Economy
Nigeria Open for Agribusiness—Ogbeh Tells Indian Investors
By Dipo Olowookere
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has urged Indian investors to consider coming to Nigeria for investment opportunities with a promise that they will not regret taking the decision.
Mr Ogbeh made this call while speaking during his tour to the Asian nation to explore new partnerships on agricultural development between Nigeria and India.
While at the Jute Mills Association of India, the Minister declared that Nigeria was open for Agribusiness, with incentives for investors, noting that with the Africa’s largest economy’s increased He discussed collaborations for Nigeria’s large scale cultivation of Jute and Kenaf; and the adoption of jute bags for packaging agricultural produce in line with food safety standards and global best practices.
He, therefore, invited the Indian Jute Mills to seize the huge opportunity in the Nigerian market; and invest in jute bag manufacturing in Nigeria.
The Minister emphasized that non-biodegradable packaging material such as polypropylene is not safe for our food and the environment, advocating the use of jute packaging which are carbon neutral and biodegradable.
Mr Ogbeh described India’s resilience in developing its agricultural sector especially the giant strides recorded in its dairy sector as an inspiration to Nigeria, adding that If India could do it, Nigeria can do it too.
During his visit, the Minister was taken to the Gujarat Co-operative Milk Marketing Federation, which has for decades driven the development of India’s dairy sector, using latest techniques of animal husbandry to empower 3.5 million dairy farmers in 18,000 villages through the Amul milk brand.
He was later taken on a guided tour of Amul Milk Factory, India’s largest dairy production factory and Asia’s largest milk producer.
Mr Ogbeh also undertook a tour of the Gujarat Industrial Development Area where he looked at technology transfer in small-scale processing machines designed for smallholder farmers such as semi-automated cashew shelling machines.
His tour of Gujarat Industrial Development Area of small scale cashew projects and India’s largest milk processing factory was part of an understudy of India’s Agric co-operative models ahead of the implementation of the Livelihood Improvement Family Enterprise – LIFE programme, which aims to empower rural youth and women in Nigeria.
In Calcutta, the Minister visited Wellington Jute Mill, the first Jute mill in Asia established by James Finlay & Co in 1873 and now owned by Ai Champdany Industries Ltd. At full capacity, the mill produces 120 Metric tons per day and employs 3,000 workers. The Minister described the age-long expertise of the factory as an invaluable experience from which Nigeria can learn and gain a lot.
A delegation of the National Seeds Corporation of India also held a meeting with the Minister in New Delhi as he wrapped up his official visit to India. Partnering with Nigeria’s National Seeds Council to developed improved seed varieties for increased agricultural productivity was top on the agenda.
Business Post gathered that when the Minister arrived India, he was received by the Indian Minister of Agriculture and Farmers’ Welfare, Mr Radha Mohan Singh; the Nigerian High Commissioner to India, Mr Chris Eze; and some Agribusiness investors in New Delhi.
Mr Singh described Nigeria as India’s largest trading partner in Africa and disclosed that in 2015, India had announced concessional loans of $10 billion to African countries.
He added that recently, India increased training slots under the Indian Technical and Economic Cooperation – ITEC Programme covering short-term training programmes in agriculture and allied sectors from 200 slots to 310 slots annually to Nigeria.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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