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Why Cocoa is no Longer a Cash crop in Nigeria

“With such challenges, cocoa farmers have began to switch trade either for other products such as the palm oil as it is weather and season resistant or give up for other trades entirely.”

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Why Cocoa is no Longer a Cash crop in Nigeria

There was a time Nigeria was highly known for being rich exporters of Cocoa round the globe, and how the country made millions if not billions just by trading in Cocoa.

Then, the economy was good, the real big boys back then were the farmers or large land owners who used their lands for production.

In essence, products like Cocoa, cotton and certain food crops were the big businesses that created millionaires then. But, somehow people just wanted the easy life in the city that came with the promise of Oil and Gas.

Boom! Then all of a sudden, here comes modern day Nigeria where from feeding other countries, its citizens no longer can feed themselves.

Speaking on why Cocoa no longer is viable to be called a cash crop any longer, the vice chairman of the Cocoa Association of Nigeria, Mr. Thomas Ekpenriebe, revealed that the cocoa bean Nigeria produces, no more has the count they need.

It means, compared to other countries where foreign buyers trade with, the bean count Nigeria produces is significantly smaller. And considering it’s a business, of course no one would settle for less if they get to be offered more. No hard feelings on that one.

Why Cocoa is no Longer a Cash crop in Nigeria

In an interview in Edo State, while with journalists, he revealed in quote:

“The bean count of our cocoa is very low; 300 seeds, or at most 310 or 320 are supposed to give you a kilo.

“So, if 300 didn’t give you a kilo, it means the seeds didn’t do well and the weight would be less.” He said.

The vice chairman of the association then went on to add that:

“Foreign buyers are not making profit because by the time they peel the seeds, the beans inside would not be encouraging. So they don’t buy our cocoa now, but they are waiting until the beans count appreciates before they start.

“So, for two months now, that led to the reduction in price from N1,100 to N900 or N950. Cocoa farmers are losing N200 or N150 per kilo,

“Presently, there is cocoa but no money outside. Even those that are ready to buy reduce the price from N1,150 per kilo to N900 or N950, depending on the area per kg instead of N1,100 two months ago. That’s one challenge,’’ he noted.

Mr. Thomas Ekpenriebe also explained the impact the short rainfall in the country has had to the growth of the crop alongside the poor irrigation system plaguing farmers.

“Since June 1 in our area, we have not seen rain, and this is the time when farmers are supposed to be transplanting cocoa but there’s no rain; and before you know it, dry season will set in and the cocoa may die. This, among others, is affecting us,’’ he revealed.

With such challenges, cocoa farmers have began to switch trade either for other products such as the palm oil as it is weather and season resistant or give up for other trades entirely.

The vice chairman of the association also labeled blames on the government for their lack of impact in helping the situation and solving the problems plaguing cocoa farmers.

He lauded praises on the Ondo government who he stated were doing more to help its farmers hence why they did better than the farmers from the Edo region.

As a final word, Ekpenriebe called on the government at both state and federal level to do what best it can to encourage cocoa farming through its policies and programme to help boost consumption and encourage sales and in turn production locally.

If crude oil isn’t doing it anymore, it’s probably to the best interest of the economy, Nigerians and the naira if other alternatives are looked at and actually taken as priority other than mere political schemes to score points.

 

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The Reason Nigeria’s Central Bank is debiting Banks

“For failing to satisfy the required minimum cash reserve ratio, 15 banks have been debited 838.32 billion by Nigeria’s central bank.”

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The Reason Nigeria’s Central Bank is debiting Banks

For failing to satisfy the required minimum cash reserve ratio, 15 banks have been debited 838.32 billion by Nigeria’s central bank.

First Bank, Zenith Bank, Access Bank, Union Bank, United Bank for Africa, Polaris Bank, and Keystone Bank are a few of the banks that are impacted.

In an effort to stop inflation and currency devaluation in the nation, the Central Bank of Nigeria (CBN) declared in September that the CRR will be raised to 32.5%.

As a result of 15 banks failing to satisfy the required minimum cash reserve ratio (CRR) standard, the Central Bank of Nigeria has debited them 838.32 billion.

Zenith Bank (270 billion dollars), Access Bank (205 billion), United Bank for Africa (134 billion dollars), FCMB (90 billion dollars), First Bank (33 billion dollars), Union Bank (29 billion dollars), Keystone Bank (14 billion dollars), Titan Bank (11.6 billion dollars), Polaris Bank (10 billion dollars), Nova (5.5 billion dollars), Unity Bank (one billion dollars), Heritage Bank (470 million dollars), FBN Microfinance Bank (460 million dollars), and Suntrust Bank (92 million dollars) are among the affected banks.

The Reason Nigeria’s Central Bank is debiting Banks

The amount of customer deposits that must be held with the Central Bank is known as the CRR. Commercial banks are required to deposit 325 for every 1,000 that their customers deposit at the present rate of 32.5%.

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), said at a meeting of the monetary policy committee in September 2022 that the bank was increasing its CRR from 27.5% to 32.5% as part of its efforts to control rising inflation in the nation.

The benchmark interest rate was also hiked by the CBN to 15.5% in addition to the CRR.

He said that failing banks would be prohibited from using the foreign currency market until they comply with the new rule. The CBN Governor added that one of the causes of the rising inflation rate and currency depreciation was the economy’s increased liquidity.

An effective way to control the flow of money through an economy is to raise the CRR. It has an impact on banks’ access to capital as well as their capacity to extend loans. Additionally, banks’ interest rates can rise as a result of this.

It also guarantees that banks will have a sizeable reserve to fall back on if clients demand their money.

 

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Africa’s GDP at 35% risk to Climate Change

“The president and chief executive officer (CEO) of the Africa Finance Corporation (AFC) stated during a panel discussion at the Reuters Impact climate conference on October 3rd in London that the continent’s gross domestic product (GDP) is at danger by up to 35% due to climate concerns.”

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Africa’s GDP at 35% risk to Climate Change

The president and chief executive officer (CEO) of the Africa Finance Corporation (AFC) stated during a panel discussion at the Reuters Impact climate conference on October 3rd in London that the continent’s gross domestic product (GDP) is at danger by up to 35% due to climate concerns.

He asserts that the number will continue to rise as long as Africa lacks climate change-resistant infrastructure.

The AFC, according to Zubairu, thinks that Africa has a chance to seize the moment and develop ecosystems of adaptation because of the difficulties associated with the energy transition, the energy crisis, and the food crisis that Africa and the rest of the world are experiencing.

Africa must create ecosystems that enable reforestation so that trees may absorb carbon and provide women with access to cleaner cooking options because the use of firewood as a cooking fuel depletes the forests, which serve as carbon sinks. Only 1% of the world’s finest solar resources are used, even though 60% of them are in Africa. The underdeveloped hydropower and natural gas resources of Africa could be a major factor in the current global difficulties, according to Zubairu’s statement.

To achieve a just energy transition, Zubairu stressed to the guests of the Reuters Impact conference the importance of dependable access that is affordable for the great majority of people.

In addition, he pointed out that up to 900 million Africans lack access to clean cooking, making up 80% of the world’s population without access to power.

Africa’s GDP at 35% risk to Climate Change      Africa’s GDP at 35% risk to Climate Change

“Just transition for us is access to energy that is affordable, energy access that does not compromise economic development in Africa, and energy access that allows for the key challenges around financing, and adaptation to be resolved at the same time as economic development.

“When we look at projects and opportunities, we are trying to see how we can build an ecosystem along value chains that allow for carbon neutrality as we go along but the focus is on economic development,” Zubairu says.

Numerous parties have urged to cast doubt on the philosophy underlying the Global North’s advice to Africa not to exploit its natural gas resources. Zubairu contends that asking individuals to stop using gas while imports of fuel oil or the use of coal are options is inappropriate. He claims that the AFC built Cape Verde’s first wind farm, which provides 20% of the island’s energy needs.

The company is also constructing the first independent power project (IPP) in Djibouti to replace fuel imported from Ethiopia, a gas-fired plant in Ghana to replace fuel imported in the form of fuel oil and diesel, as well as a gas plant in Senegal to use Senegalese natural gas. He claims that each of these initiatives lowers carbon emissions.

Zubairu urges Africans to be practical in his appeal for a consensus between the continent’s political and commercial elites to address the continent’s current energy poverty concerns.

He claimed that focusing on emissions reductions, to which Africans contribute the least, is not the most sensible course of action. Instead, emphasis should be placed on increasing capacity for solar energy, using electric vehicles, and altering how resources are extracted from the continent.

He claims that after mining, the minerals are sold to Asia, where they are processed before being exported to other regions of the world. He claimed that this could not go on and that Africa needed to process its mineral resources as well so that value could be captured before exports and that it could increase its mining capability.

Africa has to increase its mining capability, more minerals should be found, mined, and processed on the continent, according to Zubairu. Infrastructure capacity will rise with increased investments in adaptation.

Sudanese philanthropist Mo Ibrahim spoke forcefully for energy justice during the same panel discussion. He explained to the audience that a country’s carbon emissions increase with its level of development.

Africa’s GDP at 35% risk to Climate Change Africa’s GDP at 35% risk to Climate Change

“You cannot discuss environmental justice without addressing energy justice,” he asserts.

Despite being the lowest contributors to CO2 emissions, Africans are the ones most impacted by climate change. Desertification causes disputes between farmers and herders throughout Africa; these conflicts are distinguished by violence in Sudan and Nigeria due to environmental implications.

Africans are suffering as a result of external causes which Zubairu says he finds absurd that some people traveled to Glasgow last year and made the decision to stop funding worldwide fossil fuel projects. 600 million people in Africa lack access to electricity.

On the continent, there would be no jobs, no healthcare, and no education. Without regard for what the global South needs, the global North constantly discusses and makes decisions.

We are not allowed to use our gas, even though Europe receives half of the natural gas produced in Africa. This type of injustice must end; without Africans’ participation at the table, no one should discuss justice, he alleges.

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Heineken Invites Graduates for Finance Mgt Program in Cairo

“Graduates are invited to apply for Heineken’s Finance Management Trainee Program in Cairo.”

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Heineken Invites Graduates for Finance Mgt Program in Cairo

Graduates are invited to apply for Heineken’s Finance Management Trainee Program in Cairo.

The Heineken Finance Management Trainee Program is now taking applications, and young graduates who are eager and ambitious are encouraged to apply. Graduates will have a variety of professional opportunities as a result.

The program is designed to provide you early responsibility and enable you to get started right away. Additionally, a portion of your time will be dedicated to job-specific training to ensure that you have the skills you need as an employee for our organization.

Graduates of the trainee program will have the opportunity to receive regular feedback as well as training from knowledgeable coaches.

Heineken Invites Graduates for Finance Mgt Program in Cairo

The program going by its details takes place in Cairo, Egypt; the North section of Africa and its basically centered on those in the Finance field with a Bachelor’s degree qualification. The program is intended to run for 2 years with the application date closing 30th November 2022.

The Heineken scheme covers people of different nationalities.

Rotations among the Finance department’s duties are part of the Management Trainee Program. To guarantee that the joiners have access to a variety of learning and development opportunities, you will be given a specific assignment for each role.

To apply, click here

 

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