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Despite spending no less than $307m (N129.084bn) on agriculture loans to farmers, Nigeria’s agricultural imports continued to take an upward trajectory, hitting$6.4bn (N2.7tn) in 2021 alone.
According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund (ACGSF), has guaranteed a total of N129.084bn in agriculture loans to farmers in the country. Figures by the National Bureau of Statistics in a recent report titled “Foreign Trade in Goods Statistics” also revealed that in 2021, Nigeria’s agric imports stood at N2.7tn, indicating an increase of 36.6 per cent over the previous year, when compared to the value recorded in 2020 (N1.7tn)… More details through: https://punchng.com/agric-imports-hit-n2-7tn-despite-n129bn-intervention-loans/
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Lagos State eats an estimated $78.28 million (N328 billion) worth of cow meat per annum. About 98 per cent of cattle consumed in state are from the northern part of the country or from across the border.
The remaining 2 per cent is a shortfall in local production and represents about 181,757 tons of meat or about 1,235,601 heads of cattle per annum… More details through: https://thenationonlineng.net/lagos-consumes-n328b-worth-of-cow-meat-yearly/ There are increased local efforts to enable Nigeria take advantage of Indonesia’s palm oil export ban, as competing countries swoop in and expand its market share.
Recently, Indonesian President Joko announced a total export ban on all palm oil, both crude and refined/processed, out of the country to tackle local price hikes. Palm oil prices could hit a record 8,100 ringgit ($1,938) a tonne following a plunge in global edible oil stocks and a decline in export surpluses, including the impact of war in Ukraine. Already, the ban is sending soaring cooking oil prices even higher worldwide, exacerbating global food security fears amid adverse weather and the war in Ukraine… More details through: https://thenationonlineng.net/global-oil-palm-crisis-may-boost-nigerias-palm-oil-sector/ Singapore’s private sector will play a critical role in improving the livelihoods of thousands of smallholder farmers and lowering greenhouse gas (GHG) emissions in Nigeria, following the construction of a new warehouse and processing complex for agricultural commodities in the country.
IFC, the largest global development institution focusing private sector in emerging markets, has agreed to issue $18 million in debt financing to Robust International Pte. Limited, a Singapore-based agricultural company with operations across the Asia-Pacific region and sub-Saharan Africa. Founded in 2006, Robust primarily trades in specialty crops such as cashews, sesame, ginger, and gum arabic, among others… More details through: https://www.sunnewsonline.com/ifc-backs-singapore-based-agric-firms-plan-to-expand-in-nigeria/ Nigeria, Africa’s most populous country, saw its fertiliser imports surge by 65 percent in 2021 as demand for the commodity rose.
Data from the International Fertilizer Development Centre show that the country imported 706,922 metric tons (MT) of fertiliser in 2021, up from the 429,303 MT imported in 2020, mainly diammonium phosphate (DAP), muriate of potash (MOP), and granular ammonium sulphate… More details through: https://businessday.ng/business-economy/article/nigerias-2021-fertiliser-imports-surge-65/ With the global coconut market size valued at $13.230 billion last year, there are efforts to explore the space predicted to reach $22 billion in 2028, according to analysts.
Chairman, First African Coconut Company Limited, John-Bede Anthonio has urged investors and various governments to increase production to achieve N20 billion yearly export target. To generate N20 billion annually from coconut, we need to develop plantations. Coconut will grow in 20 states of the Nigeria. Private sector and government will have to develop 100,000 hectares of coconut plantation in 20 states… More details through: https://thenationonlineng.net/nigeria-eyes-22b-global-coconut-market/ The cocoa market’s OPEC may be about to get bigger, with Nigeria being lined up to join the Living Income Differential system set up by top producers Ivory Coast and Ghana.
Ivory Coast and neighboring Ghana, which produce about 60% of the world’s cocoa, set up the LID system in 2019 to charge the $100 billion chocolate industry a premium to boost the income of some of the poorest growers. Bringing Nigeria on board could strengthen the hand of producers, whose efforts have been undercut by a pandemic surplus that lowered prices. More details through: https://www.bloomberg.com/news/articles/2022-04-07/cocoa-s-opec-could-get-bigger-as-nigeria-poised-to-join-alliance The total international trade in agricultural goods in the country stood at $7.8bn (N3.24tn) in 2021, with the import value exceeding export value by $5.4bn (N2.23tn), findings have revealed.
Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out of their livelihood. Figures obtained from the National Bureau of Statistics revealed that while Nigerian farmers exported goods worth N127.2bn in the first quarter of 2021, the country imported N630.2bn goods… More details through: https://punchng.com/food-imports-exceed-exports-by-n2-23tn-in-12-months/ Following Federal Government’s failed policy on local wheat production, Nigerian flour millers have ordered N1.75 trillion ($3.14 billion) worth of wheat to meet industrial and domestic demand this year.
The price of the grain has gone up by 14.6 per cent from $420 to $492 per metric tonne in the last one week. Also, demand for the grain in the country has increased by 15.4 per cent or 990,000 tonnes. Findings revealed that within the last one week, a tonne of the grain increase by $72, as traders attributed the soaring price to the on-going war between Ukraine and Russia, where the millers source wheat, following the decline in local production of the grain… More details through: https://www.newtelegraphng.com/poor-local-yield-importers-order-n1-75trn-wheat/ The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar has launched a programme to generate €9.7 million (about 4.42 billion) for 60,000 smallholder farmers across four states as well as make Nigeria a leading tomato exporter in the world.
The four-year project, tagged HortiNigeria, is in collaboration with The Netherlands and would also seek to boost production in the okra, onion, and pepper value chains. The project is currently managed by Dutch institutions including the International Fertiliser Development Center (IFDC) and its consortium partners namely East-West Seed Knowledge Transfer (EWS-KT), Wageningen University and Research (WUR) and KIT Royal Tropical Institute, and will be implemented in selected states including Kano, Kaduna, Ogun and Oyo… More details through: https://www.thisdaylive.com/index.php/2022/03/07/fg-dutch-firms-target-n4-42bn-in-drive-to-harness-horticultural-sector/ |
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