Presidential Fertilizer Initiative (PFI)

1. In December 2016 King Mohammed VI of Morocco paid a State Visit to Nigeria. During that visit he and President Muhammadu Buhari oversaw the signing of several Agreements between Nigeria and Morocco, covering Agriculture, Energy, Aviation and other areas. One of the Agreements signed went on to lay the foundation for a Presidential Fertilizer Initiative (PFI), approved by President Buhari shortly after the Visit. The resulting collaboration has already yielded the domestication of Fertilizer Production in Nigeria.

THE 4TH QUARTER 2016 NIGERIAN GROSS DOMESTIC PRODUCT REPORT ISSUED BY THE NATIONAL BUREAU OF STATISTICS

STATEMENT BY THE PRESIDENTIAL ADVISER ON ECONOMIC MATTERS, DR. ADEYEMI DIPEOLU, ON THE 4TH QUARTER 2016 NIGERIAN GROSS DOMESTIC PRODUCT REPORT ISSUED BY THE NATIONAL BUREAU OF STATISTICS

President Buhari

The recently released data from the National Bureau of Statistics showed that Gross Domestic Product (GDP) contracted by -1.30% in the fourth quarter of 2016. This translated into an estimated growth rate of -1.51% for the full year 2016. These figures reflect the slow-down in the economy for most of 2016 but also show that the recession may have bottomed out because of an improving trend in several key sectors.

Although the oil sector declined by -12.38% on a year on year basis, this was a relative improvement compared to the third quarter when the decline amounted to -22.01%. This outcome was due mainly to increases in production such that the quarter on quarter growth for the oil sector between the third and fourth quarters was 8.07%. The non-oil sector however declined by 0.33% after showing some resilience in the third quarter when it grew by 0.03% at the height of the recession.

AGRICULTURE REMAINS OUR HIGH PRIORITY — PRESIDENT BUHARI

President Muhammadu Buhari has said his administration will continue to accord agriculture premium importance through programmes and initiatives designed to motivate the citizens to produce enough food to feed the nation.

Speaking at a farewell meeting with Mr. Hoang Ngoc Ho, the out-going Ambassador of the Socialist Republic of Vietnam at the State House on Tuesday, President Buhari said the high profile of agriculture in the priorities of his administration was primarily to achieve food self-sufficiency, economic revival and jobs creation.

“We are hoping to motivate fellow Nigerians to work hard in this regard. We will continue to work closely with other countries to re-orient Nigerians towards their active involvement in the sector. We believe that the impressive agricultural developmental strides achieved by countries such as Vietnam, especially after the 1975 war, will be replicated here,” the President said.

Nigeria is Listening To Your Ideas Today At The Aso Villa Demo Day, The Pitch-Lagos

In fulfillment of its commitment to boost industrialization and encourage entrepreneurship, the Presidency through the platform of “Aso Villa Demo Day” is inviting all Nigerians to pitch their innovative business ideas.

With investors looking to support viable business ideas, the “Aso Villa Demo Day” is the platform for aspiring entrepreneurs and the much awaited launch pad for innovative ideas.

Three central and easily accessible cities have been selected to host the “Aso Villa Demo Day” and attendance is open to the public. This event is for everyone- Business men, Start-up entrepreneurs, Investors and people who simply want to attend and network.

1ST PHASE: FG APPROPRIATES #93B TO SCHOOL FEEDING PROGRAMME, SEE THE HIGHLIGHTS

The Federal Government has appropriated 93 Billion Naira to fund the first phase of the Home Grown School Feeding Programme.

Contrary to uninformed reports, the State Governments are NOT compelled to contribute to the scheme. Their contribution is welcome but not mandatory.

States will be active participants in the Home Grown School Feeding Programme, however, their counterpart funding is not required to start the programme's implementation. Willing states are however encouraged to complement the programme so it can reach more pupils.

This 1st phase of this programme will commence this year in 18 states. Three (3) from the six (6) geo political zones.

5.5 million school children will be fed for 200 school days in 18 states across Nigeria.

FUEL SUBSIDY REMOVAL: TWELVE REASONS WHY DECISION IS RIGHT

01: Trillions of naira have been spent by successive administrations sustaining a corrupt, largely abused regime that has ended up in private pockets, creating overnight billionaires who continue to walk free.

02: Petrol subsidies over the years have caused supply disruptions and engendered inefficiencies in their management.

03: Under the current low oil price environment, dwindling oil revenue and shortage of foreign exchange, deregulation would partly reduce the pressure on the naira and foreign reserves


04: With deregulation, importers of petrol can source for their dollar requirements from autonomous sources, which would ease pressure on the naira and foreign reserves

Kaduna Govt presents Q1 budget performance to legislature, explains Budget Adjustment Mechanism

For the first time in the history of the state, the Kaduna State Government has presented the first quarter budget performance report to the House of Assembly. 

Finance Commissioner Suleiman Abdu Kwari told the legislators that the presentation of the budget performance report “is in furtherance of the quest of the El-Rufai government to ensure accountability and transparency in governance”.

Reviewing the budget performance, Kwari recalled that the 2016 Budget is based on 60:40 expenditure profile for Capital and Recurrent. Key priorities for the budget are: Infrastructure, Healthcare, Security, Jobs and Agriculture with Education Sector being given the utmost priority. 

While the revenue dip has been a bit of a dampener, procurement processes for capital projects have dominated the first quarter as the government remains determined to fulfill its manifesto commitments. Capital spending in the first quarter amounts to an unprecedented N7bn, with N4.9bn going to the Education sector for school renovation, furniture, and uniforms, and almost a billion naira as payments for the Zaria Water Project.

Osun is best investment destination for the Chinese -Aregbesola

...As investors eye mining, agric.


The Governor of Osun, Ogbeni Rauf Aregbesola has reiterated his administration’s commitment to continuously improve the economy of the state by focusing on agriculture for self sufficiency of the state.

The Governor also stated that his government would not relent in its effort to harness all resources the state is endowed with for an enhanced economy.

He said these are the reasons why Osun remains the best destination for investors who might also coming in from China as a result of the recent trade investment agreement between Nigeria and China.

Aregbesola gave the assurance while addressing a gathering of business investors at a dinner party organised by the state Government in honour of Chinese investors at the Government House in Osogbo.

We are determined to turn Osun to commercial hub of nation's economic activities - Aregbesola

The Governor of the State of Osun, Ogeni Rauf Aregbesola as again retraited the determination of his administration to turn Osun to a commercial hub despite the current finacial and economic challenges facing the state.

Aregbesola in company of the speaker, state of Osun House of Assembly, Hon. Najeem Folasayo Salaam, made the staement in Ejigbo while commissioning the Omoluabi Mortgage Bank today

According to him: "We are determined to turn Osun to commercial hub of the nation's economic activities with continuous provision of modern infrastructure." "The current economic situation in which we find ourselves as a nation is best described as disastrous. Nonetheless we must forge ahead."

Anchor Borrowers Scheme: Agriculture-based Incentives Creating More Jobs

Rice Farm In Kebbi State

With the zero oil agenda of the federal government, agriculture has become the focal point not only for the government and entrepreneurs, but also for investors and financial institutions.

In recent times, the banking sector credit to the agriculture sector has continued to rise year-on-year, presently standing above 4 per cent of the total credit given out by banks. The sector with its own peculiar nature has not found funding by bank as easy as the regulators continue to use moral persuasion to drive bank lending to it.

This had been one of the reasons the Central Bank of Nigeria (CBN) had set up several intervention funds, such as the Agricultural Credit Guarantee Scheme Fund (ACGSF), Commercial Agriculture Credit Scheme (CACS), Agricultural Credit Support Scheme (ACSS) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), specifically for the sector.

STATE HOUSE PRESS RELEASE: DIVERSIFICATION OF NIGERIA’S ECONOMY NOW A MATTER OF URGENCY – BUHARI

Profile Picture

President Muhammadu Buhari Friday in Guangzhou, China, said that his administration will take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agriculture and manufacturing.

Speaking at a reception in his honour by the Communist Party of China, President Buhari said that Nigeria will welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.

The President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.

NATIONAL ECONOMIC COUNCIL RETREAT HIGHLIGHTS

Theme: Nigerian States: Multiple Centres of Prosperity

The following are highlights of the just concluded NEC Retreat:

1. Agreement reached for concerted and consistent efforts to diversify revenue sources
2. Expand compliance on VAT, adopting a gradual plan for rate increase
3. Increase expenditure through borrowing, which should be invested in infrastructure
4. Federal and State Governments to focus on fiscal responsibility as a critical element in macro-economic balance
5. Increase investment in infrastructure through public private partnership (PPP)
6.Develop financial inclusion strategies to cater for the poor and vulnerable population
7. Maintain a minimum level of capital expenditure of 30% in the budget

Thematic Areas

Agriculture
1. The Federal Government to re-position Bank of Agriculture to enhance its capacity to finance agriculture.

2. Funding for Agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered

3. A single digit interest rate for agricultural loans should be considered while duties and taxes for Agricultural products and equipment should be waived

4. Develop strategic partnerships between Federal and State government. Each State should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention.

Scammers: Everywhere You Go! -

He had always wanted to start farming. Encouraged by my foray into farming, this junior friend of mine bought a small acreage somewhere in the tropical rain-forest of the Southwest. He wanted to start small and build his holding. He was busy looking for money to start as a way of gaining financial independence and prepare for his later years.

About three weeks ago, he called me that some folks came from Moor Plantation in Ibadan to market improved seeds for them. I ask to see the seeds and I was even interested because I wanted to start investing in cash crops. Among the seeds he he brought to me was Apple. Apple? In Southern Nigeria? Maybe they know something I don't know. When it comes to Agriculture, I know a lot! Especially tropical plants. I grew up farming. We made our own Gari, Cassava flour, palm oil, locust beans and grow our own yams. The only thing we ate that we did not grow were rice and beans. The seeds include oil palm, plantain, cocoa and all sorts. I looked at the handout he brought as my copy and the price list. I recall making the observation that oil palm seeds are kernels but generally I did not delve deeper. Since they were going to have a seminar for buyers I can ask the questions later. I was particularly interested in their clearing rates. I spent millions clearing my farms, I couldn't imagine someone offering such ridiculous rates.

FG Stands on Sanitizing and Trial in NNPC Unchangeable, President Buhari Tells Chinese Xi Jinping

WE'VE BEGUN SANITIZING NNPC TO MAKE IT FREE OF CORRUPTION AND SHADY DEALS/TRIAL OF THOSE WHO MISAPPROPRIATED NNPC REVENUES WILL BEGIN SOON - BUHARI

President M. Buhari and Chinese Xi Jinping

President Muhammadu Buhari Sunday in New York restated his determination to fully sanitize Nigeria's oil industry and make it totally free of corruption and shady deals.


Speaking at a meeting with President Xi Jinping on the sidelines of the 70th General Assembly of the United Nations, President Buhari said that a necessary first step in this direction had already been taken with the appointment of a new management for the Nigerian National Petroleum Corporation (NNPC) and its subsequent reorganisation .

The President said that the prosecution of those who misappropriated the NNPC's revenue under past administrations will soon commence.

UN’s Ban Ki-Moon, Spain’s PM To Attend AU Summit

United Nations' Secretary General, Ban Ki-moon is scheduled to be the special guest at the 23rd Ordinary Session of the Assembly of Heads of State and Government of the African Union. The assembly is to hold in Malabo, Equitorial Guinea from June 20 to 27 June.

A statement issued by the office of the Chairperson of the AU Commission, Dr Dlamini Zuma on Friday in Addis Ababa, added that Spain’s Prime Minister, Mariano Rajoy-Brey, is also attending.

It said that already the AU Commission Chairperson had arrived in Malabo on Thursday, ahead of the summit. The Summit is being hosted by the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, under the theme “Agriculture and Food Security”.

The statement noted that the Assembly of the Heads of State and Government would be preceded by a session of the Permanent Representatives’ Committee.

FG sets up technical committee to tackle herdsmen, farmers' border clashes in 17 states

The National Economic Council, NEC on Thursday moved to tackle the problem of the clashes between herdsmen and farmers which have resulted into deaths of hundreds across the country in the past few months with the setting up of a technical Committee to tackle the crisis.