Banking - NEWS AGENCY OF NIGERIA

African Development Bank’s (AfDB) Nigeria Country Director-General, Lamin Barrow

Afonne Emmanuel
Nov, Thu, 2023

AfDB signs $20m agreement with FSDH to support Nigeria’s SMEs

152 total views today

By Lucy Ogalue

The African Development Bank (AfDB) has signed an additional 20 million dollars Trade Finance Facility with FSDH to support Small and Medium Enterprises (SMEs) in Nigeria.

Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB, said this during the signing ceremony, on Thursday in Lagos.

According to Barrow, trade is considered the locomotive for economic development, and trade finance is the lubricant.

He, however, said it was also not lost on us that the supply of trade finance in Africa was highly constrained for various reasons.

Barrow said the Bank supported over 120 financial institutions in 30 African countries and catalysed over 10 billion dollars in trade in the past decade.

He said: “FSDH and the AfDB have enjoyed an enduring partnership in supporting SMEs and Nigerian Corporates engaged in trade and export value chains.

“In 2016; the AfDB extended a 50 million dollar Trade Finance Line of Credit to FSDH. This 3.5 – year Facility performed well.

“It supported more than 370 transactions, catalysed 375 million dollars of trade and benefitted 60 SMEs and Corporates in critical sectors including energy, agri-business, health and boosting intra-Africa trade.”

The new 20 million dollar facility, Barrow said comprises a 15 million dollar Trade Finance Line of Credit to support eligible SMEs and corporates active in international trade value chains.

He said it also comprised a five million dollar Transaction Guarantee to enhance FSDH’s Correspondent Banking relationships.

*Left: Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB during the signing of $20million agreement with FSDH on Thursday*

“It will provide a 100 per cent guarantee to Confirming Banks to cover the non-payment risk of FSDH arising from the issuance of letters of credit and other trade finance instruments.

“This agreement is a testament to our collective endeavours to plug the trade finance gap in Nigeria by working with a valuable partner such as FSDH that provides critical support to SMEs.

“We look forward to the successful implementation of this project while reaffirming the AfDB’s commitment to deepening and strengthening the financial sector in Nigeria,” he said.

AfDB has estimated the trade finance gap on the continent to be 81 billion dollars per annum, while a recent study by the WTO and IFC estimated the gap in Nigeria to be seven billion dollars annually.

It also reported that banks in Nigeria rejected a quarter (25 per cent) of all trade finance requests from their clients.

Lack of sufficient Correspondent Banking lines and inadequate access to foreign exchange were cited as major constraints.

That is why the AfDB established a dedicated Trade Finance Programme in 2013 to provide critical liquidity and risk mitigation support to financial institutions in Africa and for the benefit of SMEs and local corporate importers and exporters. (NAN)(www.nannews.ng)

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Edited by Rabiu Sani-Ali

Afonne Emmanuel
Nov, Mon, 2023

Economy/Business , Banking

Planned banks’ recapitalisation excites stock market experts

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By Chinyere Joel-Nwokeoma

Some capital market experts have expressed optimism that the primary market segment of the nation’s stock market will witness increased activity with the planned recapitalisation of banks by the Central Bank of Nigeria (CBN).

They spoke with the News Agency of Nigeria (NAN) on Monday in Lagos, against the CBN pronouncement that it was planning to implement a new round of banking recapitalisation in line with the anticipated N1 trillion dollars economy by 2030.

Prof. Uche Uwaleke, the President, Association of Capital Market Academics of Nigeria, said the stock market would likely witness increased primary market activities.

Uwaleke said the primary market segment would witness increased activity in view of the fact that some of the banks may seek to recapitalise via offer for subscription of shares.

“The role of the regulators is to ensure that the time-to-market for these banks is significantly reduced to enable the process be concluded in good time.

“The Nigerian Exchange (NGX) in particular can equally look into listing for non-listed banks to eventually list and do an Initial Public Offer.

“Also, if the experience of 2005 is any guide, the recapitalisation exercise is likely to rejuvenate the stock market,” Uwaleke said.

Also speaking, Mr Moses Igbrude, the National-Coordinator, Independent Shareholders Association of Nigeria, said the proposed recapitalisation policy would bring a lot of activities into the capital market and financial sector of the economy.

Igbrude, however, stressed the need for players to use lessons learnt from the last recapitalisation to avoid pitfalls.

He said, “To enhance its effectiveness, there’s need for players to use lessons learnt from the last recapitalisation in order to avoid the pitfall of the last exercise.

“The CBN, Securities and Exchange Commission and the NGX should collaborate and put a workable plan in place that is fair to all.

“The cost of raising capital should be fair and be what players can afford, and operators should not delay or waste time before it is too late,” Igbrude added. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

President of African Development Bank (AfDB), Dr Akinwumi Adesina

Afonne Emmanuel
Nov, Sat, 2023

Banking , Business , Economy/Business

AfDB boss commends Nigerian governors on regional devt. approach

117 total views today

By Lucy Ogalue

Seven newly elected Nigerian Governors visited the African Development Bank (AfDB) Group President, Akinwumi Adesina, in Abidjan to strengthen cooperation and unlock the country’s vast agricultural potential.

A statement issued by the Bank on Saturday, said the delegation was led by Katsina State Governor Dikko Radda.

The News Agency of Nigeria (NAN) reports that governors Nasiru Idris of Kebbi State, Alhaji Umar Namadi of Jigawa, and Dr Dauda Lawal of Zamfara were among the delegation .

Deputy governors Aminu Abdussalam from Kano, Dr Hadiza Balarabe representing Kaduna, and Idris Gobir of Sokoto was also part of the delegation.

The News Agency of Nigeria (NAN) reports that with an estimated 60 million people, which is 28 per cent of the country’s population, North West Nigeria is home to 10 million of the country’s 22 million heads of cattle.

Discussions in Abidjan focused on boosting food production, nutrition, and security as well as innovative ways to unleash the zone’s rich agricultural potential.

It also aimed to fast-track the implementation of Special Agro-industrial Processing Zones (SAPZs) and leverage AfDB’s renewable energy programmes.

Adesina applauded the regional approach of the North West Governors while assuring them that the Bank would support the development of a regional strategy.

The AfDB president said the Bank and its partners targeted one billion dollars in financing to expand the SAPZ programme in Nigeria to support up to 25 of the country’s 36 states.

Adesina urged the governors to collaboratively and promptly select agricultural hubs to host the schemes.

According to the AfDB boss, the bank is working with the Federal Government of Nigeria to tackle high food and energy prices.

“These zones will benefit local farmers and create jobs throughout the value chains. They will provide unprecedented opportunities to transform commodities into high-value products.

“They will reduce waste and post-harvest losses, boost incomes, increase profits, and plough money back into your rural economies,” he said.

Noting the zone’s endowments in livestock, particularly cattle, Adesina underscored the area’s potential for meat processing.

“I would like us to have a substantive conversation about establishing beef processing zones in the North West zone.

“The Bank has financed several projects in the North West zone, including the 85 million dollars Zaria Water Supply and Sanitation Project, which provides water to 650,000 people and sanitation services to 350,000.

“Two states from the zone, Kano and Kaduna, are part of Phase One of the SAPZ programme.

“The National Agriculture Growth Scheme (Agro-Pocket or NAGS) received 134 million dollars in budget support funding under the Bank Group’s Africa Emergency Food Production Facility.

According to Adesina, the scheme targets increased wheat and rice production during the 2023 dry season and through the 2024 wet season in five states.

He said the scheme will help reduce some of the country’s current three billion dollars expenditure on wheat imports.

Governor Radda commended Adesina’s leadership of the Bank and for serving as a good ambassador for Nigeria and Africa.

In his remarks, the Katsina governor said the North West governors decided to adopt a coordinated approach in collaborating with the Bank to implement agriculture and power projects to drive the zone’s development and improve livelihoods.

“We have commonalities in people, approaches, culture, tradition, topography, rainfall, and climate.

“The lack of irrigation infrastructure is among the key challenges in the zone, leading to low yields, post-harvest losses due to poor storage facilities, youth unemployment and underemployment, and fuelling insecurity,” Radda said.

Also soeaking, the Jigawa State governor said his administration prioritised strategic partnerships that advance rural infrastructure, farm mechanisation and climate-smart agriculture.

Representing Kaduna State, the Deputy Governor Balarabe said, “we are optimistic that the SAPZs
would assist us in overcoming many challenges.

“This is even just as it will propel us to achieve food self-sufficiency, job and wealth creation, and subsequently boost economic growth, especially the rural economy,” she said.

Similarly, Governor Lawal of Zamfara said the state was an agrarian economy. We have abundant agricultural land and the largest dam in the country.

He said the state could produce enough to feed Nigeria, particularly rice and wheat, with sufficient water and land resources.

Lawal said that being home to the largest dam in the country and having significant mineral deposits, including gold and lithium, Zamfara could make rapid gains in eradicating poverty and creating wealth for its population.

Meanwhile, the governor of Kebbi State highlighted the centrality of agriculture to the state’s fortunes, saying nearly 70 per cent of its population was reliant on agriculture.

He said the state was prioritising creating economic opportunities for the youth and women and was dedicated to participating in the Desert-to-Power programme to revive moribund industries in the state.

The Deputy Governor of Kano State said the state was working to revamp more than 20 idle dams to drive economic activity.

Also, the Deputy Governor of Sokoto State, Gobir, said programmes to bolster beef and milk production and improve higher education for youth were priorities.

NAN reports that the AfDB has committed about 853 million dollars to develop 24 SAPZs in 11 countries.

The Nigeria SAPZs are the continent’s largest and most ambitious in terms of scope and size.

The Bank’s Executive Director for Nigeria, Samson Oyetunde, urged the governors to develop agribusiness development plans to benefit from the current global attention to agriculture and food production.

The meeting featured presentations on the SAPZs, the Technologies for African Agricultural Transformation (TAAT) programme and the Desert-to-Power initiative.

At the recently held Africa Investment Forum Market Days event in Marrakech, AfDB and its partners inaugurated the Alliance for Special Agro-Industrial Processing Zones with an initial investment commitment of three billion dollars to transform Africa’s rural areas into zones of prosperity.

The zones are designed to promote increased productivity, value addition, and market access through government-enabled and private sector-driven investments to develop strategic commodity value chains.

The SAPZ programme was inaugurated in Nigeria in October 2022. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Afonne Emmanuel
Nov, Tue, 2023

Banking , Business

Barrow highlights Nigeria’s top-notch projects at AIF

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By Lucy Ogalue

The African Development Bank’s (AfDB) Nigeria Country Director-General, Lamin Barrow, has highlighted some key projects that Nigeria sought to promote at the just concluded African Investment Forum (AIF).

Barrow, in an interview with the News Agency of Nigeria (NAN), said Nigeria had a very strong participation at the 2023 AIF in Marrakesh, Morocco.

He said Nigeria presented not less than six projects on the boardroom for consideration during the meetings.

“These projects range from oil and gas in the pipe line in Nigeria and Morocco. There is the industrial park project in Kaduna and urban development Project in Abuja.

“We have the cancer hospital to be located in different locations in Nigeria and rehabilitation and refurbishment of five major airports including the Abuja Airport.

“This is in terms of equipment, infrastructure, safety and facilities in these airports presented by the FAAN among others; And they enlisted quite some interest in terms of investment.

“So, Nigeria, we are very happy for the strong participation and the level of interest expressed for these projects.” he said.

According to Barrow, the Forum provides a transaction oriented platform where sponsors come, present and pitch their deals and prospective financiers and investors are manifested or confirm their interest.

“And then from there, we take it forward in terms of advancing the documentation and discussion to move towards bankability and also to reach financial close.

“So, depending on where each and every project is, there is usually some follow up work to be done.

“So we expect that the engagement will be strengthened and will move fast to be able to complete the feasibility studies or related documentation that needs to be done.

“Due diligence work, prospective financiers will help reach financial close for most of these projects. And most of them are actually non sovereign or private sector oriented transactions,” he said.

Meanwhile, Dr Akinwunmi Adesina, AfDB’s President, said big ticket deals were considered in food and agriculture and renewable energy and transportation at the AIF.

According to him, other sectors captured at the event are mining, creative industry, ICT, Artificial Intelligence, deep sea seaports, railways, health and special agro industrial processing zones (SAPZs).

Adesina said AfDB was building a formidable power house for investment in Africa through the investment forum which began over five years.

While reiterating some of the projects deliberated upon at the AIF, he said the bank was working at dissuading the ‘japa’ syndrome by youths on the continent.

Earlier, the Director-General of AIF, Miss Chinelo Anohu said the AIF was fully transactional focused at letting Africans know that no one could solve our problems but ourselves.

“We have seen from the words of His majesty King Mohammed VI that Africans must trust Africans to solve their problems ,” she quoted the Moroccan King as saying.

NAN reports that the three-day AIF which began on Nov. 8, ended on Nov. 10 with a renewed hope towards changing the narrative for youths on the continent. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Afonne Emmanuel
Nov, Mon, 2023

Banking

AfDB ready to disburse $618m to Nigeria for digital and creative enterprises

89 total views today

By Lucy Ogalue

African Development Bank (AfDB) has finalised arrangements to disburse 618 million dollars to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) programme.

AfDB’s Country Director-General for Nigeria, Mr Lamin Barrow told the News Agency of Nigeria (NAN) in Marrakesh, Morocco on Sunday that the Nigerian government was in the process of recruiting a fund manager for the project.

Nigeria inaugurated a 618 million-dollar technology fund for young investors under the iDICE programme on March 14.

The fund, inaugurated by former Vice-President Yemi Osinbajo, aimed to support investors who struggled to raise money in Nigeria’s technology and creative sectors.

Of the 618-million-dollar fund, 45 million dollars will come from Nigeria through the Bank of Industry.

The AfDB will contribute 170 million dollars; Agence Francaise de Development will contribute 116 million dollars, while the Islamic Development Bank will invest 70 million dollars.

Barrow said the implementation of the project was staggered because of Nigeria’s government transition.

“We were caught up by the transition of government and you have to allow the new government to settle in.

“The steering committee, chaired by the vice-president with membership from the Ministries of Finance, Trade and Investments, Communication, Science and Technology, Information and Culture, met and received a briefing.

“We are now at the point of disbursement and the team has assembled the necessary procurement work.

“This has to do with the recruitment of the transaction adviser and the Expression of Interest for firms that want to manage the DICE funds,’’ he said.

He added that a lot of work had been done and it included advanced meeting on the first disbursement.

“Last week, the French minister that visited Nigeria signed the agreement for the co-financing as DICE is being co-financed by the French Development Agency and the Islamic Development Bank. All the processes are now virtually completed.

“The important thing is that the fund and the recruitment processes for a fund manager will soon occur.

“The fund will be independently managed by the fund manager who will also contribute to the fund by supporting start-ups,’’ Barrow said. (NAN)(www.nannews.ng)

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Edited by Alli Hakeem

2 023 African Investment Forum in Marrakesh, Morocco on Wednesday

Afonne Emmanuel
Nov, Wed, 2023

Banking , Business

Abidjan-Lagos highway corridor secures $15.5bn in AIF 2022- Adesina

119 total views today

By Lucy Ogalue

Dr Akinwumi Adesina, President of African Development Bank (AfDB) said that the Abidjan-Lagos highway corridor has secured a 15.5 billion dollars investment interest.

Adesina said this while welcoming participants at the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco on Wednesday.

The News Agency of Nigeria (NAN) reports that the event has as its theme,” Unlocking Africa’s Value Chains”.

Adesina said the corridor would transform the entire West African region and speed up regional integration, sustainable economic development and trade.

“In 2022, investment interests were secured for 3.6 billion dollars for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo and Burundi.

“We are delighted that the AIF has so far closed on deals’ investment gaps worth 11 billion dollars.

“This ranged from liquified natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport.

“It is time again for investment action, it is time to do it again,” Adesina said.

According to the AfDB boss, African economies provide some of the best investment opportunities in the world.

He said, “as investors, put your monies where the future is. The future is in Africa and investors should see Africa not from what they hear, but from what the facts say.

“Moody’s Analytics shows Africa’s default rate is the lowest in the world with 2.1 per cent compared to Eastern Europe well over 10 per cent; and Asia well over 8 per cent.

“Africa is not as risky as you perceive. Private equity and venture capital in Africa soared year over year to 7.70 billion dollars.

“The number of deals increased from 211 in 2018 to 404 in 2022, an increase of 91per cent.

“The total transaction value expanded from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022, an increase of 66 per cent. Invest in Africa and reap high risk-adjusted returns, “Adesina said.

Earlier, the king of Morocco, His Majesty King Mohammed VI, said the Morroco-Nigeria Gas Pipeline Project was part of the country’s endeavour to achieve regional economic integration and cross border development of communities.

“This project will enable all countries along the pipeline route to have access to reliable energy supplies.

“I welcome the interest expressed by bilateral and multilateral partners in this project, and in particular, regional and international financial institutions.

“To provide effective support for the implantation of this strategic project,” he added.

NAN reports that AIF is the place where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

It is also where comfort is given to investments, where risks are managed and where deals are closed.

AIF founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform. It is a flagship initiative of the AfDB, Islamic Development Bank.

It has European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation, Africa 50 as its Founding Partners. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

Folashade Adeniran
Nov, Fri, 2023

Banking

CIBN, LBS launch dual qualification programmes for bankers, financial services professionals

102 total views today

By Lydia Ngwakwe

The Chartered Institute of Bankers of Nigeria (CIBN) and the Lagos Business School (LBS) have collaborated to launch novel dual qualification programmes, the MBA/Chartered Banker and SMP/Chartered Banker programmes.

The President, CIBN, Dr Ken Opara, FCIB, confirmed this in a statement on Friday in Lagos.

Opara said the launch took place at a cocktail event at the LBS on Nov. 1.

According to him, the cocktail session was to commemorate the commencement of the CIBN/LBS collaborative Chartered Banker/SMP two-in-one programme.

He said the dual certification programme, which was the maiden edition, would help participants to gain an understanding of the present business environment in Africa.

He said the programme would improve the managerial competencies and strategic thinking capacities of industry executives, while also implementing strategies for effective change processes.

“With an SMP/MBA from LBS and an ACIB certification from CIBN, you gain access to a global network of international business leaders across Africa, the knowledge and skills to accelerate your career and thrive in the African business market at affordable and flexible pay,’’ Opara said.

He added that the programme would provide financial services professionals with a solid foundation in management and leadership through hands-on training, cross-functional skills development, peer learning and case studies.

These programmes, he said, were structured to fast-track competence and skills development of financial service industry professionals.

Opara said the programme would afford participants the opportunity of running one programme and gaining two qualifications.

“This means that you can earn the Chartered Banker designation (ACIB) and the SMP certification by completing a single programme: Chartered Banker (ACIB) and SMP,’’ he stressed.

He urged people to click on the link https://tinyurl.com/CIBNLBSProgram, to read more.

Opara expressed his sincere congratulations to the LBS for their partnership with the CIBN in launching the two-in-one certificate programme.

He noted that the LBS has continued to play a frontline role in the area of executive education in Nigeria, maintaining very high standards.

“As an advocate of future and younger generations, this programme is apt as the mode of delivery is hybrid.

“This would help participants achieve their objectives without limitation. The initiative is leaning into the future and aligns with the changing business landscape.

“I am resolute that this initiative will enhance the desired capacity development in the financial services industry and both institutions, that is, CIBN and LBS will be remembered for packaging the programme,’’ he said.

Opara noted that the CIBN remains commited to its statutory manadate of ensuring the observance and maintenance of ethics and professionalism in the banking and finance industry.

He harped that the institute has remained the conscience and moral compass for the industry in its 60 years of existence.

Prof. Chris Ogbechie, Dean, LBS, noted in his remarks that the financial services sector plays a very significant role in the life of any country.

He said, “As such, the LBS is excited to collaborate with the CIBN toward deepening the knowledge and capacity of professionals in the financial services ecosystem.”

He commended the CIBN for the laudable initiative and admonished practitioners in the industry to take advantage of the unique programme.

The event was attended by President/Chairman of Council of CIBN, Dr Ken Opara, Akin Morakinyo, Registrar/Chief Executive, CIBN, Prof. Chris Ogbechie, Dean, LBS, and the Programme Director, Dr Nkemdilim Iheanachor, LBS, resource persons and the participants. (NAN)

Edited by Chinyere Joel-Nwokeoma

Afonne Emmanuel
Oct, Fri, 2023

Banking

Bank auditors pledge commitment to improve internal audit practice

84 total views today

By Lydia Ngwakwe

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) says it’s committed to making internal auditing in Nigeria a world-class.

The Chairman, ACAEBIN, Mr Prince Akamadu, said this in a statement on Thursday in Lagos.

Akamadu, at the association’s two-day training on “Internal Audit staff on Report Writing and Effective Communication Skills,” said the association would remain committed to professionalism.

He also stressed the association’s commitment to improving the quality of internal audit reports that would surpass the expectations of stakeholders.

The training was held in conjunction with Platinum Edge Consulting.

He said the association would ensure that internal auditors in Nigeria had the skills and knowledge they needed to perform their jobs at the highest level.

“One of the association’s core objectives is to develop the capacity of the Internal Audit Function to meet global standards and help auditors to deliver more effectively and efficiently.

“Over the years, ACAEBIN has been passionate about developing the skill set of Chief Audit Executives (CAEs) and Internal Auditors.

“This is one of the many ways the association is adding value to the industry,” he said.

Akamadu urged the trainees to make the best use of the opportunity provided by the exercise.

The statement quoted Mr Mogbitse Atsagbede, the Second-Vice Chairman, ACAEBIN, as saying that capacity development was at the core of the association’s mandate.

According to him, such training is usually bankrolled by the association at no cost to the individual member banks.

“We are committed to promoting competence and professionalism in the industry.

“Our training and capacity development programmes are usually free and we do not compromise on quality.

“We have committed to organising at least two training sessions for Internal Auditors and one for the CAEs (its members) every year,” Mogbitse said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Olawunmi Ashafa
Oct, Wed, 2023

Banking , Economy/Business

Winners emerge at Junior Achievement Nigeria 2023 National Company of Year competition

198 total views today

By Lydia Ngwakwe

Winners have emerged at the Junior Achievement Nigeria (JAN) National Competition 2023, held in Partnership with FirstBank Nigeria.

The News Agency of Nigeria (NAN) reports that the overall winner of the competition is the Sustainable Future Advocate Company, from Kosofe Secondary School, Lagos.

The winner produced Plantain Briquettes

Royal Incorporated from Alaba Lawson Royal College, Ogun, emerged first runner up. They developed an Eco Jeans Bag.

K.C. Integrated Services from Kano Capital Girls Secondary School, Kano State, emerged second runner up, developed KC oil for contraceptives.

Speaking at the event, the Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, emphasised that the initiative aims at empowering secondary school students to build fulfilling careers and be financially conscious from a young age.

She said that the competition would help young people gain the tools and knowledge needed to make effective, informed financial management decisions and achieve long-term financial independence.

“Through the initiative and First Bank’s partnership with JAN, over one million young Nigerians have been impacted as we have continued to strategically drive sustainability practises through the innovation and participation of students in the JA Company programme.

“FirstBank’s sponsorship of the JAN National Company of the Year competition (and by extension, the Africa Company of the Year- ACOY) enters its 13th year today and we are extremely excited by the success we have achieved over the past years.

“FirstBank remains committed to fostering an entrepreneurial mindset in children and young adults thereby enhancing their creativity, wealth creation and management skills and ultimately, nurturing the kindness culture and corporate responsibility and sustainability involvements,’’ she said.

In her remarks, the Executive Director of Junior Achievement Nigeria, Mrs Folusho Gbadamosi, said, “ We are deeply honoured to collaborate with First Bank Nigeria, a consistent supporter in nurturing and shaping the entrepreneurial spirit and innovative skills of these young minds.

“It’s been nine years of partnering with us for the implementation of the National Company of the Year competition and we look forward to more years of partnership.

“Year after year, the National Company of the Year competition has nurtured and developed young, innovative leaders equipped with a passion for entrepreneurship and excellence in a global economy.’’(NAN)

Edited by Olawunmi Ashafa

Afonne Emmanuel
Oct, Sun, 2023

Banking , Agriculture

AfDB boost farmers access to fertilisers with $2.9m in Uganda

105 total views today

By Lucy Ogalue

The Board of Directors of the African Development Bank (AfDB) Group has approved a project to provide 60,000 metric tons of fertiliser to 400,000 smallholder farmers in Uganda.

The bank in a statement issued on its website on Sunday said this would be done under the Fertiliser Financing for Sustainable Agriculture Management project.

It said: “Africa Fertilizer Financing Mechanism will provide two million dollars in partial trade credit guarantees and a grant of 877,842 million dollars to the African Fertiliser and Agribusiness Partnership.

“Over a three-year duration, the project will support two wholesalers to sell fertiliser with a value of up to fifteen times the value of the two million dollars partial trade credit guarantee.

“It will also link wholesalers to around twenty-five hub agro-dealers and 125 retail agro-dealers who will on-sell the fertiliser to farmers.”

The bank said the credit facility would reduce the risks associated with suppliers lending fertilisers to wholesalers on credit.

It also said that the project was expected to boost yields and provide training to 3.4 per cent targeted farmers with 40 per cent of them women.

It further stated they would be using improved seeds, balanced crop nutrition and best farming practices.

Meanwhile, Marie-Claire Kalihangabo, Coordinator, Africa Fertiliser Financing Mechanism, said in Uganda that the fertiliser consumption was about 2.5 kg/ha.

According to Kalihangabo, the project will help to make fertiliser more accessible and appropriately used by farmers.

She expressed delight as it would in turn boost agricultural productivity and help to improve food security in the country.

“The project will advance the Bank’s Feed Africa Strategy by increasing food productivity and security.

“It builds on the results of the Sustain Africa Initiative, the Bank’s Country Strategy Paper for Uganda 2023–2026.

“The project was approved on Sept. 22,” she said. (NAN)(www.nannews.ng)

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Edited by Benson Iziama/Joseph Edeh