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 MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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