Connect with us

Uncategorized

USAID Partners WACOT Rice on N5b Deal to Boost Rice Production in Kebbi State

Published

on

Kindly share this post

WACOT Rice Limited’s (WRL) strategy to become West Africa’s leading rice producer got a massive boost from the USAID-funded West Africa Trade and Investment Hub (WATIH).

The Nigerian based subsidiary of TGI Group recently signed a co-investment partnership with WATIH to the tune of $10.5 million (about N4.99 billion) to support the company’s Argungu Rice Outgrower Expansion Project based in Kebbi State.

In this partnership, WRL will register an additional 5,143 farmers to complement its already existing outgrower network in the state. These new farmers are expected to cultivate over 5,000 additional hectares of land thereby producing over 20,000 tons of paddy which will be utilised at WRL’s 120,000-ton rice mill in Kebbi.

While receiving the good news, Executive Governor of Kebbi State, Senator Abubakar Atiku Bagudu said that the state government was pleased that the efforts of the Federal Government in agricultural revolution was being recognised by international bodies like USAID and WATIH.

He further said: “WACOT Rice Limited is the first major rice mill commissioned under the President Muhammadu Buhari administration and the support by both globally reputable organisations is a big boost for private sector investment in the Nigerian agriculture sector”.

Governor Bagudu, who is the Vice Chairman of the National Food Security Council and also National Champion on Nigeria Rice Revolution, commended WRL for boasting the drive towards food security in Nigeria.

It is expected that this project will improve the lives and livelihoods of smallholder farmers in the region while addressing Nigeria’s food security concerns.

The average smallholder farmer in Argungu, Kebbi State cultivates about half a hectare of land and earns less than $200 (N95,000) net income annually, barely sufficient to cover the needs of a household. Although the Central Bank of Nigeria’s Anchor Borrower Program has provided significant funding to rural farmers thereby increasing yields, many other farmers still struggle to get access to any form of finance. This has hindered their ability to scale up their activities by increase the size of land they cultivate as well as yield and productivity.

Commenting on the development, Emir of Argungu, Alhaji Samaila Muhammad Mera described the partnership and the investment by WRL as a welcome development. “It is a win-win situation for our farmers, the state government and the people of the state generally”, the traditional ruler further said.

He described the WRL project as timely coming shortly after the farmers experienced devastating flooding that wiped out their farmlands.

The partnership between WRL and WATIH will complement and enhance the on-going Central Bank of Nigeria and Federal Government programmes by helping farmers access finance, high quality inputs and technical extension services leading to higher yields and quality.

The guaranteed paddy off-take agreement between WRL and the farmers, which is a key pillar of this partnership, will provide a sustainable market going forward.

On the partnership with USAID and its benefits, Strategy and Business Development Manager of TGI Group, parent company of WRL, Habiba Suleiman, says: “The overall impact is to enhance yield per hectare and help farmers better their livelihoods.

“In terms of their earnings, this project will help them to be able to send their kids to school, access better livelihoods, access better healthcare and to have better nutrition, and quality of life”.

Anne E. Patterson, USAID Mission Director, said of the partnership: “The US government is pleased to partner with the private sector in Nigeria to develop market-driven solutions and sustainably improve food security by supporting local rice production”.

She added that, “with this new co-investment partnership, smallholder farmers in Kebbi State can increase yields and improve the livelihoods of their families”.

Working in partnership with USAID its Feed the Future strategy, the Federal Government has prioritised local production of rice, a major staple in the country.

By supporting smallholder rice farmers to increase their yields by 50 to 100 per cent, the co-investment will help farmers earn more and lift themselves out of poverty, create thousands of jobs, and attract further private investments in the agriculture sector.

WACOT Rice disclosed that it would be placing a strong emphasis on women and youth, with at least 50 per cent of the new farmers trained to be women and 70 per cent of all the farmers under 30 years old.

Commending the team for the laudable feat, Rahul Savara, Group Managing Director of TGI Group, laid emphasis on the Group’s mission to always add value to its communities.

“No doubt, this project not only supports our drive to support the government in achieving food security in Nigeria, it also allows us to support our community, Kebbi, which was ravaged by flood just a few months ago. For us, sustainability is a way of life. Therefore, we will continue to explore avenues to grow sustainably, while supporting others”.

WACOT Rice Limited operates a state-of-the-art rice mill in Argungu where it produces Big Bull Rice. It is one of the largest rice mills in Africa and sources paddy from various paddy producing states across Nigeria.

WACOT Rice also engages in out-grower farming programmes with paddy farmers to boost their yields and guarantees off-take of paddy from farmers through buyback arrangements. WACOT Rice is a subsidiary of TGI Group.

Tropical General Investments (TGI) Group is a global conglomerate with a majority of its investments based in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities and a highly skilled workforce to produce world class products that are consumed both locally and exported to global markets.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Uncategorized

NCAA Enforces Penalties on Five Airlines for Passenger Rights Violations

Published

on

Kindly share this post

Nigeria Civil Aviation Authority (NCAA) has taken enforcement action against five airlines—two international and three domestic operators—for violations of Part 19 of NCAA Regulations 2023.

These breaches include failing to refund passengers within the stipulated timeframe, disregarding directives from the authority, mishandling luggage, issues with short-landed baggage, and problems related to flight delays and cancellations.

Michael Achimugu, NCAA’s director of public affairs and consumer protection, confirmed the development on Tuesday but declined to disclose the names of the sanctioned airlines.

Achimugu explained that while airlines are not always at fault for flight disruptions, NCAA regulations mandate specific actions they must undertake during such instances. Failure to comply with these directives results in penalties of varying severity.

Achimugu highlighted an uptick in passenger complaints about delays and cancellations, particularly during the festive season, with some disruptions attributed to harmattan-induced poor visibility.

“We all know that this is harmattan season, so there is poor visibility. Flights must get cancelled. This is force majeure, and the airlines do not owe passengers anything in those instances.

“The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” he said.

The NCAA plans to summon the chief executive officers (CEOs) of all airlines this week for a meeting to address flight disruptions and regulatory breaches.

Earlier, on December 10, the NCAA announced its intent to sanction airlines for delayed ticket refunds. Under Part 19 of the NCAA Regulations 2023, airlines are required to strictly adhere to refund timelines to protect passenger rights. Refunds for cash purchases must be made immediately and in cash, while electronic payments, including mobile apps and internet banking, must be refunded within 14 days.


Kindly share this post
Continue Reading

Uncategorized

Firm Partners Access Bank to Train Youths in Digital Skills

Published

on

Kindly share this post

NerdzFactory Foundation in collaboration with the Access Bank, has trained over 518 youths in digital skills. The two weeks virtual training, Youth Transition Program (YTP) 5.0, was meant to equip the youths for employment and digital skills and prepare them to excel in the competitive job market and unlock new economic opportunities.

Director of NerdzFactory Foundation, Ade Olowojoba, said the significance of the programme reflects the foundation’s mission to empower a new generation of leaders with the skills needed to thrive in an increasingly dynamic and digital global economy.

“Through initiatives like this, we are fostering innovation, resilience, and economic independence among young Nigerians,” he stated.

He disclosed that the programme succeeded in reaching its objectives.  According to him, participants reported increased readiness for the workforce, improved digital skills, and enhanced entrepreneurial capabilities, which have positioned them to secure quality employment and launch their ventures. The programme has demonstrated the transformative impact of focused skill-building initiatives.

“NerdzFactory Foundation and Access Bank reaffirm their commitment to expand the reach of the Youth Transition Programme to empower more young Nigerians with the tools they need to achieve lasting success and contribute to Nigeria’s sustainable economic development,” he said.

The director noted that the programme launched in response to Nigeria’s high unemployment rate, delivered comprehensive training to empower participants with practical job search skills, digital marketing expertise, and knowledge of leveraging digital platforms for economic growth.

During the programme, some of the sessions included webinars and a virtual bootcamp designed to help participants develop workplace skills such as CV writing, LinkedIn optimisation, and effective use of digital workspace tools.

“By fostering economic independence and resilience, YTP 5.0 aligns with the United Nations’ Sustainable Development Goals, particularly Goal 4, on quality education and Goal 8, on decent work and economic growth,” he stated.

 


Kindly share this post
Continue Reading

Uncategorized

Afreximbank and Ecobank Join Forces to Boost Trade and Compliance Across Africa

Published

on

Kindly share this post

African Export-Import Bank and Ecobank Group have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.

With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA).

It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa.

Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.

The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world.

It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.

MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.

The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.

Afreximbank is a pan-African multilateral financial institution established to finance and promote intra- and extra-African trade.

Ecobank Group is a leading private pan-African banking group with unrivalled African expertise.


Kindly share this post
Continue Reading

Trending