Skip to main content

Nigeria to improve wheat production with locally modified seeds


 Nigeria has moved to boost the production of wheat in the country as it partners with food and agri-business giant, Olams International Limited, to develop seed varieties of the grain that are suitable for its climate, which will boost local output and reduce the country’s dependence on importation of the product.

This is coming at a time that the global food system has been in crisis due to the pressure from the Russia-Ukraine war.

According to Bloomberg, this was made known by the Country Head for Olam-Agric Nigeria, Ashish Pande, during a virtual media briefing where he said that Olam unit Crown Flour Mill has produced the nucleus seeds suitable for Nigeria’s topography and climate.

The Principal Research Officer at Lake Chad Research Institute, Kachalla Mala, had also at the event said that the new seeds give assurance that the investment of Olam will accelerate production in Nigeria, Africa’s largest buyer of wheat, across the wheat-farming belt.

What you should know
  • The Central Bank of Nigeria (CBN) has consistently been trying to boost wheat production locally in order to address the rising cost of the commodity through various support programmes to farmers in terms of funding, inputs, technical know-how, off-taking arrangements and others.
  • The apex bank had in April 2021, included wheat as one of the items listed in the Forex restriction list in order to encourage local production of the commodity and ultimately reduce the pressure on Nigeria’s foreign exchange market.
  • The CBN had also earlier in the year announced an increase in funding to stimulate local wheat production due to global increase in prices as well as the need to redirect the foreign exchange spent on importing the commodity.
  • Nigeria imports most of its wheat for local consumption as the US Department of Agriculture had said that the country only produced 1% of the 4.7 million tons of the commodity it consumed in 2021
  • Local wheat production has been negatively affected by lack of appropriate seed varieties that can be grown in local weather conditions, high fertilizer costs and the lack of irrigation facilities.
  • The boosting of local production of wheat has become very imperative due to the impact of the Russia-Ukraine war which has affected food prices globally.
  • Russia and Ukraine account for one-third of global wheat production, with expected shortage of the commodity in the global market

Comments

Popular posts from this blog

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

  The Chief Executive Officer of MTN Ghana, Selorm Adadevoh ,   has been adjudged  CEO of the Year  –  Telecom  at the  2 nd  edition of the  Ghana CEO  Vision  and  Awards   held  in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm  Adadevoh’s award  is in recognition  of  his   achievements   in the areas of   sustainability, leadership excellence, innovation and others  in the telecoms space  which  has contributed to  job creation to support the  growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services ,  expressed appreciation to the organizers for the award. He  noted that  th e  award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

 Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of