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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.
During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.
According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.
On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.
It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.
The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.
The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.
The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.
Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.
Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.
Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.
Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.
However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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