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The menace of food insecurity currently prevailing Nigeria may soon become part of history as Heritage Bank Plc has disclosed that it is supporting NatnudO Foods, a food processing company in its determination to make poultry affordable and accessible for the people.
Speaking at the media briefing organized on food security in Nigeria, Team Member, Agric Finance, Specialised Banking of the bank, Adelana Ogunjirin, a representative of Heritage Bank, said the bank decided to partner with the company in order to ease the burden of poultry production in the country.
He explained at the briefing held at the company’s headquarters in Magodo, Lagos, recently that the interest of Heritage Bank in agriculture and food production in the country is second to none as it is impossible to increase productivity on empty stomach.
According to him, Heritage Bank is supporting the company in the area of funding infrastructural projects required to make agricultural business more productive for farmers in different parts of the country. He disclosed that Heritage Bank supported such projects with the Central Bank of Nigeria-intervention fund with a maximum interest rate of 9 per cent.
Ogunjirin said the project structure on ground, as prepared by NatnudO, has helped to reduce the level of risk which could impact on the profitability to different parties. As a result, he promised that Heritage Bank would be willing to support such projects at any time as long as it would boost agricultural produce in the country.
Speaking earlier at the occasion, Gbolade Adewole, Coordinator, natnudO Foods’ broilerout-grower scheme tagged “natnuPreneur”, acknowledged that Heritage Bank has been so supportive in making the required infrastructure available for the participating farmers on the project.
He commended the bank for standing out as a veritable pillar upon which the food production initiative of NatnudO Foods rests. However, he implored Heritage Bank to get ready to do more for the farmers who are increasingly showing more interest in the scheme.
According to him, farmers are getting more interested because they enjoy between 7.5% and 15% profit on investment per cycle. His words: “With a potential to conclude 5 cycles per year, efficient farmers stand to make between 37.5% – 75% profit, making natnuPreneur ‘broiler out-grower’ scheme the most profitable in the country.
He also disclosed that between October 2014 and July 2017, poultry farmers registered under the three-year pilot phase have reared over 4 million birds and the firm has handled birds to the value of over N4 billion.
Adewole explained that what makes this possible is that natnuPreneur does not only make market available for the participating broiler farmers, it also gives them the required technical support for the success of their farms.
He stated: “We treat our farmers’ farms as our own and invest a lot of time in ensuring their poultry businesses are run with global best practices as we run and manage ours, because we believe that our success is closely tied to the success of our farmers”.
He said natnuPreneur has a standard operating manual used in ensuring optimal farm management, such that, lapses in standard processes are quickly noticed and brought to the attention of farmers.
Aside from this, he added, we pay weekly visits to farms to monitor their progress and offer business and technical advice when needed. These activities have helped to achieve the success level recorded by our farmers so far.
According to him, these processes are what distinguish natnuPreneur from other broiler out-grower schemes the country had witnessed in the past.
Sharing their experiences, two long-term natnuPreneur farmers, Dr. Robinson of Kadapo Farms in Ilorin, Kwara State; and Mrs.Tomori of Honey Dew farms,Ibadan, Oyo State; made highly complementary comments and confirmed the claim made by the AMO FARM’s team.

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Manufacturers React To CBN’s Interest Rate Hike, Say “Nigerians Will Start Paying Higher Prices”

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The Manufacturers Association of Nigeria (MAN) says the latest interest rate increase by the Central Bank of Nigeria (CBN) will worsen the imminent recession in the manufacturing sector and negatively impact its operations in many ways.

On Wednesday, the policy-setting committee of the CBN raised the monetary policy rate (MPR) which measures interest rate, from 18 percent to 18.5 percent.

The latest adjustment was the seventh consecutive rise since May 2022.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Reacting in a statement on Thursday, Segun Ajayi-Kadir, director-general of MAN, said the MPR hike would, among other challenges, lead to an increase in the cost of borrowing which would further discourage investments in the sector.

Ajayi-Kabir said it would also lead to a high cost of production which would lead to higher commodity prices and inventory of unsold manufactured products.

“It is evident that the continuous and consistent increase in MPR is not yielding the desired growth in the economy. The Nigerian economy remains fragile and bedeviled with numerous challenges that inhibit growth,” the statement reads in part.

“Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.

“The increase in MPR from 18 percent to 18.5 percent will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.

“The Association has been clamoring for single-digit lending rates to allow manufacturers access to needed funds to boost the performance of the sector.

“This increase, like the previous ones, is evidence that the CBN is either unperturbed about the plight of the productive sector or is unable to fathom out a more creative policy mix that would reflate the sector.

“Therefore, it is necessary for government to think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy.”

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Adron Homes Announces The Official Event Date For Adron Games 2023 Featuring Corporate Games And Adron Staff Games

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Adron Homes and Properties Ltd, a leading real estate company, is thrilled to announce the official event date for its highly anticipated annual sports fiesta Adron Games 2023, the 7th edition.

The event will take place from November 16 to 19, 2023, in Ibadan, Nigeria with the theme “The Strongest, is the Unstoppable”. This year’s event promises to deliver a thrilling experience with intense competitions in various sports disciplines, including Football, Basketball, Athletics, Table Tennis, and more.

This year’s edition will continue with the tradition of greatness by providing an unmatched platform for participants to showcase their skills and compete at the highest level.

The Corporate Games segment of Adron Games 2023 will feature teams from prominent companies across various industries. These organizations will engage in friendly yet fiercely competitive matches, fostering camaraderie and team spirit among their employees.

Additionally, the Adron Games 2023 will showcase the immense talent and passion within the Adron family. Adron Games recognizes the importance of fostering an active and healthy lifestyle among its staff members, and this segment serves as an excellent opportunity for employees to participate and excel in their favorite sports.

Participating teams in Football, Basketball, Athletics, Table Tennis, and other sports will face off in exhilarating matches throughout the event. The competition will be intense, as athletes strive to showcase their skills and claim victory for their respective teams.

One of the highlights of Adron Games 2023 is the mouth-watering cash prizes awaiting the winning teams. Adron Games 2023 aims to reward excellence and dedication by providing substantial incentives that recognize the hard work and talent exhibited by the participants.

“We are excited to announce the official event date for Adron Games 2023,” said Aare Adetola EmmanuelKing, the Group Managing Director/Chairman of Adron Group. “This year’s edition promises to be an exceptional showcase of talent, teamwork, and sportsmanship. We invite participants and spectators alike to join us in Ibadan for an unforgettable sporting experience.”

Adron Games 2023 is committed to creating an inclusive and memorable event that brings together participants, sponsors, and spectators from all walks of life. The event serves as a platform to celebrate athleticism, promote healthy competition, and encourage a vibrant sports culture within the community.

For more information about Adron Games 2023 and to stay updated on the latest news and announcements, please visit www.adronsportsfoundation.org or www.adronhomesproperties.com

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BREAKING: CBN Increases Interest Rate To 18.5%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, on Wednesday, unanimously voted to increase its monetary policy interest rates to 18.5 percent.

It was earlier reported that the MPC of the bank voted to increase the benchmark interest rate by 50 basis points to 18 per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the third MPC meeting of the year on Wednesday.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

Justifying the rising inflation rate, the MPC blamed the high energy cost and challenges around the supply chain, among others, which are beyond the reach of the CBN.

He added, “The current trend in price development would continue to be monitored by the bank with greater collaboration with fiscal authority to address the drivers of inflation.”

Analysts in the country had predicted the CBN and the MPC might raise the lending rates at the end of the Monetary Policy Committee.

The apex bank had increased the MPR from 11.5 percent earlier last year to 18 per cent in March this year across six consecutive rate hikes.

 

More to come…

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