FMCG

SON develops standards for livestock feeds

The Standards Organisation of Nigeria (SON) says it has developed new standards for animal and livestock feeds value chain to support Federal Government efforts in achieving food security.

Mr Osita Aboloma, Director- General, SON made this known in a statement from a Work Group meeting on Saturday in Lagos.

The News Agency of Nigeria reports that the meeting was hosted by SON as part of an ongoing Livestock Micro Reforms in Agribusiness (L-MIRA) World Bank project on Cattle Feed Value Chain.

The Share of Food in Consumer Spending Still Considerably Large

Since the reweighting of the Consumer Price Index (CPI) basket in 2010 and the consumer spending pattern report of the same year, there has been no comprehensive data showing how consumers allocate their spending in Nigeria. This changed this week as the National Bureau of Statistics (NBS) published a report on consumer expenditure pattern in 2019, the first since 2010.

COVID-19: Farmers call for review of Anchor Borrowers interest rate

The Maize Association of Nigeria (MAAN) has called for zero interest rate on the 2020 Anchor Borrowers loan given to farmers by the Central Bank of Nigeria (CBN) to cushion the effect of the COVID-19 Pandemic on farmers.

The President of the Association, Dr. Bello Abubakar made the call in an interview with Voice of Nigeria correspondent in Abuja Nigeria’s Capital.

Abubakar said the call is largely due to the lose encountered by irrigation maize farmers and unavailability of inputs for the commencement of the wet season farming.

Nigeria making progress in rice production -AfDB

The African Development Bank (AfDB) says Nigeria is making progress in rice production and processing.

Mr Ebrima FAAL, Senior Country Director of the bank, stated this in an interview, while suggesting measures to be taken for quick economic recovery.

FAAL said this achievement should be scaled up and broadened to other sectors and commodities.

He said that leveraging on Nigeria’s agricultural potential to stimulate agro-led industrialization could rejuvenate the economy and improve rural incomes:

A growing problem: Nigerian rice farmers fall short after borders close

Thomas Tyavwva Maji is planting rice on more of his land in Nigeria’s Benue State than ever to take advantage of a surge in prices since the country shut its land borders in August.

But he says he cannot go much further. With no machinery or irrigation, limited manual labour and no spare cash for fertilizers, the 45-year-old is not expecting any dramatic change in his fortunes.

“We work until we get exhausted, manually we get exhausted,” said Maji, as a woman nearby beat hand-harvested stalks on the ground to separate the grains from the chaff.

Borders closure: Young farmers seek FG, State’s support

Nigerian Young Farmers Network (NYFN) has urged government at all levels to support youth in businesses to grow the economy following the recent borders closure.

Mr Promise Amahah, the national coordinator of NYFN, made the appeal in an interview with the News Agency of Nigeria in Abuja on Monday.

NYFN is a network that brings together young people in Nigeria to engage actively in the Agribusiness value chain and value added services, to bring about shared prosperity and sociology-economic growth such as food security and wealth creation.

CBN boosts palm-oil production with ₦30b

The Central Bank of Nigeria (CBN) says it has committed about N30 billion to enhance Oil-palm production in the country.

The CBN Governor, Mr Godwin Emefiele, disclosed this in a meeting with some state Governors in Abuja.

Emefiele explained that the fund was disbursed through deposit money banks to six oil palm companies to support their expansion programmes.

He said that the companies were PZ Wimar, Biase Oil Company Ltd, Eyop, Okomu Oil Company, Presco Oil Company and SIAT Ltd, adding that application for Ada Palm Imo state, was being expected.

Nigeria spends $1.2b importing fish annually

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele says about 1.2 billion dollars worth of fish is imported into the country annually.

Emefiele disclosed this in Abuja on Thursday while briefing some state Governors and the media on the feat recorded so far in agriculture for economic growth.

He explained that current fish production stood at 0.8 million tons while the demand was 2.7 million tons, giving a deficit of 1.9 million tons.

African countries import $50b worth of food annually –AfDB

The African Development Bank (AfDB) says African countries import nearly 50 billion dollars net of food annually.

The bank’s Vice-President for Agriculture, Human, and Social Development, Jennifer Blanke, said this at a panel discussion at the 7th Tokyo International Conference in Japan, according to a statement by AfDB’s Communication and External Relations Department.

The conference which began on August 28 in Tokyo ended on August 30, news agency Voice of Nigeria reports.

Pages

myfinancialintelligence.com