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CBN invests over N120 billion on 320,000 farmers across CTG within four years

CBN has invested over N120 billion on 320,000 Cotton, Textile and Garment (CTG) farmers within four years.

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The Central Bank of Nigeria (CBN) via its verified Facebook account has announced that it has spent over N120 billion across the Cotton, Textile and Garment (CTG) sector, with over 320,000 beneficiaries (farmers) financed between 2016-2020.

This is in line with the diversification agenda of the present Federal Government, as enshrined in the Economic and Recovery Growth Plan (2017-2020).

Backstory

This latest development is the sequel to an earlier disclosure by CBN to invest over N100 billion in the CTG value chain. In addition, It was earlier reported on the inherent economic potentials available in the CTG sector. It reported that if well harnessed, the sector has the potential to create nothing less than 2 million jobs and save the nation about $4 billion of our hard-earned forex on import bills annually.

What to expect

CBN justified the investment in the sector so far. According to the post, the following are the expected outcome of its sustained financing in the aforementioned sector:

  • The expected output for seed cotton in 2020 is projected to be over 300,000 metric tons
  • Enhance production capacity of Ginneries to over 102,000 metric tons of cotton lint, which is expected to meet and surpass the cotton lint requirement of our Textile industries
  • 19 Ginneries resuscitated across the country and more expected to join before the end of 2020

Why this matter

A part of the CBN press release succinctly captured why the recent development is of delight to every well-meaning citizen of the country,

“CBN Interventions in Cotton, Textile and Garment sector is designed to resuscitate and return the Textile industries back to its glory days, creating jobs, diversifying Nigeria’s economy, and achieving self-sufficiency in cotton production.”

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Business

FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

FG has flagged off the application for the N75 billion Nigeria Youth Investment Fund.

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The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

Sunday Dare stated, “I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with the President’s directive, provided the initial N12.5 billion required for the Fund to operate in the remaining part of the year 2020.

“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part, committed to providing the next tranche of the fund in the 2021 budget.’

The Minister said that the loan, provided under the NYIF, has an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.

He explained that any youth who wished to apply as an individual or a non-registered business could draw up to N250,000, while youth-owned registered businesses could apply for up to N3 million.

Going further, he said, “Our commitment to seeing the youth succeed is such that the loan is bundled with training that will ensure business sustainability for successful applicants.

“It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans.”

The Minister said that application is available on the Nigeria Youth Investment Fund Application Portal on NIRSAL Microfinance Bank’s site, www.nmfb.com.ng; and the ministry’s website, www.youthandsport.gov.ngor www.noya.ng.

Applicants are expected to provide their Names, Email address, and Website (if available).

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Coronavirus

US Tennis player Sam Querrey accused of fleeing Russia on private jet after testing positive for COVID-19

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33 year old US tennis player Sam Querrey, has been accused of fleeing Russia on a private jet after he and his family tested positive for Covid-19.

Querrey and his wife had tested positive for the virus ahead of the St. Petersburg Open this week and were placed in quarantine at a  hotel, according to the tournament organizers.

Doctors had recommended Querrey and his family be moved to a private apartment but he did not allegedly answer the door when doctors were dispatched to evaluate his condition.

“Sam Querrey was scheduled to retest on Thursday, October 15, however, instead of acting in accordance with ATP rules and the tournament’s sanitary protocol, Sam Querrey was recorded leaving the hotel by hotel security cameras at 5.45 a.m. on October 13, with his family, without notifying the reception,”

“As Querrey told the ATP representative, he and his family left Russia on a private plane.” read a statement from organizers.

The ATP which is the World tennis controlling body, said it was aware of an incident “regarding a player’s serious breach of protocol”

Querrey has not won a grand slam singles title in his career but is ranked world number 47.

Querrey has not responded to the allegations as at press time.

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Coronavirus

WHO study reveals new discovery about remdesivir drug’s effect on Covid-19 patients

The study found that the regimens appeared to have little or no effect on 28-day mortality or the length of the in-hospital course.

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A World Health Organization (WHO) study has discovered that Gilead Sciences Inc’s remdesivir had little or no effect on COVID-19 patients’ length of stay in the hospital or chances of survival.

The only antiviral drug authorized for treatments of Covid-19 in the US failed to prevent deaths among patients.

The antiviral medication, among the first to be used as a treatment for COVID-19, was one of the drugs recently used to treat U.S. President Donald Trump’s coronavirus infection.

The results are from WHO’s Solidarity trial, which evaluated the effects of 4 potential drug regimens, including remdesivir, hydroxychloroquine, anti-HIV drug combination lopinavir/ritonavir and interferon, in 11,266 adult patients across more than 30 countries.

The study found that the regimens appeared to have little or no effect on 28-day mortality or the length of the in-hospital course among patients hospitalized with COVID-19, the WHO said on Thursday.

The results of the trial, which were posted online on Thursday, October 15, 2020, are yet to be peer-reviewed or published in a scientific journal

Earlier this month, data from a U.S. study of remdesivir by Gilead showed that the treatment cut COVID-19 recovery time by five days compared with patients who got a placebo in a trial comprising 1,062 patients.

Gilead told Reuters, “The emerging (WHO) data appears inconsistent, with more robust evidence from multiple randomized, controlled studies published in peer-reviewed journals validating the clinical benefit of remdesivir.

“We are concerned the data from this open-label global trial has not undergone the rigorous review required to allow for constructive scientific discussion, particularly given the limitations of the trial design.”

Remdesivir, which was originally developed as a treatment for Ebola and Hepatitis C, interferes with the reproduction of viruses by jamming itself into new viral genes.

WHO chief scientist Soumya Swaminathan said on Wednesday that during the study, hydroxychloroquine and lopinavir/ritonavir were stopped in June after they proved ineffective, but other trials continued in more than 500 hospitals and 30 countries.

Swaminathan said, “We’re looking at what’s next. We’re looking at monoclonal anti-bodies, we’re looking at immunomodulators and some of the newer anti-viral drugs that have been developed in the last few months.”

Remdesivir received emergency use authorization from the U.S. Food and Drug Administration on May 1, and has since been authorized for use in several countries.

Gilead, however, disputed the conclusions of the W.H.O. study on Thursday, noting that a variety of drugs and drug combinations had been evaluated under a wide range of circumstances and that more rigorous studies had found a benefit.

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