EXPORT LOAN, HOW TO ACCESS NEXIM ESF FACILITY.

NEXIM’S PRODUCTS & SERVICES – NEW EXPORT INTERVENTION SCHEMES

As part of efforts to arrest the declining trend in export credits and boost investments in the non-oil export sector, the CBN recently approved two funding schemes and appointed NEXIM as the Fund Manager:

• N500 Billion Export Stimulation Facility (ESF) – Newly Introduced
• Tenor of up to 10 years for project finance facility inclusive of moratorium of 2 years.
• Working Capital / Stocking facility shall be for a maximum tenor of one year with the option of roll-over not exceeding twice
• Maximum interest rate of 7.5% per annum for facilities with a tenor of up to three (3) and (9%) per annum for facilities with tenor of over three (3) years.
• N50 Billion Export Rediscounting & Refinancing Facility (RRF) – Enhancement of existing N1.225 Billion RRF being operated by NEXIM from inception in 1991
  • It is a rediscounting & refinancing window available to Commercial Banks for a maximum tenure of 360 days.
  • Export bills / transactions shall be discounted / refinanced at an “all-in” rate of a maximum of 6% per annum with the Bank allowed a maximum spread of 3%.

ELIGIBILITY CRITERIA

The Bank’s facilities are available to any registered, creditworthy export Company/Cooperative Society, incorporated in Nigeria, registered with the Nigerian Export Promotion Council (NEPC).

REQUIRED DOCUMENTATION

1. Application Form
2. Certified True Copy of Certificate of Incorporation, Certified True copies of CO2 & CO7; and Memorandum & Articles of Association;
3. Current three year tax clearance;
4. Three (3) year Audited Accounts and most recent management accounts, where applicable
5. Feasibility Study/Business Plan including Projected Cash flow, P&L and
6. Board Resolution Authorizing Company to borrow and Letter of Authorization for NEXIM to seek information on Company;
7. Registration with NEPC;
8. Proforma Invoice; Export Contract or MOU and Evidence of past export(s) if any;
9. Valuation Report of the proposed security; BY AGRONEWS.

FG, NDDC MOVE TO REVITALISE ABADONED RICE MEALS.

Ado Ekiti — The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has disclosed that the present administration under President Muhammadu Buhari will stop importation of rice in 2017.

Explaining the reason behind the policy, Ogbeh hinted that the country has enough internal production that can sustain home consumption and meet foreign exchange earnings that can guarantee diversification of the economy.

In order to further boost internal production of the commodity and enhance the country’s comparative advantages in rice and yam production, Ogbeh stated that the federal government will sign a memoranda of understanding with Afe Babalola University, Ado Ekiti (ABUAD) and Ekiti State Government in the two critical sectors.

He unveiled his ministry’s intention to supply ABUAD with 20 tonnes of rice seedlings in the next planting season to boost rice production internally.

The minister said these in Ado Ekiti at the weekend during a visit to ABUAD’s farm and Ekiti State government.

Ogbeh said the current economic recession being experienced under Buhari’s government has helped the federal government to think outside the box and had succeeded in bringing the deserved revolution to agriculture sector .

The minister assured Nigerians that the skyrocketing prices of foods in the country will soon crash, saying specifically that that of rice would happen within the next two weeks.

“Of recent, prices of diesel increased from N130 per litre to about N280 which makes the cost of a tractor to move up to N14 million from N7 million. The interest rate on every loan given to farmers also went up, so the aggregate of all these factors caused increase in the prices of food items.

“We are concerned with the plights of Nigerians. We knew that many are hungry but we are working round it because it doesn’t speak well of us that we are in government and people are hungry.

“But the major challenge is that Nigerians produced children more than other Africa nations put together and youths are not interested in farming and the question now is that, who will feed all these children?

“Nigeria has about 150million population and if these people can’t be fed with food, then they will be fed with anarchy and chaos,” Ogbeh warned.

The founder of ABUAD, Chief Afe Babalola (SAN), praised Buhari’s administration for bringing revolution to the country’s agriculture sector that had been neglected by successive governments, describing the current economic recession as a blessing in disguise.

“To support the federal government initiative, this university for the past three years has been holding the annual Afe Babalola Agriculture Expo (ABAFEX), where we give N1million to the best farmer in Ekiti and N250,000 to the best in 16 local governments.

“This year, we intend to hold rice summit with intention to expose Ekiti potential in the production of the commodity,” Babalola said. BY AGRONEWS.

FG TO PARTNER OSUN FOR MASSIVE FOOD PRODUCTION.

The Federal Government has expressed readiness to partner with Osun State Government in the ongoing process of massive food production as a means of getting the nation out of the current economic recession.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh who stated this when he paid a courtesy call on the Osun State Governor, Ogbeni Rauf Aregbesola in Osogbo disclosed that Nigeria will by December this year stop the importation of rice  due to massive rice production embarked upon by government.

Ogbeh said it is unfortunate that Nigeria is still spending billions of dollars on food importation, thereby calling for maximum collaboration and partnership between and among the various authorities to revamp agriculture.

The minister said the Federal Ministry of Agriculture has been restructured to meet the nation’s needs on food production so as to bring an end to all forms of food importation.

He said the purpose of the visit is to cement the existing relationship between the Osun State Government and the Federal Ministry of Agriculture on the need to achieve a better agricultural productivity.

Ogbeh attributed the current economic recession to the nation’s failure to harness her huge potential in agriculture.

Ogheh said Nigeria has gotten to a stage where her numerous God-given resources must be appropriately harnessed, saying the era of sole reliance on crude oil as a means of sustenance has gone.

The Minister said his ministry has meeting with relevant stakeholders to revamp the agriculture sector, a move which he said would go a long way in rescuing the nation out of poverty and unemployment.

He said the ministry has engaged in an extraordinary initiative to rid off the sector of her current challenges, saying no stone will be left unturned to bail the country out of her present predicament.

According to him, it is high time Nigerians, irrespective of socio-economic status, developed interests in whatever that can be use as alternative to crude oil whose era is almost disappearing. BY AGRONEWS.

FCT MINISTER THREATENS TO REVOKE ALLOCATIONS TO FISH FARM ALLOTEES.

The FCT Minister, Malam Muhammad Bello has threatened to revoke allocations to Fish Farm allottees who fail to move to the farms within two months from today.

Bello, who said this when he visited the farms sited at Bwari Area Council on Friday in Abuja, noted that the allottees would forfeit the allocations at the expiration of the two months.

According to him, government cannot just allocate the farms to people who refused to make use of the facility.

He frowned at a situation whereby only four people out of 100 who got allocations were presently doing the business, a development he described as unacceptable.

The minister said if the allotees failed to occupy the farms by the end of the two months period given to them, the allocation would be revoked.

 He also directed the allotees to make N5,000 available every month to pay for security and maintenance of the farms, adding that if  the 100 allottees paid, it would amount to N500, 000 which should be sufficient to take care of the farms.

Bello also frowned at the level of farm houses being built within the estate while the fish ponds were not developed.

“The allotees should suspend building of such structures till they complete the ponds.

“Based on what is happening here and complains by the allotees that there is no water and road within the farms, I have suspended the construction of the roads from the budget.’’

The Bwari Fish Farm Estate is a government intervention that commenced in 2012 to encourage families to go into fish farming leveraging on the water resources available in the FCT as well as the enormous market.

This was based on the realisation that there was a huge gap between the demand for fish and supply of fish.

“So, I came in here as part of my general policy drive in ensuring that all good projects that are meant to be of immense benefit to the residents of the territory started by the previous administration are completed.’’

Bello assured that based on what he had seen and interaction with the members of staff, the project would go a long way in boosting fish production in the territory.

He also advised beneficiaries of the N-Power scheme posted to the farms to acquire training on fish farming to reach out to the secondary schools and communities around as most schools have Young Farmers Club to impact knowledge acquired. (NAN). BY AGRONEWS.

ARMY WORM: KANO FARMERS OUT OF DANGER.

Kano wing of All Farmers Association of Nigeria (AFAN) has declared that farmers in the state are out of danger of army worm attack on farms.

State AFAN chairman Farouk Rabi’u Mudi disclosed this while addressing newsmen on the recent attack of army worm in the state.

He said the association was able to surmount the pestilence through collaboration with the state ministry of agriculture and other agricultural development bodies through constant sensitizations of farmers on method of addressing the worm attack on their plantations.

“When the worms came, they attacked a lot of plantations in Kano especially maize. However, with the last years’ experience on tomato we were able to educate the farmers on method through which such attacks will be controlled. I am happy to tell you tjhat presently Kano farmers are out of danger of the army worms attack. I must state here that, without support from the state government and many other development partners in agriculture, the situation would have been different,” said the state AFAN chairman.

Similarly, Malam Abdu Usman a farmer in the state said, it is early for farmers to celebrate as traces of the army worms are still visible in many farms. Malan Usman had attributed this to the economic constrains the farmers faces presently. BY AGRONEWS.

FAMINE LOOMS AS NEW DISEASE THREATEN FARM PRODUCE.

The Coordinating Director of the Nigerian Agricultural and Quarantine Service (NAQS), Vincent Isegwu, has stressed the need to be on the watch out for viral diseases that are capable of destroying farm produce during the harvest season.

The diseases, according to him, are Cassava brown streak, maize nitant necrosis and coconut yellowing disease.

Speaking in an exclusive interview with LEADERSHIP Sunday in Abuja, he said “There are some diseases which are lurking in the corner which the country must be very aware of. They are so devastating; they are viral, which means they cannot be treated, and we need to prepare and face them squarely”.

“One is for Cassava and it is called Cassava brown streak disease. It can cause 100% rot of cassava tubers on the ground. Another is maize nitant necrosis which also causes complete devastation and does not even allow plants to mature. It withers, dries up and becomes unproductive and the coconut yellowing disease causes the foliage (leaves) to be dead so that all you see is the stem standing like a telecoms mast or electric poles

“And you can imagine anything of such devastation, 100% affecting our cassava which is a major staple in Nigeria. Maize is also our staple; we roast maize, cook maize, make ‘tuwo’ and even ‘akamu’. So, we cannot afford to be careless about these diseases coming into the country”.

Isegwu said the cassava brown streak disease is already in Rwanda, Uganda, Tanzania and Congo Republic and is moving from Southern to Central Africa.

His words: “So, we need to be careful so we don’t allow any cassava cuttings into the country, not from those countries and not from anywhere.

“Because they could come from such countries, enter another country before coming into Nigeria and you say no, it didn’t come from those Southern African countries but from the Eastern flank, not knowing that it transits through one of their West African neighbours or North African neighbours before coming down. So, we must not allow any vegetative cutting for cassava to enter the country, except we are very sure of the source and there is a pre-arrangement that such cottons have come for research or whateve”r.

The NAQS DG assured that presently, all the border stations are aware of this and are mounting surveillance for them. “But what we are doing now is to put a proposal to government of the cost implication for the monitoring to avert it.  I need specialist training to be able to identify it or else when you see it, you will think it is a cassava mosaic disease which is not the case”, he added. BY AGRONEWS.

FARM MARKETS TRADE BELOW DAILY HIGHS, REMAIN STRONG TUESDAY.

DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets come off their daily highs and remain well supported by crop-weather concerns.

At midsession, the September corn futures are 6¾¢ higher at $3.81¾, and December futures are 7½¢ higher at $3.95½.

August soybean futures are 10½¢ higher at $9.95; November soybean futures are 10½¢ higher at $10.08.
September wheat futures are 2¼¢ higher at $5.08.

December soy meal futures are $2.80 per short ton higher at $332.30. December soy oil futures are 0.34¢ higher at 33.78¢ per pound.

In the outside markets, the Brent crude oil market is $0.28 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 88 points lower.

Another heat wave will roll through the Midwest starting today with temperatures expected to near triple digits, as reported Tuesday.

Much of eastern Nebraska and Kansas, Iowa, Missouri, and Illinois are under excessive heat watches, warnings, or advisories starting today, according to the National Weather Service.

“Hot and humid temperatures are expected to build this week and linger through Saturday across the region,” the NWS said in a report on Tuesday morning. “Air temperatures will reach near the triple-digit mark by midweek, and heat indices may reach or exceed 105˚F. to 110˚F. each afternoon Wednesday through Saturday.”

Some cloud cover or spotty showers may provide some relief in limited areas, but it’s going to be extremely hot in the heart of the Corn Belt for the next few days, according to the agency.
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Monday’s Grain Market Review

On Monday, the CME Group continues to see little movement, aside from the soybean complex gaining slight strength.

At the close, the September corn futures finished 1¼¢ lower at $3.75, while December futures finished 1½¢ lower at $3.88.

August soybean futures closed 4¢ lower at $9.85; November soybean futures closed 4¢ lower at $9.97.

September wheat futures closed 4¾¢ lower at $5.06.

December soy meal futures settled $1.90 per short ton lower at $321.80. December soy oil futures closed 0.24¢ lower at 33.44¢ per pound.

In the outside markets, the Brent crude oil market is 51¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.

Jason Roose, U.S. Commodities grain analyst, says that as the crop conditions go, so go the markets.
“The grains are trading lower today on a mixed weather forecast. With the majority of the crop going through pollination the next 10 days, Monday's USDA Weekly Crop Conditions Report will be watched closely after three weeks of lower ratings,” Roose says.

  BY MIKE MCGGINNIS.

U.S FARMERS MAINTAIN OPTIMISM FOR A.G ECONOMY, BAROMETER REPORTS.

The Purdue/CME Group’s June survey of 400 U.S. agricultural producers indicates producers feel their farm operations’ financial positions are stronger now than a year ago.

This shift in producers’ perspective is one reason the Ag Economy Barometer’s June reading of 131 was virtually unchanged from a month earlier. The Ag Economy Barometer, a producer-based sentiment index, has held steady for three months in a row and remains well above levels recorded prior to November 2016.

The shift in producers’ perspectives regarding their financial positions is part of a long-term trend, according to the Barometer’s results released last week. In June 2016, just 3% of survey respondents felt their operations were financially better off than a year earlier. That percentage increased to 10% last fall, then declined somewhat in early winter before rebounding to its current reading of 13%, the highest reading since we began surveying producers in October 2015.

A similar pattern emerges when examining the percentage of producers indicating their farms’ financial positions declined compared with 12 months prior. The percentage of farmers indicating that their financial positions were worse than a year earlier was 46% in June 2017, little changed from May’s 44%, but well below the 67% recorded as recently as February.

The shift in perspective compared with last summer is even more noticeable since 81% of respondents in August 2016 said their farm was financially worse off than the year before.
The long-term shift in producers’ attitudes about their operations’ financial conditions is likely reflective of several factors.

First, revenues on many farms increased as a result of record, or near-record crop yields in 2016. The revenue improvement was further supported by the fact that corn and soybean futures prices strengthened from late summer through early winter.

Second, production costs moderated for most crop operations compared with the prior year. Fertilizer prices in particular were weaker than a year earlier, helping to improve margins.

Third, as the long-term adjustment to tighter crop operating margins continues, farmland rental rates continue to adjust downward, helping to brighten the financial picture for many farm operations.

Looking Ahead to the Rest of 2017

In addition to the monthly questions measuring sentiment, the barometer survey also asks producers about the key drivers affecting their farms and the broad farm economy.

On the June survey, producers were asked to compare current expectations about their farm financial performance in 2017 to their initial budgets or plans.

Most producers (60%) indicated that current expectations are “about the same” as their initial expectations. However, for farm operations whose expectations changed, there was a turn toward “worse than” planned (28% was more common than “better than” budgeted (12%).

The number of respondents indicating they expect their 2017 financial performance will be worse than originally planned could be reflective of the difficulties some farms have experienced this spring with respect to planting and poor growing conditions, especially in the eastern Corn Belt. BY DAVID WIDMAR.

WITH HARVEST IN PROGRESS , KANSAS FARMERS REPORT ON SNOW- DAMAGED WHEAT.

Despite the late blizzard that caused considerable concern about the Kansas winter wheat crop, farmers report that, overall, the crop looks better than expected.

Marc Ramsey, who farms near Scott City in western Kansas, received 14 inches of snow on April 30 that knocked down trees and wheat fields, as shown in the photo below. Surprisingly, he said that the snow may have helped more than it hurt.

“The moisture was badly needed and apparently the stems weren’t damaged badly enough across acreage to make a huge impact,” he says. “Some wheat is lodged, but it seemed to fill decently through the heat.”Ramsey is just getting started on wheat harvest, but he says test weights have been in the 58 to 60 range. “Yields were above average, but protein is in the 9 to 10 range, so nothing special there,” he adds. “Accounts from area farmers are saying you either have quantity or quality, but more often than not you don’t get both.”

Eric Sperber, manager of Cornerstone Ag, LLC in Colby about an hour north of Ramsey’s farm, heard similar comments from the farmers in his area.

“Most people were pleasantly surprised at the lack of impact from the snow,” he said during a report with the Kansas Wheat Commission. “One farmer had an early planted field that looked like a mess after the snow. It stood back up, but fell over again at grainfill. He wasn’t expecting much, but it ended up yielding 60 bushels per acre and over 60 pounds per bushel.”

An hour northeast from Colby in Norton, Kansas, Chris Tanner also got hit with the late-April snowstorm. “When the snow was laying on the wheat, I thought it was dead and done for,” said Tanner in the Kansas Wheat harvest report. “After that there was a little bit of a dry spell that wasn’t good for it, but it’s been pretty resilient. They say wheat has nine lives, but this crop is on its tenth or eleventh.”

He adds that condition has varied with test weights from 58 to 62 pounds per bushel and yields from 20 up to 80 bushels per acre. However, he says that variation is mainly based on planting date and wheat variety.

While hail and rain have slowed down winter wheat harvest in western Kansas, across the state winter wheat harvest is progressing almost right on pace with the five-year average with 73% complete compared to 72%, according to this week’s USDA Crop Progress Report. As far as the condition goes, the USDA reports that 47% is in good to excellent condition, 31% fair, 14% poor, and 8% very poor. This is on par with the rest of the country’s winter wheat crop – 48% is in good to excellent condition – but it is trailing last year’s crop when 62% was rated as good or excellent at this time.

Not surprising given the condition ratings, the USDA is predicting a lower yielding wheat crop compared with last year. According to the USDA’s Crop Production report, winter wheat yields for Kansas are forecast at 44 bushels per acre, down from 57 bushels per acre last year.  BY JESSIE SCOTT

MISSOURI, ARKANSAS BAN DICAMBA USE.

WASHINGTON, July 7, 2017 - Continued complaints over crop damage due to drift have led to Missouri and Arkansas temporarily banning the sale and use of dicamba products.

“Missouri Director of Agriculture Chris Chinn has issued a Stop Sale, Use or Removal Order on all products labeled for agricultural use that contain dicamba in Missouri,” the state’s ag department said Friday, citing more than 130 drift complaints this year alleging thousands of acres of damage.

The order says the state “has probable cause to believe dicamba-containing pesticide products are being used in violation” of state regulations requiring adherence to the EPA label or state pesticide laws.

The state’s order applies to all formulations of the herbicide, including Monsanto’s Xtendimax, DuPont’s FeXapan, and BASF’s Engenia. In Arkansas, the ban applies to Engenia, the only formulation the state approved for over-the-top use this growing season.
          
The Missouri order says that “older dicamba products are not labeled by (EPA) for in-crop post-emergent use in dicamba-tolerant cotton and soybean crops. EPA-approved labels for Xtendimax, Engenia and FeXapan warn all users to not apply the pesticide during a temperature inversion and to not allow the pesticide to drift onto desirable broadleaf vegetation because severe injury or destruction could result.”

“With only a small window left for application in this growing season, I understand the critical need to resolve this issue,” Chinn said. “I look forward to working with our farmers, researchers and industry partners to find an immediate solution.”

In Arkansas, the executive committee of the state’s Legislative Council allowed the proposed ban to move forward following a recommendation by the state’s Plant Board, which was then approved by Gov. Asa Hutchinson. The council is composed of a panel of state legislators.

The Associated Press reported that the executive committee took no action on the proposed ban, allowing it go into effect “unless a majority of the Legislative Council or its chairmen hold a meeting Monday to review the panel's decision.” Earlier in the week, the council approved an increase in fines for “egregious” dicamba misuse to $25,000.

Dicamba misuse complaints in that state totalled 596 in 23 counties as of today. BY AGRI-PULSE COMMUNICATIONS.