Economy
Cassava Processing Factory in Rivers Begins Operations Next Month
By Adedapo Adesanya
The Rivers State Government, in partnership with the Shell Petroleum Development Company of Nigeria Limited (SPDC), will officially inaugurate a cassava processing factory in Afam, Oyigbo Local Government Area of the state next month.
The multi-million dollars factory has SPDC as one of its major shareholders, as the oil firm said it has invested the sum of $3.6 million already in the project.
The factory, according to the Rivers State Governor, Mr Nyesom Wike, will regularly buy off cassava tubers from at least 3,000 farmers for processing, thereby enhancing food security.
Governor Wike disclosed that in 2015, when he assumed office, SPDC, one of the shareholders in the company, was downsizing its operations in the country, and it was going to impede actualising the cassava factory if nothing was done.
The Governor said his administration took the decision to finance the project and today it has paid off because the factory is now completed and ready for production with its attendance job creation benefits.
“The Rivers State Government took it upon itself since we are trying to diversify to make sure that this project is completed.
“We put all the funds we could muzzle and today, we give God the glory that we have achieved it. 3000 farmers will be benefitting. If you calculate 3000 farmers making money and the multiplier effects, you’ll be talking about 6,000 persons.
“That is creating of jobs and we are happy that we are doing it. Our own is not propaganda, it’s not where, every day, the government releases money in the guise of boosting agriculture and at the end of the day, you don’t see anything,” he said.
Mr Wike tackled the Central Bank of Nigeria (CBN) for delaying to support of the project, especially since the project was in line with the federal government’s backward integration policy that demanded cassava flour to be a component of baking flour.
On his part, the Project Manager, Rivers State Cassava Processing Company Limited, Mr Reuben Geisen, said they have successfully energised and test-run the factory that will produce high-quality cassava flour from the installed machines.
“We have a factory that is operational and that can benefit 3000 farmers, on a yearly basis, with a steady income by buying off their cassava tubers. It will also have a multiplier effect across the agricultural sector as rural agriculture is still a labour-intensive activity in this part of the world.
“You have provided a very stable form of income, it will give sustainability to the rural parts of Rivers State. We also want to use this opportunity to present to you the very first product from the day it was produced and give you a glimpse of it.
“The machinery and equipment were configured to produce 50-kilogram bags to key into the inclusion policy of the federal government whereby it is expected that 10 per cent cassava flour will be included in the general baking flour,” he said.
By Adedapo Adesanya
The Naira halted four consecutive sessions of depreciation on Thursday after its value improved against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.17 per cent or N2.63.
Data obtained from the FMDQ Securities Exchange showed that the Nigerian currency was traded on the greenback yesterday by N1,548.47/$1, in contrast to the preceding day’s rate of N1,551.10/$1.
However, it closed flat against the Pound Sterling and the Euro during the trading day at N1,904.43/£1 and N1,600.79/€1, respectively.
As for the parallel market, the Naira depreciated against the Dollar yesterday by N20 to settle at N1,6770/$1 compared with the N1,650/$1 it was transacted a day earlier.
As for the cryptocurrency market, there was continued appreciation ahead of the inauguration of the US President-elect, Mr Donald Trump, who favours digital assets.
The biggest gainer remained Litecoin (LTC), which chalked up 16.6 per cent to trade at $140.06 spurred by prospective Litecoin exchange-traded funds (ETFs) which could see inflows of up to $580 million if investors adopt them at the same rate as Bitcoin (BTC) ETFs.
The possibility came into focus on Thursday as market participants began sizing up the likelihood that LTC might become the third crypto asset to get its ETF in the US, after BTC and Ethereum (ETH).
Ripple (XRP) jumped by 7.3 per cent during the trading session to close at $3.33, Cardano (ADA) added 6.5 per cent to its value to finish at $1.13, Solana (SOL) rose by 4.9 per cent to quote at $212.67, Dogecoin (DOGE) recorded a value appreciation of 1.6 per cent to sell at $0.3854, BTC grew by 1.6 per cent to settle at $101,346.11, and Binance Coin (BNB) went up by 0.9 per cent to end at $717.23.
On the flip side, ETH depreciated by 0.4 per cent to trade at $3,336.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
Oil depreciated at the global market on Thursday amid plans to halt attacks on ships in the Red Sea as investors weighed strong US retail sales data.
Brent crude futures lost 74 cents or 0.9 per cent during the session to finish at $81.29 per barrel and the US West Texas Intermediate (WTI) crude futures went down by $1.36 or 1.7 per cent to $78.68 a barrel.
Reuters reported that officials were expecting the Houthi militia to announce a halt in its attacks on ships in the Red Sea after a ceasefire deal in the war in Gaza between Israel and the militant Palestinian group Hamas.
Israel and Hamas reached a Gaza ceasefire and hostage release deal following 15 months of war.
Houthi has carried out more than 100 attacks on ships crossing the Red Sea since November 2023, saying they are acting in solidarity with the Palestinians in Gaza. They have sunk two vessels, seized another and killed at least four seafarers.
The attacks have disrupted global shipping, forcing firms to re-route to more expensive journeys around southern Africa for more than a year, making commodities like oil more expensive.
The US Secretary of State, Mr Antony Blinken, said the Gaza Strip ceasefire should start on Sunday as planned, despite the need for negotiators to tie up a loose end.
However, investors remained cautious about the possibility of a breach of the ceasefire deal.
Meanwhile, the US Commerce Department reported U.S. retail sales increased in December as households bought more motor vehicles and a range of other goods, pointing to strong demand in the world’s largest economy.
Support also came after US Federal Reserve Governor Christopher Waller said inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected.
Investors also continued to weigh the Biden administration’s latest round of sanctions targeting Russia’s military-industrial base and sanctions-evasion efforts, after earlier levying broader sanctions on Russian oil producers and tankers.
The market also continued to look forward to possible friction between Donald Trump and the Organisation of the Petroleum Exporting Countries (OPEC).
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.09 per cent on Thursday on the back of renewed investor confidence on the local stocks.
The market had been under selling pressure since last Friday but things changed yesterday after bargain-hunting activities helped Customs Street record its first gain of this week.
Data showed that the industrial goods index gained 1.39 per cent, the banking space appreciated by 0.22 per cent, and the consumer goods counter expanded by 0.20 per cent.
However, the energy sector went down yesterday by 2.49 per cent, and the insurance industry depreciated by 1.27 per cent at the close of business.
When the market closed by 2:30 pm, the All-Share Index (ASI) increased by 87.11 points to 102,183.06 points from 102,095.95 points and the market capitalisation jumped by N53 billion to N62.310 trillion from N62.257 trillion.
Business Post observed that despite the growth during the session, investor sentiment remained bearish as the bourse finished with 26 price losers and 35 price gainers, implying a negative market breadth index.
Northern Nigerian Flour Mills improved its value by 10.00 per cent on Thursday to N54.45, Dangote Sugar soared by 9.91 per cent to N40.50, The Initiates rose by 9.80 per cent to N2.80, John Holt expanded by 9.80 per cent to N9.30, and Omatek grew by 9.76 per cent to 90 Kobo.
On the flip side, Livestock Feeds declined by 10.00 per cent to N5.40, Eunisell slumped by 9.97 per cent to N15.62, Neimeth tumbled by 9.83 per cent to N3.12, Regency Alliance lost 9.33 per cent to trade at 68 Kobo, and Honeywell Flour depreciated by 9.26 per cent to N9.21.
Yesterday, GTCO was the busiest equity with a turnover of 65.1 million units worth N3.8 billion, Universal Insurance traded 48.6 million units valued at N28.5 million, Fidelity Bank sold 45.9 million units for N802.8 million, Access Holdings exchanged 27.3 million units worth N668.1 million, and NASCON transacted 26.7 million units valued at N1.1 billion.
At the close of transactions, a total of 472.2 million equities worth N16.7 billion exchanged hands in 12,336 deals compared with the 435.5 million equities valued at N9.4 billion traded in 12,098 deals on Wednesday, showing an improvement in the trading volume, value and number of deals by 8.47 per cent, 77.66 per cent and 1.97 per cent, respectively.
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