FMCG

Cashew Nut, Sesame Seeds, Forex Earners for Nigeria

Posted by Finintell on Saturday, 30 September 2017

Three agricultural products –soya beans, cashew nut and sesame seeds are turning big export earners for Nigeria, as economic policy makers attempt to wean the country away from crude oil.

The three products, along with coffee, rubber, kolanuts, palm kernel, cotton, kolanut, ginger, timber, shrimps, were showcased as exportable goods by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, at a presentation at the National Economic Council meeting in Abuja on Thursday.

AfDB, Brazil to Groom African Youth in Cassava Processing

Posted by Finintell on Thursday, 21 September 2017

The African Development Bank (AfDB) and the Brazil-Africa Institute (BAI) have set a machinery in motion to mentor African youth in cassava processing.

A statement by Mr Emeka Anuforo, AfDB’s Communications Officer, said the mentorship was launched under the Youth Technical Training Program (YTTP).

He said that the initiative aimed at training young African professionals in research and technology transfer and contributing to local capacity development.

BOA, NIPOST to Support 5 million Farmers

Posted by Finintell on Tuesday, 19 September 2017

The Bank of Agriculture (BOA) and Nigeria Postal Service (NIPOST) are collaborating to provide financial services to five million farmers across the country over the next two years.

Managing Director of BOA, Kabir Adamu, made the disclosure on Tuesday in Kaduna after the bank signed a Memorandum of Understanding (MoU) on Policy and Multi-Sector partnership with a consultancy firm, e Worldwide Group.

Cocoa Output seen Rebounding in 2017/18

Posted by Finintell on Thursday, 14 September 2017

Nigeria should see a bumper cocoa harvest in the coming season as late rains have helped boost pod production, the head of the cocoa association said on Thursday.

Sayina Riman, president of the Cocoa Association of Nigeria (CAN), expects output for the new season which starts in October to hit between 300,000 tonnes and 320,000 tonnes, up sharply from the season just ended which was blighted by poor weather.

₦30b Poultry and Feed Mill Inaugurated

Posted by Finintell on Tuesday, 12 September 2017

President Muhammadu Buhari on Tuesday inaugurated the N30 billion Integrated Feed Mill, Hatchery and Breeder Farm in Kaduna.

Middle East Olam International Business Head, Mr. Vinod Kumar Mishra, had earlier said that when inaugurated, the multi-million dollar investment would utilise around 180,000 tonnes of corn and 75,000 tonnes of soya beans for its feed production.

Mishra said the company had the capacity to produce 360,000 tonnes of animal feeds every year.

He said the company would also produce 1.6 million day-old-chick every week.

Farmers want FG to Suspend Importation of Maize

Posted by Finintell on Tuesday, 5 September 2017

The Nigeria Farmers Group and Cooperative Society, on Tuesday, urged the Federal Government to set a timeline to ban the importation of maize into the country.

The group’s National Coordinator, Mr Redson Tedheke, said in an interview with the News Agency of Nigeria in Abuja that the suspension of the import would protect local farmers and encourage massive production of the commodity.

According to him, unchecked importation of maize remains a major threat to local production and President Muhammadu Buhari’s agricultural revolution drive.

Farmers Task FG, States on Provision of Storage Facilities

Posted by Finintell on Tuesday, 29 August 2017

With the onset of the harvest season in some parts of the country, farmers have urged the federal and state governments to provide adequate storage facilities, to prevent wastage.

A survey on the prices of foodstuffs conducted by the News Agency of Nigeria (NAN) in the South-West, showed that the harvest of produce had forced down prices.

The farmers, who spoke with NAN correspondents, said that they were faced with the challenge of storage facilities for surplus produce.

Rice Millers to Support Customs in Curbing Rice Smuggling

Posted by Finintell on Tuesday, 15 August 2017

The Rice Millers Association of Nigeria (RIMAN) has promised to provide useful information to the Nigeria Customs Service (NCS) in its efforts to curb the smuggling of rice into the country.

The RIMAN’s Chairman, Board of Trustees, Mr Peter Dharma, gave this assurance in Kano on Tuesday at the inaugural meeting of the association, the News Agency of Nigeria reports.

He said that Nigerians had, over the years, been losing enormous resources to the smuggling of food items into the country.

AfDB Raises Hopes of Cocoa Farmers in Africa

Posted by Finintell on Wednesday, 9 August 2017

The African Development Bank (AfDB) says it is working towards providing support to cocoa producers in the continent in order to turn around their fortunes.

A statement by Mr Emeka Anuforo, AfDB’s Communication Officer on Wednesday said the bank was also considering support to Ghana and Côte d’Ivoire to reduce the volatility of the international prices of cocoa.

Côte d’Ivoire leads the world in the production and export of cocoa.

Investment Authority Rehabilitates Fertilizer Plants

Posted by Finintell on Monday, 7 August 2017

The Nigerian Sovereign Investment Authority (NSIA), also known as the Sovereign Wealth Fund, has resuscitated 11 fertilizer blending plants across the country, which substantially brought down the price of fertilizer, ended fertilizer subsidy and ensured the availability of the commodity, the News Agency of Nigeria reports.

The Fund’s Managing Director Uche Orji disclosed this in Abuja on Monday, while receiving the Minister of Information and Culture, Lai Mohammed, who paid a courtesy visit to the Authority.