Farouk gumel - A Commodity Exchange or Comex is a regulated market allowing the purchase and sale of contracts backed by commodities such as gold, silver, crude oil and so on.
It is safe to say that today, the backbone of African farming remains the rural farmer ably assisted by his farm animal. Yes, it is backbreaking work, but in many instances, it is the only profession they know. This ecosystem will simply be crumpled with immediate and rapid automation.
Farouk Gumel - Finally, agriculture is taking its rightful place as the sector that will take Nigerians out of poverty and into an era of inclusive and collective prosperity.
Farouk Gumel – Most governments intervene in their agricultural markets although the extent of these interventions depend in large part on the wealth of the country. In the last century or so, the most common of these interventions is the Minimum Support Price (MSP) mechanism.
Farouk Gumel - In September 2015, the United Nations General Assembly adopted the 2030 Agenda for Sustainable Development that includes 17 Sustainable Development Goals (SDGs).The first two goals were “No poverty and Zero Hunger”.
Farouk Gumel - Despite long standing recognition of the benefits of trade and the importance of improving competitiveness, Africa is performing beneath its potential in global and regional agricultural markets.
Farouk Gumel - Agriculture accounts for 70% of the entire workforce in Nigeria and therefore, remains the sector that can massively lift Nigerian’s out of poverty in an inclusive and sustainable way.
Recently, the media has been reporting about massive farmer protests in India against the implementation of certain agricultural reforms in Nigeria. The protest started on 9th August 2020 and most of the protesting farmers are from India’s two largest agricultural producing states (Punjab and Haryana).
Farouk Gumel - Oil was discovered in Nigeria in the 1950’s and today, Nigeria is the eleventh-largest oil-producer in the world and Africa’s main oil producer. In 1977, the Nigerian National Petroleum Company (NNPC) was founded to participate and regulate the country’s oil sector.
Farouk Gumel- Nigeria, like many Africa nations, is an agrarian nation. Contrary to the general perception that it is an oil and gas country, the majority of Nigerians in reality earn their living through the agricultural and food value chain. This should not be a surprise. A country with over 200 million people will surely have a large appetite.
Farouk Gumel-In a continent where some 50% of its population are farmers, Africa still imports billions of dollars of food every year to meet its needs. These imports, which are by choice and not out of necessity, have kept the demand for locally produced food items at extremely low levels.
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