Economy
AfDB Partners Brazil to Train African Youth on Cassava Processing
By Modupe Gbadeyanka
A youth training programme called Youth Technical Training Program (YTTP) has been launched by the African Development Bank (AfDB) and the Brazil-Africa Institute (BAI).
YTTP is an initiative that aims to train young African professionals in research and technology transfer, contributing to local capacity development.
It is sponsored under the South–South Cooperation Trust Fund (SSCTF) and will consist of an array of professional development schemes to meet diverse needs of African countries by utilizing Brazil’s technology, skills and knowledge.
Focus areas include agriculture and rural development, health, education, information and communication, infrastructure, and the creative industry.
As part of this initiative, both parties on Thursday, September 14, announced the commencement of training of African youth for rewarding careers in cassava processing.
The first batch of the YTTP training, which was flagged off at the AfDB headquarters in Abidjan, Côte d’Ivoire, targets 30 young African professionals (between the ages of 18 and 35) of the cassava value-chain selected from 14 countries. The trainees will receive a two-month training on the production chain of cassava at the Brazilian Agricultural Research Corporation (EMBRAPA) − a state-owned centre in Brazil.
The cassava training initiative was launched in close collaboration with the Brazil-Africa Institute, the Brazilian Agricultural Research Corporation (EMBRAPA) and the International Institute of Tropical Agriculture (IITA).
Cassava is considered crucial to the food security of millions of people in Sub-Saharan Africa.
Most technologies developed in Brazil, especially those which relate to agriculture, are relevant for Africa. In addition, there is an increasing demand for Brazilian technology applicable to the African context.
Speaking at the launch of the YTTP, the Bank’s Director of Agriculture and Agro-Industries, Chiji Ojukwu, explained that the first batch of cassava processing trainees would be for two months.
“The development of the cassava training programme is one of the many programmes of ENABLE (Empowering Novel Agri-Business-Led Employment) Youth Program of the AfDB. There will be more of such programmes to be developed with the Brazil Africa Institute,” he said.
President of the Brazil Africa Institute, João Bosco Monte, was optimistic that the trainees go back to their different counties with sound cassava production and processing training and skills at the end of the two months training.
Bosco Monte said the dream of his Institute was to work with AfDB to increase the number of participants for the cassava processing training to at least 300 in the coming years.
“This is just the beginning,” he assured.
Minister of Youth and Employment of Côte d’Ivoire, Sidi Touré, described the YTTP as important to Africa, stressing how the country would tap from the knowledge of Ivorian participants.
“I am optimistic that this programme will change the fortune of African youths,” he added.
Director General of the International Institute for Tropical Agriculture (IITA), Nteranya Sangina, urged the trainees to tap into the expertise available in Brazil and prepare to contribute to making cassava a crop for food security in Africa.
He recalled how, as Nigeria’s Minister, AfDB President, Mr Akinwumi Adesina moved aggressively on import substitution with the use of cassava flour for composite flours in bread-making and confectionery industries.
“Brazil has several products processed from cassava. When you get to there, study and acquire knowledge of modern technologies as much as you can,” he charged the 30 YTTP trainees.
“My dream is to have greater collaborations between young Brazilians and young African in the cassava processing sector.”
In their speeches, Bright Okogu, the AfDB Executive Director for Nigeria and São Tomé and Príncipe; and Hiromi Ozawa, Executive Director for Brazil, Argentina, Austria, Japan and Saudi Arabia, highlighted the potential impact of the project on the relationship between Africa and Brazil.
“We are eager to have you come back to practice and teach your generation what you have learnt. Financial and technical assistance will certainly come as some point. Things are not what they used to be,” Okogu told the participants.
“The YTTP feeds into the Bank’s ENABLE Youth Program, which directly relates to two of the Bank’s High 5 priority areas: Feed Africa and Improve the quality of life for the people of Africa,” Ozawa said.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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