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CBN To Launch N10 Billion Fund For Egg Production In Nigeria

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CBN To Launch N10 Billion Fund For Egg Production In Nigeria

The Federal Government, with the support of the Central Bank of Nigeria (CBN), has disclosed plans to launch a N10billion fund for the National Egg Production Scheme (NEPRO) in the country.

The target of the scheme is to achieve a daily production of 50million eggs over the next five years for the purpose of local consumption, export and processing into egg powder for use in confectionaries and pharmaceuticals.

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The Minister of Agriculture and Rural Development, Audu Ogbeh, during a press conference announcing the launch of the programme in Ondo State, last Friday disclosed that the programme would provide one million jobs nationwide through egg production, processing and marketing.

Noting that there may have been a loss of four million jobs in the city last year, he said an additional six million jobs were created in the rural areas in the last two years, and additional one million jobs from the egg production would increase the number of jobs created in the sector.Ogbeh disclosed that the loan to be provided by the CBN will be disbursed by the Bank of Agriculture (BoA), at a single digit interest rate of nine percent, and would be piloted in six states of Abia, Cross River, Ondo, Kebbi, Kogi and Ondo.

Ogbeh explained that if the loan is approved by the CBN each farmer would get N4.2million with repayment spread over 30 months, each farmer would be self reliant with physical assets worth over N2.8million and cash assets of N1.68million.

The programme would also develop local capacity for the processing of minimum of 75 percent of table eggs, produced shelf table egg based products such as egg powder.

The Chairman, Tuns farm, Tunde Badmus, the anchor person for the programme, commended the government for the support given to poultry farmers, saying it was the first time they were getting such support from the government.

The project will be officially flagged off today (Friday), nationwide and would help conserve foreign exchange through the provision of egg processing machine to turn egg into powder.He said: “the secondary aspect of the production is processing that is capable of crushing 200,000 eggs per hour. The factory is expected to take off in June this year, because it is expected that the eggs would start coming out from that period.”

He disclosed that they are in talks with the Nigerian Railway Corporation, to provide a railway coach that would be specifically designed to convey eggs from different parts of the country to the processing plants.

EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

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Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

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MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

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Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

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BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

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Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

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