Economy
BREAKING: Ekiti, Lagos Sign Agreement on Rice Production
By Dipo Olowookere
The Ekiti State government and its Lagos State counterpart have signed a Memorandum of Understanding (MoU) on the cultivation of rice.
Governor of Ekiti State, Mr Ayodele Fayose, confirmed this development on his Twitter page on Thursday.
According to him, his government will provide land for the rice cultivation, while the Lagos State government would provide the funds and expertise.
This development follows a similar deal signed between Lagos State and Kebbi State on the production of LAKE Rice few years ago.
The move was applauded then by many Nigerians, who challenged other state governments to look at ways to work together to boost their respective economies.
“Ekiti government has signed an MoU with Lagos State government on rice cultivation.
“Land [for the project is] to be provided by the Ekiti government while Lagos government [will] provide fund and technical expertise,” Mr Fayose disclosed today.
Rice is a staple food consumed by many Nigerians, but it is unfortunate that the country relies on importation of the commodity to meet local demands.
Since the inception of this present administration, there have been efforts to stop importation of rice into the country.
Few days ago, federal government threatened to close a border with a neighbouring country over the smuggling of foreign rice into Nigeria.
“Our other problem is smuggling. As we speak, a neighbour of ours is importing more rice than China is importing.
“They do not eat parboiled rice, they eat white rice, they use their ports to try and damage our economy.
“I am telling you now because in a few days, you will hear the border has been shut, we are going to shut it to protect you, us and protect our economy.
“You will start seeing all sorts of negative things on the internet.
“Let me tell you why we need to shut the border, I grow rice, I was the first Nigerian to mill rice free of stones, if you plant rice in certain parcels of land, some poisonous materials get into the rice,” the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, had told youths in a leadership clinic under the auspices of Guardians of the Nation International in Abuja.
In March this year, Africa’s richest man, Mr Aliko Dangote, had said he was determined to ensure rice importation in Nigeria became a thing of the past.
This he said he was doing by aggressively investing in the rice sector by laying a foundation stone for the construction of a multi-billion Naira rice processing mill in Hadin, Jigawa State.
According to him, the plant will in one year process paddy rice worth N14 billion bought directly from the famers in Jigawa at market rate.
Recalling that the Dangote Rice limited started the outgrowers scheme in 2016 with thousands of hectares of land in Hadejia, Jigawa state, creating over 10,000 jobs (direct and indirect) to farmers, the business mogul said with the new ultra-modern mill enough paddy rice will be grown and harvested for processing.
Last year, WACOT Rice Limited, a member of the TGI Group, commissioned its newly built rice processing mill with 120,000 metric tonnes capacity in Argungu, Kebbi State.
In August 2017, Managing Director and CEO of First Bank of Nigeria, Dr Adesola Adeduntan, claimed Nigeria imports nearly a shipload of rice every week despite the nation being one of the most agriculturally fertile countries in Africa.
Business Post recalls that in November 2017, Minister of Information and Culture, Mr Lai Mohammed, had said the importation of rice into Nigeria had significantly dropped from 644,131 Metric Tonnes to about 21,000 MT between September 2015 and September 2017.
By Dipo Olowookere
The portfolios of investors at the Nigerian Exchange (NGX) Limited increased by 0.34 per cent on Monday on the back of buying interest in consumer goods stocks and others.
Business Post observed bargain-hunting activities across the key sectors of the bourse, though the industrial goods index came under profit-taking, causing it to close lower by 0.57 per cent.
However, this did not affect the general outcome of Customs like it did last Friday.
The consumer goods industry went up by 1.31 per cent, the commodity space rose by 0.84 per cent, the energy counter appreciated by 0.69 per cent, the insurance sector grew by 0.52 per cent, and the banking index improved by 0.04 per cent.
As a result, the All-Share Index (ASI) was up by 363.13 points to 106,116.18 points from 105,753.05 points and the market capitalisation increased by N229 billion to N66.694 trillion from N66.465 trillion.
Investor sentiment was bullish yesterday as the bourse ended with 47 price gainers and 16 price losers, indicating a positive market breadth index.
International Breweries soared by 10.00 per cent to close at N8.47, Legend Internet appreciated by 9.97 per cent to N7.50, Cadbury Nigeria advanced by 9.96 pr cent to N29.25, Fidson grew by 9.95 per cent to N20.45, and Eterna chalked up 9.90 per cent to sell for N43.85.
Conversely, Livestock Feeds lost 10.00 per cent to settle at N8.55, Aradel declined y 9.86 per cent to N448.00, Tripple Gee fell by 9.60 per cent to N1.79, John Holt depreciated by 7.94 per cent to N5.80, and Linkage Assurance slumped by 6.15 per cent to N1.22.
During the session, the market participants traded 500.6 million stocks valued at N12.1 billion in 17,637 deals versus the 428.1 million stocks worth N20.2 billion in 14,284 deals, representing a shortfall in the trading value by 40.10 per cent, and a surge in the trading volume and number of deals by 16.94 per cent and 23.47 per cent, respectively.
Access Holdings was the most active equity for the day with a turnover of 60.9 million units valued at N1.2 billion, Fidelity Bank traded 56.1 million units worth N1.1 billion, UBA exchanged 34.5 million units for N1.2 billion, GTCO transacted 33.5 million units valued at N2.2 billion, and Nigerian Breweries sold 28.3 million units worth N1.2 billion.
By Adedapo Adesanya
The price of the Brent crude oil grade declined by $1.01, or 1.5 per cent on Monday to $65.86 per barrel as economic worries from the US-China trade war pressured demand.
Also, the US West Texas Intermediate (WTI) crude was sold at $62.05 a barrel after it went down by 97 cents or 1.5 per cent amid conflicting signals from US President Donald Trump and the Chinese government over what progress was being made to de-escalate a trade war that could weaken global growth.
According to market analysts, the US-China trade war is dominating investor sentiment in moving oil prices, and has overshadowed other developments, including nuclear talks between the US and Iran and possible friction within the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
On Monday, China lashed out at the US’ negotiating tactics, with Zhao Chenxin, deputy director of the National Development and Reform Commission, saying: “They make up bargaining chips out of thin air, bully and go back on their words.”
The Chinese official was responding to President Trump’s statement earlier in the day that the US would not lower tariffs on China unless it offered up “something substantial”.
This came as US Treasury Secretary Scott Bessent on Sunday did not back President Trump’s assertion that negotiations with China were underway.
Amid this, crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude.
It was reported that 1.74 million barrels daily went into storage last month in China, citing official data from China, making this the highest rate of storage inflows since June 2023.
Some OPEC+ members are expected to suggest that the group accelerate oil output hikes for a second consecutive month when they meet on May 5.
Earlier this month, there was an unexpected decision by OPEC+ to increase output by 411,000 barrels per day of oil in May, which was three times more than the group originally planned.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has announced a 24.75 per cent increase in the value of the country’s non-oil exports, reaching a total of $1.791 billion in the first quarter of 2025.
It stated that the amount surpassed the $1.436 billion generated in the first quarter of 2024.
The Executive Director of the council, Mrs Nonye Ayeni, disclosed the figures while addressing the journalists in Abuja on Monday.
She said the significant growth reflects the resilience and diversification of Nigeria’s export sector beyond crude oil, a shift aimed at reducing the country’s reliance on oil revenue.
According to her, the surge in non-oil exports was driven by increased economic activity in the Agriculture, Manufacturing, and Solid Minerals sectors.
On the US 14 per cent trade tariff, the council says it was positive for the country, adding that it was an opportunity to focus on value addition and increased competitiveness in the global market.
Recall that Nigeria has reiterated plans to boost its non-oil revenues with the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, saying the country was stepping up its diversification efforts.
Earlier this month, the Trade Minister said the nation would tackle this challenge with pragmatism, aiming to boost non-oil exports and strengthen economic resilience under President Bola Tinubu’s Renewed Hope Agenda.
Mrs Oduwole had said the US remains a key partner, with bilateral trade reaching N31.1 trillion from 2015 to 2024.
The measures taken by the US presents destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda,” the minister explained.
“Government is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes,” Mrs Oduwole said as she outlined Nigeria’s response.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN