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Nigeria spends $1.2b importing fish annually

Posted by Finintell on Friday, 20 September 2019

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

Posted by Finintell on Sunday, 1 September 2019

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.

AfDB identifies sites for Agro-Industrial Processing Zones in Nigeria

Posted by Finintell on Tuesday, 6 August 2019

The African Development Bank (AfDB) says it has identified 14 sites for the proposed Special Agro-Industrial Processing Zones (SAPZs) in Nigeria.

Prof. Banji Oyelaran-Oyeyinka, Special Adviser on Industrialisation to AfDB’s President, Dr Akinwumi Adesina, disclosed this in an interview with the News Agency of Nigeria in Abuja on Tuesday.

The bank had met with investors in agricultural products and processing in April to take stock of their current assets with a view to get support from AfDB where necessary.

Cotton can contribute 15% to GDP

Posted by Finintell on Tuesday, 23 July 2019

The President, National Cotton Association of Nigeria (NACOTAN), Mr Anibe Achimugu, says cotton has capacity to contribute not less than 15 per cent to Nigeria’s Gross Domestic Product(GDP) if properly harnessed.

Achimugu, who made this known in an interview with News Agency if Nigeria (NAN), in Abuja, said as a cash crop, cultivated in most states of the Federation, cotton could help turn the country’s fortune around as it did before the oil boom.

Cashew association calls for policies to promote industry

Posted by Finintell on Tuesday, 9 July 2019

The newly elected president of the National Cashew Association of Nigeria (NCAN) Mr Ojo Ajanaku, wants the Federal Government to enact policies that would promote the cashew industry.

Ajanaku made the call in an interview with the News Agency of Nigeria in Abuja, on Monday.

He said: “At the moment there is no law to guide the import and export of cashew as a raw material from Nigeria.’’

He added that it was important for the country to have policies regulating the cashew industry in order to save it from exploitation by foreigners.

Nigerians now consume local rice worth ₦1.2b daily –RIFAN

Posted by Finintell on Thursday, 4 July 2019

The Rice Farmers Association of Nigeria (RIFAN) says Nigerians now consume rice worth N1.2 billion daily.

The President of the Association, Aminu Goronyo, disclosed this while addressing newsmen on Wednesday in Abuja.

Goronyo explained that from 2015 till date, there was no official exchange of currencies for rice importation in to the country as it was in the past.

Palm Oil, a leading Foreign Exchange

Posted by Finintell on Monday, 27 May 2019

The National Palm Produce Association of Nigeria (NPPAN) says the country will benefit a lot from Crude Palm oil (CPO) as a leading foreign exchange earner with its price now 500 dollars per tonne against 426 dollars of crude oil.

The association disclosed this in a statement signed by its National President, Henry Olatujoye, in Ibadan.

NPPAN said, “The current domestic market value of palm oil is about N400 per litre, while that of Premium Motor Spirit (PMS) otherwise called petrol remains N145, just as diesel is N210 and kerosene is N250.

Association secures 1million Euros support to improve livestock business

Posted by Finintell on Monday, 29 April 2019

The Association for Promotion of Livestock Production in Sahel and Savannah (APESS) has secured one million Euros support from European Union to improve livestock business in Sokoto, Katsina and Kebbi states, all in Northern Nigeria.

Dr Ardo Aliyu, its National Co-ordinator, told newsmen in Sokoto on Monday that the grant would be used to embark on a project tagged “APESS-PAMOBARMA PROJECT”.

Nigeria spends $500m annually on palm oil importation –CBN

Posted by Finintell on Monday, 18 March 2019

The Governor, Central Bank of Nigeria (CBN) Mr Godwin Emefiele on Monday said that over five hundred million dollars was being spent annually on importation of palm oil.

Emefiele said this at a stakeholders’ meeting on the Palm Oil Value Chain held in Abuja.

The meeting was attended by the Governors of Akwa Ibom, Edo and Abia. Also, the managers of Dangote Farms, Flour mills, United Food Industries and Dufil Frima Foods Plc, among others were at the meeting.

Cashew Exporter wants Storage Facilities at Seaports

Posted by Finintell on Sunday, 24 February 2019

A cashew nuts exporter, Mathew Obot, has appealed to the Federal Government to provide storage facilities at the country’s seaports to enhance preservation of commodities before export.

Obot made the appeal in an interview with the News Agency of Nigeria last Friday in Lagos.

He said that the absence of such facilities at the country’s ports was having negative bearing on export of produce and was discouraging many people from continuing with produce trade.