Economy
IITA Plans to Save 11m from Poverty—DG
By Modupe Gbadeyanka
Director General of International Institute of Tropical Agriculture (IITA), Dr Nteranya Sanginga, has disclosed that the research body plans to lift about 11 million people out of poverty in sub-Saharan Africa by 2020 under the refreshed IITA strategy.
Dr Sanginga made this disclosure at the commissioning of the research and training farm of the institute at Ago Owu in Ayedade Local Government Area of Osun State last Thursday.
He stated that under the refreshed strategy, IITA also plans to reclaim 7.5 million hectares of degraded land and put the land into sustainable use, noting that achieving this goal entails IITA expanding its partnership scope and strengthening old partnerships.
Dr Sanginga explained that the Ago-Owu research facility would primarily conduct research on cassava, maize, yam, soybean, banana/plantain and cowpea.
“We will also be using the facility to train Nigerian youths in agribusiness,” he said, adding further that, “This research facility is part of our strategy to take research closer to the people. Our plan is to make this station a one-stop shop where farmers’ needs would be addressed.”
The inauguration of the research farm was performed by the Osun State Governor, Mr Rauf Aregbesola, and it brings to six the number of such facilities in Nigeria with others located in Onne (Rivers State), Abuja, Mokwa (Niger state), Minjibir (Kano), and Ikenne (Ogun State).
The Ago Owu research station was set up primarily to serve as a research and training facility that will backstop the state’s agricultural programs and offer training support to the youth.
It was also built to mark the 50th anniversary of IITA part of further efforts to expand its research agenda and create impact at farm level and it stands on 205.5 hectares of land donated by Mr Aregbesola in 2015.
Both parties signed an MoU and began investment on the land with the development of roads and other infrastructure.
Governor Aregbesola, in his address at the ceremony, said the research facility will advance research in Osun State with a spinoff effect on other parts of the country.
“We believe that this research facility will train and empower our youth in modern agriculture,” he said.
The inauguration of the research facility also allowed researchers to make presentations on new findings from cassava weed management, breeding, banana breeding and multiplication, cassava processing, and aflasafe—a technology for controlling aflatoxins among others.
There was a presentation of improved seeds of maize, cowpea, soybean, yam, plantain seedlings, and cassava stems for onward distribution to farmers in Osun state.
IITA also gave the Governor some quantities of Purdue Improved Crop Storage (PICS) bags which provide simple, low-cost method of reducing post-harvest cowpea losses due to insects’ infestations.
Director for Development and Delivery at IITA, Dr Alfred Dixon, in his remarks, said the inauguration of the research facility was a step in the right direction with the potential of bringing many benefits to the people of the state in particular, and the country in general.
He said the research facility would assist the state in accelerating its agricultural reform agenda whose particular focus is on increasing agricultural productivity and job creation.
Established in 1967, IITA is an international agricultural research institution that generates agricultural innovations to meet Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation. Working with various partners across sub-Saharan Africa, IITA improves livelihoods, enhance food and nutrition security, increase employment, and preserve natural resource integrity. The Institute operates in Nigeria and 13 research stations/hubs across sub-Saharan Africa.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
