Africa Agribusiness will hit $1trn by 2030

With its vast agricultural potential, Africa’s agribusiness sector is predicted to reach $1 trillion by 2030.

Leaders of the continent’s top agribusiness companies shared their thoughts on the future of the industry at the Africa Investment Forum holding in Johannesburg in South Africa.

As project sponsors, borrowers, lenders and investors also gathered at the Forum to make deals on investment opportunities.

Agribusiness will become the ‘new oil” on the continent, African Investment Forum participants said, fueling the motor of inclusive growth.

Farmers to Generate ₦5.85b Annually from Rubber Plantations

Farmers in Southern Kaduna are expected to generate N5.850 billion annually from Rubber plantation, according to Dr. Wuranti Valla, an official of the Rubber Research Institute of Nigeria (RRIN), Benin.

Valla, a Chief Research Officer in the institute that 52 farmers, including the state government, had cultivated about 52 hectares of rubber plantations in six local governments.

NEXIM Bank, Ondo State to Partner on Cocoa Export

Nigerian Export-Import Bank (NEXIM) is seeking partnership with Ondo State on cocoa projects and other commodity exporters to boost export trade, Mrs Stella Okotete, Executive Director, Business Development of the bank, has said.

In a statement in Abuja on Wednesday, Mr Tayo Omidiji, Head, Strategy and Communication of NEXIM, said Okotete spoke when the bank’s management team visited business operators and major projects in Ondo State.

She said the visit was aimed at ensuring partnership that would drive export in the state.

New Excise Duty Rates Approved for Alcoholic Beverages, Tobacco

President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from Monday, June 4, the Minister of Finance, Mrs Kemi Adeosun, has said.

In a statement in Abuja on Sunday, Adeosun said the President also granted a grace period of 90 days to manufacturers of the products before the commencement of the new duty regime.

She said the new excise duty rates would spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

Rice Farmers get CBN Loan

No fewer than 1,500 rice farmers in Daura, Katsina State, have received various farming implements under the phase 11 of the Central Bank of Nigeria Anchor Borrowers Scheme, an official has confirmed.

Nura Baure, Chairman, Rice Farmers Association of Nigeria (RIFAN), Daura chapter, disclosed this in Daura on Thursday during the distribution of the farming implements to registered farmers.

He said that each farmer had received two bags of fertilizers, two bottles of herbicides and a water pumping machine.

BOA Disburses ₦262b to Farmers

The Managing Director, Bank of Agriculture (BOA), Kabir Adamu, says the bank has disbursed N262 billion to 140,000 farmers through Anchor Borrower Scheme in three years.

Adamu, who disclosed this while speaking with the News Agency of Nigeria on Wednesday in Sokoto, said the disbursement was to support farmers and boost agriculture in the country.

Cultivation of Vegetables, Good for Export –Expert

An agriculturist Dr Ikechi Agbugba has called on the Nigerian governments to encourage cultivation of vegetables for exportation.

Agbugba explained that vegetables such as pumpkin leaves, bitter-leaf, water-leaf and others could improve foreign exchange for the nation, Voice of Nigeria reports.

“Key players in these vegetable farming and marketing are mostly women who cultivate them in small and medium scales and Vegetable consumption provides nutritional security for the body.”

Government Urged to Consider Billion Dollar Global Hides, Skin Market

A policy expert, Mr Oseloka Obaze, has called on the Federal Government to consider the nation’s participation in $75 billion global hides and skin market.

He made the call at the 2018 lecture series of the Department of Economics, Nnamdi Azikiwe University, Awka.

Obaze, who is the Managing Director of Selonnes Consults, decried the high consumption of hides and skin against its exportation for national economic gains.

Government Urged to Set Up Cocoa-processing Plant

The Ondo State Commissioner for Commerce, Industries and Cooperatives, Timehin Adelegbe, has urged the Federal Government to use intervention fund meant for cocoa buyers to set up a cocoa processing plant in the state.

Adelegbe gave the advice on Thursday in Akure at a capacity-building programme for dealers in cocoa beans.

The programme was organized by Nigeria Export Promotion Council (NEPC) and had the theme “Repositioning Nigerian Cocoa to attain Global Competitiveness’’.

Anchor Borrowers: CBN Disburses ₦55b to Farmers via Programme

The Central Bank of Nigeria (CBN), says it has disbursed N55 billion to more than 250,000 farmers within two years of implementation of the Anchor Borrowers Programme (ABP).

The Acting-Director, Corporate Communications Department, CBN, Isaac Okorafor confirmed the figure on Wednesday in Abuja during a media briefing on the implementation of the programme.

The ABP was launched in Kebbi State on Nov. 17, 2015, by President Muhammadu Buhari.