NEWS

CBN rallies banks for N25b agric investments in Sunti

Published

6 years ago

March 19, 2018

Central Bank of Nigeria’s (CBN) governor Godwin Emefiele. / AFP PHOTO / PHILIP OJISUA

The Central Bank of Nigeria (CBN) has invested no less than N25 billion under its agriculture intervention efforts in Sunti Golden Sugar, as it restates commitment to the development of the sector and its allied products.

The CBN Governor, Godwin Emefiele, who made the disclosure at the inauguration of the Sunti Golden Sugar Estates, in Mokwa Local Government Area of Niger State, reiterated that the sector’s potential in supporting growth of the country on a sustainable basis.

According to him, the N25 billion was facilitated through a consortium of banks at a single digit interest rate repayable in a period of 10 years.
He said any individual or company that wants to go into agricultural and agro-allied productions should count on the support of the bank.
Emefiele expressed satisfaction on the level of work done by the company, saying it is in tune with the present administration’s notion that Nigerians should produce what they eat and eat what you produce.

Earlier, President Muhammadu Buhari, at the inauguration, said the sugar factory project is timely as the country makes giant strides out of recession and the economy continues to show considerable progress.

He said that one of the cardinal objectives of his administration is to look inward and focus on the country’s natural endowments, particularly the non-oil sector, for inclusive growth and developments.

Buhari noted that the level of work and magnitude of investment that is been witnessed is a clear demonstration that his administration’s policies on economic diversification are attracting the right kind of support and engagement.

The Chairman of the Flour Mills of Nigeria, owners of the Sunti Golden Sugar Estates, John Coumantaros, said the sugar factory is a strategic investment designed to accelerate the production of sugar in Nigeria.

He added that the factory, which saved the country about $100 million in foreign exchange yearly, is aimed at achieving self-sufficiency in the production of sugar for the nation.

Coumantaros, who commended the CBN and its Governor for the support in making the sugar estate a reality, said the era of Nigeria solely depending on crude oil for foreign exchange is over with the inauguration of the largest sugar factory, which is poised to overhaul the entire agriculture sector in the country.

Sunti Golden Sugar Estates comprises 17,000 hectares of arable farmland and a sugar mill that processes 45,000 tonnes of sugar per day.

At its peak, it will provide direct employment for about 10,000 people yearly and impact up to 50,000 others indirectly, including 3,000 small scale out-growers, who will be cultivating sugarcane to feed the mill.

The Estate, at full capacity, is expected to produce one million-tonne sugar, which translates into 100,000 metric tonnes of sugar yearly.
Guardian

Related Topics:CBN Godwin Emefiele Muhammad Buhari

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NEWS

Ayra Starr Launches Doll Collection

Published

12 hours ago

July 26, 2024

Adaeze Okechi

Ayra Starr is a famous singer from Nigeria. She has become very popular in the music world. Many people like her special way of singing and her unique style. Ayra Starr has launched a doll collection. She is making dolls that look like her. These dolls are special because only a small number of them will be made. This is called a “limited edition.”

On Thursday, Ayra Starr told her fans about these new dolls. She shared this information on her social media accounts. These are websites and apps where she can talk directly to her fans.

The News Agency of Nigeria, also called NAN, reported this story. NAN is a company that collects and shares news in Nigeria.

She wrote, “I’m so excited to share this project with my fans. The Ayra Starr Dolls are a representation of my music, style, and personality. I can’t wait for everyone to see them and experience the joy!”

View this post on Instagram

A post shared by Celestial being 👼🏾🤍🎖 (@ayrastarr)

Ayra Starr says her new doll collection will be sold in several places.

You can buy them in Lagos, which is a big city in Nigeria. They will also be available in the United States, the United Kingdom, and France.

Ayra Starr is doing something fun for her fans. She’s having a contest on social media. If you win this contest, you can get one of these special dolls. She will tell people how to enter the contest soon. She’ll share this information on her social media accounts.

Ayra Starr’s real name is Oyinkansola Aderibigbe. She became famous in 2020 when she released a song called “Away”. Now, many people in Nigeria and other countries know who she is.

Ayra Starr’s music is special. It mixes different styles like Afrobeats, R&B, and pop. People of all ages enjoy her music.

Ayra Starr has won prizes for her music. In 2021, she won the Headies Award for Best New Artist. She is a nominee for other awards. These include the BET Awards and the MTV Africa Music Awards.

By making these dolls, Ayra Starr is growing her business. She wants to inspire girls and women all over the world. She does this with her music, her style, and her business ideas.

Check out more updates here.

ENTERTAINMENT

Musician Khaid Returns To Social Media After Protracted Illness; Unfollows All But Olamide

Published

1 day ago

July 25, 2024

Reporter

Musician Khaid returns to social media after illness | fab.bg

Khaid, a rising Nigerian music star, has recently returned to social media after a period of absence due to a serious health issue. He had been hospitalized for a month due to internal bleeding, which caused significant concern among his fans and fellow artists.

The young artist, whose real name is Sulaimon Shekoni Abiola, had been away from the public eye for several months. His health condition was initially revealed by his manager and record label boss, Sydney Talker. Videos showing Khaid in distress circulated online.

Upon his return to social media, Khaid made some dramatic changes to his online presence.

Most notably, he has unfollowed everyone on his Instagram account except for one person: the well-known musician Olamide. This unexpected action has sparked curiosity and speculation among his followers and industry insiders about potential changes in Khaid’s professional relationships.

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A post shared by Little snow ☃️ 444 (@khaidxr)

The only hints about Khaid’s current state of mind come from a series of cryptic posts he has shared. These posts appear to address his critics and suggest that he may be experiencing both personal and professional conflicts.

“Y’all set me up but can never shut me up. FYI, I’m Young Trump, I wish y’all long life so y’all can reap what you’ve sown accordingly,” Khaid wrote in one of his posts. “Thank God for helping me overcome what many would face and die. They can’t hold the boy down, we rise again!”

Khaid’s decision to unfollow Sydney Talker on social media has surprised many.

Sydney Talker was instrumental in Khaid’s rise to fame, having signed him to Neville Records. This action has led to much speculation about possible conflicts or changes in their professional relationship.

Khaid and Sydney Talker

The exact reasons for Khaid’s dramatic social media changes are not yet known. Some people think this could be a strategy to gain public attention. Others believe it might indicate serious issues within Khaid’s professional circle.

Despite these controversies, many of Khaid’s fans continue to show strong support for him. They are excited to see what he will do next in his career.

Khaid’s recovery from his health problems and his return to social media represent a personal victory. Also, it shows the beginning of a new phase in his music career.

As Khaid moves forward in the music industry, his determination and resilience are clearly evident. Both his supporters and critics will be paying close attention to his next moves.

Khaid’s story is still developing, and many are interested to see how he will navigate the challenges and opportunities that lie ahead in his career.

Check out more updates here.

NEWS

Netflix Subscription Prices Increases In Nigeria For The 2nd Time This Year

Published

1 day ago

July 25, 2024

Reporter

Netflix increases subscription prices in Nigeria 2nd time | fab.ng

Netflix has significantly increased its subscription fees for Nigerian users. This marks the second time the popular streaming platform has raised prices in just three months. The substantial hike, impacting all subscription tiers, has drawn criticism from subscribers already burdened by the rising cost of living.

With this latest adjustment, Netflix joins a growing list of companies increasing their prices in Nigeria. This adds to the financial strain on consumers.

“As we continue to add more TV shows and movies and introduce new product features, our plans and prices may change. We also may adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation,” it said in a statement on its website.

Netflix has recently revised its pricing structure in Nigeria, affecting all four of its subscription plans.

The mobile plan, which allows one user to watch on a mobile device, has seen a significant price increase from ₦1,200 to ₦2,200, representing an 83% rise.

The basic plan’s monthly cost has gone up from ₦2,900 to ₦3,500. For the standard subscription, which offers HD quality viewing on two devices simultaneously, the price has increased from ₦4,000 to ₦5,000 per month.

Netflix subscription prices in Nigeria increases the 2nd time | fab.ng

Netflix pricelist

The premium plan, providing Ultra HD quality on four devices at once and download options for six devices, will now cost ₦7,000 per month.

Despite being Africa’s most populous country, Nigeria represents a relatively small market for Netflix. This accounts for only 10.5% of the company’s total subscribers in Africa, according to Omdia Research.

Netflix has been implementing similar price adjustments in other international markets. United States, the United Kingdom, and France, all inclusive.

This price increase comes at a challenging time for Nigeria. This is because the country is currently dealing with rising inflation and a cost of living crisis.

Netflix is not alone in raising prices. Other streaming platforms, such as Multichoice’s Showmax, have also increased their subscription fees earlier this year. This led to public dissatisfaction.

Check out more updates here.