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
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost its footing by 0.07 per cent on Friday as a result of renewed profit-taking by investors.
The fall happened after Thomas Wyatt and Guinness Nigeria led other price losers group comprising 27 stocks at the market yesterday due to selling pressure.
Thomas Wyatt Nigeria shed 10.00 per cent to quote at N2.70, Guinness Nigeria drowned by 9.99 per cent to close at N329.00, Ikeja Hotel slipped by 9.96 per cent to N42.50, Zichis shed 9.94 per cent to trade at N26.37, and McNichols depreciated by 9.91 per cent to N5.00.
On the flip side, International Breweries gained 9.92 per cent to finish at N13.30, NEM Insurance appreciated by 9.61 per cent to N27.95, Jaiz Bank grew by 6.36 per cent to N9.20, UPDC expanded by 6.33 per cent to N4.20, and Livestock Feeds increased by 6.32 per cent to N9.25.
Business Post reports that investor sentiment remained bullish despite the loss recorded during the session, as there were 27 price decliners and 30 price advancers, representing a positive market breadth index.
Yesterday, market participants transacted 441.3 million equities for N19.4 billion in 44,938 deals compared with the 1.7 billion equities worth N112.0 billion traded in 44,780 deals a day earlier. This showed that the trading volume contracted by 74.04 per cent, the trading value declined by 82.68 per cent, and an uptick in the number of deals by 0.35 per cent.
Access Holdings led the activity chart on Friday after selling 40.2 million shares valued at N1.0 billion, Sterling Holdco traded 30.3 million stocks worth N228.8 million, Fidelity Bank sold 26.3 million equities for N505.6 million, Zenith Bank transacted 22.3 million shares valued at N2.5 billion, and First Holdco exchanged 19.0 million stocks worth N1.3 billion.
During the last trading session of the week, the consumer goods sector rose by 0.49 per cent, the insurance counter increased by 0.06 per cent, and the industrial goods index closed flat, while the banking and energy indices lost 0.78 per cent and 0.52 per cent, respectively.
As a result, the All-Share Index (ASI) shrank by 159.97 points to 243,798.76 points from 243,958.73 points, and the market capitalisation moderated by N103 billion to N156.445 trillion from N156.548 trillion.
By Adedapo Adesanya
The Naira performed poorly against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 10, losing N1.19 or 0.09 per cent to close at N1,379.62/$1, in contrast to Thursday’s exchange rate of N1,378.43/$1.
It also depreciated against the Pound Sterling in the official market during the trading session by N3.80 to trade at N1,850.62/£1 compared with the previous day’s N1,846.82/£1, but gained 43 Kobo on the Euro to sell at N1,575.66/€1 versus the preceding day’s N1,576.09/€1.
At the GTBank FX desk, the Naira weakened against the Dollar yesterday by N1 to quote at N1,386/$1 compared with the previous session’s N1,835/$1, and maintained stability in the black market at N1.400/$1.
Data showed that interbank FX turnover fell by about 10 per cent on Friday to $71.044 million from $78.708 million the previous day. Also, interbank forex market deals reduced to 87 from 106 trades executed at the window on Thursday.
The total forex inflows into the Nigerian foreign exchange market have been fluctuating, with about $1 billion in total inflows reported last week.
Total FX inflows settled at $0.99 billion last week, according to the research subsidiary of Coronation Merchant Bank, with Foreign Portfolio Investors (FPIs) accounting for the largest share at 35.81 per cent, or $0.35 billion.
Exporters accounted for 28.72 per cent or $0.28 billion, while the CBN contributed 11.15 per cent or $0.11 billion. Non-Bank Corporations also made up a notable 10.92 per cent of total inflows, reflecting continued support from both market-driven and official sources.
In the cryptocurrency market, Bitcoin rose above $64,100, retesting the price level that rejected it on Monday, with a clean break above, opening the path toward the June 15 high of $67,250. It gained 0.3 per cent to sell at $64,114.16.
Ethereum (ETH) appreciated by 1.6 per cent to $1,798.81, Dogecoin (DOGE) grew by 0.6 per cent to $0.0742, Binance Coin (BNB) added 0.6 per cent to sell for $576.47, Cardano (ADA) also grew by 0.6 per cent to $0.1674, and Ripple (XRP) jumped by 0.4 per cent to $1.10.
But Solana (SOL) lost 1.1 per cent to settle at $77.95, and TRON (TRX) declined by 0.2 per cent to $0.3296, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
