Post by Trade facilitator on Oct 10, 2011 22:11:44 GMT 1
NIGERIAN Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has tasked the Federal Government on speedy development of non-oil exports, in order to achieve sustainable economic growth for Nigeria.
The chamber specifically urged government to give special priorities to the nation's agricultural and solid minerals sectors, saying their development would help in diversifying and transforming the economy within four years.
NACCIMA President, Ademola Ajayi, made the appeal at the chamber's third quarterly briefing, which was held in Kano recently.
To boost non-oil exports, Ajayi said government must be willing to strengthen agencies such as Nigerian Agricultural, Co-operative Rural and Development Bank (NACRDB), Nigerian Export Promotion Council (NEPC) and Nigerian Export and Import Bank (NEXIM), which can play critical roles in improving the poor state of the sectors.
While noting that agricultural productivity and production is currently at the lowest ebb, due to lack of financial supports and incentives for farmers to boost their activities, he decried that the sector only receives less than two per cent of total loanable funds.
He said agribusiness could be quickly stimulated in the country by supplying all inputs to farmers to enable them generate four million new jobs within the next four years.
He said: 'Government needs to restructure NACRDB to cover both agriculture and rural development with a minimum capital of N1 trillion and interest rate at a maximum of five per cent. 'Extension services should be intensified in order to provide clearer understanding to peasant farmers in respect of improved seedlings and animal breeds, the use of fertilisers, management of problems associated with pests and diseases, crop storage and transportation.
'Government should develop competitiveness in agricultural value chain in cocoa, oil palm, cotton, cassava, sorghum, soya beans and livestock by improving quality and distribution of fertilisers.'
The NACCIMA president noted that government should provide financing and other incentives to encourage mining and processing activities, for example, gypsum to meet the needs of the local cement-manufacturing firms.
'There is need to urgently put in place an integrated database for solid minerals development as it would be useful for appraisal, monitoring and control.
He also called on government to legislate an all-inclusive mining policy, covering all aspects of mining and mineral processing activities in the country.
Nigeria has over the years become a net importer of agricultural produce, especially rice, sugar, wheat, fish and maize, due to acute neglect of agriculture since the discovery of oil in commercial quantity in early 1970s.
It was estimated that the country spent N98 trillion to import the food items for local consumption between 2007 and 2010, thus lavishing a large chunk of earnings in the period.
Despite the huge deposit of solid minerals in the country, government is still unable to explore enormous opportunities in gold, gypsum, graphite, iron ore, limestone and uranium, to mention a few.
Source: allafrica.com/stories/201110101674.html
The chamber specifically urged government to give special priorities to the nation's agricultural and solid minerals sectors, saying their development would help in diversifying and transforming the economy within four years.
NACCIMA President, Ademola Ajayi, made the appeal at the chamber's third quarterly briefing, which was held in Kano recently.
To boost non-oil exports, Ajayi said government must be willing to strengthen agencies such as Nigerian Agricultural, Co-operative Rural and Development Bank (NACRDB), Nigerian Export Promotion Council (NEPC) and Nigerian Export and Import Bank (NEXIM), which can play critical roles in improving the poor state of the sectors.
While noting that agricultural productivity and production is currently at the lowest ebb, due to lack of financial supports and incentives for farmers to boost their activities, he decried that the sector only receives less than two per cent of total loanable funds.
He said agribusiness could be quickly stimulated in the country by supplying all inputs to farmers to enable them generate four million new jobs within the next four years.
He said: 'Government needs to restructure NACRDB to cover both agriculture and rural development with a minimum capital of N1 trillion and interest rate at a maximum of five per cent. 'Extension services should be intensified in order to provide clearer understanding to peasant farmers in respect of improved seedlings and animal breeds, the use of fertilisers, management of problems associated with pests and diseases, crop storage and transportation.
'Government should develop competitiveness in agricultural value chain in cocoa, oil palm, cotton, cassava, sorghum, soya beans and livestock by improving quality and distribution of fertilisers.'
The NACCIMA president noted that government should provide financing and other incentives to encourage mining and processing activities, for example, gypsum to meet the needs of the local cement-manufacturing firms.
'There is need to urgently put in place an integrated database for solid minerals development as it would be useful for appraisal, monitoring and control.
He also called on government to legislate an all-inclusive mining policy, covering all aspects of mining and mineral processing activities in the country.
Nigeria has over the years become a net importer of agricultural produce, especially rice, sugar, wheat, fish and maize, due to acute neglect of agriculture since the discovery of oil in commercial quantity in early 1970s.
It was estimated that the country spent N98 trillion to import the food items for local consumption between 2007 and 2010, thus lavishing a large chunk of earnings in the period.
Despite the huge deposit of solid minerals in the country, government is still unable to explore enormous opportunities in gold, gypsum, graphite, iron ore, limestone and uranium, to mention a few.
Source: allafrica.com/stories/201110101674.html
