By Aliyu Galadima 

Federal Government has commenced the establishment of a Bamboo development factory in Kogi State.

The Minister of Environment, Balarabe Lawal, who disclosed this yesterday during a Ministerial briefin, held in Abuja, stated that the initiative aims to boost the Bamboo and Rattan Economy in Nigeria.

“The Ministry has commenced implementation of a Bamboo development factory in Kogi State to promote Bamboo and Rattan Economy in Nigeria in line with the diversification drive of the Renewed Hope administration.

“Feasibility studies for the development of seven more Bamboo factories are ongoing in Ogun, Cross Rivers, Kaduna, Edo, Benue, Ekiti and Taraba States”, he said.

He added that the Ministry’s Department of Forestry has been actively working on various initiatives to promote environmental sustainability and socio-economic development.

In addition to the Bamboo factory, the Minister stated that the Ministry has planted over 4 million trees across the country in collaboration with the National Agency for the Great Green Wall ,NAGGW, and the Accelerating Community-based Restoration of the Sahel Land ,ACReSAL.

“Massive afforestation programmes are being carried out in Bagga Forest Reserve, Tila, Arewa LGA of Kebbi State as well as, Agwada Kokona LGA of Nasarawa State and Karara, Lokoja LGA, Kogi State by the Ministry”, he said.

Lawal noted that the National Agency for the Great Green Wall has also made significant strides, including raising millions of seedlings, establishing shelterbelts, and conducting vocational training and empowerment programmes for youth and women in frontline states.

Lawal emphasised the importance of a multi-stakeholder approach in addressing environmental challenges, involving government agencies, private sector actors, communities, and development partners.

He highlighted the need for strengthening policies, improving enforcement mechanisms, increasing financial investments, and enhancing public awareness to achieve sustainable environmental management and resilience to climate change.

The Minister expressed his profound gratitude to President Bola Ahmed Tinubu for his unwavering commitment to environmental sustainability and support for the Ministry’s programmes and initiatives.

The Minister also called for collective action, involving everyone, including members of the press, to drive sustainable development for the benefit of current and future generations.

… Kano, Katsina, Kaduna Worst Hit States

By Yahaya Umar 

Barely a year after announcing the outbreak of Tuta absoluta, commonly known as the tomato leaf miner or ‘Tomato Ebola,’ the Minister of Agriculture and Food Security, Abubakar Kyari, revealed yesterday that the disease destroyed over N1.3bn worth of tomatoes.

The economic loss recorded in Kano, Katsina and Kaduna States was revealed at the ongoing four-day capacity-building workshop organised by HortiNigeria in collaboration with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Plc.

Speaking at the financial summit in Abuja, Kyari said the tomato ebola had underscored the fragility of the country’s horticultural systems, adding that the invasive pest could decimate tomato crops within 48 hours, leading to catastrophic yield losses.

He said, “With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly.

“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking.

“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.

“The 2024 National Bureau of Statistics ,NBS, tomatoes led the food price index with a staggering 320% year-on-year increase, followed by peppers and other produce.

“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain”.

Kyari noted the vast importance of positioning the horticultural sector of the country to meet consumers’ demand.

He added that despite the challenges in the horticulture sector, it remained one of the most promising frontiers for agricultural transformation, noting that, unlike staple crop farming, horticulture offered higher value per hectare, ideal for smallholder commercialisation, shorter production cycles and allowing multiple harvests annually.

“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration.

“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade”, he emphasised.

Speaking further, he said, “Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops.

“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.

“Scaling up their production and affordability is key to ending malnutrition in all its forms”, he added.

He urged financial institutions to map and understand the horticulture value chain from seed to shelf, develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.

…Monetary tightening liquidity management expenses gulps N4.5tn

By Charles Ebi 

Between January and December 2024, the Central Bank of Nigeria recorded a reduction of about N4.2tn in loans and receivables from N16.1trn to N11.9trn.

This N4.2tn is contained in the apex bank financial statement for the 2024 period.

The N4.2tn reduction in loans and receivables is primarily attributed to significant recoveries from earlier intervention lending programs, a deliberate policy shift away from intervention lending and monetary financing through ways and means.

This, the apex bank stated, is in line with it’s new stance on allowing market mechanisms to drive credit allocation and financial sector development.

Despite the loan recovery, the apex bank experienced a notable uptick in its expenses in 2024 as the liquidity management operations costs rose to N4.5trn from N1.5trn in 2023.

This increase was in tandem with the tightening monetary policy stance adopted to combat inflationary pressures throughout the year.

In pursuit of its monetary tightening policy, the CBN conducted more frequent and higher-value Open Market Operations ,OMO, to mop up excess liquidity arising from fiscal injections at a significant cost.

This is a responsibility that the CBN has been carrying out on behalf of the federation, but in some jurisdictions, this cost is borne by the government.

The financial statements also reflect an increase in the loss on settled derivative contracts during the year from ₦6.3tn in 2023 to ₦13.9tn in 2024.

This development, according to the CBN Report is a direct consequence of the high volume of derivative contracts settled by the Bank in 2024.

These are legacy transactions that the current management met on the resumption of their office.

The proactive settlement effort was undertaken as part of CBN management’s broader strategy to reduce outstanding foreign exchange liabilities, thus lowering its FX exposure, boost net foreign reserves, thereby improving Nigeria’s external buffer and investor confidence, restore credibility to Nigeria’s forward markets and address legacy obligations transparently.

In the area of external reserves, the CBN Report stated that there was an increase from $36.6bn in 2023 to $38.8bn in 2024.

This, it noted, is largely attributable to improvement in accretion to external reserves from portfolio investors, diaspora remittances and Federal Government receipts following improvement in the confidence in the economy.

The performance reflects the CBN’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilize the Naira, and boost macroeconomic confidence.

There was also an improvement in the deficit position of ₦1.3tn in 2023 to a surplus of ₦165bn in 2024. The turnaround is a direct consequence of effective containment of expenditure, gains on investments made by the Bank and increased income from foreign exchange transactions.

Operating expenses in 2024 were well-managed and optimized, reflecting a cost-conscious culture. This was achieved through strategic cost rationalization initiatives, including reduction in non-essential spending and streamlined operations across regional branches and departments.

The apex bank added that the improved performance of in 2024 is not coincidental but a product of deliberate, and strategic management efforts.

It added that the bank’s leadership has reinforced governance and accountability, instilling operational discipline, pursued a balanced monetary policy stance, ensuring price and financial system stability.

These reforms, it noted, have collectively repositioned the CBN as a credible monetary authority, with its 2024 financial results serving as proof of its unwavering resolve to support economic recovery, safeguard financial stability, and build public trust.

Joel Ajayi

In a significant step towards boosting Nigeria’s agricultural sector and driving economic growth, the Federal Government has expressed its commitment to partnering with Propcom+, a UK Aid-funded programme, to enhance agricultural productivity and improve livelihoods.

This initiative was underscored when the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, received in his office in Abuja today a delegation from Propcom+, the UK Aid-funded programme focused on climate-resilient and market-led agricultural development.

HM Edun highlighted the government’s commitment to driving inclusive economic growth through strategic investments in agriculture.

He noted that efforts are being coordinated in partnership with the Federal Ministry of Agriculture, the African Development Bank, and other stakeholders to expand access to subsidised inputs and finance for smallholder farmers across both wet and dry seasons.

The Minister also underscored the importance of efficiency and transparency, citing the use of biometric systems for direct benefit transfers to vulnerable populations, and ongoing initiatives to connect farmers with viable markets—ensuring that interventions deliver measurable value to communities across the country.

Led by Dr Adiya Ode, the Political Director and Team Leader, the Propcom+ team expressed interest in supporting Nigeria’s ongoing reform efforts, with a particular emphasis on enhancing agricultural productivity and improving livelihoods in conflict- and climate-affected regions.

This partnership marks a crucial milestone in Nigeria’s quest for sustainable agricultural development and economic growth and is expected to have a lasting impact on the lives of millions of Nigerians.