Economy

22 million Lagos Residents Consume N5trn Food Yearly—Commissioner

Published

5 years ago

12/04/2021

By Modupe Gbadeyanka

Food worth over N5 trillion is consumed annually by the more than 22 million people living in Lagos, the Commissioner for Agriculture, Ms Abisola Olusanya, has claimed.

She said as a result of this, the government wants the private sector to consider investing in the agriculture sector because many areas that will benefit them have been identified.

She said a few of these areas of investment include the red meat value chain, artisanal fisheries and livestock feed mills.

The Commissioner noted that if this call is heeded, Lagos State will witness an increased production in the value chains, creation of jobs across the value chains, standardisation of operations in the value chains as well as an improvement in the gross domestic product (GDP) of the state.

“In line with the State’s five-year strategic agriculture roadmap, where it has identified many areas of investment opportunities for the private sector participants, Lagos State is set to explore private sector collaboration in its agriculture sector, particularly the red meat value chain, artisanal fisheries, as well as livestock feed mills for possible partnerships with private investors and entrepreneurs with the objective to stimulate and encourage more public-private partnerships in the three value chains.

“We are the largest market Sub-Saharan Africa has. With over 22 million in terms of population, we consume food well worth over N5 trillion annually and over N8 billion on a monthly basis.

“What the administration of Mr Babajide Sanwo-Olu is focused on is in terms of enforcing a market structure or bringing together a market structure that ensures a transformation in the food system; an Expression of Interest advertisement would be rolled out from next week calling on interested investors”, Ms Olusanya noted.

The Commissioner stated that in the red meat sector, the state consumes over 6,000 herds of cattle daily and over 1.8 million herds of cattle annually, which is 50 per cent of the red meat consumed in Nigeria as a whole, adding that there exists a lot of opportunities to be tapped into in the red meat sector.

She pointed out that possible areas of collaboration in the red meat value chain are animal identification and traceability, the establishment of feedlot and fattening centres, creation of a better logistics solution system, as well as the creation of a better system of running abattoirs in a standard way to meet up with global best practices such that more hygienic slaughtering areas are the norms rather than the exceptions.

Other areas of possible collaboration, according to her, include setting up standardised meat shops, proper management of animal waste, biogas production and transportation of the meat to the final consumers in a wholesome and hygienic way and condition.

The Commissioner described the transactional value for cattle alone in Lagos to be worth over N328 billion, adding that when the red meat transformation agenda comes fully into play, it would help the state government eliminate logistics costs of transporting cattle.

She stated further that Lagos is working on harnessing sectors where it has a comparative advantage to further grow its economy with emphasis on the artisanal fisheries sector.

Ms Olusanya noted that a lot more had to be done around the livestock sector as well, to draw in more private sector participants who can play on a commercial scale and ensure that with regards to sustainability, Lagos is more food secure.

Economy

CSCS, Afriland Properties, MRS Oil Weaken NASD Exchange by 1.12%

Published

1 hour ago

09/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Three stocks further weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.12 per cent on Wednesday, April 8, with the Unlisted Security Index (NSI) down by 44.43 points to 3,930.91 points from the previous day’s 3,975.34 points, and the market capitalisation went down by N26.59 to N2.351 trillion from N2.378 trillion.

MRS Oil lost N11.00 during the session to close at N161.00 per share compared with Tuesday’s closing price of N172.00 per share, Central Securities Clearing System (CSCS) Plc dipped by N3.74 to N67.95 per unit from N71.69 per unit, and Afriland Properties Plc fell by N1.10 to sell at N15.95 per share versus N17.05 per share.

There were two gainers at the midweek trading session, led by IPWA Plc, which appreciated by 55 Kobo to N6.61 per unit from N6.06 per unit, and First Trust Mortgage Bank Plc improved its value by 4 Kobo to N2.32 per share from N2.28 per share.

Yesterday, the volume of securities rose by 620.4 per cent to 5.7 million units from 797,264 units, the value of securities increased by 25.1 per cent to N32.7 million from N26.1 million, and the number of deals climbed by 12.1 per cent to 37 deals from the preceding session’s 33 deals.

Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by CSCS Plc with 57.2 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Grows 1.07% to N1,371/$1 at Official Market as FX Pressure Eases

Published

2 hours ago

09/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Foreign Exchange (FX) demand pressure eased on the Naira on Wednesday, April 8, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) after gaining N14.84 or 1.07 per cent against the greenback to quote at N1,371.82/$1 compared with the previous day’s N1,386.66/$1.

Also, the local currency appreciated against the Euro in the same market window at midweek by N1.54 to close at N1,604.07/€1 versus Tuesday’s closing rate of N1,605.61/€1, but lost N6.26 against the Pound Sterling to trade at N1,844.83/£1 versus N1,838.57/£1.

In the parallel market, the exchange rate of the Naira to the US Dollar remained unchanged yesterday at N1,410/$1, according to data sourced by Business Post.

There were indicators that the official FX market experienced a liquidity surge, which eased worries around the dominant US Dollar on Wednesday, as the Central Bank of Nigeria (CBN) revealed interbank deals rose to 220 from 71 reported the previous day.

The domestic currency has been in strong demand from foreign portfolio investors seeking to purchase OMO bills and other fixed-income instruments.

Forecasts also show that the local currency will remain relatively stable during the second quarter of the year, trading within the N1,340 to N1,430 per Dollar band on improved FX liquidity, stronger oil earnings, and rising external reserves, which have climbed above 50 billion dollars.

As for the cryptocurrency market, it fell after an initial ceasefire-fueled rally, with markets retracing Wednesday’s “ceasefire euphoria” as cracks emerge in the US-Iran truce while the Strait of Hormuz remains effectively closed.

Global risk assets face renewed pressure as geopolitical uncertainty combines with what analysts call “uncoordinated tightening” by major central banks, reinforcing higher-for-longer interest-rate expectations.

The price of Cardano (ADA) fell by 4.7 per cent to $0.2500, Ripple (XRP) slumped 3.7 per cent to $1.33, Dogecoin (DOGE) shrank by 3.5 per cent to $0.0915, Binance Coin (BNB) slipped 2.6 per cent to $600.02, Ethereum (ETH) went down by 2.5 per cent to $2,183.82, Solana (SOL) dipped 2.5 per cent to $82.24, and Bitcoin (BTC) depreciated by 1.1 per cent to $70,995.20.

However, TRON (TRX) appreciated by 0.4 per cent to $0.3173, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

Customs Street Surges 0.28% Despite Persistent Weak Sentiment

Published

3 hours ago

09/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.

The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.

The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.

Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.

On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.

Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.

During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.

The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.