Economy
Livestock Sub-Sector Contributes 5.8% to Nigeria’s GDP—FG
**Lauds Chi Farms, Zoetis on Veterinary Laboratory Project
By Dipo Olowookere
CHI Farms and Zoetis have been commended for the establishment of an ultra-modern veterinary diagnostic centre called City Laboratory, which was commissioned on Wednesday, September 12, 2018 in Ibadan, Oyo State.
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, disclosed that the commissioning of the diagnostic centre justifies the collaborative efforts of federal government and the private sector in providing essential tools needed for sustainable socio-economic growth in livestock development in Nigeria.
Mr Ogbeh, who spoke through the Director and Chief Veterinary Officer, Department of Veterinary and Pest Control Services, Federal Ministry of Agriculture and Rural Development, Dr Olaniran Alabi, said further that the livestock sub-sector contributes 5.8 percent of nation’s Gross Domestic Product (GDP) and provides livelihoods to over 30 percent of the Nigerian rural population.
He added that for livestock business in Nigeria to remain profitable and sustainable in the face of growing population and demand for protein, it was important that animal diseases and epidemics were well controlled and eradicated.
The Minister pointed out that the sub-sector was limited by a number of factors most important of which is the preponderance of a wide range of animal diseases such as Contagious Bovine Pleuropneumonia (CBPP), Peste des Petits Ruminant (PPR), African Swine Fever (ASF), etc.
For Nigeria to ensure a profitable livestock business for farmers, proper, efficient and accurate animal disease diagnosis need to be carried out, he said.
“It is important to note that animal disease diagnosis is an important component of veterinary services and that Nigeria has quite a number of laboratories that carry out animal disease diagnosis. However, these laboratories operate below their optimal level thereby leading to huge gap in veterinary diagnosis services.
“The establishment and equipping of Chi Farms’ ultra-modern veterinary diagnostic laboratory being commissioned today in Ibadan could not have come at a better time than now that Nigeria is looking forward to diversification of its economy through agricultural and other non-oil sectors.
“Let me use this opportunity to appreciate Chi Farms and Zoetis-ALPHA for this laudable initiative and call on other foreign organizations to partner with Nigeria on animal health and veterinary services,” Mr Ogbeh said.
Also speaking at the event, National President of Poultry Association of Nigeria (PAN), Mr Ezekiel Ibrahim, said the poultry industry in Nigeria has been confronted with many challenges especially losses as a result of diseases outbreak, which according to him has frustrated and crippled some farmers’ investments, leaving them dejected and hopeless.
He acknowledged the efforts of National Veterinary Research Institute (NVRI) in domesticating animal disease diagnosis but pointed out that emerging challenges and changing trend in clinical manifestation of diseases calls for a more aggressive intervention.
According to him, “Managing poultry disease is highly sensitive to the time the index case is identified in order to avoid, control and prevent production losses.
“This is where the quality of veterinary diagnostic laboratory intervention becomes a centre point in management decision on disease control. The industry requires a diagnostic laboratory facility that is reliable in sensitivity and specificity. This is the future of addressing challenges of disease in the poultry industry.”
“The poultry industry at this time requires availability, reliability, accessibility and affordability of diagnostic services for growth,” he added.
The association chief also commended CHI Farms and Zoetis for the precise intervention through the establishment of City Laboratory while adding that, the project has come at the right time to support the growth of the poultry industry and redirect the attention of the sub-sector to the importance of quality laboratory service in disease control.
In his opening remark, Managing Director of Chi Farms Limited, Mr Martin Middernacht, said the motive behind the establishment of City Laboratory in partnership with Zoetis is to assist livestock farmers raise healthy and profitable animals as well as conduct research and come up with vaccines based on tests conducted.
Also, the Regional Director Zoetis, Sub-Sahara Africa, Mr Gabriel Varga, stated that the partnership of his organization with Chi Farms Limited on the project is basically to assist poultry farmers in Nigeria realize their full potential.
Mr Varga further stated that similar laboratories will be opened in different parts of the country in subsequent phases of the A.L.P.H.A project.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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