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Sally Mbanefo Canvasses Agriculture Based Economic Revolution For Nigeria

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FOUNDER, Sally Mbanefo Foundation and former Director-General of the Nigerian Tourism Development Corporation (NTDC), Mrs. Sally Uwechue-Mbanefo, has emphasized the need for Nigeria to go back into agriculture, saying, “we need a green revolution for Nigeria to move forward.”
Mbanefo, who described Agriculture as “going back to basics” said this in her remarks and unveiling of the Agrillonaire – Youth-Oriented Agricbusiness quarterly, at the opening ceremony of the sixth edition of Agrikexpo and NABG Conference 2017, on Monday, at the International Conference Centre, Abuja.
She recalled that before the oil boom, through agriculture, Nigeria was the fourth largest economy in the developing world and major exporters of cash crops, cocoa, palm oil and groundnuts, among others.
Her words: “Our soil has been raped and oil is a curse to our dear nation! We extract oil from the s-oil; but do we add value to the soil by cultivating and reviving its dignity? Our decline began with oil boom.
“Over two third of the Nigeria’s population are youth. Nigeria is known as Africa’s giant, economically and demographically with the highest population – over 170 million people. But this giant is hungry.
“We complain about devaluation and crash in oil; yet every devaluation brings opportunities. Opportunities are abound in Nigeria. Please, dear youth, do not waste these opportunities. Take responsibility for Nigeria’s greatness. Start by helping to feed the nation. Be the generation that ends poverty in the country.”
Mbanefo enjoined the government to encourage the youth, saying “48% of the labour force in Nigeria are youth (between the ages of 15 and 30); 17.53% of the Nigerian youth are not educated, while female youth are the least educated, yet the quality of the education is in question; 79% of the youth are not computer literate; while 4.3% of the youth studied Agriculture.”
While calling on the government and the private sector to create more jobs for the youth, Mbanefo noted that “Unemployment affects the country – economically, socially and politically. Job creation is key to reducing unemployment because youth suffer the most.
“Youth employment programmes need to be sustainable and have a long term action plans, taking into account, talent and vocation to build passion.”
While saying that many youth are discouraged to explore agriculture due to lack of access to land, and only a very few of them inherited land; poor mobility and proximity of the lands to the market; lack of access to technology and finance, and slow mechanization.
Mbanefo, while noting referencing a recent survey, which showed that agriculture is the largest employer of labour in Nigeria, described good access to agriculture market as key to encouraging more people, especially the youth, into farming, while encouraging farmers to diversify, saying, “seasonal crop production discourage many farmers, especially the youth. During the low season for crops, try livestock, poultry and fish farming.”
She disclosed that her NGO, Sally Mbanefo Foundation is partnering with the Nigeria Agribusiness Group (NABG) while calling for investment in human capital. She noted that “My foundation has been working with the youth since 2007 and is ready to partner with organisations to further encourage the youth and empower them.”
Discussing the ways to encourage more participation in agriculture, especially the youth, Mbanefo said technology becomes key here, “to drive storage, processing and packaging.
While saying the growing hospitality industry, in Nigeria and other part of the world, created increased demand in agriculture, Mbanefo suggested the movement of agriculture to rural cities, and enjoined the government and the financial institutions in the country to give farmers access to micro credits with affordable interest rate.
She then encouraged the Nigerian youth to have passion, integrity, imbibe a culture of discipline, hard work, determination, perseverance and delayed gratification, to enable them succeed in life, giving the Group Chief Executive Officer of Dangote as an example.
However, the President, Nigeria Agribusiness Group (NABG), Alhaji Sani Dangote, earlier in his opening address described the conference as an opportunity for farmers and stakeholders in the Nigerian Agricultural industry to compare note, to propel agriculture growth in Nigeria and Africa, by encourage youth and women to get more actively involved in Agriculture.
Dangote, who described agriculture as wealth sustainable sector commended the participation of youths and private organisations in Agriculture in Nigeria.

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CBN orders banks to suspend deposit charges

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The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fees on deposits until September 30, 2024.

In a circular dated May 6, 2024, the apex bank ordered financial institutions to suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates.

This directive, signed by the CBN’s Acting Director of Banking Supervision, Adetona Adedeji, aims to alleviate financial burdens on depositors.

The recent directive follows previous instructions from the CBN, which mandated deposit money banks to impose a 0.5% cybersecurity levy on transactions, a move that has stirred public outcry.

The circular stated, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.”

It continued, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024. Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.”

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TUC threatens massive protest over cybersecurity levy

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FILES: TUC President Festus Osifo during a labour rally

 

The Trade Union Congress (TUC) has issued a stern warning to the Nigerian government, threatening a large-scale protest that could bring the economy to a standstill if the controversial cybersecurity levy introduced by the Central Bank of Nigeria (CBN) is not revoked.

In a statement released on Wednesday, TUC President, Festus Osifo, criticised the recent directive by the CBN imposing a 0.5 per cent cybersecurity levy on nearly all electronic transactions.

This move comes on the heels of heavy criticism from the Nigeria Labour Congress (NLC), which labeled the levy as an additional burden on Nigerians.

The TUC condemned the timing of the levy, highlighting the economic challenges already faced by Nigerians, including the devaluation of the Naira, high petrol prices, and increased electricity tariffs.

Expressing dismay over government policies under the leadership of President Bola Tinubu, the TUC lamented the burden of multiple taxation endured by Nigerian account holders, both from the government and financial institutions.

The union further accused the National Assembly of colluding with elements in the executive to exploit citizens rather than protect them.

TUC emphasised that Nigerians are currently focused on concluding discussions regarding the minimum wage, urging the Federal Government to prioritise this over what it described as a “vexatious policy.”

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It demanded the immediate withdrawal of the CBN circular to banks and the cancellation of the levy.

Warning of drastic action if their demands are not met, the TUC declared its readiness to mobilise members, stakeholders, and the masses for an immediate protest, potentially leading to the complete shutdown of the Nigerian economy.

According to the TUC, this levy represents one exploitation too many for the Nigerian populace.

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Ndume slams senate chamber renovation as ‘poor job’

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The Senate Chief Whip, Ali Ndume, has voiced his dissatisfaction with the recent renovation work carried out in the Senate Chamber, labeling it as substandard.

Under Order 42 of the Senate Standing Rules, Ndume expressed his concerns, highlighting various issues such as the poor quality of the sound system leading to echoes, inadequate sitting arrangements, and the absence of voting devices.

He remarked, “Since day one, precisely last week Tuesday when we moved into this Chamber that was supposed to have been renovated, there have been complaints here and there.”

In response, the President of the Senate, Godswill Akpabio, clarified that the sitting arrangement complaints among Senators have been largely resolved, noting that the renovation contract was not executed by the 10th National Assembly.

Meanwhile, in legislative proceedings, the Senate passed for the second reading a Bill aimed at repealing the Revenue, Mobilization, Allocation and Fiscal Commission Act of 2004.

The new legislation seeks to grant the Commission enforcement powers for monitoring revenue accruals and disbursement from the federation account, aligning it with the amended 1999 constitution.

Despite the bill’s passage, lawmakers have agreed to subject it to further scrutiny, with plans to revisit its provisions.

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The bill has been referred to the Committee on Finance, Appropriations, and Economic and Financial Planning for review, with a report expected within four weeks.

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