……. Introduces Carbon Trading to Nigerian Agribusiness Market to Diversify Income of Smallholder Farmers
A United States and United Kingdom-based agribusiness firm, has entered into a long-term business partnership agreement for supply, and purchase of agricultural inputs and produce with Silvex International, Ltd., a leading commodity trading company based in Kano, Nigeria, working with local farmers to produce staple crops such as rice, groundnut, sesame, soybean, maize, and hibiscus flower.
Solacebase reports that these crops are produced by Silvex supported farmers and sold domestically and exported internationally to major markets, as well as to the United Nations World Food Program (WFP).
In February, 2022, the two companies met in London, the United Kingdom and signed the partnership agreement with a view to expanding business strategy and operations to ensure that Nigerian farmers get an appreciable premium for their produce especially those cultivated under the organic atmosphere.
Through this strategic partnership, that is launched on Friday, Kingston Organic will supply to Nigerian farmers and growers an innovative product that diminish the use of traditional, toxic, chemical, and synthetic NPK fertilizers with a natural and safe alternative, that could reduce global emissions of greenhouse gases (GHG) and improving fertility and yields of existing agricultural soils.
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Kingston is introducing a Humic & Fulvic Soil Booster that will be used by Silvex International Ltd on all its Nigerian farms, agricultural projects, and third-party farmers, which lessens greenhouse gases (GHG) both by reducing nitrogen emissions and by naturally improving the soil’s ability to sequester carbon in the farmland.
According to Sunusi Bature, Kingston’s recently hired Vice President of Nigerian Operations, “Our soil booster is an effective substitute for traditional chemical components although it is not a fertilizer. It restores and condition depleted soils. Humic and fulvic also enhances biomass production, improve the fertility and condition of the soil, and allows use of soil that otherwise would be low producing or non-arable”
In a statement issued to media houses, on Friday, Mr. Bature further explained that restoring non-arable lands is a critical need of Agricultural sector in Nigeria particularly and Africa in general, increasing the region’s production capacity is no doubt a complement against the global food crisis.
According to the statement, Mr. Gus Robayna, Kingston’s Vice President of Global Sales & Marketing, also stated that the use of fulvic soil booster accomplishes a very measurable, net negative greenhouse gases (GHG) emissions and provide eligibility for carbon credit generation.
“These credits fund recurring revenue streams that are measured and managed by our alliance partners, RegenFARM Ltd and Climate Wedge Ltd. Using globally accepted protocols, the credits can be monetized and sold, and revenues generated by the sales are shared at a fixed percentage with the stakeholders participating in the process, ‘’ the statement confirmed.
‘’Mr. Robayna added, “this means individual farmers and families share in the benefits without any cumbersome or complicated carbon credit management process and can use the funds to further improve their production efficiency and economic circumstances.”
‘’He also explained that in addition to providing Silvex with its organic and natural soil booster, Kingston Organic will provide advisory services and financial assistance, and will purchase agricultural end-products from Silvex for sales into consumer markets in United Kingdom, the European Union, and the United States of America.’’
‘’Silvex International Limited, is a Nigerian Commodity trading and logistics company undergoing significantly planned growth and is partnering to support small-holder growers in Jigawa, Kano, Kaduna and Nasarawa states working with thousands of farmers each with an average size farm of 2 hectares or less.’’
‘’These farms currently produce both conventional and organic crops, and the objective is to transform all farms to 100% organic production by the end of 2025. This organic conversion will increase product demand and deliver higher prices sustainably to these farmers. ‘’
‘’Other partners supporting the initiative include RegenFARM Limited, a digital design, simulation and decision-making platform for farmers, consultants, and food supply chain companies seeking ways to produce food using regenerative agriculture methods and Climate Wedge, Ltd, an independent carbon management firm pursuing principal investments and project development in the carbon markets, and providing carbon finance and emissions trading related advisory services. ‘’
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