Business
Nigerian Lenders Fund Agro-Industry With N4.68tr In 2018-2022
As the Federal Government of Nigeria (FGN) and the government of the 36 states and FCT continue to seek ways out of the current national food crises, a recent report shows that Nigeria’s commercial banks gave N4.68 trillion as loans to the country’s agricultural industry from 2018-2022.
Titled “Commercial Bank Lending to the Nigerian Agricultural Industry 2018-2022,” the report was published by an Abuja-based firm, Alford Conferences Limited, as part of its preparation towards its event called Nigerian Food Surplus Summit.
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On the report, the Chief Executive Officer of Alford Conferences, Frederick Apeji, stated, “We advocate that Nigeria’s commercial banking sector should seek creative ways to increase the share of its loan portfolio devoted to growing the country’s agricultural industry in the years ahead, beyond the 5.03% that it gave to the industry during the period under review. More importantly, we also advocate that the government of the 36 states and FCT should deliberately work more closely with these commercial banks in order to attract appropriate funding for bankable businesses and projects across the agricultural value chains in their respective domains.
“The total five-year bank lending of N4.68 trillion given to the agricultural industry compares favourably with the N8.18 trillion internally generated revenue (IGR) that was raised collectively in these past five years by the FCT and the 36 states. This IGR figure is tracked annually by Alford Conferences Limited. Another figure worthy of comparison is the N1.12 trillion Anchor Borrowers Fund established by the Central Bank of Nigeria (CBN) in November 2015 to support small holder farmers (SHF) throughout the country.”
The CEO highlighted that the report studied only banks licensed by the Central Bank of Nigeria (CBN) to operate in Nigeria, and those who “had at least N1tr in loans and advances during the period under review (2018-2022)”.
According to Apeji, “We focused on those banks that hold the CBN license to operate either internationally or nationally to produce this report Amongst them (22 in all), we looked at the ones that had at least N1tr in loans and advances during the period under review (2018-2022), irrespective of how much they gave to the Nigerian agricultural industry. The 12 banks thus captured in this report are (in order of the size of their loan portfolio): Access Holdings Plc, Zenith Bank Plc, FBN Holdings Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Fidelity Bank Plc, Ecobank Nigeria Limited, First City Monument Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, Union Bank of Nigeria Plc and Wema Bank Plc.”
Based on the report, Access Holdings was the biggest lender in Nigeria from January 1, 2018-December 31, 2022 (N17.386 trillion) and also the biggest lender to the country’s agricultural industry (N928.55 billion) during this period. Zenith Bank was the 2nd biggest lender in Nigeria (N14.278 trillion), and also the 2nd biggest lender to the country’s agricultural industry (N873.36 billion). FBN Holdings, the 3rd biggest lender in Nigeria with N12.411 trillion, however ranked 7th among the 12 banks in this report based on its total loans of N285.18 billion to the agriculture.
The report further indicated that Ecobank Nigeria gave the highest percentage of its total loans of N4.68 trillion to the agricultural industry. This stood at N574.69 billion, representing 12.28%. Sterling Bank and FCMB Group ranked 2nd and 3rd respectively in terms of their percentage commitment to supporting the Nigerian agricultural industry these past five years. Though small players in the banking industry, they gave 8.19% and 7.58% respectively to agriculture, historically the biggest employer of labour in this country. The three other banks that performed better than the industry average of 5.03% in agricultural lending during this period were Zenith Bank (6.12%), Access Holdings (5.4%) and Stanbic IBTC Holdings Plc (5.33%).
Established in April 2014, Alford Conferences Limited, the convener of the annual Nigeria Food Surplus Summit, is an event production company and a consulting firm that advises the Nigerian and African public sector on subnational revenue generation, agribusiness development, export promotion, strategic investment promotion, host country/host city marketing, pan-African trade, etc.
The forthcoming Nigeria Food Surplus Summit is a nationwide advocacy that seeks to help Nigeria to successfully feed itself and have a large surplus for export by strengthening the commercial farming, food processing, and agricultural machinery segments of the country’s agricultural industry. For decades, up till this present moment, the burden of feeding this country of over 220 million people has rested largely on the shoulders of its millions of smallholder farmers. The summit seeks to strongly complement this by deliberately promoting and boosting commercial farming, food processing, and the production of agricultural machinery on a large scale in each of the 36 states and FCT, partnering actively with their respective ministry of agriculture.
Business
NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
Business
Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.
Business
Sustainability: Dangote Eyes Planting 10,000 Mangrove Trees In Nigeria
To enhance its environmental sustainability initiatives in line with global best practices, Dangote Industries Limited (DIL), has embarked on a restoration project of planting 10,000 mangrove trees across coastal states in Nigeria.
Biztellers reports that the project would carried out in partnership with Eco-Restoration Foundation, started at Akodo-Ise, Ibeju-Lekki, Lagos, with the objective of minimising the global effects of climate change, by promoting restoration, conservation and protection of mangrove trees across Nigeria.
DIL’s Vice-President, Oil and Gas, Devakumar Edwin said, “one of the primary reasons of the Dangote Group is to ensure that Nigeria keeps providing employment and lifting the people out of poverty through sustainability projects.
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“We are also committed to creating good climate scenarios where people can live long and their livelihoods cannot be taken away from them. Apart from absorbing more carbon from the atmosphere than other tree species, Mangrove Forests serve as vital buffers against coastal erosion, and are critical for preserving marine biodiversity and supporting millions of coastal dwellers whose livelihoods depend on healthy mangrove forests.”
After the flag-off of the tree planting exercise, the Group Chief HSSE and Sustainability, DIL, James Adenuga, expressed excitement at the importance of this partnership and its alignment with the organisation’s focus on the sustainable development of Nigeria and Africa, with long term carbon offset targets.
“Environmental sustainability is one of the seven Sustainability Pillars of the Dangote Group, and preservation of the environment is one of our core priorities wherever we operate. We are glad to embark on this project”, Adenuga pointed out.
On his part, a trustee of Eco-Restoration Foundation, Prince David Omaghomi, stated that the foundation “was more than thrilled to welcome Dangote Group as our largest corporate partner of the Eco-Park Mangrove Sanctuary & Research Centre to date.
He explained further that Nigeria has lost 60 per cent of the mangrove population, adding that Nigeria coastal line is at risk of going underwater in years to come if nothing is done.
“This project is meant to promote mangrove restoration, conservation, and protection. Nigeria has lost 60 per cent of its mangrove forests. More ocean acidification will be expected in Nigeria due to climate change and rising sea level. In the next 100 years, the coastal lines in Nigeria will be covered by water. The great blue wall will run across the coast of Nigeria by using mangroves.
“We are happy to receive the Dangote Group here and with their brand being blue they are the blue Big Brother of Africa. Their (Dangote’s) pledge to plant 10,000 mangroves in phases over the next few months, underscores their commitment to environmental stewardship and resilience building along Nigeria’s coasts.
“With their continued support, we are confident that this project will spark a wave of community-based restoration activities all along Nigeria’s coastline, in line with our persistent calls for the commencement of the ‘Great Blue Wall of Africa’ built of mangrove forests – as a natural defense against rising sea levels and climate change.
“Without immediate action, our multi-billion-dollar industrial complexes, Sea Ports, Oil & Gas facilities, Tourism and entire Blue Economy will be exposed to the relentless advance of ocean acidification in the coming decades,” he observed.
The tree planting exercise, which drew volunteer staff from Dangote Head Office, Falomo Ikoyi, Dangote Fertiliser Limited, Dangote Refinery and Petrochemicals, and other units, drew widespread commendation from the Onise of Akodo-Ise, Oba Ganiu Adebowale Adegbesan, senior officials of the Lagos State Government, and members of the Akodo-Ise community, Ibeju-Lekki, Lagos.