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LCCI lambasts FG’s N60bn phones-for-farmers policy
LAGOS: The Lagos Chamber of Commerce and Industry (LCCI) have lambasted the federal government over the proposed N60 billion phones-for-farmers policy saying it is a misplaced priority.
On Tuesday, Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Mrs. Ibukun Odusote disclosed the federal government intends to spend N60 billion to purchase mobile phones for 10 million rural farmers across the country. She said that the fund had has already been provided and the distribution will commence in the first quarter.
Reacting to this development in an interview with Biztellers, the Chairman, Agric sector of the LCCI and Managing Director of Bama Farm Food, Prince Wale Oyekoya, said the Federal Government’s intention would not make any meaningful impact on the lives of the farmers.
“Imagine our Federal Government wants to give rural farmers N60b cell phone, is this what our poor farmers need now with the high interest rate of 28 per cent. This is part of corruption we are talking about; it is a way of laundering our money by the federal government. Farmers need working capital and not cell phone, who will be recharging the phones for them? Is it still the federal government that will do that?” he said.
According to him, the Nigerian farmers need a single digit interest rate on agric loans, input research and development, tractors, working capital and other amenities to excel in agriculture, adding that, Nigeria is one nation that is endowed with goodness of nature , wonderful weather, excellent soil texture and great business environment.
He urged the federal government to provide basic infrastructure that would make agricultural business venture progress and less stressful, adding that the government should invest more in farmers with a single digit interest rate on agric loans instead of giving out cell phones.
On Thursday, Minster of Agriculture, Dr. Adeshina Akinwunmi though denied that the FG was spending N60 billion to purchase the mobile phones, he however strongly defended the policy. Adesina said the Permanent Secretary of the ministry, Mrs. Ibukun Odusote, was totally misquoted on the issue as there “is no N60 Billion for phones anywhere.
The Minister said agriculture today is more knowledge-intensive and they are willing to modernize the sector, and get younger (graduate) entrepreneurs into the sector, “and we will arm them with modern information systems.
“Whether small, medium or large farmers they all need information and communication systems. Connecting to supermarkets and international markets require that farmers know and meet stringent consumer-driven grades and standards.”
He added “In today’s supply chains, the flow of information from buyers to farmers must be instant, to meet rapidly changing demands. Unless farmers have information at their finger tips, they will lose out on market opportunities.
“Our goal is to empower every farmer. No farmer will be left behind. We will reach them in their local languages and use mobile phones to trigger an information revolution which will drive an agricultural revolution.”
On why the need for cell phones, Dr. Akinwumi explained that Nigeria has 110 million cell phones, the largest in Africa, but regretted that there is a huge divide as the bulk of the phones are in urban areas.
“The rural areas are heavily excluded. For agriculture, which employs 70% of the population that means the farmers are excluded and marginalized.
“In today’s world, the most powerful tool is a mobile phone. As Minister of Agriculture, I want the entire rural space of Nigeria, and farmers, to be included, not excluded, from the advantages of mobile phone revolution.
The Phone-For-Farmers scheme is part of the Agricultural Transformation Agenda (ATA) of the federal government introduced by the Ministry of Agriculture. The goal of ATA is to add 20 million metric tones (MT) to the domestic food supply, or 5 million MT per year, by 2015, and to create a total of 3.5 million jobs by 2015.
According to the Minister the goal of ATA is to transform agriculture to grow food, create wealth and generate jobs. The focus is on expanding domestic food production, reducing import dependency and expanding value addition to locally produced agricultural products.
Adesina set out to eliminate decades of corruption in the fertilizer and seed sectors through radical policy reforms, reduce the role of government and expand incentives for the private sector to drive the transformation and modernization of Nigeria’s agriculture. One of such reforms brought about the Growth Enhancement Support Scheme (GESS).
The scheme which kicked off last year is a special agricultural scheme of the Federal Government aimed at delivering subsidized farm inputs to farmers and facilitates a shift from subsistence to commercial farming.
GESS is hinged on the use of technology to enhance effective distribution of various farm inputs, especially fertilizers, to farmers. This is in line with government vision of making agriculture the cornerstone of Nigeria’s economy.
With the program, Government sought to withdraw from direct fertilizer purchase and distribution, and introduce an alternative system of distribution built on the voucher system. Under the scheme, registered farmers receive e-wallet vouchers with which they can redeem fertilizer and seeds from agro dealers. The GESS is a 3-year scheme and the first cycle was implemented last year.
The scheme has been designed to encourage a private sector led market development process, ultimately geared towards improving Nigeria’s competitiveness and food security. Through this scheme, government will subsidize the costs of seeds and fertilizers for farmers by 50%, while providing soft loans to the seed and fertilizer companies and agro-dealers to sell their inputs directly to farmers and build their supply chains to get to rural areas.
The Minister of Agriculture and Rural Development, Akinwumi Adesina who introduced the program, described it as the best way farmers can access the direct subsidy of agro-inputs.
He particularly explained that the introduction of allocating fertilizer and seedlings directly to benefiting farmers through electronic vouchers to their mobile phones has helped eliminate the activities of middle men who for decades have been preventing farmers in the country from enjoying such subsidy from government.
But reports from farmers at the end of the planting season last year show lots of complains from farmers across the country as to their inability to access the subsidy or in some cases getting the subsidized inputs after harvesting.
During a tour of five states of Taraba, Gombe, Bauchi, Nasarawa and Benue by reporters sometimes last year, farmers expres their disappointment over the scheme.
In Taraba State, the picture was not rosy. The farmers complained that they didn’t receive their two bags of fertilizer and two bags of improved seedlings in time. One of them was Hamman-Tukur Baba-Anda, a 72-year-old farmer. He said though he got his two bags of fertilizer, they came late. He lamented that if he had gotten them in time, he would have gotten about a hundred bags of maize instead of the 28 bags he got.
“We should have gotten it from January, February to April, but this time it came around June/July. May be it is from you,” Baba-Anda said.
Not all the farmers in the state got fertilizer. Out of the 75,000 farmers that got registered for the program, only 22, 000 were able to redeem their allocation, according to the state director, Federal Ministry of Agriculture and Rural Development, Dr Samuel Adaji.
The story was slightly different in Gombe State where the federal coordinator of the GES scheme in the state, Mallam Muhammad Umar Deba, said out of the 148,032 farmers registered for the GES program, 144,000 farmers redeemed their fertilizers.
“I couldn’t get even a single bag of fertilizer or seed,” said Malam Usman Bangu, an old farmer, in flawless English. But those who got their allocation in the state called for creation of more redemption centers as they said the ones in the state were too small to cater for them.
For Mr. Akin Balogun, the scheme had made the purchase of fertilizers more difficult and urged the government to review its implementation.
Mr. Shedrack Madlion, the Executive Director of the Admiral Environmental Care Limited, an NGO, stressed the need to put in place checks and balances to ensure success of the initiative.
Madlion observed that the e-wallet scheme had only succeeded in arousing the farmers’ interest, but its implementation had fallen short of expectation.
It was in an attempt to review its implementation and move agriculture away from development program to business that the ministry came up with a modern way of reaching the farmers using new tools like mobile phones.
The Securities and Exchange Commission (SEC) has announced that His Excellency, President Ahmed Bola Tinubu, has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.
It was gathered that the landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.
The enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.
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Key highlights of the ISA 2024:
The Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.
Other notable provisions of the ISA 2024 include:
Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures- The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories.
Expansion of the definition and Understanding of Securities – The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview.
Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.
Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.
Expansion of the Category of Issuers to the Public – The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.
Legal Framework for Commodities Exchanges – The Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.
Issuance of Securities by Sub-Nationals and their Agencies – Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.
Transparency in Securities Transactions – The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.
Enforcement Against Illegal Investment Schemes – The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.
Strengthening the Investments and Securities Tribunal – The Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate.
Commenting on this milestone, the Director-General of the SEC, Dr. Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market and stated: “The ISA 2024 reflects our commitment to building a dynamic, inclusive, and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments. We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2024 for the benefit of our economy.”
The SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market. The meticulous deliberations, extensive stakeholder engagements, and bi-partisan support demonstrated throughout the legislative process highlight the National Assembly’s resolve to foster economic growth and enhance investor confidence.
We also commend the Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project. Their strategic guidance, policy expertise, and steadfast support have ensured that the ISA 2024 aligns with Nigeria’s broader economic objectives.
The SEC would continue to engage with market operators, investors, and all stakeholders to ensure a seamless transition from the repealed ISA 2007 to the new legal regime established under the ISA 2024.
Chairman of the Aliko Dangote Foundation (ADF) and Africa’s wealthiest person has continued to draw widespread commendation over the socio-economic impact of his national food relief programme, as the Foundation continues the distribution of 80,000 units of 10kg bags of rice to the vulnerable in Lagos State.
Biztellers reports that the Lagos flag-off of the nationwide rice distribution took place on March 18 at a well-attended programme at Lagos State Secretariat, Alausa, Ikeja, where Dangote was represented by an Executive Director of the Group, Hajiya Mariya Dangote, and received by the governor, Babajide Sanwo-Olu and top government officials.
Since the commencement of the distribution across the twenty local government areas in Lagos metropolis, there has been a gale of commendations for Dangote for his humaneness and heart of care in giving back to the society and assuaging the hunger of the less privileged and vulnerable in the society. The distribution of rice is taking place simultaneously with the existing daily distribution of thousands of loaves of bread in Lagos to the needy.
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To ensure a hitch-free and seamless distribution exercise in Lagos State, the eighty thousand 10kg bags of rice were allocated to various groups and associations. These include People Living with Disabilities, Market Women and Men, Non-Indigenes (Arewa, Ndigbo and South-South), Religious Groups, Artisans, National Youth Council of Nigeria, Joint Community Development Association, NUT, Hunters association, among others.
Chairman of Agbado Oke-Odo Local Council Development Authority (LCDA), Mr. Olabowale Kasumu, who supervised the distribution at the LCDA commended the Aliko Dangote Foundation, headed by the Managing Director/CEO, Mrs. Zouera Youssoufou for the wonderful gesture which he said has brought smiles and relief to many Nigerians.
Kasumu, who is also the Lagos State CDC Welfare officer said, “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid.”
A beneficiary from Non-Indigene Group (Ndigbo), Chidi Ugwuba, appreciated the ADF for its kindness, which he said would alleviate the suffering of her family and others.
For the Coordinator of People Living with Disability in Egbe Idimu LCDA, Turkson Abigail, “the rice donation is a godsend, especially during this fasting period.”
The Chairman of the Ikorodu Local Government CDC, Elder Yekini Ogunjimi said, “This Dangote rice will go a long way and is coming at a good time, Ramadan and Lent period. We appreciate him and when the beneficiaries in groups receive the food palliative, they share amongst their members resulting in Aliko Dangote Foundation reaping many more blessings.”
Another leader, Niran Ogunbawo stated that the greatest challenge people are having is how to feed adding that the rice distributed will go a long way in feeding families and this will put smiles on their faces. He added, “I want to thank the Aliko Dangote Foundation for this gift to poor Nigerians. It is coming at a good time.”
Ms. Adeoti, a beneficiary from Odogunyan area of Ikorodu North LCDA stated the community was happy on getting the information the Dangote Foundation is distributing rice to residents, noting that “during this Ramadan period the rice will go a long way to support the family during Iftar.”
Chairperson of Ikeja Local Government, Alhaja Adefolani Taibat, speaking at the distribution in Ikeja axis described the initiative as a lifeline for many Lagosians who are either observing the Ramadan Fast or the Christian Lent. She said, “This would go a long way in providing relief to families, especially those who are in lack as a result of the current economic situation of the country. We commend Mr. Dangote for his moves to alleviate hunger in the land this period, as this would help lessen the hardship many Nigerians are facing to get food on their tables.” She also urged other thriving businesses to take a cue from what Dangote is currently doing to give back to the nation.
Chairman of the National Association of Persons with Physical Disabilities (Lagos Chapter), Kayode Shokunbi, in his remarks said, “Mr Dangote is well known for his philanthropy, and he has always rendered help when needed. We appreciate him for yet another great intervention this period, and I pray Almighty Allah blesses all his businesses just the way he has blessed us this season. Many thanks to Aliko Dangote Foundation and Lagos State government for actualising this.”
An artisan, Mr. Musa Fatai who spoke on behalf of others said, “We genuinely appreciate Dangote for his effort to feed the less privileged. Several persons are working tirelessly to make ends meet, but it has been exceedingly difficult to take care of their families. This programme, however, will lessen the burden even on the artisans. We urge him to keep up with the excellent work, and may Almighty Allah bless his bread too.”
Several other beneficiaries sang the praises of Dangote for his compassion and notable effort in helping struggling Nigerians. They all hailed “Mr. Dangote” as they joyfully received their bags of rice and headed home.
Recall that the ongoing Lagos gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million people in the 774 local government areas of the country, under the National Food Relief Programme of the Aliko Dangote Foundation. The programme is being done to complement government efforts to assuage the hunger of the vulnerable and needy persons in the society across the country.
The Lagos State Governor, Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the e-commerce sector, and unique contributions to economic development.
In his view, Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which has made it a household name.
He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them.
Sanwo-Olu barred his mind during a courtesy visit by the management of Jumia Nigeria to the State House in Marina on Thursday.
He reaffirmed the strategic importance of the company in the economic development of Lagos State and Nigeria, especially in job creation. He restated his administration’s commitment in ensuring that Lagos State remains environmentally friendly for businesses to grow.
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“Our administration has always prioritized creating an enabling environment for businesses to thrive. Through various initiatives, we have strengthened the ease of doing business, and fostered innovation to drive economic growth, and we will continue to support businesses and create opportunities that will aid in their growth”, Sanwo-Olu said.
Gov Sanwo-Olu said that the Lagos State Government remains open to collaborations with the private sector to enhance service delivery, infrastructure development, and create opportunities for residents, with the aim of building a resilient and sustainable future. He said the administration recognises the importance of working with the private sector to achieve its goals of improving the lives of its citizens.
Similarly, the Chief Executive Officer of Jumia Nigeria, Sunil Natraj, thanked the governor for creating an enabling environment in the state for businesses like Jumia to grow.
He stated Jumia’s commitment to contributing towards the growth and development of the state, and the country.
Natraj said the company has made tremendous strides from its early days as a tech start-up in Lagos and has grown to become the number one e-commerce platform in Nigeria, with a presence in nine African countries.
He said the company presently employs hundreds of Nigerians directly, and thousands more indirectly as independent sales agents and partners.
Sunil restated Jumia Nigeria’s commitment to providing excellent service, focusing on delivering exceptional value and fostering long-term relationships with its customers around the country. Among other things, he said the company is actively working to enhance customer experience, aiming to simplify the e-commerce process, making it easier for customers to navigate and shop online.
According to him, Jumia aims to transform everyday life in Africa by making it easier for consumers to access goods and services conveniently and affordably, adding that the company is focused on expanding access to retail across the country.
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