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Farmers are excited about CBN’s 9% credit policy

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Farmers have applauded the nine per cent interest rate credit policy of the Central Bank of Nigeria (CBN) to the agriculture sector but called for prompt monitoring of the Commercial Banks to guarantee effective implementation

Under the new policy, agricultural, manufacturing and the sectors considered as growth and employment stimulating, can borrow long term as much as N10 billion at consolidated nine per cent interest rate.

The CBN released the new new credit policy, called Guidelines for Accessing Real Sector Support Facility (RSSF) through Cash Reserve Ratio (CRR) and Corporate Bonds on Thursday.

National President Rice Farmers Association of Nigeria (RIFAN) Alhaji Aminu Goronyo said that rice farmers under the CBN Anchor Borrowers Programme (ABP) had being enjoying the nine per cent lending rate since 2015.

Goronyo expressed optimism that the policy would help improve production of other agriculture commodities in the sector.

He said the nine per cent lending rate under the ABP facilitated the increase in rice production from between two million and 3.5 million tonnes to nine million tonnes annually.

He advised farmers to key into the policy to enable them benefit from the intervention.

“Before the single digit interest rate by the CBN, our production annually was not more than between 2 million and 3.5 million tonnes per annum but today, we are producing almost nine million tonnes because of that intervention.

“I am sure it will be the same for other commodities that will enjoy this intervention,’’ Goronyo said.

In interviews conducted by the News Agency of Nigeria (NAN) National President, Women Agro Allied Farmers Association, Mrs Lizzy Igbine, said although the nine per cent lending rate would encourage farmers to increase production, there was need to reduce it to five per cent.

“We are asking for as low as five per cent, the CBN still has to do more.

“ It will go a long way to help us but we hope there won’t be any hidden rates or charges that farmers will pay after taking the loans,’’ she said.

President of National Cashew Association of Nigeria (NCAN) Mr Tola Faseru appealed to the CBN not to allow the policy to be a `lip service’.

Faseru, who said it was not the first time the CBN was directing commercial banks to lend to agriculture, noted that most banks had not complied with such directive.

According to him, most commercial banks viewed agriculture over the years as very risky. “I hope it won’t be lip service.

“I hope the commercial banks will comply with that because there was a time CBN told them that out of their profit, certain percentage should be channelled to agriculture and the manufacturing sector but they never kept to it.

“Before now, most of the commercial banks have been shying away from lending to agriculture, they like the quick return type of business.

“They see agriculture as very risky but that is where we have our comparative advantage as a country, so we need to develop the sector to be able to diversify the economy away from oil.

“This is a very laudable policy by CBN and we commend CBN for that but we plead with the CBN to put a mechanism in place to check compliance by commercial banks.

“I think CBN has been strong recently in their supervisory role of commercial banks.

“We trust that they will be able to follow through to ensure that the policy is implemented by the commercial banks; it will go along a way to help us grow the agriculture and indeed the export sector,’’ he explained.

National Publicity Secretary, National Fish Association of Nigeria Mr Chidike Ukoh said the expectation of farmers was for the CBN to still bring down the lending rates to about five per cent.

Ukoh said that lending rates on agricultural production were being subsidised as low as about two per cent in developed countries.

“When you have mass production of food, industries will have raw materials and the productivity level will bring aggregate income in the economy.

“The Gross Domestic Product (GDP) will be much in such volume of production. We are making a case for five per cent.

“If the commercial banks will comply with the single digit rate, it will be very nice. It is a development that we need to watch,’’ the publicity secretary said.

NAN recalls that guidelines followed the recommendation of the Monetary Policy Committee (MPC) of the CBN at its 119th meeting held between July 23 and July 24.

The MPC had emphasised the need to increase the flow of credit to the real sector of the economy, to consolidate economic recovery.

NAN reports that the new policy marks a big departure from the excruciating interest rate regime of 25 to 30 per cent that was blamed for stifling agriculture, manufacturing and other ventures in the country.

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Agriculture

We engage in beneficial, community-oriented land acquisition for agricultural purposes – Enugu Govt

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Peter Ndubuisi Mbah
Governor Petr Mbah of Enugu State

The Enugu State Government says it only engages in a win-win land acquisition system for ongoing agricultural initiatives and programmes.

The state’s Commissioner for Agriculture and Agro-industrialisation, Mr Patrick Nwabueze Ubru, made this known to newsmen in Enugu, weekend, stating that “we engage in beneficial and community-oriented land acquisition for agricultural purposes only.”

Ubru observed that the state government,, by an executive order issued by the state governor, Dr Peter Mbah, in 2024, committed to international best practices in agricultural land acquisition.

“By the Executive Order No. 001 of 2024 on the Framework for Responsible and Inclusive Land Intensive Agriculture (FRILIA) signed by the state governor, Dr Peter Mbah, the state government

had committed itself to international best practices in land acquisition for agricultural purposes,” he stressed.

It would be recalled that an online medium had published a report falsely accusing Governor Peter Mbah of moves to buy off some ancestral lands in Eha-Amufu community in Isi-Uzo LGA and hand it over to non-indigenous  herders for settlement.

The group also alleged that Governor Mbah had paid the sum of N30 billion to some leaders of Eha-Amufu community to secure the release their communal lands to the said herders for settlement.

Ubru however urged the people of the state to discountenance the report, describing it as “completely fake and mischievous ,” adding that “being a responsible and people-focused government, this administration would not undermine or short-change its people under any guise.”

The commissioner stated that the Executive Order had ensured transparency in land acquisition with the consent of the people and to the benefit of all within the same community.

He noted that the Executive Order is a public document that anyone may read in electronic or hard copy to understand how open and transparent Governor Peter Mbah’s visions and objectives are regarding land acquisition for agricultural purposes..

 “The Executive Order ensures that land acquisition and resettlement for large-scale agribusiness investments are undertaken in line with international best practices and guaranteed shared benefits between private investors and host communities.

“The Government of Enugu State is desirous of deepening the state’s agribusiness reforms including delivering a win-win approach to all the relevant stakeholders on agricultural land matters and investment opportunities.

“The FRILIA Executive Order will enhance access to large-scale investments, gainful employment on large-scale farms, sufficient income, and protection from the volatility of agricultural labour and product markets.

“The Framework will ensure adherence to guiding principles covering overarching investment, recognition and protection of land rights, state land acquisition and resettlement, environmental and social responsibility,” he said.

The commissioner noted that in order to achieve the government’s objective of creating an enabling, responsible and inclusive business operating environment for large-scale agribusiness investments in Enugu State through FRILIA, the state government set up other mechanisms to back it up.

“The state government established the FRILIA Steering and Technical Committees with clearly defined functions and powers.

“Others are the establishment of a grievance redress mechanism; and development and adoption of FRILIA Toolkits/Guidelines/Policies or Equivalent,” he added.

Ubru said that Governor Mbah, being a leader with vision, had clear intentions and programmes to grow the GDP of the state from $4 billion to $30 billion.

He noted that the governor had taken time and opportunities to explain his vision of uplifting the people of the state out of poverty.

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Agriculture

Enugu Govt Warns Against Leasing Equipment for Illegal Activities

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Enugu warns against use of equipment for illegal activities

The Enugu State Government has warned members of the public, particularly individuals and companies involved in equipment leasing to exercise due diligence before leasing their equipments for illegal activities.

In a statement issued on Sunday in Enugu by the Secretary to the State Government (SSG), Prof Chidiebere Onyia, the government said it would not hesitate to impound and auction any equipment leased to individuals or companies engaging in illegal activities that may impact government assets or interests such as construction, mining, agriculture, and others.

The statement further advised leasing companies to exercise due diligence in their search about companies and individuals and the purpose of leasing before releasing their equipments and other tools to them.

“Entities or persons that are engaging in leasing of equipments are obligated, as imposed duties, to approach appropriate government agencies and carry out background checks on the authenticity and authority of any person or company to engage in construction activities, agriculture, mining or any other activity that may impact government property or interest.

“Failure to carry out due diligence before leasing out equipments which turn out to be deployed for fraudulent activities will attract severe consequences as impounded vehicles, equipments and other materials will be auctioned,” the statement read.

Recall that the state government had previously lamented the illegal activities of some unscrupulous elements operating in the state without authorization, stressing the environmental and climate impact of the activities.

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Foods

Twisco, Cowbell Choco & Miksi Choco World Chocolate Day Campaign Create Delightful Memories for Families

REPORTER: Sandra Ani

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Twisco, Cowbell Choco & Miksi Choco World Chocolate Day
Ikeja City Mall Lagos, venue of the Event.

World Chocolate Day 2024 took on a delicious new meaning as the Promasidor brands – Miksi Chocolate, Cowbell Chocolate, and Twisco – brought lots of excitement for many chocolate lovers in Nigeria.

The World Chocolate Day 2024 celebration was Twisco, Cowbell Choco and Miksi Choco’s way of celebrating Chocolate in Nigeria, through recreational activities, fun games, painting and relaxation.   

This year’s edition took place on Sunday May 7, 2024, in several locations across Nigeria, Ikeja City Mall, Circle Mall Lekki, Asaba Mall, Jabi Mall Abuja and PHC Mall.

Twisco, Cowbell Choco & Miksi Choco World Chocolate Day
Some excited guests at the event.

Speaking, Lillian Omorenuwa, the brand manager for Beverage Category at  Promasidor said “We’re excited to celebrate World Chocolate Day with kids and moms. Our powdered Choco beverages are the perfect way to indulge in the rich, velvety goodness of chocolate. We want everyone to “Get Your Choco On” while making the day a chocolate-filled celebration to remember”.

Twisco, Cowbell Choco & Miksi Choco World Chocolate Day
A prize winner at the event.

The incredible event demonstrated the brands’ dedication to injecting joy and excitement into Nigerian homes, even amidst challenging economic times.

It also underscored the versatility and health advantages of chocolate, especially Choco beverages, while offering a plethora of enjoyable activities such as a bouncy castle, face painting, puzzles, and more.

Promasidor brands
Some of the children participating during a game time

Commenting on the event, Olutayo Olukayode, one of the parents who graced the event commended the company for bringing such a relief and fun packed activities for the children.  “I am impressed by what is going on here, although I came around for something else, and I saw this event going on because I came with my children. We should give credit to the organisers, particularly we enjoyed Twisco, Cowbell Choco and Miksi Choco delicacies.

Also speaking, Femi Oludele, another parent at the event noted that “Cowbell is celebrating World’s Chocolate Day, and creating awareness that there is a day specially marked out for people to celebrate chocolate day. It is good gesture from the brands to the children and everyone.  This will allow the children to cool off stress and may also avail the parents and guardian also the opportunity to relax their nerves. So, it is a good and welcome development, and we thank Promasidor for Organizing it”.

Promasidor brands
Cowbell Chocolate
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