News
University Don urges FG to standardise price control for agriculture to thrive.
THE Acting Vice Chancellor, Obafemi Awolowo University (OAU), Ile-Ife, Professor Anthony Elujoba has declared that for the present administration led by President Muhammadu Buhari to achieve its target in diversifying the economy through agriculture, there is an urgent need to standardise price control due to the threat that local market pose to entrepreneurs in the sector.
He made the declaration on Tuesday at the 2017 Annual In-House Review Exercise of the Institute of Agricultural Research and Training Moor Plantation, Ibadan.
Our checks revealed that the yearly review is done in order to appraise the institute’s challenges, achievements and prospects.
The University Don, Elujoba who was represented by the Provost, Post Graduate College OAU, Professor David Alebiowu disclosed that farmers are taking a lot of risks in marketing their products due to wobbly prices, averring that stabilization of the market system will help to boost agriculture in Nigeria.
He stressed, “Government must also standardise price control because local market volatility is the biggest threat to entrepreneurs in agriculture. The farmers are taking a lot of risks in marketing their products due to unstable prices.
“Stabilization of the market system till boost agriculture in Nigeria”.
“The greatest challenge is how to reposition agriculture as the sector still has the potentials to transform the economy. In order to overcome the challenges and improve agricultural productivity, improves implements and tools must be deployed to agricultural production, modern irrigation techniques, soil, crop and animal improvement programme must be energised.
“The system must also ensure better storage, processing and transportation methods”, Elujoba added.
Speaking further, he maintained that mono-economy needs to give way to the production development of various sectors of the economy, assuring that the agricultural sector if well developed will enhance provision of food and raw materials, jobs creation, reduce poverty for the Nigerian teeming population.
The Vice Chancellor charged, “in the face of the present challenges, it is expected that research institutes develop technologies that are demand- driven and adapt information and communication technologies (ICT) tools to effectively disseminate information for efficient decision making process by our farmers”.
In his own remarks, the Executive Director of IAR&T, Professor James Adediran disclosed that no fewer than 4,000 farmers have benefited from the institute’s training programs during the period under review.
He hinted that the motive of the training for the farmers, intending farmers, members of Non -Governmental Organisations, women and unemployed youths was to reduce poverty, reduce unemployment and create jobs.
“During the year under review, some achievements apart from areas of research have been recorded in areas of infrastructure and human resources developments.
“Over 4,000 farmers, intending farmers, non – governmental organization, women and unemployed youths benefited from training programmes conducted by the institute. The objective was to carry out training that will lead to poverty reduction, job and wealth creation. The farmers in turn were mandated and empowered to train other farmers in their various locations”, he submitted.
Speaking further, in the area of staff development, Adediran posited, ” this year, few of our scientists and technical staff could attend both international and local conferences where they presented their research findings. However, over 150 staff were promoted, with emergence of three additional professors in the institute.
He, also advocated that research institutes, extension agents, input suppliers and farmers must work together in order to achieve the set – goals for agricultural development in the country. “Research institutes, must continue to embark on demand driven and market oriented projects that will solve problems of farmers and industries”.
“The state governments must therefore revive the Agricultural Development Programmes which serve as bridge between the research institutes and the local farmers”.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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