Economy
Crown Flour Gives Irrigation Equipment to Female Wheat Farmers
By Modupe Gbadeyanka
A leading flour milling business, Crown Flour Mills Limited, has given farming irrigation equipment to some female wheat farmers in Kano State.
This is part of the company’s ongoing strategic investment drive to support Nigeria’s food production self-sufficiency and food security aspirations and its short to medium term value chain developmental efforts aimed at raising the current local production levels of wheat in the country.
The irrigation equipment is meant to assist the female smallholder wheat farmers and ultimately enhance their productivity levels. The irrigation equipment comprising mainly of high-pressure water pumping machine.
The realization of the productivity potential of women smallholder farmers in the country has largely been constrained by poor access to land and farming tools, especially irrigation equipment.
Access to modern irrigation infrastructure on the farms boosts the yield of crops. Meanwhile, wheat crops yield higher returns when properly irrigated.
The presentation of the pumping machines to the women smallholder farmers marked a needed upturn in women farmers’ aspiration to scale as well as support and meaningfully contribute to the ongoing federal government agricultural development programmes.
The recipients of the farming irrigation equipment were Lauratu Kassim, a 40-year-old wheat farmer with three years of wheat farming experience, Maryam Ahmad, who has been practising crop cultivation for many years but went fully into wheat farming four years ago and Atika Shuaibu, another 40-year-old female farmer who started wheat farming two years ago.
Shuaibu owns a very big farm where she plants rice and other crops and a wheat farm but has no pumping machine for irrigation. Hasiya Muhammad, who has had to rely on her husband’s farming equipment to sustain operations on her farmland, and 40-year-old Liti Audu are the other beneficiaries of the farming infrastructure support.
Special guest at the presentation of the irrigation equipment to the female farmers, Governor of Umar Ganduje Kano State, represented by Mr Faruk Sule Garo (Senior Special Adviser, Youth Empowerment), appreciated and applauded the effort of CFM in empowering women and investing in the agricultural sector which helps in ensuring the livelihood of millions of Nigerians and in boosting the economy of our country.
Speaking about the intervention, Ms Rauda Musa Umar, Wheat Development Programme Officer, CFM, said the organisation was committed to assisting the government to achieve its food security and economic diversification agenda.
According to her, “We will keep providing the necessary farming support and modern agronomic capacity-building training to local wheat farmers to boost wheat farming practices and yields in the country. Our focus, of course, is food security and improving livelihoods.”
Dr Salim Saleh President Wheat Farmers Association of Nigeria, said, “The various intervention programmes implemented by Crown Flour Mill Limited are laudable. The presentation of these farming equipment to our women will go a long way to boost the women farmers’ productivity and raise the economic contribution levels of the women.”
“Let me seize this opportunity to encourage other corporate organisations and well-meaning Nigerians, especially those operating in the agric value chain, to emulate Crown Flour Mill Limited in developing and boldly executing impactful agricultural development programmes that will reverberate across the local landscape,” he added.
Ms Atika Shuaibu, who spoke on behalf of the other women smallholder farmers, expressed her appreciation for the delivery of the irrigation facility.
She said, “I am so, so happy to receive the machine. With the irrigation machine, most of us will stop hiring pumping machines to water our crops. We will also have a bigger and better harvest. I thank Crown Flour Mill for this assistance.”
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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