Single Digit Interest Rate Will Transform Nigeria’s Agribusiness –Obasanjo

Former President Olusegun Obasanjo has said that a single digit interest rate on agricultural loans will help transform the agribusiness in the country. Obasanjo who said this at the launch of Youths in Agribusiness project at the weekend in Abuja, said that interest rate of less than 10 per cent would empower youths to go to the bank to borrow money for agriculture. Speaking on the theme of the event: “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,” the former President urged the Federal Government to fashion out a way that will make it easy for youth to access finance at the right rate.   “I believe any interest that is more than single digit is not good enough for agriculture.” OBJ as he is fondly called noted that agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high yielding seed and knowledge that can be used to transform the agribusiness sector. “But we need more of these scientific and technological products in the farmers’ hands so that farmers can be better on what they get in terms of yields,” he said. He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country. On his part, Wouter Plomp, Netherlands Ambassador to Nigeria said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young agri-preneurs. He said the goal was to combat food insecurity by empowering youths to get access to finance and connect young agri-preneurs with local and international markets. According to him, the aim is not only to ensure Nigeria’s food security, but also place the nation at the forefront of global agricultural innovation. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the 2023 World Food Day campaign took water action for food by encouraging its wise utilisation to ensure stability in food security. The minister, who was represented by Engr. Adegbenro Adebiyi, Director Agribusiness and Market Development, said the aim of the project was to provide opportunities that would save and restore livelihoods and reduce food insecurity in the country.

Tinubu’s reforms will rejuvenate Nigeria’s economy – SEC

President Bola Ahmed Tinubu, has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians, the Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has said. Speaking during an interview recently, Yuguda said there was a 5.23% surge in market capitalization at the NGX on the President’s first day and it was driven by optimistic anticipation of market reforms. “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs. “Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future,” Yuguda said. He stated further that Nigeria had outperformed global indices on gains in the All-Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated. He cited the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors.  “All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023,” he added. The Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development. He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change Nigeria’s fortunes for the better.