Economy
Arla Foods Targets Sustainable Milk Production in Nigeria
By Adedapo Adesanya
Arla Foods, the makers of Dano Milk, says it is targeting 4 million kilogrammes annual milk production from its recently inaugurated dairy farm in Kaduna as part of the company’s efforts to ensure sustainable milk production in Nigeria.
The farm located in Damau village, Kubau Local Government Area, Kaduna State, was inaugurated on Thursday, May 25, 2023, by the Governor of Kaduna State, Mr Nasir El-Rufai.
The Arla Farm, a state-of-the-art Danish-designed dairy farm, is the first of its kind in Nigeria, and with it, Arla says it is creating the future of dairy in Nigeria.
“Designed to ensure optimum animal welfare and productivity, the farm will be a showcase for sustainable milk production in Nigeria.
“The farm covers 400 hectares of land, with the capacity to house 400 milking cows and 1000 animals in total. Currently, the farm is home to 216 Danish Holstein cows, which arrived in May 2023 and are settling well into their new environment,” the company said in a statement.
According to the Executive Vice President of Arla Foods International, Mr Simon Stevens, the completion of the farm was a massive achievement for Arla Foods in its journey in Nigeria and globally, noting that this success exemplifies the significance of solid partnership and the vast potential available in Nigeria.
He disclosed that the project was conceived in line with the quest to achieve a number of United Nations’ Sustainable Development Goals (SDGs), including 2, 8, 12 and 17 — zero hunger, decent work and economic growth, responsible consumption and production, and partnerships.
“This milestone symbolises what can be achieved with strong partnerships. We can see how the contribution of the Kaduna State Government, the Federal Ministry of Agriculture and Rural Development, NGOs, the farming community, and many more have helped to deliver a big project. I’m happy that many of my colleagues are celebrating this joyous occasion in Lagos and at the global headquarters in Denmark.”
“This achievement symbolises the massive potential we see in Nigeria and the exciting journey this country is on. We have been part of this journey for quite some time, and we are extremely committed to continuing to play a part and contribute to the development of the dairy industry,” Mr Stevens added.
He further noted that the farm, delivered at an investment cost of over €10 million, would serve as a place of milk production and an epicentre of dairy farming knowledge.
Also speaking, the Head of Arla Foods West Africa, Mrs Anna Månsson, noted that the commissioning of the project is a culmination of a series of events that began with the signing of a lease agreement with the Kaduna State government in 2021, resulting in the securing of farmland and followed by construction work.
She also noted that the state-of-the-art dairy farm is the first of its kind in Nigeria, poised to define the future of dairy in Nigeria.
She further noted that over 40 people would be directly employed at the farm, as this would serve as a means of livelihood to Nigerians, especially those within the Damau community of Kaduna state.
She explained that the farm is expected to produce 1.6 million kg of milk in 2024, with a target of 4 million kg of milk annual production.
Speaking at the inauguration ceremony, Governor El-Rufai described the newly commissioned dairy farm as a significant milestone and game-changer for the dairy sector in Nigeria.
He commended the management of Arla Foods and explained that the Arla Dairy Farm is another testament to the commitment of the Kaduna State government to collaborating with private organisations and providing the enabling environment for businesses to set up and thrive in the state.
He urged the incoming Governor of the State, Mr Sani Uba, to continue to support Arla and other companies with investments in the state for economic prosperity.
In his remarks, Danish Ambassador to Nigeria, Mr Sune Krogstrup, noted that the project demonstrates Arla Foods’ commitment to boosting the local dairy segment of the agricultural value chain that would positively impact the economy of Kaduna State and contribute significantly to Nigeria’s GDP.
By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited have continued to show excitement for the full-year earnings of companies on the exchange so far.
On Friday, Customs Street further appreciated by 1.01 per cent as more organization released their financial statements for the 2025 fiscal year.
During the session, traders continued their selective trading strategy, with the energy sector going up by 2.47 per cent at the close of business despite profit-taking in the banking counter, which saw its index down by 0.11 per cent.
Yesterday, the insurance space grew by 2.16 per cent, the industrial goods segment expanded by 1.70 per cent, and the consumer goods industry jumped by 0.42 per cent.
Consequently, the All-Share Index (ASI) increased by 1,722.13 points to 171,727.49 points from 170,005.36 points, and the market capitalisation soared by N1.106 trillion to N110.235 trillion from the N109.129 trillion it ended on Thursday.
Business Post reports that there were 59 appreciating stocks and 19 depreciating stocks on Friday, representing a positive market breadth index and strong investor sentiment.
The trio of Omatek, Deap Capital, and NAHCO gained 10.00 per cent each to sell for N2.64, N6.82, and N136.40 apiece, as Zichis and Austin Laz appreciated by 9.98 per cent each to close at N6.72 and N5.40, respectively.
Conversely, The Initiates depreciated by 9.74 per cent to N19.45, DAAR Communications slumped by 7.32 per cent to N1.90, United Capital crashed by 6.55 per cent to N18.55, Coronation Insurance lost 5.71 per cent to quote at N3.30, and First Holdco shrank by 5.53 per cent to N47.00.
The activity chart showed an improvement in the activity level, with the trading volume, value, and number of deals up by 33.77 per cent, 93.27 per cent, and 10.63 per cent, respectively.
This was because traders transacted 953.8 million shares worth N43.1 billion in 51,005 deals compared with the 713.0 million shares valued at N22.3 billion traded in 46,104 deals a day earlier.
Fidelity Bank was the most active with 92.4 million units sold for N1.8 billion, Chams transacted 69.2 million units valued at N310.9 million, Deap Capital exchanged 59.1 million units worth N382.7 million, Access Holdings traded 57.2 million units valued at N1.3 billion, and Tantalizers transacted 48.6 million units worth N228.2 million.
By Adedapo Adesanya
The value of the Naira contracted against the United States Dollar on Friday by 13 Kobo or 0.01 per cent to N1,366.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) from the previous day’s value of N1,366.06/$1.
According to data from the Central Bank of Nigeria (CBN), the Nigerian currency also depreciated against the Pound Sterling in the same market window yesterday by N2.37 to N1,857.75/£1 from the N1,855.38/£1 it was traded on Thursday, and further depleted against the Euro by 57 Kobo to close at N1,612.52/€1 versus the preceding session’s N1,611.95/€1.
In the same vein, the exchange rate for international transactions on the GTBank Naira card showed that the Naira lost N8 on the greenback yesterday to N1,383/$1 from the previous day’s N1,375/$1 and at the black market, the Nigerian currency maintained stability against the Dollar at N1,450/$1.
FX analysts anticipate this trend to persist, primarily influenced by increasing external reserves, renewed inflows of foreign portfolio investments, and a reduction in speculative demand.
In the short term, stability in the FX market is expected to continue, supported by policy interventions and improving market confidence.
Nigeria’s foreign reserves experienced an upward trajectory, increasing by $632.38 million within the week to $46.91 billion from $46.27 billion in the previous week.
The Dollar appreciation this week appears to be largely technical, serving as a correction to the substantial losses experienced from mid- to late January.
Meanwhile, the cryptocurrency market slightly appreciated, with Bitcoin (BTC) climbing near $68,000, up nearly 5 per cent since hitting $60,000 late on Thursday after investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency faltered.
The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.
The latest recoup saw the price of BTC up by 4.7 per cent to $67,978.96, as Ethereum (ETH) appreciated by 6.3 per cent to $2,021.10, and Ripple (XRP) surged by 9.5 per cent to $1.42.
In addition, Solana (SOL) grew by 7.3 per cent to $85.22, Cardano (ADA) added 6.1 per cent to trade at $0.2683, Dogecoin (DOGE) expanded by 5.4 per cent to $0.0958, Litecoin (LTC) rose by 5.2 per cent to $53.50, and Binance Coin (BNB) jumped by 2.3 per cent to $637.79, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher on Friday as traders worried that this week’s talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.
Brent crude futures traded at $68.05 a barrel after going up by 50 cents or 0.74 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $63.55 a barrel due to the addition of 26 cents or 0.41 per cent.
Iran and the US held negotiations in Muscat, the capital of Oman, on Friday to overcome sharp differences over Iran’s nuclear programme.
It was reported that the talks had ended with Iran’s foreign minister saying negotiators will return to their capitals for consultations and the talks will continue.
Regardless, the meeting kept investors anxious about geopolitical risk, as Iran wanted to stick to nuclear issues while the US wanted to discuss Iran’s ballistic missiles and support for armed groups in the region.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does Iran, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
According to Reuters, Iran objected to the presence of any US Central Command (CENTCOM) or other regional military officials, saying that would jeopardise the process.
The current confrontation was sparked by more than two weeks of unrest in Iran that saw authorities launch a deadly crackdown that killed thousands of civilians and shocked the world. As reports of the deaths trickled out of Iran, US President Donald Trump threatened to strike Iran if any of the tens of thousands of protesters arrested were executed.
Meanwhile, Kazakhstan’s planned oil exports could fall by as much as 35 per cent this month via its main route through Russia, as the country’s top oil company, Tengiz oilfield, slowly recovers from fires at power facilities in January.
ING analysts have pointed out Iran’s neighbour, Iraq, and a disagreement with the US as another bullish factor for oil prices. It seems Iraqi politicians favour Mr Nouri al-Maliki as the country’s next Prime Minister, but the US thinks Mr al-Maliki is too close to Iran. President Trump has already threatened the oil producer with consequences if he emerges as PM.
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