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CBN releases N756bn to over 3m farmers – Emefiele

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The Central Bank of Nigeria, CBN, says it has released the sum of N756.51 billion to 3,734,938 small holder farmers, cultivating 4.6 million hectares of land, to boost the Federal Government’s food security initiative.

Godwin Emefiele, the CBN Governor, made this known while presenting a communiqué from the bank’s recently held, 280th meeting of its Monetary Policy Committee (MPC).

Emefiele said that N120.24 billion of the sum was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP).

“The sum of N121.57 billion was disbursed to 32,617 beneficiaries.

“For the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs),’’ he said.

Mr Emefiele revealed that the apex bank also expended huge sums in its youth investment scheme, to empower Nigerian youths, and to reduce unemployment by providing to the creative sector and Information Technology.

“Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.

“Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 5 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals,’’ he said.

The CBN Governor also revealed that the apex bank had invested close to N1trillion to boost the real sector of the economy, covering 251 real sector projects.

He said that the bank’s intervention also spanned health sector support initiatives and electricity distribution.

“Under the N1.0 trillion Real Sector Facility, the Bank released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro-based industry, 32 in services and 11 in mining.

“On the N100 billion, Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services.

“Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa Fever.

“On the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers to nine Distribution Companies (DisCos), for the procurement and installation of 657,562 electricity meters,’’ Mr Emefiele said.

NAN

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FG, UNIDO partner to strengthen Nigeria’s industrial future

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FG, UNIDO partner to strengthen Nigeria’s industrial future

The Federal Government has signed a Programme for Country Partnership (PCP) agreement with the United Nations Industrial Development Organisation (UNIDO) to drive Nigeria’s industrial transformation.

At the signing ceremony in Abuja on Wednesday, the Minister of State for Industry, Sen. John Enoh, emphasised the significance of the agreement in repositioning the country’s industrial sector.

Enoh said that the partnership aligned with Nigeria’s commitment to rebuilding its industrial base to achieve structural economic transformation.

He said that the Industrial Revolution Work Group (IWG) had been inaugurated to coordinate the revitalisation of key industrial assets and value chains.

According to Enoh, the partnership comes at a time when Nigeria is moving with clarity and urgency to rebuild its industrial base.

He said that it would boost economic growth, and also ensure structural transformation that empowers the people and reduces dependency on primary exports.

Enoh said that the IWG, which he co-chaired with the President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, was a stakeholder platform designed to address systemic bottlenecks and fast-track industrial zone development.

The minister said that the PCP aligned with the objectives of the IWG, focusing on agro-industrial transformation, SME development, green and digital transition, and skills for industrial competitiveness.

He expressed optimism that UNIDO’s technical expertise and global perspective would enhance Nigeria’s industrialisation efforts through infrastructure development and catalytic interventions.

“We welcome your presence at the table and look forward to integrating your insights into the group’s core operations.

“Nigeria is laying the foundation for the next chapter in its industrial history by modernising institutions, reforming policies, and strengthening coordination across all levels of government,” he said.

Enoh reiterated the government’s commitment to fostering multilateral and bilateral cooperation, urging all stakeholders to transition from agreements to tangible execution.

“As we sign today, we do so with resolve not for the ceremony, but for community-medium impact.

“Let us move together from potential to productivity, from agreement to execution, and from policy to prosperity,” he said.

The Minister Budget and Economic Planning, Sen. Abubakar Bagudu, said that the PCP was expected to boost manufacturing, enhance access to renewable energy, and create opportunities for small and medium enterprises (SMEs).

Bagudu said that it would also strengthen Nigeria’s participation in the African Continental Free Trade Area (AfCFTA).

He reaffirmed the government’s commitment to ensuring the successful implementation of the programme, adding that Nigeria remained open to international investments and partnerships.

“Nigeria is determined to achieve its economic vision, and we will stay the course,” he said.

The UNIDO Director-General, Gerd Müller, described the PCP as a new phase in Nigeria’s longstanding partnership with the organisation, which dates back 40 years.

“This initiative focuses on six key areas, including industrial policy, innovation and technology, value chain development, and sustainable energy solutions.

“It will directly support Nigeria’s National Development Plan and the African Union’s Agenda 2063,” Müller said.

The UN Resident and Humanitarian Coordinator, Mohammed Fall, emphasised that the signing of the PCP marked the beginning of a long-term collaboration to drive Nigeria’s sustainable development.

Fall acknowledged the challenges facing the country but reaffirmed the UN’s commitment to working alongside Nigerian authorities and development partners to implement impactful initiatives.

He highlighted the role of UNICEF and other UN agencies in supporting Nigeria’s economic and humanitarian efforts.

He assured stakeholders that the UN remained dedicated to helping Nigeria transition toward a more resilient and self-sufficient economy.

The News Agency of Nigeria (NAN) reports that the signing ceremony was attended by representatives of Government, the European Union, UNIDO, and other key stakeholders in Nigeria’s industrial sector.

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Economist lauds Tinubu for removing Kyari, Akinyelure, NNPC board

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President Bola Ahmed Tinubu

An economist, Prof. Evans Osabuohien, has commended President Bola Tinubu for removing both the Chairman, Board and Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited.

Osabuohien, who is Head of the Economics Department at Covenant University in Ota, told the News Agency of Nigeria (NAN) on Wednesday that their removal was a welcome development.

The News Agency of Nigeria (NAN) reports that the removal of Pius Akinyelure, the Company’s Chairman, and Mele Kyari, the GCEO, was announced on Tuesday in Abuja.

Osabuohien said sacking the NNPC board would help to check sharp practices in the petroleum sector.

“The sacking of the NNPC board was a right step in the right direction,” he added.

The economist however stated that the move should not stop there. “There is the need for a holistic probe of that sector,” he said.

Osabuohien said NNPC had been recording losses since in the past two years when it became a private company.

He suggested that the Federal Government should make NNPC a public liabilities company so that there would be a board of directors which would be responsible to the public.

“This will make the sector vibrant and be contributing positively to the economy and generating employment opportunities in the country.”

Osabuohien also urged the Federal Government to look into the recent conflict between the NNPC and Dangote Group.

NAN reports that presidential spokesperson Bayo Onanuga had on Tuesday in a statement said President Tinubu had removed both Akinyelure and Kyari, and all other board members.

The President had instead replaced Akinyelure and Kyari with Ahmadu Kida and Bayo Ojulari respectively.

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Anike Agbaje-Williams, Africa’s First Face on TV, Passes Away at 88

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Anike Agbaje-Williams, Africa’s First Face on TV, Passes Away at 88

Nigeria has lost a broadcasting icon as Chief Anike Agbaje-Williams, Africa’s first female television broadcaster, has passed away at the age of 88.

Her family announced her passing in a statement signed by Mrs. Banji Sokoya, revealing that the veteran broadcaster died peacefully in Ibadan, where she lived most of her life.

“Goodnight, my ever so cherished mummy, boss, and mentor. We’ll surely see in the morning,” the statement read.

Born on October 23, 1936, Agbaje-Williams made history as the first face to appear on television in Africa when she featured on Western Nigerian Television (WNTV) in Ibadan during its test transmission and official launch on October 31, 1959. She was also the first voice heard on Africa’s first commercial radio station, Western Nigeria Broadcasting Service (WNBS), earning her the title of “Double-First.”

She had a distinguished career in broadcasting, rising through the ranks to become a respected producer and director of programmes before retiring in July 1986.

A devoted member of All Saints Church, Jericho, Ibadan, she was also one of its oldest choristers. Her family described her as a beloved mother, grandmother, and great-grandmother whose legacy will be cherished forever.

“The family profoundly mourns the passing of a great icon. We take comfort in knowing she lived a glorious, remarkable, and impactful life. She inspired many fans and mentees over the years,” the statement read.

The family has requested privacy during this period of mourning, with funeral arrangements to be announced later.

 

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