation; some of which includes Taraba, Delta, Jigawa, Ebonyi, and Nassarawa. The market for the crop is vast with China and Japan being the major buyers of the seed. Turkey, India, Poland and The Netherlands have also traded with Nigeria in the past.

The north will be the best destination as the crop thrives well in that region due to its drought resistant ability. It can also be grown in the South-South and South East of the country, however too much rainfall can affect its yield.

Monitoring

Just like any production process, it is important to monitor the planting process as the sesame plant is susceptible to disease and pest. Insects, fungi, bacteria, and weeds can have an adverse effect on the yield and quality of the harvest.

Constant weeding should be done every 25 days to prevent young seedlings to be choked from yet to germinate seeds. Thining which is another activity should be done three weeks after planting.

Sesame seed takes 4-5 months to reach maturity stage and the seeds are germinated when 50% of its capsules turn yellow.

 

Market

The sesame seed market is a large one and you don’t have to worry about where your seed will be needed. Whilst Europe and Asia are the major importers of the seed, the Middle East is fast becoming a destination market.

The profit earned from Sesame seed cannot be overemphasized as it is more profitable compared to other crops using the same level of resources.

You can decide to experiment with this crop by investing a minimum amount and see how it performs.

 

 

 

Edo State To Boost Economy Through Agriculture in 2018

EDO STATE

The Edo State Government has announced plans to boost the state’s economic growth and development through agricultural production in the state next year.

The Special Adviser to the State Governor on Agriculture and Food Security Programme, Joe Okojie, who made the disclosure in Benin City, said the initiatives are meant to support farmers and attract more investments in agribusinesses in the state.

He listed the initiatives to include clearing of 2600 hectares of land across the state, fertiliser production, measures to tackle farmers-herders clashes, steady supplies of pesticides, improved seedlings and farm equipment to farmers.

He said the government was committed to making farming less risky and cumbersome for farmers in a bid to achieve economic growth through agriculture.

“Governor Obaseki is committed to providing everyone with the necessary support to fast-track mechanised and commercial farming, which also includes the Commercial Agriculture Credit Scheme. The governor believes agriculture is a sure means to create wealth and employment for the people. That is why the state government hired companies for the land clearing, which is obviously one of the most expensive and critical aspects of agriculture,” he said.

The Special Adviser stated that the State Government has enlisted some of the Libyan returnees in its agricultural schemes.

“Some of the returnees from Libya have completed training at the state’s Agricultural Development Programme. The government has allocated land to them to cultivate. We will assist them with funds and access to markets,” he said.

He said the state government had inaugurated the Benin Industrial Park to boost agro-processing in the state.

source: https://agronigeria.com.ng/2018-edo-rolls-initiatives-boost-economy-agric/

CAVA II has identified inconsistency in raw materials as problem of cassava production

The Country Manager of Cassava Adding Value for Africa II (CAVA II) (Nigeria), Prof. Later Sanni has identified inconsistency in the supply of raw materials as a major and critical point for the survival of large-scale industries in the country.

Sanni, who stated this during the facilitation and communication skills training programme for Development Programmes (ADPs) extension officers and procurement staff of large-scale cassava producers, said sourcing for raw materials of between 250 and 450 tonnes of cassava required quite a lot of work.

“We are aware that you have different locations where you source for raw materials but at present, there are some issues we have itemised in the last two years-right quality, right quantity and right time of supply – which should be urgently addressed.

“The major problem is that the farmers themselves have informed us that some of the extension officers or procurement officers are delaying their payments, which is attitudinal and that’s why we felt its better we bring in a consultant that will interact with you on facilitation, communication and sustainable engagement,” he said.

In his welcome address, the Vice-Chancellor of FUNAAB, Professor Felix Salako said the nation should move away from its over-dependence on oil resources and embrace agriculture, as a sustainable route to national development.

“We are having new generation of extension officers. All of you sitting here are young, seeing your faces; I think we are meeting new generation of extension officers. And I hope you are really going to be the catalyst that would push the nation forward in terms of using agriculture as an alternative to crude oil export. It is dawning on everybody now – whether we like it or not – we are running into trouble with oil.

What may even make oil to be useless is the fact that people are already thinking of alternative sources of energy, even for running cars? The training could not have come at a better time than now.

SOURCE: https://guardian.ng/features/cava-ii-identifies-inconsistency-in-raw-materials-as-bane-of-cassava-production/

Investing In Agriculture Will Help Farmers- World Bank Agri Boss

agriculture

 

 

 

The Common Agricultural Policy (CAP) has strengthened Europe’s farming sector and reduced rural poverty, but the EU must now push for the adoption of technology and open source data to drive better outcomes for all farmers, Juergen Voegele told EURACTIV.com in an interview.

Juergen Voegele is the senior director for agriculture global practice at the World Bank Group. He spoke to EURACTIV’s Samuel White in Brussels, after presenting a World Bank report on the EU entitled Thinking CAP: Supporting agricultural jobs and incomes in the EU.

Here are the highlights of the interview:

  • The CAP supports farmers and alleviates poverty without distorting markets
  • Decoupled payments help provide better-paid jobs in rural areas
  • Technology holds untapped potential to help all farmers, rich or poor
  • The EU must invest in open source technology and data around the world
  • The regional and national focus of the next CAP will drive better results

Do you think it is a sustainable situation today where the average farmer gets 46% of their income from EU subsidies?

The word sustainable is a very weak term in finance. If a society decides that it wants public good outcomes such as poverty alleviation, that it wants better climate and nutritional outcomes, and it invests €60bn in these goals today, do we anticipate that this investment will go down in the future? Not really. In one way or another society will continue to invest in these things. We can’t predict whether funding for the CAP will go up or down, it is a political decision. But we don’t think this is an unreasonable amount of money given the public goods challenges we face here.

Do you not see subsidies as a factor that distorts the price of certain foods or makes them unnaturally cheap?

These are no longer price-distorting subsidies like they were 20 or 30 years ago, with support for specific commodities. Decoupled payments, which account for most of the CAP subsidies, are essentially a social safety net that provides additional income to farmers without distorting prices.

We have found that the CAP reaches every nook and cranny of the EU and that decoupled pillar 1 payments [direct farm support] and pillar 2 payments [rural development support] all increase agricultural productivity per worker and reduce poverty. And with coupled pillar 1 payments [direct support for producing particular commodities] we find no correlation. They are a mixed bag. That is not to say that they do not have a positive effect on other things but they do not do that.

In your study, you said that there is a strong correlation between the CAP, the reduction of poverty in rural areas and the economic strength of the farming sector but it is not a causal relationship. Can you say with more or less certainty that the CAP is to thank for this or are other factors at play?

I think your phrasing is about right. We can say with more or less certainty that yes, there is a correlation. Will it stand up to academic scrutiny in an economics journal, depending on what you look at, maybe not? We have no neutral component to compare it against, but from everything we know and understand, clearly, there is a connection between the two. There is no way to prove it scientifically because we don’t have ten EU countries that don’t get the CAP but we would not publish it if we were not confident that there was a link. And we try to control for every possible variable that could also explain a reduction in poverty or improvement in economic performance.

Such as a country joining the EU in the first place

Yes, and particular country circumstances, urbanization rates, education, all these things.

You also pointed out that the CAP has helped increase farm efficiency and that there are now fewer, if better paid, jobs in EU agriculture. Is this driving people to the cities or is it simply helping farmers through the urbanization process?

I don’t think you can conclude that urbanization is due to the CAP. In fact, I would say it is quite the opposite, it is slowing the urbanization process down a bit and stabilizing it. In some countries where rapid urbanization is happening, the CAP is supporting those who stay behind in rural areas.

Your report said that new technologies hold untapped potential for measuring the impacts of farming methods and increasing efficiency. Is that an area you think the next CAP should focus on?

Yes, not only farmers but also the Commission need to shift their thinking from one of inputs and policies to the impact they want to achieve, in soil quality, the climate, emissions reduction and so on. That is what the Commission wants, they want to move towards a results-based indicator system, so that is the right direction. It is not easy but technology is evolving that allows you to do that. The data and the instruments available for this are developing very rapidly. You couldn’t have done this five years ago, but with today’s satellite imagery, what happens on the farm is no longer a secret, it is transparent. You cannot go to every plot in every farm in the European Union and start measuring soil carbon, that is not feasible, but the technology will allow you to measure these things. We are very optimistic because this is then a very powerful tool to shift away from input-based to results-based outcomes.

Do you think that greater power to measure results would lead the Commission to demand certain results in return for funding?

I wouldn’t draw that conclusion. This is a conversation we need to continue to have, but the aim is not to play one thing off against the other. The aim is to decide the impact that we want and then design the system so this can be achieved. I don’t see a big risk that certain outcomes will become mandatory.

What about the divide between richer and poorer farmers and those in areas with good or bad broadband coverage? Won’t the adoption of precision farming make this divide even greater?

What we are hearing from the folks who know about broadband is that in the next five years – at the latest – everyone on the planet will have broadband access. Everyone, including in Africa. So in Europe, of course, this means even every village in Romania. If we take that as a given, that makes precision farming technology available even for small farmers. There is this notion, which is true right now, those big farmers can afford computerized, self-driving machinery and so on, but there is a lot more to the technology than that. It can also help smallholder farmers tremendously. There are lots of examples around the world of how cell-phone technology can bring benefits. Nowadays you can identify a pest in a field just be taking a photo with a smartphone, and this helps a small farmer as much as a large farmer. At the World Bank, we work mainly with small farmers around the world and we are seeing a lot of technological progress. And we are pushing technology because there is a lot it can do for every farmer, even if they cannot necessarily afford the latest computer-driven combine harvester.

The images produced by the European satellites are free to use. Is open source data something that the World Bank is trying to encourage elsewhere in the world?

Yes. Share the data, it should all be fully open. Things are going in that direction. It needs some initial investment to get things going but in the end, we see the data being free for everybody.

Should the EU play a role in making sure this kind of data is freely available in places like Africa?

It should absolutely have a role to play. It should invest significantly in research, it should invest in this technology, in adapting it and making it available to farmers in ways that are useful to all, absolutely. And that is clearly the trend. Of course, there are lots of private companies that make money with various bits and pieces. But the future is open source, it is sharing data. For me, there is no way around that. It will take a bit of time but the EU certainly has a role here because the data is a public good. It may be a private investment initially but clearly, it needs to be shared.

And more broadly, the Commission’s latest CAP communication showed they are keen to drive it down this public goods direction, and this is a very positive development. More impact on the environment, more impact on nutritional outcomes, so we very strongly support this general trend. Conceptually the CAP needs to make the shift from a subsidy to an investment. When you get a public good outcome you are no longer talking about a subsidy, you are talking about an investment. And if the farmers can benefit at the same time as delivering that public good outcome, then that’s a good thing. This is a win-win-win. You have not only poverty alleviation but you also have a better landscape, better climate outcomes, hopefully, better nutritional outcomes. And this makes the CAP a very powerful tool.

So for you, the enhanced regional or national aspect of the next CAP is very positive when it comes to delivering results.

It is essential. It is fantastic. A lot of other countries around the world are looking to the European Commission right now as a good example. They used to be very critical. Europe has achieved a more than 20% reduction in greenhouse gas emissions from agriculture while raising productivity by 10%. And when we get asked by agriculture ministers around the world how to do this – be they from China, Brazil, Nigeria – we say how the European Union has done it. About 30% of the CAP funding now goes towards this goal [greening] but we hope it can be more in future. We strongly support that because the rest of the world needs this approach too and they can learn from Europe.

You have touched on nutrition already as an issue that will have to be dealt with at some point in the future. Do you see the CAP as part of a future food policy?

Each country needs its own broad food policy and the CAP is an instrument in that policy debate. But it is clear that nutrition is a huge challenge going forward. Right now globally around 50% of the world’s population is malnourished. Every second person on the planet is either undernourished, vitamin deficient or obese. So clearly the food system globally does not deliver on food outcomes. In Europe, this is true to a certain extent. We have a problem with obesity on the rise, and agriculture and the food system have a role to play.

Right now agriculture and food are not focusing on that, but our suggestion is that is should begin doing so. This can be achieved through diversification and cropping patterns, by focusing on research, there is a whole raft of things that can be done. The shift from coupled to decoupled subsidies is part of this and we fully support it.

Most global subsidies go to five main crops, which makes them cheaper and it means that poorer people cannot afford the fruits and nuts they should be eating as part of a healthy diet. But this is not the case with the decoupled subsidies in Europe.

20 years ago the rest of the world didn’t look at Europe as a stellar example of agricultural policy but that is changing. The world is changing. Every country around the world is struggling to support its agricultural community. It is a real challenge and there are not that many good examples but here we are beginning to see some really positive examples of how to do this right.

When you give your advice based on the European model to other countries, does this include the poorer countries in Africa that struggle to produce enough food to feed their populations?

Yes absolutely. They want to learn to avoid some of the mistakes that have been made in the past, such as coupled subsidies for a limited range of crops and fertilizer subsidies. Fertiliser subsidies are always inefficient. The EU gave them up a long time ago, but for others, there is still a lot to learn. In Rwanda, we designed the national agriculture policy based on the EU rural development programme: competitiveness, natural resources, and rural livelihoods. It is much better than just putting a certain budget into fertilizer subsidies, which is always very inefficient and always ends up just helping the rich. Europe has gone way beyond that stage and there are a lot of positive things to say about its agricultural policy.

Source: http://www.euractiv.com/section/agriculture-food/interview/world-bank-agri-boss-investing-in-technology-will-help-all-farmers/

15 Million MT of Rice was Produced in 2017

rice

 

 

 

15 million mt of rice was produced in 2017.  This was in a statement made by the Rice Farmers Association of Nigeria (RIFAN)

According to the RIFAN deputy national vice president, Segun Atho, the association’s production exceeded the country’s population requirement of seven metric tonnes annually.

The RIFAN executive spoke at the ‘Celebrating Nigeria Rice ceremony held at the Foursquare Gospel Church, Yaba, Lagos.

He said, “We produce 15 million metric tonnes of rice and Nigerians can only consume six to seven million metric tons; we produce excess and we can export the remaining ones to some African countries.

“We have about 85 million hectares of land out of it about six to seven million hectares can be used to cultivate the farm produce that can feed Nigerians.

“As farmers, we make Nigeria rice available to Nigerians, we urge Nigerians to look inwards and start patronizing the made in Nigeria produce”.

Also at the ceremony was Dr. Adebola Osibon, the church’s Head of Children Ministry, he tasked parents to encourage their children to become farmers.

“I feel that it will impact on the children positively, the children did not know that being a farmer is important and good”, he said.

Mr. Sagar Joe, policy adviser, Competitive African Rice Initiative/John Kufour Foundation, said the ceremony was aimed at sensitizing Nigerians on the quality and availability of the Nigerian farm produce through children.

“The programme entails identifying one or two schools that organize the end of year pupils party, find out the number of bags needed to feed the pupils and supply them free of charge.

“It is also aimed to significantly improve the livelihoods of big rice farmers in selected African countries by increasing the Competitiveness of domestic rice supply to meet increasing regional demands”, he said.

This figure is encouraging and can infleunce farmers to go into the rice farming business. Aside from that, it will earn the Nigerian Economy Foreign exchange through Export. The Farm produce is one of the most popular foods consumed by Nigerians as it is consumed on a daily basis either at home, work or eatery.

We hope in 2018, the figure will be surpassed.

Ref: http://leadership.ng

ECOWAS Charged To Ensure African Women’s Right to Land

Ecowas

ECOWAS has been charged to enforce major reforms in land rights for women at the regional level and every country under ECOWAS.

Speaking to members of the press in Abuja recently, a group of women rights group in partnership with OXFAM called on leaders in the sub-region to carry out actions rather than talking by giving women direct right to land ownership, land use decision-making power and protection against grabbing.

Mrs. Ejim, who is the chairperson, Pan African Rural women Assembly Nigeria while charging ECOWAS, said in addition to having access to land for women, the leader needs to make funding targeted at assisting rural women available and ensure that access to such funds is made easy.

According to her, the women are making their demands as contained in the Kilimanjaro Charter titled ‘‘Charter of Demands: Actualizing Women’s Land Rights in Africa.’’

She said: ‘‘In West Africa, from Nigeria to Mauritania through Ghana, Togo, Benin, Mali, Burkina Faso and Senegal, rural women still face three major challenge equity in access to land, the safety of operating and investment by women and protection and preservation of women’s land rights.

‘‘Women are not only limited to play major roles in cash crops, staple-food production, processing, or marketing as holders of local, traditional knowledge in farm seed conservation and natural resources management.

According to her, records show that women represent more than 60% of the agricultural labor in sub-Saharan Africa. ‘‘We account for 60 to 80 percent of food production on the continent’’.

Also present at the event, a rice farmer, Ms. Chinasa Asonye, said people go hungry because women don’t have access to land. She said women should be given access to land since agriculture, according to her, is the surest way to empower people.

If women are given equal opportunity to own lands like men, it will go a long way in helping the economy to grow faster.

N4.16 trillion non-oil revenue projection-how realistic?

N4.16 Trillion

N4.16 trillion is the budget projection for non-oil revenue projection presented by President Muhammadu Buhari on November 7, 2017. This is the first time in the history of Nigeria’s budget that amount will be allocated to the sector.

The Federal Government said that the projection is in line with its Economic and Recovery Growth Plan, which shows a gradual shift from oil whose dwindling fortunes is becoming a reality.

The breakdown of the N4.16 trillion non-oil revenue in the 2018 budget shows that N794.7 billion is to be realized from the share of companies income tax while value-added take was projected at N207 billion. The Federal Government’s independent generated revenue stood at N847.9bn while amnesty income tax was placed at N87.8bn.

Various recoveries are expected to add N512.4 billion and N710 billion from the proceeds of the restructuring of government’s equity while other sundry incomes to be realized were projected at N678.14bn.

Other productive sectors must be engaged – Financial experts

An economist and current Head, Banking and Finance at Nasarawa State University, Keffi, Dr. Uche Uwaleke, commended the Federal Government’s effort in ensuring the recovery of the economy. He, however, stressed the need for engagement of other productive sectors like agriculture, solid minerals, tourism and manufacturing that can help to boost the Gross Domestic Product (GDP).

“The need for a solid and sustained growth of the economy and improved export base can only be achieved through improving the agricultural, solid minerals, manufacturing and other critical sectors of the economy which must be functional and significantly contributing to foreign trade and profit of the country,” he said.

The don said the current composition of the budget showed that a large percentage of revenue will still come from oil because company tax and other revenue from recoveries cannot be ascertained yet. This shows Nigeria’s economy is still dependent on a single product and should, therefore, be a source of worry.

“Although The Federal Inland Revenue Service Voluntary Asset and Income Declaration Scheme (VAIDS) is laudable, which is ensuring that people come into the tax net, so many people in Nigeria still do not pay tax making, these projections seem unrealistic,” he added.

A development expert and the Director of African Centre for Leadership, Strategy, and Development, Dr. Otive Igbuzor, also said there is a variance between projected parameters and the actual results as highlighted in the budget.

“When you look at the 2017 budget that was signed in June this year, what has been achieved is very little compared to what was projected especially in the aspect of revenue generations and capital projects. Although the economy is recovering, it is high time for more initiatives by the Federal Government apart from tax and proceeds from recovered loot to exploring other sectors that can make us achieve self-sufficiency,” he said.

Sustenance of agricultural policies is the way out – Agric experts

The Head, Department of Food Technology at the University of Ibadan, Prof. Charles admitted that the issue of the economy is very critical to the Nigerian setting.

“We all know that we just came out of recession and the issue of the recession came about because we were solely dependent on oil revenue, thus because of the drop in oil revenue, our revenue as a nation also dropped.

“The solution in driving the economy in a long run is by promoting not only agriculture but also agricultural produce which can be processed by adding value through the food value chains. At a time, agriculture was contributing about 40% of Nigeria’s GDP before oil,” he said.

He also said the importance of agriculture now cannot be overemphasized as the large sums of money realized from oil business is no longer realizable.

“As we talk, close to 70% of Nigerians are in the agricultural sector. So in terms of overall contribution to the GDP, agriculture is still very important, although its earnings are second to oil, it is still the greatest employer of labour,” he added

The don maintained that developed economies have made job creation their major priority, adding that promotion of small-scale industries is important as it will serve as a catalyst to the larger industries.

He added that the Agricultural Research Council of Nigeria can be funded to research on different policies which are aimed at boosting agricultural programmes, food production, and manufacturing technology as it will go a long way in diverting attention from oil.

Similarly, Commissioner for Agriculture, Nasarawa State, Jameel Zakari, said the 2018 budget ought to have given more consideration to the agricultural sector as an ideal for an oil producing country like Nigeria that has suffered from the drop in the price of crude oil. He said agriculture will go a long way in job creation and reducing too much value attached to oil.

Zakari also advocated for the permeation of the Anchor Borrowers Programme (ADP) of the Federal Government to the 36 states of the federation evenly so it can flexible and accessible to farmers.

He said that other agricultural programmes like the Youth Empowerment in Agricultural Programmes (YEAP) targeting more involvement of youths in agriculture, must be sustained for increased employment and boosting large-scale production.

https://www.dailytrust.com.ng/2018-budget-how-realistic-is-n4-16trn-non-oil-revenue-projections.html

Niger Delta gets Six Cassava Plants

Niger Delta

Niger Delta communities have gotten six cassava processing plants which were provided by the Ministry of Niger Delta Affairs (MNDA. This is in line with the Federal Government’s goal of developing the region.

One of the plants was handed over to the people of Mbutu community in Aboh Mbaise Local Government of Imo State by Mr. Philip Ndiomu. Mr. Ndiomu, who is the Deputy Director, Economic Empowerment Department of the Ministry was representing the Minister, Uguru Usani.

The Minister stated that the project should encourage members of the Niger Delta community to intensify efforts in cassava production.

Other Niger Delta communities that received the cassava processing plants are, Ibeku Village, Umuahia, in Abia State; Wanakom in Yala Local Government Area, Cross River State;Okweketa Umuekwune community in Ngor-Okpala Local Government Area, Imo State; Bah Lueku, Nyokalena Village in Khana Local Government Area of Rivers State and Gbarantoro, Epeiama in Yenagoa, Bayelsa State.

According to the Minister, the facility was set up to boost production of Starch, Garri, and Cassava Flour and he also urged the Niger Delta community to make good use of it.

Usani said that the country will witness a growth in the economy as a result of increased Cassava production fro the Niger Delta.

He urged the community members to cooperate amongst themselves to ensure more development projects and programmes came to the region.

Mr. Nwaigwe Demia who is the leader of the Mbutu community said that the plant would create jobs for women and youths in the area.

He also requested government’s assistance in getting certification for cassava products to be generated from the plant from the National Agency for Food and Drug Administration and Control (NAFDAC) as well as a take-off grant for cassava processing in the area.

Ref: agronigeria.com

Tinker and Bell Trading Ltd

Ogbeh- Cut Agriculture Interest Rates

 

Audu Ogbeh

Audu Ogbeh has urged the CBN to reduce lending rates as this will encourage more people to venture into agriculture. The CBN is currently charging nine percent.

According to Dr. Ogbeh, the interest rate should be lowered because the average rate worldwide is 3.5 percent. The lower the Interest rate the more attractive the Agriculture will be.

Dr. Ogbeh wants young people to go into mechanized farming to fill a vacuum created by the older generation.

He believes that with the involvement of the younger generations, reduction in interest rates and increase in mechanized farming, food security can be attained.

If CBN reduces the Interest rate, it will go a long way in helping farmers to produce farm produce, preserve this farm produce, sell this farm produce as well as earn foreign exchange from the export of these produce.

The CBN Governor, Mr. Godwin Emefiele on his own part said that Nigeria’s economy needs to grow by six- Seven percent if it is to have greater impact on the lives of the people

He said that although the economy recovered at 1.5 percent growth rate, it was not enough to tackle unemployment.

We at Tinker and Bell support the reduction of interest rate. It will help more people get into agriculture as well as existing agriculturist get cheaper loans.

It will be recalled that former President Obasanjo made similar calls to commercial banks in April this year. He said doing agriculture and charging the rate of interest in double-digit is to promote failure.

According to him, “interest rate of banks in Nigeria is one of the obstacles that are affecting our farmers.

“They are not able to pay the banks after taking loans and at the same time still able to run their agriculture business successfully.

Tinker and Bell Trading limited

India To Woo Investor to invest in the Nigerian Agricultural Sector

Image result for Associated Chambers of Commerce of India

 

 

The Associated Chambers of Commerce of India (ASSOCHAM) has said it would partner with the Nigerian Government to woo investors to invest in agriculture and other allied sectors of Nigeria’s economy.

This was announced on Tuesday in Abuja by Mr. Edwin Devakumar, Chairman of ASSOCHAM India-Nigeria Chapter.

He made this known at the sideline of the business event titled: “Nigeria-India cooperation in agriculture and allied sectors, opportunities and way forward.’’

Devakumar said ASSOCHAM had signed MoU with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) in a bid to encourage investors from India to invest in agriculture in Nigeria.

He said this would promote business investment in Nigeria and also fill the lapses in agriculture and other allied sectors.

He said that ASSOCHAM had also launched a website recently where investors in Nigeria and India could be linked, interacted and tap business opportunities.

“It is a website where Nigeria and India chambers can speak with one voice; where they can use as means to encourage Indians to invest in Nigeria agriculture, ICT, and Housing sectors,’’ he said.

At the event, Mr. Yashpal Jain, Triton Group on Aquaculture and Poultry in Nigeria, said in spite of 1.3 billion population of India, the youth created job opportunities for themselves through agro sectors, among others.

According to Jain, India produces 3.8 million broilers (chicken) per year, and it is the largest producers of eggs in the World.

He said that Indian Government resisted importation of chicken and fish, as Indians reared large quantity of fishes every year.

According to him, Nigeria is currently producing 1.12 million fishes annually; this is mainly done by the artisanal fishery.

He urged Nigeria to encourage its youths to invest in agriculture business to meet the demands of its 170 million population.

 

Source: Pmnews