Agri intelligence (issue 2)

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  1. Market News: Africa loses $13 billion to Fall armyworm- USAID CBN begins disbursement of N 26 billion AGSMEIS fund. NIRSAL partners Syngenta in promoting Food Security…
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  • 1. Market News: Africa loses $13 billion to Fall armyworm- USAID CBN begins disbursement of N 26 billion AGSMEIS fund. NIRSAL partners Syngenta in promoting Food Security Dangote Flour mills, others donate threshers worth N 70 million to wheat farmers Africa loses $13 billion to Fall armyworm- USAID Agriculture experts from the USAID Bureau for Food Security have hinted that the continuous existence of the armyworm pest in Africa poses a huge threat to food security across the continent. The policy engagement coordinator of the fall armyworm task force at the USAID Bureau for Food Security, Regina Eddy, said that the effect of the pests is enormous and already Africahas lost $13 billion to the pest. She said that the pests were here to stay for at least some period of time and concerted efforts are being made to combat the pest. The invasive pest which is native to the Americas was found in 38 sub Saharan countries last year and is most destructive in its larva stage. Source: Asoko Insights. CBN begins disbursement of N 26 billion AGSMEIS fund The Central Bank of Nigeria on Thursday, 12 April 2018 disbursed the first batch of the N 26 billion AGSMEIS fund. The fund which is a voluntary contribution by deposit money banks in Nigeria. The DMBs under the scheme agreed to contribute 5% of their PAT to the central account domiciled in the central bank. The fund is aimed at providing equity to MSMEs that meet the criteria stated under the scheme. The CBN governor, Mr. Godwin Emefiele, stated that the fund is expected to grow to about N 60 billion by June 2018 and the beneficiaries of the first batch comprise youths that have concluded training programs at the FATE foundation, Thrive Agric, Lagos Business School and House of Tara. The fund was agreed upon by DMBs on February 9, 2017 during the 331st meeting of the bankers’ committee and is geared at supporting the FGN’s drive to reduce youth unemployment in Nigeria. Source: ThisDay. NIRSAL partners Syngenta in promoting food security The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending signed an agreement with Syngenta to promote food security in Nigeria. Mr. Aliyu Abdulhameed stated that the MoU was signed to bridge the need for reliable methods to increase yields. The MoU is Researched and Designed By Ogunbiyi Yusuf University of Ibadan Agri-Intelligence Weekly April 15, 2018|Issue 2
  • 2. programmed to ensure basic business management, end to end agronomy, crop protocols and safe and effective use of crop protection products. The MD noted that the partnership is not only centred on making quality inputs available, but will increase productivity, advance technology and improved practices for small holder farmers in Nigeria. Source: Agronigeria Dangote, Flour mills, others donate threshers worth N 70 million to wheat farmers The flour millers’ association of Nigeria (FMAN) donated 50 units of multi-crop threshers worth N 70 million to wheat farmers in a bid to boosting Nigeria’s self-sufficiency in wheat production. The association signed an MoU with the Wheat Farmers Association of Nigeria to purchase all the available wheat grain produced by farmers given agreed quality parameters and prevailing market prices. In fulfillment of the MoU, the association bought 2,400 metric tonnes of wheat valued at N 469 million. FMAN further fulfilled the MoU and have purchased 1,600 metric tonnes of wheat valued at N 237 million. The association has allotted the threshers and Kano, Jigawa, Kebbi and Katsina states will each receive eight units of the threshers, while Sokoto, Bauchi, Kaduna and Zamfara states will receive four units each. In addition, the association has donated N 20 million to the Lake Chad Research Institute to conduct research enhanced wheat farming technologies and modern agronomic practices capable of boosting yields. Source: Vanguard. Commodity Price Updates for 09 April- 13 April, 2018 Week Commodity Average ($) Change (%) AprW2 Cocoa 2528.411 0.23 AprW2 Sugar 12.292 -2.5 1 : ICCO Daily Cocoa Prices 2 : ISO Daily Sugar Prices Cocoa prices firmed for the week ended albeit minimal with a gain of 0.23% from $2522.56 the week earlier. The commodity continued to stay strong as perceptions concerning harvests and supply dim. The commodity has remained the star commodity of the two commodities monitored by agri-intelligence and is expected to remain so for the coming weeks. Sugar prices for the week continued its downward spiral as it lost 2.5% from the 12.60cts/Ibs average of the previous week. This is amidst excess supply that exist in the market and is expected to remain so for the coming months. This is despite the reduced amount of cane
  • 3. crushed for sugar as sugar prices fall below ethanol-parity prices. The Chinese forecast for the yearhas been revised downwards to 10.25 million tonnes from the earlier forecasted 10.30 million tonnes due to lower yields from the Guangxi region. News of the sugar tax being introduced in UK is being processed by the markets and adequate information will be available in the near future. NOTE: The trade spat between China and US is expected to caused some row in the market and you can read the expected outcome as explained here Domestic Grain Prices for the Month of April – 06 April 2018 March Maize Chmaize Soybean Chsoy Rice Chrice Region Average(N) Change (%) Average(N) Change (%) Average(N) Change (%) North Cent3 101.65 -1.38 138.04 0.72 126.84 3.63 North West 100.81 5.89 164.81 6.37 136.46 2.59 North East 88.01 5.36 157.93 2.19 108 1.25 3 : North Central Source: AFEX Commodity Weekly Bulletin The domestic prices for grains in the northern (source) markets have continued in their northward trajectory except for a drop in maize prices in the north central grains markets. The average increase across the various commodity markets have continued to maintain a positive growth and is expected to remain so. Soy bean has once again retained its superb performance and is poised for significant arbitrage benefits as the price differentials across the northern grain markets remain significant. The highest growth for the week was seen in North western soy bean prices which rose by 6.37% to a 13 week maximum of N164.81. The prices for maize in the north western and north eastern markets also gained significant momentum with both rising by 5.89% and 5.36% respectively. Moving forward, commodity prices are expected to continue their upward trend, especially for soy beans.
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