Agriculture needs to be properly linked to industry- NIRSAL
Managing Director, Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL), Mr. Aliyu Abdulhameed, said that for agriculture to work and contributes its quota to economic growth, guarantee decent incomes for farmers, it has to be properly linked to industry.
He stated this in Lagos today at the signing of Memorandum of Understanding (MoU) with Bank of Industry (BoI), noted that the linkage between agriculture and industry is weak and this reduces the ability of both sectors to contribute to economic growth.
Abdulhameed disclosed that the industry currently does not provide a significant outlet for agriculture output and that it lacks capacity to help stabilize agricultural markets and plays only a marginal role in opening up attractive new uses for crops. For many of the major crops, industrial use accounts for less than 10 percent of total production, he stressed.
“If the current food import policy stance of the Federal Government and the Central Bank of Nigeria (CBN) is maintained, the emerging pattern of agricultural growth that we’re just beginning to witness is likely to be sustained into 2017,” he said.
NISRAL boss, explained that the rush by farmers to take advantage of the current market demand for staples as a result of import restriction, the huge urban population that has to be fed, the demand of raw material by the animal feed industry and the favourable conditions in export markets for certain commodities like cashew, sesame, and cocoa all have the combined potential to significantly drive growth of agriculture.
He said that the above scenario have informed NIRSAL’s quest to seek for urgent increased investment in both agricultural primary production and agro-processing. “This is what has led the NIRSAL to seek collaboration with the Bank of Industry, a financial institution that also understands the economic urgency of the moment,” he added.
Acting Managing Director of the bank, Mr. Waheed Olagunju, in his welcome address, explained that the decision was in line with the Federal Government’s quest to diversify the country’s revenue base.
He also explained that the ongoing efforts by the BoI in collaboration with NISRAL to come up with credible data on agricultural sector in the country, was what was needed to help investors make investment decisions. This, he also said, would aid the donor agencies’ grant decisions.
This, he maintained, was to enable the bank play active role in the sector. For instance, Olagunju stressed that some of the bank’s staff will undergo training programmes in other to harness the potentials in the sector.
On the viability of the development finance institution to mobilise funding support for the sector, Olagunju averred that the bank has high credit rating. ‘‘There are lot of grants that are meant to support the development”, he said.
9/22/2016 at 16:47:29 Hello from danglekatangul
Thanks for the great blog you’ve set up at business247ng.com. Your enthusiastic take on the subject is certainly contagious. Thanks again!
9/27/2016 @ 08:42:42 In my view, business247ng.com does a good job of covering issues like this! While sometimes deliberately polemic, the information is generally well researched and stimulating.
I discovered your weblog website on google and check a number of of your early posts. Continue to maintain up the very good operate. I just further up your RSS feed to my MSN Information Reader. In search of ahead to reading more from you in a while!…
Thank you! This is definitely an incredible internet site!.
Iker Casillas http://www.alphadb.de/index.php?title=Benutzer:CharlotteAmundso
Hi-ya, good web site you have presently
Pele http://www.bozcalar.com/index.php/blog/11944/zedd-releases-official-039-stay-the-night-039-music-video-teaser/
Superb Website, Carry on the beneficial work. Thank you!.
Joe Cole http://sdzhihao.com/comment/html/index.php?page=1&id=25836
Like the website– extremely informative and lots to explore!
In my opinion, business247ng.com does a excellent job of dealing with topics of this type. Even if often intentionally polemic, the material posted is in the main well researched and stimulating.
I more or less share your take on this topic and look forward to additional posts and comments here at business247ng.com. Thanks!
I enjoy your opinion on this topic and look forward to upcoming posts and comments here at business247ng.com. Thanks!
I generally agree with your opinion on this topic and look forward to new posts and comments here at business247ng.com. Keep up the good work!
The following time I read a weblog, I hope that it doesnt disappoint me as a lot as this one. I imply, I know it was my choice to read, however I really thought youd have one thing attention-grabbing to say. All I hear is a bunch of whining about something that you may repair should you werent too busy on the lookout for attention.
You can find some fascinating points in time in this article but I don’t know if I see all of them center to heart. There is certainly some validity but I will take hold opinion till I appear into it further. Superior article , thanks and we want more!
10/9/2016 @ 11:00:54 Valuable stuff!
10/12/2016 Appreciate the site– extremely user-friendly and lots to see!
Thanks for one’s marvelous posting! I certainly enjoyed reading it, you may be a great author.I will be sure to bookmark your blog and will come back from now on. I want to encourage continue your great job, have a nice day!
I just couldn’t depart your website before suggesting that I really enjoyed the standard information a person provide for your visitors? Is gonna be back often in order to check up on new posts
I more or less share your opinion on this topic and look forward to upcoming posts and comments here at business247ng.com. Thanks!
I keep listening to the news update talk about receiving free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?
Kudos for the noteworthy website you’ve set up at business247ng.com. Your enthusiasm is absolutely inspiring. Thanks again!
I’m pleased with the way that business247ng.com covers this kind of issue! Usually on point, often polemic, always thoughtful and thought-provoking.
Together with every thing that appears to be developing throughout this specific subject matter, a significant percentage of opinions tend to be fairly radical. Having said that, I beg your pardon, but I can not subscribe to your whole theory, all be it exhilarating none the less. It would seem to everyone that your commentary are generally not entirely justified and in fact you are your self not even entirely convinced of the point. In any case I did enjoy reading through it.