Economy
Agro-Allied Policies Key To Industrialized Africa—Experts
By Modupe Gbadeyanka
For three days, expert in the African economy converged in Abuja, Nigeria to discuss ways to boost the continent’s economy using agriculture.
Over 300 participants attended the 11th African Economic Conference (AEC) co-organized by the African Development Bank (AfDB), UN Economic Commission for Africa (ECA) and United Nations Development Programme (UNDP) with the theme ‘Feed Africa: Towards Agro-Allied Industrialization for Inclusive Growth.’
During the three-day programme, participants had intensive discussions on how African countries can achieve agro-allied industrialization.
It was agreed that to achieve an industrialised Africa, each government must put in place policies that would boost the agricultural sector.
“This should not just be another conference. There has to be some key actions going forward, deploying agriculture to spearhead Africa’s economic transformation,” Mr Ousmane Dore, the Resident Representative of the African Development Bank’s Nigeria Country Office, said as he closed the meeting.
Mr Dore highlighted the Bank’s operations in Nigeria, a huge agriculture portfolio including the ENABLE Youth programme, which is assisting young graduates, or “agripreneurs”, to venture into a variety of agri-businesses. The theme of the conference was timely, he said.
Commenting on the outcomes, Adam Elhraika, Director of Macroeconomic Policy Division of the UN Economic Commission for Africa (ECA), urged participants to share the excitement and important messages that emerged from the conference with partners and governments in order to ensure their implementation.
For his part, Ayodele Odusola, Chief Economist and Head of the Strategy and Analysis Team for UNDP’s Regional Bureau for Africa, said the theme of the conference was in tune with the African Union’s 2063 agenda as well as the UN’s Sustainable Development Goals. He echoed the sentiments of the Conference that agro-allied industrialization would lead to the attainment of Africa’s ultimate development objectives.
Several research papers were presented at the conference, alongside high-level panel discussions on agro-allied industrialization. The research papers ranged from agriculture, climate change and food security, which served the conference well as they initiated discussions on sustainable development.
Opening the conference earlier, Nigeria’s Vice-President, Yemi Osinbajo, commended the theme and the high-level participation in the conference, adding that the Government looks forward to the outcome of its deliberations “as it would be very useful as we design our new economic recovery plan where agro-industrialization will certainly play a key role.”
AfDB President, Akinwumi Adesina gave a keynote speech in which he underscored the fact that agriculture, which contributes over 28% of Africa’s GDP, holds the key for accelerated growth, diversification and job creation for African economies and its people.
“Agriculture provides the basic raw materials needed for industrial development. Food accounts for the highest share of consumer price index and providing cheap food is critical for taming inflation. When inflation is low, interest rates decline and it brings greater private sector investments. A more productive, efficient and competitive agriculture sector is critical for boosting rural economies, where the majority of the population live in Africa,” Adesina said. “The future of Africa depends on agriculture.”
Two research papers claimed the top positions in the final review by the conference organizers. The first position went to Mintewab Bezabih of the UK School of Economics and Political Science, Remidius Ruhinduka of the University of Dar es Salaam, Tanzania, and Mare Sarr, University of Cape Town, South Africa, who presented their work on “ Climate change perception and system of rice intensification (SRI) in Tanzania: A moment approximation approach . While the second position went to a paper titled ‘Greenhouse Gas Mitigation in the Agricultural Sector: Win-Win or Trade-Off among Small Farmers from West Africa’ written and presented by Tiertou Edwige Some of Université Cheikh Anta Diop, Senegal; and Bruno Barbier of the Centre de Recherche d’Économie Appliquée (CREA) in Senegal.
The conference attracted a number of eminent speakers over the three days, including Eric Maskin, Economics Professor at Harvard and co-recipient of the 2007 Nobel Prize; Xiaobo Zhang, Economics Professor and Senior Research Fellow at the International Food Policy Research Institute (IFPRI); Chris Barrett, Professor in Applied Economics at Cornell University; and Paul Amaza, a Medical Professor at the University of Jos, Nigeria.
Other high-level participants included, among others, Cho Gyoung-Rae, Secretary General of the Korea-Africa Good and Agriculture Cooperation Initiative (KAFACI); Charles McClain, Deputy Minister of Agriculture for Planning and Development in the Liberia Ministry of Agriculture; Henry Eyebe Ayissi, Minister of Agriculture and Rural Development, Cameroon; and Godwin Emefiele, Governor of the Central Bank of Nigeria.
The 12th African Economic Conference will take place in Addis Ababa, Ethiopia, in December 2017.
By Aduragbemi Omiyale
Shareholders of Transcorp Plc should expect their phones to buzz with bank alerts very soon, as the board has proposed the payment of an interim dividend of 40 Kobo per share for the first half of the 2026 fiscal year.
The company announced the cash reward payment to investors in the unaudited financial statements submitted to the Nigerian Exchange (NGX) Limited.
The interim dividend would be paid on Tuesday, July 28, 2026, subject to appropriate withholding tax deduction and to shareholders whose names appear in the Register of Members as of the close of business on Thursday, July 23, 2026.
Analysis of the results showed that the conglomerate delivered a strong revenue and profit performance, with improved margins and ratios notwithstanding challenges in the operating environment.
The performance was driven by the organisation’s disciplined cost management and operational efficiency, underpinned by a resilient business strategy and solid corporate governance ethos.
In the period under review, the power sector was impacted by gas supply constraints, as well as grid-related challenges, which saw a reduction in the overall power supply in the country.
Similarly, the hospitality business continues to innovate and leverage its assets to deliver superior service excellence.
These challenges impacted Transcorp’s earnings, which contracted to N241.5 billion in the first half of this year from N279.0 billion in the corresponding period of 2025, while profit after tax moderated to N54.4 billion from N65.2 billion in H1 2025.
“These results reflect the quality of the underlying business and resilience of the group’s earnings. Despite a lower revenue base arising from sector-wide power infrastructure constraints, we expanded our profit-before-tax margin to 31.4 per cent, from 30.7 per cent in the prior period, a direct result of disciplined cost optimisation and operational efficiency across our businesses.
“Our financial position remains strong, with a robust equity base which grew to N367.8 billion by half-year 2026. Our strength is hinged on the diversified earnings capability from key sectors, including the hospitality business, which grew its profit after tax by 21 per cent. This financial foundation gives us the confidence to protect and grow long-term value for our shareholders as operating conditions normalise,” the Chief Financial Officer of Transcorp, Mr Festus Izevbizua, stated.
Also, the chief executive of the firm, Mr Owen Omogiafo, said, “Despite disruptions to power transmission infrastructure and a challenging macroeconomic environment, Transcorp delivered a strong profit and an even stronger balance sheet, a reflection of our operational discipline and efficiency.
“At Transcorp Group, our operations are driven by our purpose to improve lives and transform Africa. We continue to create impact in the sectors that matter most to Nigeria’s future, and that same conviction continues to guide us through every phase of the cycle.
“Despite the constrained grid infrastructure seen in the first half of the year, we forged ahead, engaging with strategic partners to deliver much-needed power to Nigerians.
“Through our 5,000-capacity, multi-purpose event facility, Transcorp Centre, and our flagship 1,000-key Transcorp Hilton Abuja, we have continued to make the Federal Capital Territory the preferred location for business and leisure.
“Our strategy is clear, our balance sheet is robust, and our confidence in the value we are creating for our shareholders remains firm.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange lost its gaining streak on Wednesday, July 22, after it fell by 0.24 per cent despite the presence of five price gainers.
Yesterday, the market capitalisation went down by N6.32 billion to N2.631 trillion from the previous session’s N2.637 trillion, and the NASD Security Index (NSI) depreciated by 10.49 points to 4,383.48 points from 4,393.97 points.
The poor outcome was caused by the losses recorded by two securities, led by FrieslandCampina Wamco Nigeria Plc, which lost N5.60 to settle at N147.55 per unit compared with Tuesday’s closing price of N153.15 per unit, and Central Securities Clearing System (CSCS) Plc, which tumbled by N1.01 to N98.32 per share from N99.33 per share.
On the flip side, Nipco Plc added N38.00 to sell at N422.00 per unit versus N384.00 per share, Afriland Properties Plc gained 75 Kobo to close at N15.76 per share versus N15.01 per share, Geo-Fluids Plc improved by 23 Kobo to N2.53 per unit from N2.30 per unit, Industrial and General Insurance (IGI) Plc appreciated by 2 Kobo to 52 Kobo per share from 50 Kobo per share, and Food Concepts Plc increased by 1 Kobo to N2.49 per unit from N2.48 per unit.
At midweek, the volume of securities surged by 3,438.9 per cent to 11.4 million units from 322,147 units, the value of securities rose by 122.2 per cent to N43.1 million from N19.4 million, and the number of deals jumped by 81.5 per cent to 49 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units exchanged for N5.4 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 transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The domestic stock exchange slipped into the negative territory on Wednesday by 0.50 per cent after the consumer goods sector closed lower by 5.04 per cent despite the gains recorded by the other key sectors.
The insurance index shed 1.64 per cent, the banking space gained 1.51 per cent, and the industrial goods segment expanded by 0.81 per cent, while the energy counter closed flat.
At the close of business, the market capitalisation declined by N800 billion to N158.319 trillion from N159.119 trillion, and the All-Share Index (ASI) shrank by 1,241.19 points to 245,418.37 points from 246,659.56 points.
The duo of BUA Foods and Nestle Nigeria crumbled by 10.00 per cent each to N845.10 and N2,812.50, respectively. Mecure lost 9.94 per cent to trade at N69.30, International Energy Insurance slumped by 9.84 per cent to N4.40, and UAC Nigeria dipped by 7.75 per cent to N184.45.
On the flip side, the trio of Unilever Nigeria, Trans-Nationwide Express, and Cadbury Nigeria improved by 10.00 per cent each to quote at N137.50, N3.08, and N137.50, respectively. Thomas Wyatt moved up by 9.95 per cent to 4.09, and UPDC REIT jumped by 9.40 per cent to N12.80.
A total of 37 stocks ended on the advancers’ chart and 28 stocks finished on the laggards’ log, indicating a positive market breadth index and bullish investor sentiment.
Market participants transacted 1.3 billion shares worth N158.3 billion in 47,458 deals at midweek, in contrast to the 932.5 million shares valued at N49.3 billion traded in 50,059 deals in the preceding day. This implied that the number of deals declined by 5.20 per cent, while the trading volume and value increased by 39.41 per cent and 221.10 per cent, respectively.
First Holdco led the activity chart, with a turnover of 736.0 million units valued at N80.8 billion, Access Holdings exchanged 79.6 million units for N2.1 billion, GTCO transacted 34.1 million units worth N4.4 billion, Mutual Benefits sold 24.4 million units valued at N85.3 million, and Zenith Bank traded 21.5 million units for N2.6 billion.
