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6 NEWS BUSINESSOAY: wwwbuslneudlyonll

Farmers decry slide in price of cotton, plan to opt for other cash crops llowing the: dwin · dIIng price of COlton. farmers In Zamra.ra are bIamins the SO"'" ertUnl!'nt for failing 10 SOl.m:e Inu:matlonal nwkru for the!

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1,1 00 ouths emerge in FG job creation scheme CHYM'ENWAGU:WUAbf,l he! Fl"dl fld Gov. ernrnen has an -. noun~ II e erner gence If 1.200 Nlgt"rlan youth ns nllil ""inner, In II e Ttl balch of lu Youth EllII!tl)flW with Innovadon ('ou Vin) pro gramme whl .. h al ge!.§ 10 encoUiase Inn'" Jt on and Job creadon 101 ,h. young ones. Among o lhel b l"lIenu, lhe wtnnen '''{)U d gel Iw tween Nt millio n and 10 million gnnl c,leh frOIll the Fed~1 ('om t nrnellllO liar! • business. depend Ing on the OIlIOIl!' and pro poW lubmlned a nd would be honourffi by Plesldelll Goodluc.k lonalh:," cen'mony to be l'U1ounccd

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""ROunring Ihe com pletion of Ihe nrn cycle and emergenc e of t he 1,200 winners oul of 2",000 yo uths that cOIlIft"ted for the affilrds, Ngozi Olollio. _weal.. coordlna"lflg min· I.!!ter for Ihl!' ['coromy and mlni$l«,r or Finan. I!'. uld thl!' selection roll ,)wl!'d a IRn~!"and p.~lS(aking

prOCHS tha i laSll!'d K\"e~1 month .... She confirmed that thl!'Y are you ths rrom diffe rent paris o( the counfry whose lubmlulo n. a nd Plesenla· lions were Ildluil;l!'d Ihe

M:'I"I in lerms of In no\'ill Ion. lob oeallon potential and relrovllncl!' to Ihe na tion 's f'C(lnO llllrn~s.

It would be rt'CAIled that the YouWln scht' nu' wa'l" Illundit'd by Prr<iidt'f11 lona than In Oclobft 20 II with II focus on creating an 1"11 ' abllng ell\'irollll1t'tll ror job CU" lion and Innovadon Thl!' 1II1n l.!!tl!'l l!'J:plainl!'<i dial the idea which IssilnlHe bul compelling alms 10 1!'11 ' co unlSI!' entl!'rprlslng and lalt'nled \'oulhs willi grants. technical Il.ssislance and I111!'ntorin8 10 become lob crealOrs 1101 IU.!!1 for ,hem · 5I!'.1~s 001 Olhel YOUdlS M well. The Idea had been uSI!!'d and proved In India and other places. Foreachwinner,~·

l1lelll IIIo-ou ld provideflnancIng in the fonn of a gl1llll lhat would range belween N 1 million and NIO million. depending on the buslnes5 conce pt. and be dbbursed In tra nchl!'l over 12 to 18 months and faalita te bus!ne<s rl!'gi." 'Jllllon or In colpor:atlon with theCorpolllte Affairs Commission (CAC). Eac h entreplenl!'ur would also be p rovided robust mellloringand monItoring support Ihrough Ihe period whl:!n h l:!/ Ihe Is enlollC!d In thl:! progra m me and would be hC!Ipc!d dC!Vl:!l· op a sta tl:!-of· the-arl website for the buslnes5.

to N90,OOO in March; M said. ShchuGarba15llfe, anoth· er COIIOII farmet; said that fol -

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'owingthepoor~thisyear most rarmen would abandorl cOllon for I-Oy.II beans and maluo n~ farming Klson in 0I'dI!'r 10 ..'(lid 1051.I1Ig thdr capilaL -I am sure CO IIOII pro ducllon will be dTOll.JliclUy reduced ir nOl 100ally aba.n dOlled becau.!!1:! o r the di.!! co\. ragem~1II fAnners suffered last ytlar because of poor Imang." he said A procu rl:!menl offi cer with the \,'nt Mrlcan Cot· 100 Compa!ry(\VATTOT), an agro-aillI!'d company, lA\o.-aJ 't'aha)-a. said dIM cotton pritts refused 10 stablIlsI!' this year. III:! artribuled !hi!' sfmadon 10 dteslobal cmnomkdown lum and congestion In inlernational rn2fka. Yah,,,,),,, said, -No one can guamn:ce dM: price ol couon dlls ~ar benu~ the! Inter nadonal mar~ Is salUnucd:

rarrllers are not "-ppy about. Lawall Magaru, It largl:!scali!' cotton farmel, said in Gusau on Monday that die Feduftl Govl:!rnmenl had faikd to source international rna.rkl!'t Ihat could guarrull~ opons of COlton produced by fanJll!'Q In Iht' counoy IlesaidlhalCOllon falmers prndtteallK loss dlis )"HrbetalI5e ol poor Il13Jtrt v.tl~ of theCOInmot.iity, a situation M said woWd Iion::e !hi!' 10 Ihift rrom mtlon produc. tion 10 other mVl oops dlat coukI bring profit. "You can Imagl n l:! that • Ion o r cOllon so ld ror N24<1,OOO tim time. last year, bul dlat saliM: quamlty sold lOr NOO,OOO al the beginnill8

rarmers

R-L Wale Ra). ~etmanenl sec:ret1WY. lagos State ministry of c:ommeroe and Indusl1y, Sola Oworu. commt55ionef fOf commerce and II' IUStty, l,leoma Ude, assistant <K1Vef1 managet' . BuslnessDay. and $hey! OIaoe;o. spedal9CMser to the governor of La!; I Stale, during BlIsinessOay's recent courtesy vlsiI to !he ministry

-1t~'1ndatedtoNI(JJ,(O)

in r'f!bruary, on)ylo slide bad;

The pricl!' of conon fell rrom NIOO,OOO per ton In February 10 aboul N90,OOO ~lonnuw,au~u~lthe

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ECOHOMY

Lagos says 100 resolutions of past economic summits implemented ... set for 6th edition JOSHUA BASSEY & HOPE MOS£S-ASHlkE

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Implcmcntl!d 100 flhl:! I I~resolu ­ lions rl:!achl:!d In thl:! plC\ious editloru of die Lagos Economic Summit., also known as Ehlngbeli. just H It Is ICC for thl:! 6th l!ditioJl of lhl:! summit from April 22 - 25,2012. Thl:! 2012 !!dldo n or the summit is focusing 011 p<M' tt. fllVlculturl:!. ltan.!!porta· don and housing. thl:! four keyseaOI"!i ~11ich theorpn Isers h ave coined Into lhl:! acronym I)ATII . I(q IpeakerJ a t thl:! SUIllm il willindudl!' Ram Khan, vice p resldl:"Ot , Slandard ChaJll:!r!!'d, African ne8ion, who Is globally acknowl · I!dgw as thl:! Il:!adlng ana 1)'11 on Mrkan eoonomlC!S; BUi Rir;hardfOll, fonner US secrelary for Energy and IWO lC!fm governor or New Mexico. USA; Bisf'bnasanya. ma n aging director o f First Ba n k of Nigeri a pic; Pl:! ll:!r Steven son, investment ad · vise:rand~~UI(

Trade IlIve:.<lIneru DepalllIW"nl, Nigcria.amongothen. RC!n Akaoone. the! $lOtI!' commisJioner for econolllk pl.'llIlng and budget. w ho III also the: chairman of Ihe l.agos Economic Summit Grou l), 1I1Jeftking during It 5I!'S$k)n wilh the media In l..a· 8M. noted that willll:! thl:! first tluer:! !:!dltlons of thl:! su m · mit ~I:! 1.. ~ly diagnostic In approach, dedlcatl!d to analysing l.he problems, un· derstand thl:! chaIItngeS and what nl:!l:!ded to be done, government s h l(t!!'d :uten · lioll rrom the fou rth C!didon lowards imllleml!'l1tatJon. "Today. I ca n sta nd be· fore you lind tdl you wl lh a ll Sl:!l1se of rl:!s llonslbilit y that WI!' have Im IJl,"nU!l1Ied In~r 100 of the 119 ruolu lions so far rl:!achC!d al pa.!il editions of Ehlngbetl SUmmil.!!. Thosl:! thai havl:! not bel:!n Impll:!mentl:!d o r are on-golll8 are diose that rl:!q uire oml:!r partJll!'rS Hke the Fe:deraJ Government. This Il! why we feel confldem 10 Invite NI8C!rlans and Ind eed th e Intl:!rm llJo nal Investm ent com muni ty 10 yet a no th er Ehlnpd where your tl m l:!

and rl:!sourcel would be worth your whitl!' going by dll:! IeIIOIISlleM we allachl!d to the IImmlt: lie: lisled the Bu.!! Rapid TnnSI)o" S)'Stl:!m ( BRT), Akule Indl:!JlI!'-ndl:!11I Power l'lant (IP"). J...aso!I lsiand IPI~ on-going ugos Ught nail Syslem and thl:! p"lelll of road dC5lgn~ ~ith pC!dC!SUiar1 walk wa),s a~ examples ofke)' dI!'cbioclS reac:hl!d in past 1!'dItkms of the! summits which hnve bC!cn Impkmftltt:d.. AkaIJtIel.e. who un\'eilal the theme of the 2012 all · lion or die summit holding In April a 'from BIU CS to BRINCS: i..agos 1I0ids the I(q: aplainl!'<i that In Ihe aspirati~l of Nigma 10 join the league of tiM: [a.!il.growtng IIRICS I:!co n omll:!S ( Bran l. RUll51n, tlldlll, C h ln ll and SOll lh Africa), which will now changl!' Ihe acronym 10 BRINCS (Including Mgma). Lagos IS the nation 's economk: capllal widl vast potentialJ and invehnenl opponunldl!'SwiU playa oentral. role. II is IIIo1thin thls conlext and the plftCe of LagolI as Nigeria's C!COnomk:capital that Ihl. !!'dIl lon o f the s umm ll will examin e the econolll k: potentlal~ of lAgos. 1M: SAId. lie noted thallafros being

lhl:! C!Conornlc ner'Vie celltre of the cou ntry, -co nsumes aboul4-1 peKl!'.l'lI ofdlCpt'UO ieum produru: in ti)!!'COW1IJ)" Ontlle~40pen:ento(

bank brandW"s lie In Lag05 bl!'cauJ«' of II)!!' high ~ or business activities ht'rt!. Over ",0 I)c:JCI!'.nt of the Ici!:!Coms

5ubsaiber base Is here In Lagos. Two 5eftIJOn$ In La gos IICQlUnllli (or 70 1JC:fCC1lI Ka trade lnthe country 1he two I:!ltttridlY dlSlrlbut10n companln Elco and U.l:!la Districts account for 50 perCIt'Ilt olPIIQr. trnmmls5ion power. Aboul 110 ~rcent o( iIllematJonal ail tnIYt'I anivC! in and depart &om 1.380& All the51!' polnl 10 Lagos I.!i Ihe economic nl:!rVC! centre of the country. So. if Nigeria b beingrall!d tUoneoftltell1a· for jJl lt~rs In Ihe emerging mar~Ui, tJ ll!'I1 you will agree with Ull thai Lasos holds tlte kr::y; Akabueze said lIt' runhft"~lained thai In spite or all Ihat lagos contributC!l 10 dll:! Ni~an economy. then! ls stili a lot 10 be broustll OUI III terms of the economic polendals or th e stale. -Bu t It would lake Id eas, rl:! la llonlhlps lind Invest m en t 10 unl ock these polentlals,- Akabueze

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BUSINESSDAY, 20 MARCH, 2012  

Farmers decry slide in price of cotton, plan to opt for other cash crops

BUSINESSDAY, 20 MARCH, 2012  

Farmers decry slide in price of cotton, plan to opt for other cash crops

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