lHE GUARDIAN, Monda}\March 7,2011
BUSINESS 123
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J. "among food deficit or food insecure nations in Africa, the Minister of Agriculture and Rural Development,. Prof. Sheikh Abdullah, said in Abuja. Abdullah made the remark on Thursday, at an international stakeholders' symposium on Capacity Building in Crop and Animal Breeding, within the Nigerian National Agricultural Research System, organised by the Agricultural Research Council of Nigeria (ARCN). The symposium, organised by the National Agricultural
aimed at establishing the National Centre for Crop and Animal Improvement ((NACCAl). . "Nigeria should be a' food securenationinAfricawithits vast human and natural resources, complemented by, perhaps, the largest National Agricultural Research System (NARS), in sub-Saharan Africa "It comprises community· based agricultural research institutes, universities, faculties and colleges of agriculture," the minister said.
ment in tlie production of major staples such as maize, sorghum and millet had not translated into the desired improvement in food security ana nutrition, in spite of Nigeriabeingthelargestglobal producer of cassava and yam. "Nigeria's agricultural sector still requires dramatic transformation in order to achieve the desired potential of the sector," Abdullah said. The minister, represented by Dr Joseph Nyager, a Director in the agriculture ministry, affirmed that agriculture was the panacea to Africa's development According to him, agriculture
Minister seeks role specification in development of oil palm industry NISTER of Science and Technology, prof. M Mohammed Abubakar, has called for the specification of roles to be played by stakehold· ers in the development of the nation's oil palm industry. Abubakar made the call in Abuja on Thursday at the open· ing of a two-<lay International Conference on Oil Palm Industry. The theme of the conference is "Engineering oil palm indusq,y in Nigeria for Vision 20:2020.' Abubakar, who was represent· ed by Dr. Dere Awosika, the Permanent Secretary in the ministry, said that specification of roles was the pathway to the development of the industry. "It will be nice to have this pathway come out clearly with the roles of the Ministries of Agriculture, Commerce and Industry, Science and Technology as well as the pri· vate sector and other staKeholders. '1his is important so that we will not have multiple and con· fused approach as was the case
the prevailing food insecurity, hunger, malnutrition and poverty in Africa. Earlier, the Chairman of the ARCN, Dr Samuel Ogbemudia, who was also represented by Prof. Christopher Nwosu, said Nigeria's agricultural sector had traditionally been expect· ed to fulfill such roles as the provision of food, jobs and for· eign exchange earnings. "It is no longer a secret that breeders and geneticists are the scarcest professionals within the Nigerian agricultural research system. "Worst still, a good number lacks the prerequisite knowl· edge in modem breeding tech-
faster genetic progress in developing economies like ours," he said. Ogbemudia said the potential of genetics and breedirig in increasing food supply, overcoming food insecurity and creating wealth, motivated the agriculture ministry to actu· alisetheestablishmentofNACCAl. Earlier, the Executive Secretary of the ARCN, Prof. Babayaro Abubakar, had said that the council envisioned the establishment of a world class centre that would enhance productivity and fast-track the development of new varieties of crops and livestock in
'1he degree to which Nigerian farmers succeed in raising their productivity will be deter· mined by the extent to which they improve and modernise their production systems," Abubakarsaid. According to him, the coun· try's diverse ecological systems require decentralised plant ana animal breeding programmes to produce improved varieties and breeds that can adapt to local conditions and needs. He noted that Nigeria lacked the critical mass of plant and animal breeders needed to meet the demands of farmers toensurefoodsecurity.
with the development of cassava/' he said.
Abubakarcalled on the partic· ipants to make useful recom· mendations that would help improve the oil palm industry. He stressed the need to make the private sector the driving force in achieving the objec· tive.
He, however, noted that the ministry had agencies that were capable of providing relevant inputs that could help in the development of the indus· try. Abubakar said the National Space Research and Development Agency could provide the map of the areas suitable for growing of palm trees, while the National Biotechnology Development Agency could provide improved seedlings. Meanwhile, "Prof. Peter Onwualu, Director-General of the Raw Materials Research and Development Council RMRDC), has called for the col· aboration of relevant stakeholders in the development of the industry.
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Generai Manager, Operations, Atlascopco, Patrik Rylander (left); Swedish Ambassador to Nigeria, Per lindgarde; Resource persons for the training, Erik Larsson; and Andreas Ahniund, during the ambassador's visit to the training session. . PHOro: ABOSEDE MUSARI
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Agusto & CO RESEARCH. CREDIT RATINGS. CREDIT RISK MANAGEMENT
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RATING RATIONALE The Lagos State Government's ("the State", "LASG" or "the Issuer") fiveyear 13%.fixed rate bond (series 1) of N50 billion was issued in February 2009. The bond will be repaid as a bullet sum at maturity, while interest is paid semi-annually from the State's internally generated revenue (IGR) through a Sinking Fund Account (SFA). Agusto &. Co. previously assigned LASG an 'A+' rating at the time of the issue. In 2009, the State's financial performance was characterized by low leverage, high financial flexibility and increased spending on capital expenditure. LASG's revenue improved in the period under review, mainly from internal sources. We therefore affirm the issuer's 'A+' rating, The Issue was assigned an 'A+' rating by Agusto &. Co. in 2008: During the year under review, LASG set aside adequate funds required to meet its bond obligations. Monthly contributions into the Sinking Fund Account and semi-annual cou~Gn payments were timely. Consequently, we affirm the 'A+' rating for the issue,
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