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in pandemic has already been felt in the form of rising food prices as at january 2021 food inflation which measures the rate of increase in food prices rose to about 20 and a half percent from 19.56 percent in december 2020. this is the highest rate in over 12 years what this means let me explain is that nigerians are suffering from the worst food price crisis the worst ever food price crisis that we had today nigerians pay more than twice what's the pay for food than what they paid for five years ago the cost of living continues to soar as was seen by headline inflation rising to 16.47 in january 2021 the highest level in over three years the diploma of food inflation is attributed to increases in the price of food cereals potatoes yam and other tubers meat fruits vegetables fish oil and fats these trash dries of prices have created a bigger hole as many nigerians are made poorer the high level of insecurity and the continuous attacks on nigerian farmers have worsened farm outputs and pushed down food reserves rising the raising the price of key staples on the other hand the entry of kovi 19 into nigeria and the subsequent implications have adversely impacted the manufacturing industry as a result of the slowdown of retail and trade activities as most finnish goods flow through the sector to final consumers in the recently released gdp figures the manufacturing sector shrank 2.7 last year as the yearly contribution of the sector to nigeria's gdp stood at 8.9 percent in the past 12 months the fortunes in the food value chain and the manufacturing sectors have dwindled is the future of the food system in nigeria still bright would incessant challenges and a huge import bill as 3.3 trillion naira was spent from 2016 to 2019 on food imports will food prices prices continue to rise or will we see a respite has the manufacturing sector received its support are we seeing solutions manifest or a repeat of the same mistakes or is it that the solutions are not well thought out to meet the stakeholders this is covet crisis one year on counting the cost the public dialogue [Music] good morning i am nancy naja and welcome to the program today on the program we will be shifting our focus to the impact of kovid 19 on the food and manufacturing sectors joining me in the studio today is michael lewand he's just across from me his executive partner lofty inc allied partners limited while shergon cadre m i director general of the manufacturers association of nigeria is also joining me virtually from lagos i will be bringing him in a bit not also for getting our online participants welcome to all of you kindly follow us on all our social channels in case you're not doing that right now go on twitter go on facebook go on youtube i've always said it all the time go on youtube where you can get great great resource from our youtube channel let's give you some updates on some happenings as it affects what we will also discuss today in a second on wednesday central bank of nigeria announced the extension by another 12 months to february 28 2022 on the discounted rate for the cov19 intervention facilities and the rollover of the moratorium shall be considered on a case-by-case basis the apex bank has also announced that it has released 50 000 metric tons of maize into the nigerian market to reduce the rising price of the stipple the central bank of nigeria has announced also an extension of its regulatory forbearance for the restructuring of its intervention facilities by another 12 months so as we accelerate the program let's quickly take this vox pop by nigerians on how kovi 19 has impacted food systems and manufacturing sectors the the priority of everybody to eat that's the priority so because of the lack of getting it from the farm you know make it very costly the little you have there's a lot of demand for the little you have so that's why the prices now go up because when we're resistant for moving from one place to the other so the little we have makes that what makes inflation to come in now that food stores are very costly that's the major thing and you know when you when you when you think of a greek you know everything that a season a season for some product has passed it has been inside the locked down that so we have missed that season if you we planned now we're not dominate the way supposed to so that is why we are facing a ship in the full area and that's why the inflation is high it takes the the money the loan some people collected after the trips the traders are doing and even our government tried by giving us the intervention no it didn't go wrong not everybody have it but that's really so so it really wake up the economy it really is we know like you know that's a we trade us we are the aspect of the nation's economy so so that really affects traders a lot that all of us are just recuperating we are trying to come back to our jaws for things to be on like now some people even there is a client that came into the office he stood outside and said please i want to print instead of giving you the the fly said i should bring the the laptop that she went inside so i have since i need the money so i have to take the laptop outside so these are the thing and you even see some people that say please i don't want to even attend to you yeah so this really draw us back and it affected the economy it affect us even doing interacting with other clients so there are the major things that we are facing and the most bad of it is the export and airport you know majority of our raw materials come from china and there is nothing that is even coming in like there is a particular paper that we used to buy at 15 000 it's not about thirty eight thousand and just because of the important dollars of eating so the pandemic really pressed a weights on everybody that is producing for uh supply chain analogies generally it is a missed feeling for them during the this kobe 19 uh challenge one it's benefit two it's more challenging how did this uh benefit people is that because a lot of things a lot of people are on lockdown and they need to receive something so because they need to receive something most of this especially if they are operated uh a motorcycle you know or cut down whatever they have to distribute things to people's door mouths and because they want to people don't they have more work for them to do if they take job of vehicles and a lot of a lot of things but generally the challenge is that there are more local legislation that affects them such as the the partial lockdown total lockdown curfew in some states and a lot of agencies coming on them because they know they are benefiting from the challenges so generally logistics really benefit during kobe night and you know what it has really given another level of understanding of logistics because now third-party logistics are much more relevant than any other uh time you can think of because a lot of companies are a lot of companies now sourced locally and where you source locally you need to look for local a logic company to carry that out i think that is just the benefits [Music] all right welcome back in case you're just joining us the steel cove crisis one year on counting the cost of public dialogue earlier on i did tell you that i'll be having two guests uh let me introduce them again joining me right now virtually is shergo cadre who is the director general manufacturers association of nigeria what is known as man or in short man and he's also a man so mr cadry welcome to the show if you can hear me uh thank you for joining us you okay uh with me in the studio is michael oluwagbemi who is executive partner lofty inc allied partners are limited welcome to you again so let's get started and let me let me start with this question and the director general i would want you to take this question first the question around what we're seeing right now in the in the last few days the northern blockade can you hear me because i see you waving your head yes i cannot hear you okay can you hear me now yes i okay i can't hear you but it's like the line is uh breaking okay okay okay okay let me go again the question to you is around does nothing a food blockade that's about blocking food coming to the south what do you and your members think about this because i'm sure that it also impacts some of your members that are into food and beverage processing and manufacturing yeah i didn't hear the earlier mat of what you are saying but i had you saying food and beverage so okay can you please come again okay what i had asked is about the food blockade that we are seeing from the north the you would yes you will recall that we are the amalgamated union of food stuff and cattle dealers a session of nigeria did say finally i'm not going to be bringing food to the north so how is it impacting your association and your members that are into food processing and food okay uh thank you very much for having me and i think the impact of the so-called food blockage is not only to manufacturers but for the whole country this has a very negative impact on our capacity to feed ourselves on our capacity to survive as a nation so this is more of a national a matter of national interest i think that the blockage should be uh avoided and efforts that are being made to uh take it out completely out of the system should be well supported the impact it will have on our members i mean are quite obvious the fact that you have the supply chain in terms of raw materials quarter means that effectively you cannot produce it means that you will not be able to utilize your installed capacity it means that the staff that work in your factory will not have anything to do it means that you are likely to therefore downsize which means that they will become unemployed it also means that those who are the receiving aim that is the consumers will not be able to have any food to buy not to talk of those that are within the supply value chain it means that the wholesalers are not going to be able to have a product to sell and the retailers who operate in our various markets will not have what to say so i think it is a major disruption for the sector it will affect both those that are operating and those that are waiting to receive their end product i think it is something that we should not allow to happen and government should wake up to his responsibility by ensuring that all those threats are put away and they do not form part of our national engagement and it is not right okay let me still stick with you and ask you how the past 12 months have been especially for your members for you and for your members manufacturing association of nigeria i know that when i kove 19 entered into the country last february that's 2020 february the central bank of nigeria kicked in immediately just a few days later with some intervention funds some of those funds were also meant for you and your your colleagues in your association how has the last 12 months been wow this is very difficult because i cannot hear you but my sense of what you are saying is that how is asking how the past 12 years has been 12 months 12 months for manufacturers yes well uh globally manufacturing did suffer a lot of bashing from the advent of provide 19. the international value chain logistics was disrupted and so you have a situation where you are not able to assess your raw materials you are not able to access peers machineries and equipment at the same time you are not able to meet your contractual agreements with those who you have agreed to supply there is also the fact that exchange of technology exchange of innovation exchange of business contracts were disrupted because kobe 19 brought with it a virtual halt on international travels goods for goods and for personnel so to that extent it was quite destructive but if you step down to nigeria you also know that we had a period of lockdown where both commercial and social activities were brought to a host for the manufacturer who are unable to like i said receive our raw materials workers are not able to go to their factories our stock of even unsold inventory that will have been helped we couldn't get them to their end users we also had a situation where apart from food and beverage and as well as pharmaceuticals and chemicals all the other eight secular groups of man were effectively paralyzed for a long period of time during this period manufacturing performance plummeted i mean for instance we had capacities reducing by more than 24 percent we had situations where companies had to engage in uh downsizing at least temporarily however after the first half of the year we entered the second half of the year and we are not able to have some respite so it is important that government considers very seriously the idea of making sure that the manufacturing sector remains open even as we deal with the challenge of programming okay thank you very much dj i'll come back to you in a bit let me take uh mr oluwa baby that is right here in the studio uh with me and mr women i know that you are also involved in agriculture right now if you listen to my intro earlier food prices are on the increase this is the highest food price crisis that we've had in recent times i remember i used to buy a creative egg for about 900 naira sometime quite early 2020 now it's going for about 1 300 and naira your bread used to be like 300 350 now bread goes for a loaf of bread goes for 500 550. even the aggregate bread i know has also increased how did we get here is it about being is it pandemic inflicted or is also self-inflicted then what's in by the pandemic yeah thank you very much for having me on your program once again nancy and yes lofting we have quite a bit of involvement and engagement in the aggregate sector specifically through one of our affiliates vetements resources and i advise a few agricultural projects on the large scale both on the other state and the federal level in in uh in terms of advisory services and so we've been uh part of these uh issue that and i mentioned it if you recall during the town or last year when we talked a nice and i said then and i will say it again that there's nothing that was the problem before kovid 19 that has suddenly disappeared because because kobe 19 came whatever kovi 19 is doing is analyzing the issues that we have failed to address over the past 30 to 40 years and that is if there's any sector where that is true and is really true is agriculture let me give our viewers a view of what our agriculture profile looks like it employs 36.4 percent of nigeria's labor accounts for 22 percent of nigeria's gdp yet only accounts for less than three percent of its exports so you can see that performance disparity in terms of the revenue contribution of the agricultural sector to the nigerian government or even to the nigerian population despite its huge and massive contribution in gdp and its massive contribution in labor then it shows you that there's some we have some serious gaps in the sector secondly is that we like you said during your program 3.2 trillion naira and import but only 803 billion in exports that massive deficit again in the agricultural sector shows that we're not doing something right everything boils down to the problems that agricultural sector has been experiencing in nigeria from day one which is our and i said it it's not it's not a politic it's not it's not it's not what i'm about to say is not politically correct but i have to say it and because we all we all i hope you and your viewers the truth nigeria's obsession with small older famine which also goes in tandem with low productivity has ensured that over the years we've been putting our money and our investment in agricultural sector literally in a basket we should be focused as a country as we expand the country and as we grow the population nigeria should be looking at agriculture at scale not our obsession and continuing insistence on investing in small older agriculture small order agriculture has these statistics very clearly yes the average age of a farmer in nigeria in a small older sector he's about 66 years old and ryzen so that means the farmers are aging the tools they're using are aging the metals they're using at this agent productivity continu s to drop but hector the yield in nigeria in maize and rice and soy i mean all of these important products that we consume continues to go down despite all the you know all the investment that we've been doing in the sector so this is a major issue now everybody would come to this program and probably tell you oh funding is the problem well the reality is that the banks are not going to throw depositors money at any sector that is not productive any sector that continue to yield negative in terms of returns to the investor so the only way you can make the sector productive is to make a movie towards agriculture i mean we all lent what we call economies of skills in in basic economics why do we think agricultural sector in nigeria is going to be exempt from it why do we continue this even the people that come in into nigeria either the uscids or the the the the dfid's all the development partners that come into nigeria and preach the ghost school of small with our family the countries they are coming from engaging agriculture at scale now let me take you up on that before i go back to the dj you're saying that because of the smallholder smart holder farmers system which we have at least those are the people that have been feeding us as fast i can remember since i was born as it were but should we throw away the baby with the bath water can't we innovate reimagine the food system while incorporating them while also bringing in young farmers because from your own analysis the average age of a farmer in nigeria is 66 years and i agree with you but can't we also re revolutionize that sector after all the work that's produced and it's what you produce well i i recall my mba class and you're talking about the potter forces and you're you're you're you're you're trying to you're trying to be neither here nor there your hand goes out here strategy yeah if you you try to if you decide strategically you have to you have to you have to pick a strategy and you have to execute it i mean this is what we learned in basic mbas high school farmers are not perhaps those that will feed the nation they are they will produce or perhaps they would export not really so so can we say can we bring both together first thing first and also creates wealth for our citizens i don't even think it's about bringing boots together i think the first thing first is that we must stop imagining agriculture as an activity agriculture is a business business so if you look at agriculture as a business then the obsession with smallholder becomes infertile let me give you an um let me give you let me let me make that very clear because at the end of the day the farmer the person you call the small older farmer is an employee in an agribusiness context he is an employee we go to the farm he will still farm he used to do his whatever activity that he's engaged in but today we are not imagining it as a business we imagine as a business in business we have farm laborers which is all of almost all of this might will i mean what we call farm laboratory in nigeria can be absorbed by maybe 10 businesses in the context of the last scale agriculture focused country but we we we have we have we are obsessed with the with it with a political translation and transliteration of what is called farming which is an activity and not a business if we move farming into a business then we will understand that any of the small orders today will not be left there's no way they'll be left out if you have a massive growing agricultural sector that is doing look for example in our country today we are the second we have the second percentage of land in the world that is horrible in the world yet more than 75 is not cultivated why because we've not invested in a massive land opening strategy how do we open up massive acreages of land at the time you can't do it to smaller farmers i'm sorry it's just not possible you need mechanization you need to bring in large scale farming and those small other farmers will be engaged as employees in the context of large-scale farming there's nothing wrong with that at the end of the day if everybody is engaged in small older airlines small older taxi driving small older transportation small holder health care buttons oh those things don't make sense no i don't think you should compare but but let me come back let me come back to the dg did you did you hear what mr said and and what is your own view about it smart holder farmers should we throw them away with a baby on the bath water or people like you i know just respond well thank you very much uh i think he is the expert and his views uh should be well considered i am of the opinion that uh the smallholders farmers are here to stay so i think there's very little we can do about getting them off the radar and they will continue to operate as small uh small holders however you can't distract from the business sense that he has brought into it manufacturers who normally prefer large-scale farmers because it's easier for you to get your raw materials from one source and so you can keep on production however you know we you cannot go beyond your environment except you do something very radical and i think what is advocating is a radical departure from laying too much emphasis on small scale holders to the detriment of encouraging large-scale farming i think right back in our villages and so on we know the i mean the importance of feeding the village and you can only feed the village where you derive the food that is grown around the village so i think they will continue to exist but government has to and even the private sector too has to consciously grow large-scale farming i mean so that would be able to have a stock that will be able to go both into feeding for food sufficiency and into feeding manufacturing for food processing so i i think the two have to go together that's my thing okay mr lawrence if we take a look at how the cash has been distributed so far the pandemic cash talking about central bank interventions and perhaps also fiscal policy responses in the last one year how would you assess that were you also part of those that assessed the kovid intervention loans i said i gave an update earlier about the moratorium being extended the interest rate is still five percent so for those of you that borrowed all that goddamn loans you have till february 22 28 2022. so what's your assessment about that yeah i mean i think any palliative in the moment of crisis is welcome and i think um in the case of the kobe parliament specifically under the esp program um a lot of the payroll support uh helped quite a bit a lot of businesses i believe even a lot of the businesses that we are affiliated with or startups that we support at lofting uh access that and that was very important during the the one that is managed by nsl microfinance bank yeah says that without knowing people yes they were just basically went online and um a lot of them still continue to get a lot some people even still got a lot for a couple of months ago really yes that's what this what i just asked in there was what i focused on yes yesterday the intervention funds and how many people a lot of people did access it and it helped essentially when you look at businesses that could not even have those staff work for them and yet the staff have the expectation of being picked and you know you can actually have those staff access money i think it was 30 thousand era a month for up to three months or something like that for survival for ten years for ten for ten staff members so those payroll supports helped small business again we should not um mix up the concept of a small older farmer which is an activity and a small business and it's small business msm is at the heart of this economy they are the sole of the school even if we organize our agricultural sector around small businesses or even micro businesses between two and ten employees two ten employees can farm up to 40 50 hectares that is a large-scale medium-scale farmer it's no longer a small order anymore so if we organize these businesses activities in this family as businesses and we support them you will see the massive increase the massive jump in productivity that you will not now see in terms of what you produce what you export people you employ and again you see it in the prices because again you cannot unlink productivity and pricing the moments you increase productivity that means per hectare in nigeria today i think you get about 1.5 to 2 ton per hectare of maize but the average in brazil is about 15 tons per hectare so there's no way nigeria can compete with brazil when it comes to maze there's no way nigeria can compete even with thailand when it comes to rice thailand is doing about seven to eight tons per hectare nigeria is doing about one to two tonnes per hectare if you look at our productivity our productivity is still at the stone age level of man when it's first started and agriculture back in the new like age and this is a fact the calorific efficiency of the farmer in nigeria today which is which work with slash and born agriculture in nigeria is about 10. the stone age man was about five the indians and the egyptians that did irrigation in the old old way in the old civilization is between 25 and 50. united states calorific value efficiency is about 200. so you cannot compete that's the reason why we have to take drastic measures like we have to shut our border we have to do because again by the time you land price from thailand even after all the corruption after it has passed through bernard republic after it has gotten into the pot in there in lagos it is still cheaper than the rice that is produced in nigeria because again our productivity is low therefore the price is going to be high it's again it's a matter of scale so we need to try to find a way to move our agriculture towards small businesses i'm an advocate of small businesses don't get me wrong but we always confuse the team small older farming is emphasizing the activities are not the and not the business so we should move these things into businesses and the government can't support businesses unfortunately when government try to support more older farmers what we end up and i will talk now about the palliatives to the farmers now you know we've talked about palliative to the business whenever we talk about the survivor fund now the palliative to the farmer unfortunately and i'm not going to be the first farmer i would tell you this i'm a farmer myself so i know what i'm talking about most farmers i've been in farming now we've been we've been involved in at the lofting level and affiliate level we own a ranch or when you go rancho farms just one hour away from me and kefi one of the one of the do i was tired i would advertise a beautiful ranch visit now five six years we've been in that business and we've been putting our sweat and pains into the reason we've not received a single dime from the federal government of nigeria because again the target of the federal palliatives or federal supports to the agricultural sector is to small older farmers not to small businesses in farming when you talk about i i i don't think so let me give you an example no i don't think i can become because because companies like i don't want to mention them but big companies have also assessed that so what you're talking about you're talking about large large scale agriculture which assess what we call cracks which is the commercial agreed credit scheme and there's another one without the axe means that let me let me let me land it yes which provides for farmers that have 250 million error one billionaire of receipts and then you have abp uncle borah program which provides for small older farmers essentially not small business farmers not medium scale business farmers the hacks means you are talking about is biased towards processing and is is the trading and the processing sector not the production side so at the end of the day what we have is a massive missing middle where we have the productivity opportunity let us remember that for the larger scale farmer which is fine the government tries as much as it can to support tax and central bank does support cars mostly through the states a lot of state governments do assess that program with a lot of joint benefits accelerated development program adb for states now all of those things tend to the largest scale farmer and then you now have small older farmers what happens to the small medium scale farmers that owns 10 25 hectares 50 hectares 100 deca 500 hectares which i think is the productivity opportunity for the country because today what happens is whenever you put money into the uncorporate program which attends to the small older farmer i can tell you for free because farming is the only activity under the constitution that the public sector can involve in most of those money do not get to the actual farmers okay okay i'll come back to you a bit uh dj i know you're hearing what he's saying but um i i'm i want to go to my online audience now because they've been there with us for a while and a couple of them have sent in also are there questions you can see with them right now on at the screen a few of you have uh questions here i'm trying to to get them out um angina chica can your mute and ask your question okay what i wanted to ask is that the privates of um goods and sales manufacturing my let me know i produce hand sanitizer and those times when i do go to buy my chemicals they will tell me that the practice of the cheese the practice of the chemicals they went very high so how can they go okay the presence all right i think we've gotten uh your question uh in terms of the prices of uh goods uh getting higher the materials you need are to produce uh your sanitizers okay uh there is another or there are questions here gladys can you quickly ask your question and after gladys bucky will take her question very quickly good morning see um so my question is skills to promote productivity and food like the farming industry and also regulation of prices because i will say [Music] thank you gladys we've gotten that booky asked your question very quickly i can see you have a question for the manufacturers association of nigeria so quickly go on to that so that the dg can answer you okay i was going to ask is it possible for the admin the man the dj or the man as they all advocate on behalf of manufacturers for subs for government to subsidize on the machinery because that actually we reduce the cost of production and i was going to talk about the if they talk to them like all these uh farmers i'm referring to the other person the farmers if they can actually advocate for on behalf of the commerce if the government can actually pick up did you take us so decide the price thank you so let's bring digi back uh dg cadre the manufacturers association of nigeria director general let's start from the last question or second to the last question which uh biodubuque asked if the manufacturers association of nigeria can advocate on behalf of manufacturers for government to subsidize machineries as well as patronize made in nigeria products so dg okay uh thank you bucky i think that's exactly what we do and currently uh machines and equipments that are used by manufacturers already enjoy some tariff reliefs they are basically either zero percent or five percent uh import duty so we've been uh i mean fairly successful at getting government to give that kind of concession to the manufacturing sector but what i think is also very important in the question you've had is the patronage of making nigerian products and i think uh many of us uh focus on government leading the process because in the economy government is the biggest spender and so you expect that ministries departments and agencies of government will give the first choice of where to buy to local manufacturers but we have not been very successful at that even though government has tried severally to achieve it i'll give you one example we have 306 senators in nigeria i mean we have 109 senators in nigeria and 200 i mean 360 members of the house of red but if you go to their offices today are the furnitures in those offices made in nigeria if you go to the e football beaches across the country if you go to the stadium that we have across do we have those seats made in nigeria the vehicles that our lawmakers are using the vehicles that our djs our honorable ministers and so on and so forth are using admit in nigeria so i think protonate of made in nigeria products has to be holistic that's on the side of government also as people do we we are made in nigerian products you can just imagine we are 200 million people if half of nigerians decide today that they will henceforth wear products clothes that are made in nigeria like i'm wearing if we decide to wear it at least five days a week would have been able to increase the capacity of textile manufacturers in nigeria by more than 65 percent so patronage of building nigerian products is key it's a patriotic duty that every nigerian should have and it is a wise thing to do okay in china why they were able to first track their development was their capacity to literally live closing and make chinese to wear and to use what is made in china so i think the campaign is both for government and at the same time for the citizens there has to be a conscious effort for us to produce what we consume and to consume what we produce this is the objective of government but implementation remains a challenge and all efforts should be made to achieve success in this regard mr lu agbami the other question from buki also it's about if the government can be major off-takers for food produced and subsidized thereby reducing the retail price add that also to the question by gladys around if they are schemes to effect uh to foster rather effective production and price regulation of food items i remember that was it i i see i see you like why but i remember there's a time there is a national food security council and i think in 2019 also the president set up a team in terms of uh you know looking at these kind of shenanigans which you have right now around food price increase and all of that so speak around that and also i also wanted to mention the insecurity we're seeing around the country which has affected almost every nook and cranny in the country is it also a challenge right now that we are seeing the worst food price crisis ever yeah thank you very much um i have to say that we have to be careful uh what we want the government to do um i'm very because sometimes we sing with nigerians sometimes we're sort of confused whether we want a capitalist system socialist system or a socialist system we all shout government government government and then if the government takes action then we complain and we say that they have been dictatorial and all that i mean we don't want government to control our food prices i mean we already have government involvement in our petrol gas tank and that's already becoming a problem even to productivity and efficiency my director general will testify to that i mean we are now trying to yank off that that's just petrol subsidy nightmare it's something that we are we are struggling very hard to yank off more than 20 30 years now and now we want to now get ourselves involved into what we eat i think that would be that would be dangerous i think what government should be doing is to put in place the right policies and to be targeting the right sectors i cannot say that enough because sometimes if you do not if you are not really answering the question if you if you have a headache and you are combing your heir even though you're close to the source of the problem you're very far from the solution so the thing about nigeria is we like to do things that appear like is the solution okay um the scarcity of food oh send more money to smaller farmer it doesn't solve the problem probably not we've been doing it and definition of madness is doing the same thing and expecting a different result you're not going to get a different result because it's basically inefficient it's not working so you need to look at new things to do radical things like i've already proposed you need to mechanize you need to provide infrastructure you need to target finance into non-political farmers you need to provide extension services our states used to be in the past and i mentioned is this what i think government can do this issue of guaranteed uptake we used to have commodity boards before we found petrol so the whole idea then was that the only way like today now any state or any federal government in nigeria today that invest in agriculture basically cannot get that money back because there's really most agricultural activities are tax-free they don't we do not pay taxes as farmers when it comes on selling our product because it's food it is exempted so how does government get the money back the only way you really can see government is by you having commodity boards so we're advocating that we should bring back some of these so that farmers can get guaranteed optic if i as a farmer know that at the beginning of the season i'm setting the price of the price of this particular commodities i'm producing is already set and then all i need to focus on is how do i increase the productivity of my land to produce more of it and somebody will come to my farm and take it out and go and sell it so that's commodity exchange commodity boards bringing back some kind of but are you happy with the news the revival of the ncx nigeria commodity exchange that was announced the taste of the pudding would be in there did you just one last question before we go pandemic cash that was extended to your manufacturers have you your members assessed it and to what level have you used the 12 months on a moratorium has been extended interest rate is five percent how engaged are you with the authorities on this well thank you very much uh this is a very important question and uh the only joy in need for me is the extension because we have repeatedly said that our members are not assessing the funds as a matter of fact we have engaged the central bank and we have repeatedly informed the central bank that what the commercial banks are saying is that they do not have clarity as to the procedure and the regulation involving the release of the forms we find this extremely difficult to believe and we have continued to wonder why it's taking such a long time for us to be able to break this laptop i think with this extension it has provided an avenue for us to engage so that this very important sector is able to assess those funds we are delighted that it has been extended and i think that what the central bank has done is to bring this matter back to public discourse and public focus we should be interested by a report that shows how many manufacturers have been able to access these funds and then it will be a lot easier for us to get how effective it has been we are welcome the extension and we are looking forward to clarity so that the commercial banks will be able to disburse these funds to needing manufacturers i understand what you're saying because quite a lot of people have also come out even big companies that wanted the loans they did not have clarity they would go to their banks their banks would tell them something else go to central bank central vancouver software the banks are misinterpreting them and all of that so i'm wondering where that is coming from but let's see how it goes at least within the next 12 months and i also know that even from the national abroad statistics their figures as a 2020 shares that manufacturers out of the bank's credit commercial banks credit manufacturers owe about 3.3 trillion naira out of the 19 trillion naira banks give to you and your colleagues in the sector but i want to wish you well and let's see let's talk sometime soon uh perhaps in a few weeks and see how engaged you are with the authorities and if your uh members are getting this that is why we're doing the show really to take a look at the sectors in the last 12 months so thank you very much dj khadri uh have a great day thank you god bless you god bless it to you michael a little work with me thank you very much i think we still need to look at analyze what you've said yes if we should throw away the baby with the bad water or we look at it holistically we should look at it holistically but thank you for joining us on the show today all right i would also say thank you to my online audience thank you for joining us today please join us again tomorrow i can see you guys are waving i'm waving back at you too uh i would say thank you especially because close to like uh 60 50 people have joined us in the last uh four days now that we started this series if i was at the series last friday so thank you to all of you i know we can't take all of you at the same time but thank you to all of you join me again tomorrow same time on the station i am nancy najib the best you can be and but a change that you want to see don't forget to wear your mask even though vaccination starts tomorrow don't forget to wear your mask the president will be fascinated on saturday covey 19 israel [Music] [Music] thank you for watching our video please hit the subscribe button below turn on post notification to follow all 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