The Federal Government (FG) through the Office of Secretary to the Government of the Federation (OSGF) Mr. Boss Gidahyelda Mustapha has said that groundnut value chains would be well supported as part of cardinal vocal point of this administration to diversify the economy from oil to non oil of agriculture.
Mr. Boss Mustapha who was ably represented stated this during a stakeholder meeting that is being organised by the National Groundnut Producers, Processors and Marketers Association of Nigeria (NGROPPMAN) in collaboration with the Agricultural Research Council of Nigeria (ARCN) last Thursday in Abuja.
The SGF who was represented by Mr. Kano Paul stressed that diversification of the nation’s economy is vital to this administration through increased investment into Agriculture adding his office would be waiting to get the outcome and decision of this meeting toward initiating a proactive policy that will more galvanize the groundnut productivity to more enviable economic height.
In his speech on the occasion, the chairman of (NGROPPMAN) Mr. Abdulrasaq Usman said that groundnut consumption in the world has great economic potential in term of market that Nigeria can be a beneficiary, adding that about 2million litres of oil were being consumed per day in the country at a N800.00 per liter to give N 576,000,000,000 per annum only on oil extraction alone.
Usman who advocated for galvanization of the produce pointed that the premium on groundnut oil is greater than what we normally get in crude oil saying that ‘’Crude petroleum sells at USD 40+- per barrel. By comparison, groundnut oil holds higher economic value than crude petrol to the local economy hence the urgent need to revitalize groundnut production in the grassroots’’
The chairman pointed that reviving the mass production of groundnut has potential of ensuring security as youths would be gainfully employed thereby asking that the Central Bank of Nigeria (CBN) through its anchor borrower programme should consider effective support to the association.
Speaking on derisking the sector towards enhancing bankable potentials through sustainable groundnut market that can guarantee commercial banks loan facility, the Managing Director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Mr. Aliyu Abdulhameed who was represented by Mr. Abdulahi said that the association needs to be repositioned so as to be able to attract more commercial banks’ facility.
He pointed the need to restructure the broken value chains of the produce into a functional revolving system of regular market system that can guarantee the confidence of commercial banks towards loan facility must be well emphasised, adding that market need to be well structured in order to be able to attract funding through cooperative registration.
Also, the Executive Secretary, Agricultural Research Council of Nigeria (ARCN), Prof. Garba Sharubutu who was represented by Dr. Edeki Eneche said he would mobilize for modern technologies especially from the Institute for Agricultural Research (IAR) to enhance increased groundnut productivity in the country, saying that the produce value chains must be well positioned for industrialization, and not for olden days pyramid.
Sharubutu commended stakeholders for converging together towards finding a common ground to ensure proactive agricultural eco system for groundnut as he also implored the CBN through its anchor borrower to also give appropriate financial support for the produce.
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