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NIRSAL, NASENI Partner On Agric Mechanisation, Climate-Smart Irrigation, Others

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L-R Executive Vice Chairman NASENI, Engr. Prof. Mohammed Sani Haruna, and MD/CEO NIRSAL, Aliyu Abdulhameed during the signing of the partnership in Abuja.
L-R Executive Vice Chairman NASENI, Engr. Prof. Mohammed Sani Haruna, and MD/CEO NIRSAL, Aliyu Abdulhameed during the signing of the partnership in Abuja.

…The partnership will create 110,000 jobs

In continuation of delivering on its mandate of providing end-to-end solutions aimed at fixing breakages along the Agricultural Value Chains (AVC) in Nigeria, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) is partnering with the National Agency for Science and Engineering Infrastructure (NASENI).

NIRSAL Plc has engaged NASENI as its technical collaborative partner for the conceptualization, design, development, deployment, implementation and execution of various schemes/projects under the NIRSAL-NASENI Comprehensive Tractor Recovery Scheme, the NIRSAL Climate-Smart Modular Geo-Cooperative-Based Irrigation System for Smallholder Farmers and other Agricultural Value Chain-related challenges requiring efficient homegrown scientific and engineering solutions for proof of concept projects and scale-up, to attract finance and investment into fixed Agricultural Value Chains.

As part of the partnership, NIRSAL Plc and NASENI will crowd-in stakeholders from all AVC segments to create AVC-wide commercially viable platforms anchored on Public-Private Partnerships (PPPs).

To make up for the deficit in tractors and other mechanization equipment, NIRSAL Plc and NASENI will recover and reinvigorate idle agricultural equipment for enhanced mechanization of Agricultural Value Chains in Nigeria.

In addition to the above, the technological capacity of NASENI in the area of solar modules production creates a critical backbone in the provision of off-grid energy to power modular irrigation and agro-processing clusters that are domiciled within NIRSAL Agro Geo-Cooperative clusters.

Critically, in addition to optimizing the capacity of NASENI, the partnership, like all of NIRSAL Plc’s strategic interventions, will create widespread socioeconomic development.

Specifically, at least 110,000 jobs will be created, 10,000 directly and 100,000, indirectly – another instance of NIRSAL Plc’s support of the Federal Government’s efforts to achieve economic stability and prosperity for Nigerians.

At a launch event hosted at NIRSAL Plc’s Head office, Aliyu Abdulhameed, NIRSAL Plc’s Managing Director/CEO expressed optimism that the partnership would ensure that there are sustainable fixes to identified challenges facing the Agribusiness Sector in Nigeria.

READ ALSO: Why The Right Price Of Fuel Is N212 Per Litre – PPPRA

He added that the partnership would go a long way in maximizing the agricultural potential of the country, thereby contributing to the achievement of food security, inclusive economic growth, diversification, and employment generation.

Restating NIRSAL Plc’s commitment to assuring the success of the collaboration, Abdulhameed added that NIRSAL Plc would extend its Credit Risk Guarantee (CRG) cover to finance invested into the scheme; provide Project Monitoring, Reporting and Remediation services; provide technical assistance, capacity building & advisory services and create, provide & facilitate capital market opportunities.

Also, Engr. Prof. MS Haruna, NASENI’s Executive Vice Chairman assured that NASENI would “provide cutting edge research and development on innovative approaches for all the schemes and projects under the agreement to advance mechanization, modular irrigation activities and other agricultural engineering solutions across Agricultural Value Chains.”

NIRSAL Plc’s latest intervention in promoting the adoption of mechanized farming follows the collaborative NIRSAL Comprehensive Agricultural Mechanization Programme (NCAMP), developed and deployed in collaboration with Machines and Equipment Corporation Africa (MECA) and NASENI.

Beyond NIRSAL’s collaboration with NASENI, NIRSAL’s optimized operating system embeds end-to-end mechanization in all of its activities with smallholder farmers nationwide.

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Obasanjo Lashes Out At Buhari Over Borrowing

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Obasanjo Lashes Out At Buhari Over Borrowing

Erstwhile President Olusegun Obasanjo has condemned the Federal Government’s plan to take fresh loans amid criticism by Nigerians over incessant borrowing by the current administration.

While speaking to Channels Television in South Africa, Obasanjo described as criminal, the alleged move to accumulate debts for the next generation to pay.

Obasanjo expressed worries that if the existing debts remain unserviced or unpaid by the President Muhammadu Buhari’s administration, it might become a huge problem for successive governments.

The president, a few days ago, requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €710 million.

READ ALSO: Buhari Orders Incorporation Of NNPC Limited, Names Board Members

Reacting, the former president who believes that borrowing is not a problem, however, stated that the challenge would be the utilization of the borrowed fund and the plan or capacity to pay back.

He said: “But if you are borrowing and accumulating debts for the next generation and the next generation after them, it is criminal. What are you borrowing for?

“If we are borrowing for recurrent expenditure, it is the height of folly. If we are borrowing for development that can pay for itself, that is understandable. Then the payment, how long will it take to pay itself?”

 

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Buhari Orders Incorporation Of NNPC Limited, Names Board Members

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Buhari Orders Incorporation Of NNPC Limited, Names Board Members

President Muhammadu Buhari has ordered the incorporation of the Nigerian National Petroleum Company Limited.

In a statement on Sunday by the Special Adviser to the President (Media and Publicity), Femi Adesina, he said that the president gave the order in his capacity as the Minister of Petroleum.

“This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company,” the statement said.

The statement said the Group Managing Director of the NNPC, Mr Mele Kolo Kyari, had been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

READ ALSO: How Bureaux De Change Finance Terrorism – CBN

President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.

The President named Senator Ifeanyi Ararume aa Chairman of the Board while Mele Kolo Kyari and Umar I. Ajiya were appointed as Chief Executive Officer, and Chief Financial Officer, respectively.

Other Board Members are; Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).

 

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How Bureaux De Change Finance Terrorism – CBN

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How Bureaux De Change Finance Terrorism - CBN

The Central Bank of Nigeria ( CBN) has moved to shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform.

CBN Governor Godwin Emefiele who disclosed this while fielding questions after the Monetary Policy Committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.

He said: “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that bureau de change operators buy dollar at N560 and sell at N570.

On ban of forex sales to bureau de change operators, Emefiele said that the bank would not go back on its previous stance.

READ ALSO: CBN Bans Sale Of Dollars To Bureau De Change Operators

According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

The CBN governor said: “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

 

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