e-Naira: Taking Agriculture in Nigeria to New Technological Heights, by Abdulrahman Abdulraheem

e-Naira: Taking Agriculture in Nigeria to New Technological Heights, by Abdulrahman Abdulraheem

“Small business finance tips” “How to manage business finances” “Ways to reduce business expenses” “Financial planning for small businesses” “Business budgeting strategies” “Cash flow management for small businesses” “Effective accounting practices for businesses” “Tax planning for small businesses” “Investing for business growth” “Managing debt for small businesses”

"Small business finance tips" "How to manage business finances" "Ways to reduce business expenses" "Financial planning for small businesses" "Business budgeting strategies" "Cash flow management for small businesses" "Effective accounting practices for businesses" "Tax planning for small businesses" "Investing for business growth" "Managing debt for small businesses" E-Naira, Godwin Emefiele, CBN

"Small business finance tips" "How to manage business finances" "Ways to reduce business expenses" "Financial planning for small businesses" "Business budgeting strategies" "Cash flow management for small businesses" "Effective accounting practices for businesses" "Tax planning for small businesses" "Investing for business growth" "Managing debt for small businesses" FIRS

e-Naira: Taking Agriculture in Nigeria to Contemporary Technological Heights, by Abdulrahman Abdulraheem

Agriculture in Nigeria has an keen historical previous. A historical previous of americaand downs. Long prior to the invention of oil and gas in commercial amount, from the precolonial and colonial days to the First Republic, agriculture used to be the mainstay of the economic system.

But when the Shadowy Gold came alongside, successive leaders misplaced the nation’s priorities and step by step deserted agriculture, textiles, mining, and various vibrant sectors that gave the country a aggressive serve over various international locations.

Despite many years of neglect, agriculture has managed to preserve its possess within the arrangement of issues. It stays the most fascinating employer of labour within the country. Over 70 per cent of Nigerians engage within the agriculture sector, even supposing essentially at a subsistence level. The subsistence share of it wants to be addressed, and the present administration has done a few issues in that regard.

The contribution of the sector to the GDP is, on the other hand, spectacular. Between January and March 2021, agriculture contributed to 22.35 per cent of the entire GDP.

Nigeria has 70.8 million hectares of agriculture land space with maize, cassava, guinea corn, yam, beans, millet, and rice being the most important vegetation. Nigeria accounts for over 70% of yams produced globally.

Nigeria’s rice manufacturing rose from 3.7 million metric plenty in 2017 to 4.0 million metric plenty in 2018. Inspite of this, most fascinating 57percent of the 6.7 million metric loads of rice consumed in Nigeria yearly is locally produced leading to a deficit of about 3 million metric plenty, which is both imported or smuggled into the country illegally. To stimulate local manufacturing, the authorities banned importation of rice in 2019.

As for cassava, Nigeria produced 59 million plenty in 2017, making it the arena’s largest producer (roughly 20 per cent of global manufacturing). The economic likely is colossal, with excessive earnings yields from both home worth addition and derived earnings to boot to revenues for the authorities. With improved kinds and manufacturing suggestions, manufacturing is anticipated to amplify.

Animal manufacturing has remained underexploited. Cattle mostly reared by farm households are the limited ruminants relish goats (76 million), sheep (43.4 million), and cattle (18.4 million). The ecology within the northern share of the country makes it renowned for farm animals conserving. Moreover to to limited and colossal ruminants, the poultry population stands at 180 million, per the Federal Ministry of Agriculture and Rural Sort. Domestic seek recordsdata from, on the other hand, outweighs manufacturing regardless of several interventions by pattern partners to make stronger manufacturing and safeguard towards diseases, including transboundary animal diseases.

Nigeria is the largest fish individual in Africa and amongst the largest fish patrons within the arena, with about 3.2 million metric loads of fish consumed yearly. Its fisheries and aquaculture are amongst the quickest rising subsectors within the country. With a coastline of 853km and over 14 million hectares of inland waters, entire fish manufacturing per One year is shut to 1 million metric plenty (313,231 metric plenty from aquaculture759,828 metric plenty from fisheries). Fishing is a wanted livelihood for the unlucky to boot to a really powerful protein offer at the family level. The aquaculture sub-sector is belief of as a extremely viable alternative to assembly the nation’s need for self-sufficiency in fish manufacturing and dietary wants.

Despite the contribution to the economic system, Nigeria’s agricultural sector faces many challenges that impact its productiveness. These encompass unlucky land tenure programs, low levels of irrigation farming, climate swap, and land degradation.

Others are low expertise, excessive manufacturing fee and unlucky distribution of inputs, restricted financing, excessive put up-harvest losses, and unlucky salvage entry to to markets.

These challenges come by stifled agricultural productiveness affecting the sector’s contribution to the country’s GDP to boot to increased food imports due to population rise, hence declining levels of food sufficiency.

For event, between 2016 and 2019 Nigeria’s cumulative agricultural imports stood at N3.35 trillion, four cases bigger than the agricultural export of N803 billion interior the same length.

The authorities has implemented several initiatives and programmes to tackle the subject including the Agriculture Promotion Coverage (APP), Nigeria–Africa Substitute and Investment Promotion Programme, Presidential Financial Diversification Initiative, Financial and Export Promotion Incentives and the Zero Reject Initiative, Lowering Emission from Deforestation and Woodland Degradation (REDD+); Nigeria Erosion and Watershed Administration Venture (NEWMAP); Action In opposition to Desertification (AAD) Programme, amongst others.

All these efforts goal to amplify agricultural productiveness in speak to give ample quantities of food to satisfy home seek recordsdata from to boot to an abundance of commodity vegetation for export within the arena market. Moreover, they goal at reversing forest loss and degradation; selling sustainable administration of natural resources; rehabilitation of degraded lands, and decreasing erosion and climate vulnerability.

From the foregoing, it’s glaring that the likely is there even supposing the challenges are colossal.

The trip is supplied in Nigeria, and the trip is in abundance. Even authorities insurance policies were favourable as in fresh years, the emphasis has been to diversify the country’s earnings base, deemphasise oil and gas, and focal point on agriculture.

But what referring to the expertise to pressure growth within the sector? What about improvements that will invent the sector compete globally? What about solutions and imaginative and prescient that can invent existence straightforward for Nigerian farmers? What about tough and sustainable funding for farmers?

With the rising population, estimated to connect 400 million by 2050, enhanced agriculture productiveness thru adaptation of fresh technologies and enhancements is serious to make certain food security and nutrition. Enhance from all partners to the efforts by the federal and instruct governments is central in reaching this goal.

e-Naira To The Rescue

Talking about expertise and enhancements, the ongoing efforts by the the apex umbrella physique for Agricultural Commodity Associations, the Federation of Agricultural Commodity Association of Nigeria (FACAN), to onboard 50 million members on the e-Naira platform couldn’t come by reach at a nearer time.

FACAN acknowledged it has concluded a realizing to register and onboard all its associations and members on the e-Naira platform in a strategic partnership with Araba Technologies Ltd (Arabatech).

The realizing is a fallout from the now not too prolonged within the past concluded national assembly of the association’s Nationwide Working Committee and presidents of associations below its jurisdiction with the crammed with life participation of Arabatech and CBN representatives.

The Nationwide President of FACAN, Mr. Victor Iyama, neatly-known that e-Naira will likely be of nice serve to your entire members of the Association within the prolonged escape down to the grassroots level since some members are traders, or processors, while loads of the members are the farmers at the grassroots. He additionally charged the members present at the inauguration assembly to educate their of us at the grassroots.

The President used to be s in particular chuffed referring to the CBN USSD (*997#) innovation, which map that without smartphones, BVN or NIN, farmers at the grassroots level can serve completely from the e-Naira platform.

The realizing is aimed at deepening the use of e-Naira amongst farmers and agro-allied merchants ecosystem within the agricultural sector of the economic system. Arabatech entered into a strategic partnership with FACAN to starting up the e-Naira marketing campaign and onboarding of its 50 million members and associations throughout the country.

The Nationwide Working Committee and Presidents of Associations unanimously handed a determination for the approval of FACAN e-Naira onboarding of members and which implies that truth known as for shut collaboration with the CBN and Arabtech in the direction of the a hit implementation of the initiative interior the timeline.

FACAN is an apex umbrella physique for the Agricultural Commodity Associations within the country, and an initiative of the Federal Authorities established thru a public-private partnership arrangement as a one-discontinuance-shop between the authorities and the organised private sector in Agriculture and a link between the non-public Agricultural Commodity Practitioners. The Association offers members with maximum advantages for the final pattern of agricultural commodities within the country.

CBN had appointed Arabatech as one amongst the knowledgeable Partner-Agents for the e-Naira pockets adoption and onboarding marketing campaign within the country. The promoting campaign is in furtherance of the CBN Digital Financial Inclusion Diagram and Programme, which is aimed at reaching inclusive adoption of Central Bank Digital Currency (CBDC) aka e-Naira throughout the county.

Launched in October 2021 by President Muhammadu Buhari, the e-Naira used to be launched by the CBN governor, Godwin Emefiele, as a retailer of worth and legitimate medium of substitute. The e-Naira innovation used to be created to give consideration to the banked and unbanked merchants and folks within the country in speak to invent transfers, hunting for and selling simpler, more affordable, and no more cumbersome.

And for the reason that e-Naira used to be launched, the CBN has welcomed moderately a few private initiatives supposed to magnify the platform to serve Nigerians better in areas relish health care, agriculture, fee of payments etc.

After I started my e-Naira analysis, I was privileged to work alongside with the CBN’s Head of Facts Technology, Hajia Rakiya Muhammad. Also interacting with the Financial Confidential, she spoke glowingly a few few of the non-public initiatives that are connected to agriculture.

“So, this explicit firm came forward, they work with corporative societies relish Agriculture, they give loans to limited holder farmers. But most continuously time when they give the loans, you know our folks, they would use the loan to make one thing else, various from what they are supposed for.

“So, when they heard about e-Naira, they acknowledged they would partner with us, you know, to curb malpractices and inefficiencies within the machine. And I’m chuffed to thunder that now we come by concluded the combination, and we can rapidly starting up. What they make is you’re a farmer, and the association offers you money, so that they don’t offer you money in money. They offer you e-Naira.

“So, there might maybe be what they call enter services. On the entire, the farmers will lunge to them to get enter after which they pay. Now, the enter services can most fascinating provide folks on the arrangement, and the farmers can most fascinating get what they are purported to get, after which e-Naira costs it. So here is programmed, and so that they come by concluded that.”

With the exception of assisting Nigeria’s transition into a tubby cashless machine, it’s glaring that the e-Naira platform used to be created to repair all issues and resolve all considerations. The wide-ranging alternatives the e-Naira platform offers are now not what Nigerians can proceed to push apart.

Abdulrahman Abdulraheem, Managing Editor Financial Confidential, writes from [email protected]

"Small business finance tips" "How to manage business finances" "Ways to reduce business expenses" "Financial planning for small businesses" "Business budgeting strategies" "Cash flow management for small businesses" "Effective accounting practices for businesses" "Tax planning for small businesses" "Investing for business growth" "Managing debt for small businesses" most modern naija recordsdata loaded

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