Thursday, February 25African Business News
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Tag: agriculture

Sterling Bank to host Africa’s biggest digital agriculture summit

Sterling Bank to host Africa’s biggest digital agriculture summit

Agriculture, Innovation
What comes to mind when you think of Agriculture? The produce, the farmers, investments, tech or the next level? The next level that will propel us into the much-needed transformation with the design and implementation of the right policies, scalable innovation alongside focused and sustained investment. It is no news that the existing frameworks and age-long practices in Africa’s agriculture sector are outdated and need to be improved upon. Transforming the continent’s agriculture sector into a powerhouse that will not only feed the continent’s growing population but will also boost the economy, create decent employment for millions of people and hopefully absorb the shocks from the Coronavirus pandemic. Agriculture is one of the sectors Sterling Bank holds close to its HEART. As one...
Many Nigerians struggle to survive as safety nets, incomes weaken

Many Nigerians struggle to survive as safety nets, incomes weaken

Business
Although the working situation seems to be improving with the easing of the lockdown, Nigerian workers and consumers still face challenges in all sectors of the economy, the second round of the COVID-19 National Longitudinal Phone survey (COVID-19 NLPS) conducted In June, by the National Bureau of Statistics (NBS), has shown. According to the survey, millions of Nigerians have been struggling to survive, as there has not been any significant improvement in safety nets or other sources of income assistance from institutions and/or remittances. The Guardian had on Monday, reported that the last three months of the lockdown imposed to check the spread of the novel coronavirus have been hectic for most Nigerians, as they struggle to find a balance between dipping incomes and rising i...
COVID-19: AFDB tasks Nigeria, others on digital options in food systems

COVID-19: AFDB tasks Nigeria, others on digital options in food systems

Agriculture
African Development Bank (AFDB), has urged Nigeria and other African countries to explore digital options that can be easily deployed to tackle disruptions to food systems, caused by the COVID-19 pandemic. Speakers during a Webinar hosted by the Food and Agriculture Organization (FAO) iInvestment Centre, and the AFDB stressed that Africa must seize the opportunity of the COVID-19 pandemic to deepen the digitalization of agricultural value chains and transform the sector. The online meeting hosted to discuss transforming agriculture in Africa through digitalisation, had in attendance about 500 people, representing agri-tech, telecom, government agency implementers, policymakers, farmers and development partners The panellists included Business Development Manager, Vodacom Busin...
FG launches agriculture, jobs plan to mitigate COVID-19 impact

FG launches agriculture, jobs plan to mitigate COVID-19 impact

Appointments
In efforts to mitigate the impact of COVID-19 pandemic on Nigerian farmers, the Federal Government has launched a one-year agriculture-focused intervention scheme through the Agric for Food and Job Plan (AFJP), aimed at increasing food production and creating jobs The joint venture between the Federal Ministry of Agriculture and Rural Development, state governments, as well as the Central Bank of Nigeria (CBN), and private sector via out-grower schemes, and farmers across the country, is aimed at boosting locally-grown food supply, while simultaneously creating employment opportunities in the agricultural sector. This will be achieved via investment in the sector through the provision of zero-interest input financing options such as fertilizers and seeds to farmers across the 36 stat...
AFDB injects $10billion to cushion COVID-19 impact on agriculture

AFDB injects $10billion to cushion COVID-19 impact on agriculture

Agriculture
The African Development Bank (AFDB), has provided about $10billion to implement strategic roadmap of projects and programmes of immediate and longer term measures to tackle nutrition and food crisis situation in the Continent. This is part of the measures to assist Nigeria and other African countries mitigate impacts of COVID-19 pandemic on the agriculture sector. The AFDB Feed Africa Response to COVID-19 (FAREC), is part of the banks comprehensive intervention to build resilience, sustainability and regional self-sufficiency in Africa’s food systems and help farmers cope with coronavirus-related disruptions to the agricultural value chain. The Bank’s Vice President for Agriculture, Human and Social Development, Dr. Jennifer Blanke, said the Bank’s response is in effort to add...
Stakeholders chart path to boost agriculture through green financing

Stakeholders chart path to boost agriculture through green financing

Agriculture
As the Coronavirus (COVID-19) pandemic continues to present challenges to businesses and economies globally, FMDQ Holdings PLC, Financial Sector Deepening (FSD) Africa, and Climate Bonds Initiative (CBI), have partnered in facilitating a stakeholder engagement to boost Nigeria’s agricultural sector through green financing. According to the organisations, it was imperative that creative and proactive solutions are proffered to ensure the continued sustenance of key sectors of economies, and the Nigerian agribusiness sector is not left behind. They maintained that it was vital for market participants in Nigeria’s financial market space to join the conversation in the implementation of the Nigerian Green Bond Market Development Programme. The webinar session, themed: “Green Financing...
Shareholders urge bank to review sectoral allocation to agriculture

Shareholders urge bank to review sectoral allocation to agriculture

Agriculture
Amid predictions that the ongoing COVID-19 pandemic may trigger food shortages in Nigeria, Shareholders of FBN Holdings Plc have urged the bank to review its sectoral allocation to agriculture. Specifically, the Former Secretary-General, Independence Shareholders Association, Adeleke Adebayo, said the bank’s provision for agriculture, which stood at 3.2 per cent in the 2019 financial year, needs to be reviewed to align with the current realities. Adeleke, who spoke at the bank’s yearly general meeting, in Lagos, on Tuesday, also advised the bank to reduce the level of exposure in oil and gas sector in view of current oil prices and local deregulation. He however applauded the bank for reduction in impairment charges as well as Non Performing Loans (NPLs), which stood at 9.9 per cent...
ECOBANK Provides Loan Facilities For Nigerian Agricultural Sector

ECOBANK Provides Loan Facilities For Nigerian Agricultural Sector

Business
ECOBANK hosted their first Agricultural Business summit in Civic Towers, Victoria Island Lagos, themed "Unlocking Productivity and Investment opportunities across Nigeria's Agribusiness value chain". The Program was featured agribusiness experts including Mr Aliyu Abdulhamneed MD/CEO of NIRSAL, Dr. Emmanuel Itoya Ijewere Vice President, Nigeria Agribusiness Group NABG, Dr Andrew S. Nevine Chief Economist, African farmer Mogaji, CEO, Farm Credit limited, Ayodeji Balogun, Country Manager, AFEX Commodities Exchange Limited, Ade Adefeko, Vice President, Corporate and Government Relations OLAM Nigeria. The Minister of State for Agriculture, Baba Mustapha stated that the ministry will continue to give support and provide jobs within the Agricultural sector to enable collaboration and diversity...