Economy
Ecobank Plans Summit to Discuss Technology in Agricultural Value Chain
By Aduragbemi Omiyale
A summit with the aim to discuss the role of technology and digitisation across the agricultural value chain is to be organised by Ecobank Nigeria.
The programme tagged Ecobank Agribusiness and Food Security Summit is in partnership with Vanguard Economic Forum Series and it is in its second edition.
The Head of Agribusiness at Ecobank Nigeria, Mrs Mojisola Oguntoyinbo, disclosed that the event is part of the bank’s determination to further showcase the potentials in the agricultural sector of the nation’s economy in partnership with Vanguard Newspapers, the Economic Forum Series and Nigeria Agribusiness Group (NABG).
According to her, the programme is also part of the bank’s continuous contribution to the growth and development of the agriculture sector, stating that a pool of notable thought leaders and industry experts have been assembled to address how technology can aid the entire agriculture value chain to bring about economic development and food sufficiency in the country.
“This virtual conference is part of Ecobank Digital Series which is in line with our vision to consolidate a modern pan-African market, contribute to the economic development and financial integration of the continent.
“The summit would amongst other things examine the potential impact of agriculture technology investment in fixing low productivity in Nigeria’s food production; evaluate existing traditional agriculture finance models in Nigeria and the role and impact of technology-enabled commodity exchange trading across the agriculture value chain, and the role of developmental partners and international agencies in driving funding and investments across the agriculture value chain,” Mrs Mojisola Oguntoyinbo explained.
She noted that the Agribusiness Summit would help Ecobank communicate and connect with Nigeria’s entrepreneurs in the agricultural value chain, farmers and other investors, adding that the bank will also showcase its strength in the digital banking space such as its innovative digital payment channels like the OmniPlus, Omnilite and digital sales collections channels like Ecobankpay NQR amongst other financial service offerings to close the large financial Inclusion gap and a direct response to mitigating the economic challenge post-COVID-19.
On his part, the Director of Vanguard Conferences and The Economic Forum Series, Mr Jude Ndu, said: “We are indeed pleased and delighted with the ongoing high-level strategic partnership with Ecobank Nigeria in the area of concept development, synthesis, design and execution of high profile thematic bespoke events.
“The upcoming conference speaks to the strong sense of confidence the bank has in us to help curate thought leadership content and context for the brand in line with its marketing objectives.
“As a media organisation, this is our own way of contributing to the growth prospect of the sector through audience engagement by bringing together critical stakeholders to discuss solutions to the issues of low productivity and food insecurity in the country.”
Business Post reports that the strategic partners to Ecobank on the summit are the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Nigerian Association of Small and Medium Enterprises (NASME).
Others include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Nigeria Agribusiness Group (NABG).
The speakers and panellists are carefully drawn from government, development finance institutions, banking, trade associations, civil society, non-governmental organisations and subject matter experts in technology and agriculture.
It was learned that confirmed speakers include Kenton Dashiell, Deputy Director-General, Partnership for Delivery, IITA; Aliyu Abdulhameed, MD/CEO, NIRSAL; Dr. Emmanuel Ijewere, Vice President, NABG; Ndidi Nwuneli, Co-founder/Managing Partner, Sahel Partner; Akin Alabi, Co-founder, Corporate Farmers International; Ayodeji Balogun, Country CEO, AFEX Commodities Exchange and Patrick Akinwuntan, Managing Director, Ecobank Nigeria, among others.
Intending participants are expected to register ahead of the event slated for June 3, 2021, by 11am prompt via cutt.ly/ecobankagribusiness. The event will be broadcast and streamed live via zoom and across vanguard newspapers and Ecobank social media channel platforms.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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