Ekiti set for rice pyramid project, invites Stallion, Dangote, others – Newstrends
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Ekiti set for rice pyramid project, invites Stallion, Dangote, others

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The Ekiti State Government has said it intends to produce of over one million metrics tonnes of rice in a couple of years.

Ekiti State Commissioner for Agriculture and Food Security, Mr Olabode Adetoyi, disclosed this in Ado Ekiti at a news conference ahead of the official launch of the ” Ekiti Rice Pyramid Project” and flag off of the 2021 Wet Season Rice Cultivation, scheduled for Tuesday.

He said the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, would perform the inauguration of the rice pyramid project while Governor Kayode Fayemi would be the chief host.

The commissioner said the state was embarking on massive production of rice so as to be able to meet both local demand and for export.

He explained that the state government had brought in investors, who were ready to invest in planting and processing of rice, adding that the product would be of high standards and stone free.

Adetoyi added that the state government was working assiduously towards ensuring that youths ventured into farming by making it more attractive and lucrative, through various agricultural incentives

He assured farmers in the state that the government would not fail in providing adequate security for them to enable them go to their farms anytime without entertaining fears

Adetoyi disclosed that 23 new investors had already been allocated lands to plant rice, cocoa and palm oil, among others, as the government was doing all to attract investors through provision of enabling environment.

He said, “Top-notch rice processing plant like Stallion, Dangote and Jumlar rice have been allocated land in premium location in Ekiti Knowledge Zone for quality rice production.

“Land clearing and development of over 5,000 hectares of land for commercial agriculture is also on, out of which 1,000 is cleared for swampy rice along the river banks and valleys in the state. Over 40,000 hectares is to be made available as time goes on.”

The commissioner said that the Federal Government under President Muhammadu Buhari had conceived the Anchor Borrowers Programme under the CBN to provide easy access to credit for farmers and processors at low interest rate, among others.

He added that the government of Japan had brought in some equipment such as harvesters to provide high quality rice production in the state.

Adetoyi warned people in the habit of setting fire to bushes while hunting game to desist from such acts to avoid causing damage to peoples’ farms.

According to him, some farms have been destroyed in the process.

The commissioner said that government had approved money to buy seedlings that would be distributed to those farmers who lost their farms in such preventable fire incidences.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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