Economy

Nigeria Eyes 500,000 Hectares of Irrigated Farmland by 2030

Published

6 years ago

26/01/2020

By Modupe Gbadeyanka

Minister of Water Resources, Mr Suleiman Adamu, has charged the top management of the ministry and its agencies to re-double their efforts towards contributing to the realisation of the vision of President Muhammadu Buhari’s promise of lifting 100 million Nigerians out of poverty in 10 years.

The Minister said one of the ways of achieving this was to key into federal government’s plan of diversifying the economy to guarantee food security and create employment opportunities for the citizens. He said the Ministry has initiated National Irrigation Development Programme which is aimed at establishing 100,000 hectares of irrigated farm land by the year 2020 and 500,000 hectares by 2030, adding that additional 1,000,000 hectares of irrigable land are to be developed by the Private Sector and state governments within the same period.

The Minister also challenged the top management of his ministry, heads of agencies and parastatals under his ministry to ensure that these targets are met, stressing his desire to accomplish some priority deliverables within 2019–2023, including to complete all priority ongoing dams and irrigation projects, finalise and implement the flood management master plan for River Niger and River Benue, aggressively implement the Water Sanitation and Hygiene (WASH) Programme and achieve Open Defecation-free Nigeria by 2025, actively collaborate with private sector to create a large number of well – paying jobs for Nigerian Youths and Support the implementation of Water Management and Water Settlement Projects in the National Livestock Transportation Plan (NLTP).

Mr Adamu, who spoke at a retreat for Directors, Deputy Directors in the ministry, Executive Directors of agencies, and the Managing Directors of the River Basin Development Authorities (RBDAs) under his watch on Thursday, January 23, 2020 in Ibom Hotel & Golf resort Uyo, Akwa Ibom State, declared that, “It is therefore imperative that this retreat discusses and proffers feasible contributions and strategies of the Water Sector towards achieving Mr President’s desire of reducing poverty in Nigeria.”

Going down memory lane, back in 2015 when the last retreat was held to fashion out Water Resources road map 2016 -2030, the Minister said the roadmap was configured into immediate and long-term strategies for the water sector.

According to him, outcome of the 2015 retreat as approved by President Muhammadu Buhari in June 2016 sharpened and guided most of its ministry’s activities in his first tenure in office, adding that the 2015 retreat was aimed at strengthening the weakness in the delivery of the ministry’s mandate and to develop a strategy that will enable sustainable positive impact in the water sector within a short period, based on the Sustainable Development Goals (SDGs) framework.

The roadmap includes, among others – conclusion of Draft National Water Policy, National Irrigation and Drainage Policy and National Water Policy Bills; Organizational and Manpower Review of the Ministry towards repositioning it for enhanced service delivery; Identification of Dams with Hydro Power potential for Development; Developing and implementation of a National Irrigation Development Programme; and Developing and implementing a National Water Supply and Sanitation programme to attain the SDGs to mention but a few.

In addition, Mr Adamu stated that pursuant to the roadmap, the ministry was able to record some achievements within the available resources, such as approvals through the Federal Executive Council of National Water Resources Bill, National Water Resources Policy and National Irrigation and Drainage Policy.

He stated that pursuant to the roadmap, also two departments were restructured which are now known as Department of River Basin Operations Inspectorate, headed by a Director with water resources management background; and Department of Planning Research and Statistics, which is known as Department of Water Resources Planning and Technical Support Services (WRPTSS) which is headed by a Director with engineering background.

In addition, he said he undertook technical audit of the inherited 116 major uncompleted and abandoned projects for prioritisation and completion, where it was discovered that irrigation and drainage had 38, dams had 37, while water supply had 41 uncompleted projects.

However, the Minister said substantial resources were deployed towards their completion and commissioning, noting that so far, the ministry has completed and commissioned 13 water supply projects and nine dams which were initiated and completed, and are ready for commissioning, with many irrigation projects billed to be completed between now and 2021.

Economy

Stock Market Gains N2.367trn as All-Share Index Rises 2.06%

Published

16 hours ago

14/02/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 2.06 per cent on Friday, amid a rush for local equities due to encouraging earnings of companies for 2025.

Business Post reports that the buying pressure was across the key sectors of Customs Street yesterday, with the banking index growing by 2.49 per cent. The energy industry appreciated by 2.05 per cent, the consumer goods counter grew by 0.78 per cent, the insurance space improved by 0.64 per cent, and the industrial goods sector expanded by 0.44 per cent.

At the close of trades, the market capitalisation went up by N2.367 trillion to N117.027 trillion from N114.660 trillion, and the All-Share Index (ASI) gained 3,687.45 points to close at 182,313.08 points compared with the previous day’s 178,625.63 points.

Cornerstone Insurance, Infinity Trust, and Nestle Nigeria appreciated by 10.00 per cent each to sell at N6.38, N9.90 and N2,662.00, respectively, while Okomu Oil rose by 9.99 per cent to N1,327.00, with RT Briscoe up by 9.97 per cent to N17.42.

Conversely, SAHCO depleted by 10.00 per cent to M135.00, Guinness Nigeria lost 9.97 per cent to trade at N103.00, Omatek shrank by 9.39 per cent to N2.99, NPF Microfinance Bank decreased by 6.51 per cent to N5.60, and eTranzact slipped by 6.33 per cent to N10.80.

A total of 53 stocks ended in the green side and 33 stocks finished in the red side, representing a positive market breadth index and strong investor sentiment.

Data showed that 936.4 million shares valued at N52.7 billion were transacted in 50,068 deals on Friday versus the 698.3 million shares worth N28.438 billion traded in 50,886 deals on Thursday, indicating a rise in the trading volume and value by 34.10 per cent, and 85.56 per cent apiece, and a slip in the number of deals by 1.61 per cent.

First Holdco closed the session as the most active equity with 106.3 million units worth N5.1 billion, Zenith Bank transacted 72.6 million units valued at N5.7 billion, United Capital traded 45.4 million units for N963.2 million, GTCO sold 45.0 million units worth N4.9 billion, and Fidelity Bank exchanged 31.4 million units valued at N639.0 million.

Economy

OTC Securities Exchange Extends Positive Run by 0.86%

Published

16 hours ago

14/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose further by 0.86 per cent on Friday, February 13, with the market capitalisation growing by N20.27 billion to N2.378 trillion from the previous session’s N2.357 trillion, and the NASD Unlisted Security Index (NSI) rising by 33.87 points to 3,974.77 points from the 3,940.90 points it ended a day earlier.

The improvement recorded by the bourse yesterday was influenced by six price gainers led by Okitipupa Plc, which went up by N18.00 to sell at N260.00 per share compared with the previous day’s N242.00 per share.

Further, Central Securities Clearing System (CSCS) Plc added N3.39 to quote at N80.47 per unit versus N77.08 per unit, IPWA Plc chalked by 31 Kobo to finish at N3.44 per share versus N3.13 per share, Lagos Building Investment Company (LBIC) Plc gained 31 Kobo to settle at N3.41 per unit versus N3.10 per unit, Afriland Properties Plc appreciated by 31 Kobo to N16.51 per share from N16.20 per share, and Food Concepts Plc increased by 8 Kobo to N3.28 per unit from N3.20 per unit.

There were three price losers, led by MRS Oil Plc, which weakened by N10.00 to close at N170.00 per share compared with Thursday’s price of N200.00 per share, FrieslandCampina Wamco Nigeria Plc lost N2.59 to sell for N65.52 per unit compared with the preceding session’s N68.10 per unit, and Geo-Fluids Plc depreciated by 33 Kobo to N3.30 per share from N3.63 per share.

During the session, the volume of securities transacted by the market participants went up by 9.5 per cent to 9.4 million units from 8.6 million units, the value increased by 1,206.5 per cent to N703.6 million from N53.9 million, and the number of deals grew by 7.1 per cent to 45 deals from 42 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 27.1 million units exchanged for N1.5 billion, followed by Resourcery Plc with 1.05 billion units traded at N408.6 million, and Geo-Fluids Plc with 29.9 million units valued at N152.6 million.

Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.6 million, followed by Geo-Fluids Plc with 29.9 million worth N152.6 million, and CSCS Plc with 27.1 million units sold for N1.5 billion.

Economy

Naira Value Further Dips 0.13% to N1,355/$1

Published

17 hours ago

14/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated further against the United States Dollar by N1.76 or 0.13 per cent on Friday in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to close at N1,33.42/$1, in contrast to the N1,353.66/$1 it was exchanged a day earlier.

However, the Naira appreciated against the Pound Sterling in the same market window yesterday by N5.05 to trade at N1,844.59 versus Thursday’s closing price of N1,849.64/£1, and against the Euro, it improved by 75 Kobo to quote at N1,60/€1 versus the previous day’s N1,608.68/€1.

At the GTBank FX desk, the domestic currency lost N6 on the US Dollar on Friday to settle at N1,365/$1 versus the preceding session’s N1,359/$1, and at the parallel market, it chalked up N10 to trade at N1,430/$1 versus the previous day’s N1,430/$1.

The weakening of the Nigerian currency in the official market happened as the Central Bank of Nigeria (CBN) refrained from intervening in the official window.

The FX supply side was eclipsed by growing demand for foreign payments. Exporters’ inflows, non-bank corporate supply, and other market participants’ contributions had enhanced the FX liquidity level.

Pressure came with the entry of all duly licensed Bureau De Change (BDCs) into the official foreign exchange, although there are indications that the move will help the Naira-US Dollar exchange value, as BDC operators have started approaching their banks to understand the operational modalities and framework for accessing Dollars.

As for the cryptocurrency market, benchmarked tokens improved as US interest rate futures on Friday raised odds of rate cuts by the Federal Reserve after a report that showed inflation rose less than expected in January.

Data showed the Consumer Price Index (CPI) rose 0.2 per cent last month after an unrevised 0.3 per cent gain in December, with Solana (SOL) up by 7.9 per cent to $85.17, and Ethereum (ETH) up by 6.5 per cent to trade at $2,059.78.

Further, Cardano (ADA) added 5.3 per cent to close at $0.2758, Ripple (XRP) jumped 5.1 per cent to $1.42, Bitcoin expanded by 4.8 per cent to $69,357.35, Litecoin (LTC) grew by 4.7 per cent to $55.27, Binance Coin (BNB) jumped 4.0 per cent to $621.88, and Dogecoin (DOGE) increased by 3.8 per cent to $0.0965, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.