Agriculture

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Agriculture Money market

AfDB offers Nigeria $134m to enhance food production

Kano, March 4, 2024 – The African Development Bank (AfDB) is to provide Nigeria with $134 million to enhance its food production. Dr. Akinwunmi Adesina, the President of the bank, said the facility was being provided to support cultivation of essential crops like rice, maize, cassava, and soybeans. He announced this after a visit to the Centre for Dryland Agriculture (CDA) at Bayero University in Kano.  Adesina said the bank would back Nigeria in the cultivation of 300,000 hectares of both rice and maize, alongside 150,000 hectares of cassava and …

Agriculture

FG to set up Commodity Board

Abuja, Feb.13, 2024 – The Federal Government is to set up a commodity board to regulate prices of food products in the country.   Vice President Kashim Shettima said this on Tuesday in Abuja during a two-day strategic meeting on climate change, food systems and resource mobilisation.  He said the board would regulating food prices and oversee the strategic food reserve to stabilise prices of critical grains and other essential food items. “Our solution to the potential food crisis has become immediate, medium, and long-term strategies. ‘The short-term strategy entails revitalizing …

Agriculture Business Planning Money market

ASA 2023 wraps up with winners in inaugural AgroPitch

Lagos, Nov. 17, 2023 – Five winners have emerged in the grand finale of the 2023 edition of Sterling’s Agriculture Summit Africa. This year’s edition, which featured a pitch competition called AgroPitch, saw Green Republic Farms Limited crowned the top agroprenuer, walking away with five million naira in grants and an agribusiness entrepreneurship training programme in the Lagos Business School. This year’s summit was sponsored by Sterling Bank, Leadway Assurance, Thrive Agric and Noor Takaful. Green Republic Farms Limited, a youth and women-led enterprise, emerged the overall winner and got …

Agriculture

Nigerians import N1.7bn worth of milk annually – Miyeti

Abuja, Nov. 12, 2023 – Baba Ngelzarma, the National President of Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), says Nigerians spend about $1.7 billion yearly to import milk. Ngeizama, who disclosed this during an interview with the News Agency of Nigeria (NAN), called on the federal government to pay more attention to the dairy industry through budgetary allocation. “The livestock sector has not and never received the needed attention from the government; the only support we have gotten is vaccination of cow. “The aspect of livestock production, marketing, transportation, …

Agriculture Investment

AfDB’s Africa Investment Forum secures $34.82bn investment interest

Marrakesh, Nov. 11, 2023 – The 2023 African Investment Forum (AIF) Market Days boardrooms have secured 34.82 billion dollars in investment interest during its three days session in Morocco. The figure is higher than the 31 billion dollars investment interest secured in 2022. The three-day event was held from Nov. 8 to Nov. 10. Dr Akinwumi Adesina, the African Development Bank (AfDB) Group President, announced this after the 2023 AIF Market Days held in Marrakesh, Morocco. The 2023 AIF Market Days event, themed “Unlocking Africa’s Value Chains,” brought together heads …

Agriculture Trade

Ghana to borrow $400m from its Cocoa Board

Accra, Nov. 7, 2023 –  Ghana is seeking to borrow $400 million from cocoa traders to finance industry operations as it struggles to secure an annual loan from international banks amid a government debt restructuring. The Ghana Cocoa Board, the industry regulator known as Cocobod, is tapping traders including Olam Group Ltd. and Barrry Callebaut AG to pre-finance seedlings, chemicals, fertilizers and purchases of beans from farmers in the 2023-24 season, according to people familiar with the talks. The Cocobod has already raised about half of the target from the …

Agriculture Trade

U.S. wants to improve AGOA, not just to renew it – Blinken

Johannesburg, Nov. 4, 2023 – U.S. President Joe Biden’s administration wants to work with Congress to improve the African Growth and Opportunity Act (AGOA), not just renew it without changes.  U.S. Secretary of State, Antony Blinken, said this on Friday in Johannesburg, South Africa. First launched in 2000, AGOA grants exports from qualifying African countries duty-free access to the United States – the world’s largest consumer market. “But we don’t just want to extend AGOA, we want to work with the United States Congress to make it even better,” Blinken …

Agriculture

2.5m Nigerians at risk of hunger in 2024 – FAO

Abuja, Nov. 4, 2023 – About 26.5 million Nigerians are at the risk of hunger in 2024, the Food and Agricultural Organisation (FAO) has reported. Dominique Kouacou, the FAO Country Representative, said this during a presentation at the food security and early warning analysis for October to November period in Abuja on Friday. He said the FCT, Sokoto, Borno and Zamfara states are mostly at risk of hunger.  Kouacou was represented by Dr Abubakar Suleiman, Assistant FAO Representative in Nigeria. The CH analysis was conducted in 26 states and the …

Agriculture Money market

Sterling bank commits N1bn to agro-innovators at ASA 2023

Lagos, Oct. 27, 2023 – Sterling bank says it is committing one billion naira to agro-innovators at the forthcoming Agric Summit Africa (ASA) holding in Lagos on Nov. 8. Shola Obikanye, the bank’s Group Head of Agric. and Solid Minerals, said this in a statement on Friday. He said ASA had played a pivotal role in addressing critical issues within Nigeria’s agriculture sector since its maiden edition in 2019. Obikanye said that the summit had consistently brought together influential figures from various sectors to discuss and explore innovative solutions for …

Agriculture Commodities

WASCA to reward coffee promoting institutions, coffee ambassadors

Lagos, Oct. 17, 2023 – The West Africa Specialty Coffee Association (WASCA) is to present awards to coffee promoting institutions and coffee ambassadors in the country. It identified Institutions like the Cocoa Research Institute of Nigeria (CRIN) and the Nigerian Export Promotion Council (NEPC) that have been at the forefront of promoting and sustaining the production of coffee, among other commodities in the country. Some representative state Ministries of Agriculture will similarly be honoured, it said. It said they would be honoured at the 2023 WASCA World Coffee and Tea …