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Makinde spends 74 hours with state officials drawing plan to transform agriculture

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IITA, AfDB salute Makinde’s vision

At a retreat in Cotonou, Republic of Benin to chart a path for transforming agriculture, Oyo State Governor, Engr. Seyi Makinde set a record in governance, by spending more than 72 hours with his state officials designing an implementation plan for Oyo state agribusiness.

The governor also promised officials of the state that the administration will give agriculture the necessary ‘political will’ to play its role and transform the economic fortunes of the state.

“I want to assure all the participants that Oyo State will provide the political will needed to make the state the agribusiness hub of Nigeria,” Gov Makinde said at the retreat that was facilitated by the International Institute of Tropical Agriculture (IITA) in Cotonou, Republic of Benin, 15-19 August.

Gov Makinde pledged to attract more private investments to agriculture by providing an enabling environment for the private sector to invest in the state. He said the state would ensure agribusiness-friendly policies that would boost investor confidence.

Since assumption of office on 29 May 2019, Gov Makinde has pledged to transform the narrative of agriculture with the view to making it the pillar of the state’s economic development. The retreat provided an opportunity for the Governor to unveil his vision for agriculture in the state.

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Dr Kenton Dashiell, IITA Deputy Director-General, Partnerships for Delivery commended the governor for demonstrating an uncommon leadership style by participating in all the sessions of the three-day retreat.

“I have never seen such a commitment from a governor… and I believe the document coming out of this retreat will help the state to achieve the vision of an agribusiness hub for Nigeria,” he added.

Dr. Martin Fregene, Director for Agriculture and Agro-Allied division with the African Development Bank said the commitment of the state to agriculture was a step in the right direction.

“Let me also commend you (the governor of Oyo state) for organizing this very important meeting, and participating fully in it to have a vision and an implementation plan for agribusiness in the state,” he added via skype.

Dr. Fregene urged the state government to adopt the agri-business approach to unlock the potential of agriculture in the state.

“For Oyo state to move forward in agriculture, you must treat agriculture as a business,” he explained.

According to the AfDB director, the Bank would be willing to support the state in its quest to transform agriculture.

The retreat had four sessions comprising: Developing a vision for the state in agriculture, identifying the obstacles to the vision, developing strategic actions to deal with the obstacles to the vision, and developing an implementation plan.

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Adebowale Akande, Executive Adviser to the Governor on Agriculture gave thumbs up to the retreat, adding that recommendations from the retreat would help the state to achieve its vision of becoming an agribusiness hub.

Makinde appoints Owoseni, former Lagos, Benue Commissioner of Police, Special Adviser.

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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