RIFAN disclosed that the unveiling of the one million bags of rice paddy piled up as pyramids in Abuja would see to the crash of rice prices, which have increased significantly in recent years.

The food staple pyramid scheme is a collaboration between the Central Bank of Nigeria (CBN) and RIFAN.

Amongst other things, the rice from the pyramid would be shared with the farmers for onward processing, and then will be subsequently sold at discounted prices to the public, the Chairman, Pyramid Sub Committee of RIFAN, Shehu Muazu stated. 

Speaking during the unveiling of the programme, Muazu said that the project would further affirm the possibility of local food production and sufficiency. 

He said the project is anchored on mutual trust and agreement with the rice millers that they would sell to Nigerians at a reduced price. 

“Muazu said, “Although, we cannot talk of price in isolation as far as prices all over the world are concerned because all over the world prices of food have gone up.

“But the good news is that rice will remain the cheapest commodity as far as food is concerned due to the success recorded through the scheme.’’

What you should know

Since the assumption of office in 2015, President Muhammadu Buhari-led’s government has made agriculture its priority as it strives to tackle the economic downturn and dwindling revenue from oil through investment in agriculture. The anchor borrower programme is one of the initiatives put in place to resuscitate a moribund agriculture sector and its value chain while also nudging a largely indifferent and disenchanted populace back to the sector.

The rice pyramid project, which has been described as the largest in the world, is an offshoot of the CBN’s Anchor Borrowers Programme (ABP).

According to CBN, since its inauguration in November 2015, the ABP had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.

The post RIFAN, CBN To Address High Prices Of Rice appeared first on Business News in Nigeria.

The annual event, held at Ogunleye street, Balogun, had in attendance CDAs within Iju area and the Ifako-Ijaiye CDC Chairman, Pastor Samuel Opajobi.

In his address, the Chairman, Iju Forum, Alhaji L.A Azeez expressed his gratitude to the leaders, patrons, and elders who have been supportive of the activities of the forum.

He said, “I must express my gratitude to the leaders, patrons and elders who have always guided and supported the activities and programmes of this forum. I appreciate your love for the progress of and development of Iju Area. If not for your commitment, we would not have been a force to be reckoned with in Ifako-Ijaiye.“

He also challenged the various CDAs under the forum to come up with award-winning community projects.

“What would have given me the utmost joy is to see Iju Area CDA’s presenting the highest number of development projects for the local and state government to inspect and adjudged to be projects deserving awards at both levels of government.”

The CDC Chairman, Pastor Samuel Opajobi praised Iju forum for its relentless efforts and contributions to the growth of CDC in Ifako-Ijaiye.

Councillor, Ward E, Hon Adebo Samuel Kayode (ASK) who was represented by the CDA Chairman, Alafia-Tayo, Akinleye Segun, thanked Iju forum for its continued support towards his administration while appreciating the role the forum plays towards a peaceful co-existence of residents within Ward E.

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A senior government official disclosed that the government decided to lift the suspension because Twitter has agreed to terms put in place by the government to ensure the lifting of the ban and continuation of its operation in the West African country.

In a statement issued by Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency on Wednesday, the government said Twitter has agreed to pay tax, establish an office in Nigeria in the first quarter of 2022 and also act in a manner that does not demean the government or question the country’s sovereignty.

Abdullahi, who headed the Nigerian team that negotiated with Twitter, said Twitter has also agreed to appoint a “designated country representative to interface with Nigerian authorities” by 2023 and register with the Corporate Affairs Commission.

According to the statement, The platform is also expected to enroll Nigeria in its Partner Support and Law Enforcement Portals. The Law Enforcement Portal provides a channel for the law enforcement agencies to submit a report with a legal justification where it suspects that content violates Nigerian Laws.

“Twitter has agreed to act with a respectful acknowledgment of Nigerian laws and the national culture and history on which such legislation has been built and work with the FGN and the broader industry to develop a Code of Conduct in line with global best practices, applicable in almost all developed countries,” Abdullahi said.

Many have questioned the motive behind the decision of the government to lift the ban in the build-up to the 2023 election, with some saying the move is to enable the government and the ruling party to campaign and push their narratives, an assertion they claimed was corroborated by the lack of an official statement from Twitter supporting the government reasons on why its lifted the suspension.

Recall that the Nigerian government banned Twitter Operations in June 2021, days after the platform pulled down a ‘genocidal’ tweet from Buhari’s account, a remark the platform said violated its rules.

The development sparked mixed reactions with many saying such action impeded freedom of expression in Africa’s most populous country, while others asserted that it was the right decision to rein in dictatorial and autocratic government officials.

Nigerian officials, however, said the decision to ban the app had nothing to do with the deletion of President Buhari’s tweet, but a conscious effort to curb the dissemination of fake news and activities that undermined the territorial integrity of the country, especially by separatists in the southeast.

Buhari’s government and Twitter have been in talks over a list of conditions for ending the suspension, including discussions on taxes, content, and registering locally in Nigeria.

“The issues are being addressed and I have directed that the suspension be lifted, but only if the conditions are met to allow our citizens to continue the use of the platform for business and positive engagements,” Buhari said in a speech marking Nigeria’s independence day.

The post Tax, Other Things Twitter Agrees To Do As FG Lifts Ban appeared first on Business News in Nigeria.

Speaking with stakeholders on the sidelines of the 2021 Finance Bill in Abuja, Ahmed hinted that the Buhari-led government is considering modest increases in taxes and tariffs on certain businesses and individuals over the medium term.

While noting that a couple of reforms and amendments had been recommended in the draft 2021 finance amendment bill, she said more will be introduced in the middle of 2022.

Speaking further, the minister said more fiscal reforms were still in view as the ministry could not take all the proposals collected from stakeholders.

Her words: “While these issues may require most increases in taxes and tariffs on certain businesses, industries, and individuals over the medium term.

“Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments.”

Should Nigerians be worried?

This is the worst that the Nigerian citizenry could expect from the government, especially as the world is still battling the effect of the raging COVID-19 pandemic.

It is, therefore, noteworthy to mention that in the midst of this looming development, food prices are skyrocketing at apocalyptic rate, inflation is not favourable to an average Nigerian, and electricity consumption tariffs have gone beyond the roof, wages remain stagnated, and not paid as at when due.

While the incumbent administration may have rationalise these taxes and levies on the grounds that they would aid infrastructures, uncertainty surrounds how advocates of these higher taxes and levies hope the people can endure for much longer.

The post Buhari To Impose New Taxes, Increased Tariffs On Nigerians Next Year appeared first on Business News in Nigeria.

Confirming the news, a source familiar with the matter, who didn’t grant permission to include his name in this report, told Unmaskng.com that the City of David Parish, which is a branch of RCCG situated at the Victoria Island area of Lagos State, launched the dating site to help single Christians in the country.

Idowu IIluyomade, the parish’s pastor, had charged members of the church to be expressive with each other, especially as it relates to exploring romantic affairs for marital journeys.

This publication understands that the web address of the RCCG dating site is – connectnow.com.ng, and it serves as a meeting ground, where Christian men and women begin their courtships.

“Every registrant must conduct his or her own independent background check before connecting with another registrant on this platform.

“The Redeemed Christian Church of God, City of David Parish, makes no representation or warranty and expressly disclaims any and all liability concerning damages sustained by any registrant as a result of connecting with anyone on this platform,” a report quoted the church authority as saying.

From roadsides to dating platforms

For Isaac Onome, a clubber, sex workers have now devised means to up their games for profitable, pride, and convenient purposes. “Unlike before that you can easily see a large number of sex-workers on the roadsides, that is not the case anymore. For instance, Allen-Avenue used to be very bubbling in the late hours, especially with sex workers that you would find in every corner of that axis. But now, they are not much going to that area to seek for clients that would want their services,” he stated.

Corroborating Onome’s point, Damilare Famuyiwa, a lifestyle journalist, said considering the increase in the number of sex workers that have migrated to dating platforms, the number of courtesans on the streets has significantly dropped. In his words: “Since they discovered that they could offer sex at better prices online, most of them started signing up on dating platforms and profile themselves as someone that offers hookup services.”

Sharing her thought on this matter, Ruth Osoma revealed that aside from dating platforms, gone are the days when ladies were shy about trading sex. According to her, “ladies are now offering sex for money, and it’s so common now. Usually, one should go on dating platforms to find love. Now, it’s not advisable considering the increasing number of sex workers online.”

Upshot

The issue of sex-workers flooding dating platforms to trade their bodies is not only peculiar to Nigeria but a global challenge. Three years ago, BuzzFeedNews reported that sex workers in Europe and America lost their accounts over the breaching of the app’s terms and conditions, which expressively frowns against commercialising romantic affairs.

However, one would think that the leadership of RCCG is in known as it relates to how sex workers now prefer to seek clients online. But as it is, it’s either the church has designed a solution to tackle that considering the fact that it would be a dent in the church’s image, or it is unaware of what the dating platform could turn out to be.

Whichever way, our fingers are crossed, at least for now.

The post RCCG Dating Site: How Sex Workers Are Leveraging Tech appeared first on Business News in Nigeria.

Speaking on the sidelines of the Dubai UAE Expo 2020, tagged ‘Arise Fashion 2021’, Buhari expressed the pride he has in the creative industry, saying that there are increasing job opportunities for young people.

“There’s no doubt that Nigeria’s creative sector holds tremendous potential to unlock Nigeria’s economy and increase employment opportunities for young people.

“The projections are promising as the sector is expected to deliver over $10 billion by the end of 2021, making a tremendous contribution to the country’s GDP,” the President was quoted as saying by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who represented him at the occasion.

Citing a recent report on Nigeria’s creative sector, Buhari further revealed that the industry is poised to become the second-largest employer with a potential to produce 2.7 million new jobs by 2025.

“After agricultural, the creative sector is the second largest employer of labour in Nigeria today,” he added.

It would be recalled that in March 2021, the Bank of Industry (BoI) collaborated with the National Council for Arts and Culture, to provide a loan facility for creative industry stakeholders.

The loan facility is a N300 million loan package that was put in place to accelerate the growth of Nigeria’s creative sector.

The post Buhari: Artistes, Filmmakers, Others Will Contribute $10bn To GDP appeared first on Business News in Nigeria.

While highlighting the role of the Central Bank of Nigeria (CBN) as it relates to forex stability, World Bank, in its November edition of its Nigeria Development Update, stated that the local currency is under pressure because of the apex bank’s constant increment of the exchange rate’s value.

World Bank argued that CBN is too rigid in its forex policies, and according to the international body, the rigidity is accelerating inflation in the country.

The report read: “The government’s exchange rate management policies continue to discourage investment and fuel inflation. Exchange rate stability is a key CBN policy objective, and to preserve its external reserves the CBN continues to manage FX demand and limit the supply of FX to the market.

“Pressure on the naira remains intense, and while the CBN has raised the nominal official exchange rate three times since the start of the pandemic (by 15 percent in March 2020, five percent in August 2020, and seven percent in May 2021), FX management remains too rigid to respond to external shocks. Meanwhile, exchange-rate management has emerged as one of the key drivers of inflation.”

Maintaining that the central bank is yet to introduce flexibility as it relates to responding to external shocks, World Bank stated that the NAFEX rate, which is the only officially acceptable one in the country, doesn’t represent the reality of the forex market.

“While the CBN supplied an average of $2.5bn to the Investors and Exporters forex window in the months just prior to the COVID-19 crisis, it only supplied an average of $0.5bn in the months thereafter.

“The NAFEX rate, which is now the guiding exchange rate for the economy, continues to be managed and is not fully reflective of market conditions. The parallel market premium over the NAFEX rate reached 29 percent in August 2021 after the CBN cut off its weekly supply of $20,000 per bureau de change. The CBN has intermittently supplied forex to BDCs since 2005, providing ample opportunities for currency round-tripping,” the report added.

The post Dollar To Naira: World Bank Faults Nigeria’s Forex Policies appeared first on Business News in Nigeria.

The crowns, unmaskng, learnt belongs to the Warri Kingdom.

According to the charge sheet with No: MW/178 C/ 2021, Emami, along with others now at large, allegedly committed the offence about 11.30 pm on March 30 this year in the house of the Olu of Warri.

The charge read, “That you Chief Ayirimi Emami (m) and others now at large on 30th of March, 2021 at about 11:30 pm at Olu of Warri Palace, Warri did conspire among yourselves to commit felony, to wit, Burglary and Stealing and thereby committed an offence punishable under Section 516 of the Criminal Code Cap C21 Vol. 1, Laws of Delta 2006.

“That you Chief Ayirimi Emami (m) and others now at large on 30th of March, 2021 at about 11:30 pm at Olu of Warri Palace, Warri, in Warri in Warri Magisterial District, with intent to commit a felony broke into a dwelling house of the Olu of Warri and thereby committed an Offence Punishable Under Section 411 of the Criminal Code Cap C21 Vol. 1, Laws of Delta 2006.

“That you Ayirimi Emami (m) and others now at large on the 30th March, 2021 at about 11:30 pm at Olu of Palace, Warri, in Warri Magisterial District did steal two crowns valued at Two Billion Naira, properties of Itsekiri Kingdom and thereby committed an Offence Punishable Under Section 390 (9) of the Criminal Code Cap C21 Vol. 1, Laws of Delta 2006.“

Ayiri pleaded not guilty to the three charges.

Lead counsel to the accused, Emmanuel Uti, urged the court to grant his client bail and said the accused was willing and ready to appear in court any time he was called to appear.

The post Warri Billionaire Ayiri Dragged To Court For Theft appeared first on Business News in Nigeria.

As of the time of filing this report, the cause of his demise could not be ascertained.

Making disclosure that Baba Suwe had passed away, Bolaji Amusan who’s also known as Mr Latin, the president of the Theatre Arts and Motion Picture Producers Association of Nigeria (TAMPAN), said the deceased’s son was the one that broke the sad news to him.

 “It has been confirmed that Baba Suwe is dead. I just got off the phone with his son who confirmed that the actor is dead. I don’t have much details about his death,” Punch quoted Mr Latin as saying.

More details later…

The post BREAKING: Baba Suwe Is Dead appeared first on Business News in Nigeria.

According to him, in spite of the enormous advantages African countries can leverage, Nigeria has not been positioned as the ‘real’ stakeholder for agro-export under this agreement.

Okakpu stressed that the country’s participation and gain from AfCFTA, in the agricultural value chain, depends on the effectiveness and implementation of government policies, especially in the agricultural sector.

He said that AfCFTA will form a $3.4 trillion economic bloc, which Nigeria cannot afford to be out.

Unmaskng.com understands that UNCTAD reports that trade between African nations in agricultural products as a percentage of Africa’s total agricultural trade remains below 20 percent, one of the lowest in any region. Total trade between African nations was only 2 percent in the period 2015–2017, compared with 67 percent in trade between European countries, 61 percent in Asian countries, and 47 percent in the America.

“Now, AfCFTA intends to change the narrative. It has created the world’s largest free trade area, representing the 1.2 billion consumer market, and mandates states to remove tariffs and non-tariff in order to boost shipments and services between nations and boost economic growth in doing so.

“If you look at the trend, Africa exports agricultural products such as tomatoes, onions, vegetables, cocoa, coffee, cotton, yam tobacco and spices to the nations of the world to earn significant foreign exchange. But the continent imports important foods such as cereals, vegetable oils, dairy products and meat in large quantities. Now, our neighbouring countries have positioned themselves to benefit from AfCFTA by building robust logistics and cost-effective export systems. So, looking at it critically, our logistics cost cemented our losses on AfCFTA unless we address it now, ”Okakpu explained.

Understanding AfCFTA Agreement

AfCFTA is a strategic framework adopted by 54 African countries to eliminate or reduce tariff and non-tariff barriers amongst themselves.

By doing this, the African countries believed that they would collectively build a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration and prosperity.

The post How Nigeria Can Gain From AfCFTA -Abx World’s Okakpu appeared first on Business News in Nigeria.