Ellah Lakes, IITA to Produce High-Yielding Soybean Seed Varieties

Image

By Dipo Olowookere

All things being equal, Nigeria will soon achieve self-sufficiency in soybean as a result of a partnership between Ellah Lakes Plc and the International Institute for Tropical Agriculture (IITA).

This educational institute has entered into an agreement with the subsidiary of the listed firm, Adani Staple Crop Processing Zone Food Company Limited, for the production of high-yielding soybean seed varieties.

According to a statement issued by Ellah Lakes, this improved variety of breeder seeds is expected to yield 2.5 metric tons of quality soybean per hectare, 150 per cent higher than the Nigerian national average of 1.0 metric tons per hectare and at par with output in South American countries such as Brazil and Argentina.

The demand for soybean in Nigeria is estimated to be in excess of 1.2 million metric tons per annum, which is a market value of over N360 billion (approximately $780 million).

Soybean is an important source of plant-based protein that contains dietary fibre, vitamins and minerals, and it consists of 20 per cent oil, making it an important crop for producing edible oil.

A by-product from oil production, soymeal, is used as a high-protein animal feed in the poultry and aquaculture industries.

In the notice, Ellah Lakes said the seed multiplication program with IITA involves, in the first phase, the production of the seed varieties on 5 hectares of land located in IITA Ibadan, Oyo State and subsequently, on 500 hectares of land located in Adani, Enugu State.

IITA brings to this endeavour with Ellah Lakes its expertise in the production and supply of high-quality breeder and foundation seedlings to private sector seed producers.

The partnership agreement between both companies will facilitate the production of premium quality soybean seedlings for cultivation at Adani SCPZ in Enugu State, with IITA providing all the technical support required to produce the seedlings for the company.

Soybean from Nigeria has huge export potential because Nigerian Soyabean is Non-Genetically Modified and has a wider range of applications, including as input into infant cereals and textured vegetable protein – which is often used as meat analogue or meat extender.

With its partnership with IITA, Adani SCPZ will be able to significantly boost productivity at its 3,700-hectare farm in Adani, Enugu State, and will be on track to achieving a target output of 7,500 metric tons of soybean per annum upon full cultivation of the property.

It also marks an important milestone on the company’s strategic path to build Staple Crop Processing Zones

across the country, with Adani being the flagship site.

Speaking on the development, the Chief Executive Officer of Ellah Lakes, Mr Chuka Mordi, said, “This is a symbolic and significant milestone on our company’s strategic path to build Staple Crop Processing Zones across the country.

“Adani remains our flagship site, and under the supervision of the IITA, we expect to accelerate progress in Enugu State during the course of 2023.”

Share
Related Stories
Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
09-December-2023

Moody’s Upgrades Nigeria’s Outlook to Positive After Economic Reforms

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Image
08-December-2023

NGX Tutors Retiring Military Officers on Personal Finance, Investing

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

More Stories
Image
18-July-2019

Nigerian Stocks Remain in Severe Pain, Further Shed 0.56%

By Dipo Olowookere Transactions at the nation’s stock market remained bearish on Wednesday, with profit taking activities by investors weighing on the market. The local bourse has been in severe pain for some days now, calling for help, which is nowhere in sight. The market is seriously expecting a positive trigger that will take it out of the dungeon. One of these triggers is the appointment of ministers by President Muhammadu Buhari, which should send a positive signal to investors that the present government was serious about making the economy better. Unfortunately, there are no strong indications that the President

Image
26-July-2017

NSE Grows Transactions by 49.78% to N935b in Six Months

By Modupe Gbadeyanka Data released by the Nigerian Stock Exchange (NSE) has revealed that the nation’s bourse recorded N935.3 billion in total transactions in the first half of the year 2017. In the report analysed by Business Post, the stock market regulator noted that this feat is in contrast to N624.41 billion recorded in 2016, showing that transactions increased by 49.78 percent in the period under review. It further noted that total transactions, also at the local bourse, increased by 7.13 percent from N205.61billion recorded in May 2017 to N220.27billion (about $0.72 billion) in June 2017. In the report, the

Image
13-October-2022

Nigerians Execute N6.05trn Transactions Via PoS in Nine Months

By Adedapo Adesanya According to the Nigeria Inter-Bank Settlement System (NIBSS), in the last nine months of the year, Nigerians carried out financial transactions worth N6.05 trillion via the Point of Sales (PoS) machines, which is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion. In its latest report for September, NIBSS said transactions on the various PoS terminals climbed to N735.6 billion, adding that the volume of transactions via PoS went up by 14 per cent year-on-year to 100.4 million in September 2022. These transactions, according to NIBSS’ statistics, were carried out over

Image
29-January-2020

11 Plc Grows Q4’19 Earnings by 16%, Profit Drops 5%

By Dipo Olowookere Oil and gas giant, 11 Plc, formerly known as Mobil Nigeria, has announced a 16 percent rise in its earnings for the period ended December 31, 2019 amid a 5 percent decline in the profit made in the period. According to the financial statements released by the firm, the revenue generated from January 2019 to December increased to N191.7 billion from the N164.6 billion raked in the same period of 2018. This came as the cost of sales increased in the period to N175.0 billion from N148.0 billion, just as the selling and distribution expenses jumped to

Image
28-June-2017

Naira Falls to N370/$, Soars to N465/£ at Black Market

By Modupe Gbadeyanka It was a mixed performance today for the Naira against the major foreign currencies at the foreign exchange (forex) market in Nigeria. The local currency suffered a declined on Wednesday at the parallel market when it lost N2 against the Dollar. Business Post reports that the Naira finished the day at N370 to the Dollar after opening for the day’s trading at N368. Wednesday’s loss came after the local currency had remained stable at N368 per Dollar for over three days. But on the other hand, the Naira gained N2 against the British Pound Sterling, closing at

Image
25-October-2016

Buhari Seeks NASS Approval To Borrow $30b

By Ebitonye Akpodigha President Muhammadu Buhari is looking towards borrowing close to $30 billion to provide infrastructure projects for the benefit of Nigerians. But to make this possible, he has written to the National Assembly (NASS), seeking its nod to go ahead with his plan. In the letter presented to House of Representatives, Mr Buhari explained that he hopes to secure an external loan of about $29.960 billion between 2016 and 2018. “I wish to refer to the above subject and to submit the attached draft of Federal Government 2016-2018 External Borrowing (Rolling) Plan for consideration and early approval by

Image
14-June-2023

Aggressive Demand for Financial Stocks Pushes NGX Higher by 3.13%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited sustained its upward movement on Wednesday as it closed higher by 3.13 per cent when the closing gong was struck by 2:30 pm. The bullish run persisted due to the aggressive demand for financial stocks, as investors bet on them because they projected that the suspension of Mr Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) would give financial institutions a breathing space to operate optimally. Business Post reports that the banking index rose by 26.52 per cent, the insurance counter grew by 22.98 per cent, the energy

Ad
Ad
Recent Stories
Image
11-December-2023

Energy Stakeholders Urge Nigeria, Others to Reject Anti-Fossil Fuel Policies

By Adedapo Adesanya Energy stakeholders have urged African countries, including Nigeria, the continent’s largest crude producer, to reject all anti-fossil fuel policies that may arise at discussions at the 28th Conference of Parties (COP28) in Dubai, the United Arab Emirates (UAE). They called on African countries to fiercely defend the role oil and gas play across the continent, adding that it has become clear that developed nations seem committed to phasing out fossil fuels, advocating for an anti-fossil fuel energy transition that does not take into account the needs of the developing world. For instance, the African Energy Chamber (AEC)

Image
11-December-2023

Moyo Lawal, Mohbad, Peter Obi, Others Lead Top Trends on Search in 2023

By Modupe Gbadeyanka A foremost search engine platform, Google, has released the findings of its 2023 Year in Search for Nigeria, showcasing the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention throughout the year. Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do. In Nigeria, this year’s results show a heightened interest in lifestyle, local politics, and notable personalities such as Moyo Lawal, Peter Obi and Oladipupo Oladimeji, aka Oladips, who topped the trending people’s

Image
11-December-2023

Reflecting on a Catholic Priest’s 30 years Of Liberal Thoughts

By Jerome-Mario Utomi Taken objectively, Rev. Fr. Victor Ibude, from Agbor, Delta State, Nigeria, is a Catholic Priest ordained about 30 years ago precisely in the year 1993, who in the first instance went to the seminary with no ambition of becoming a priest but only went in thanksgiving to God for aiding him score distinction in his examination as conducted by the West African Examination Council (WAEC). He was, however, through divine arrangement and natural order of things, ordained a Priest of the Catholic Church on the aforementioned date. Essentially, by his ordination which was administered by His Lordship,

Image
11-December-2023

Airbus, BMW Introduce Quantum Computing Competition

By Modupe Gbadeyanka A global quantum computing competition called The Quantum Mobility Quest, designed to tackle the most pressing challenges in aviation and automotive that have remained insurmountable for classical computers, has been launched by Airbus and BMW Group. Business Post reports that registration for the challenge has commenced, with submissions to be accepted from mid-January through April 30, 2024, via www.thequantuminsider.com/quantum-challenge. The contest is hosted by The Quantum Insider (TQI) and divided into two parts, a four-month phase where participants will develop a theoretical framework for one of the given statements, and a second phase during which selected finalists

Image
11-December-2023

WEF Lauds OPay for Revolutionising Financial Inclusion in Nigeria

By Modupe Gbadeyanka One of the leading digital and mobile banking institutions in Nigeria, OPay, has been praised for revolutionising financial inclusion in the country and Africa. This commendation came from the World Economic Forum (WEF), which said OPay’s ascent in the financial inclusion landscape stands as a testament to its unwavering commitment to innovation and customer-centricity. In its recent report titled Here’s Why Africa is the World Leader in Digital and Mobile Banking, OPay was lauded for leveraging cutting-edge technology to democratise access to vital financial services, such as money transfers, bill payments, airtime purchases, and merchant transactions, reaching

Image
10-December-2023

Audiomack Picks Aleph as Authorized Sales Partner in Nigeria, Ghana

By Modupe Gbadeyanka A New York-based audio streaming platform, Audiomack, has chosen Aleph as its Authorized Sales Partner in Nigeria and Ghana, underlining Aleph’s commitment to enhancing its presence and strategy in Sub-Saharan Africa (SSA). This collaboration will leverage Aleph’s deep expertise in crafting targeted and impactful campaigns and Audiomack’s robust platform teeming with engaged users, creating an unparalleled landscape of opportunity for brands and agencies across the region. Aleph was unveiled on December 5 at a pop-up event dubbed #AudiomackHouseLagos, which brought together key players in the music industry to celebrate the thriving Nigerian and African music scenes. The

Image
10-December-2023

How We’ve Managed Anioma Hospital Without Friction for 42 Years—Idiaghe Brothers

By Jerome-Mario Utomi The ancient city of Agbor, Delta State, Nigeria, houses many hospitals. While some are government-owned such as the General Hospital and Primary Healthcare Centers (PHC), others were established and operated by faith-based organizations like churches. The rest, which of course are higher in number, were midwifed by private individuals. Among these privately owned hospitals is Anioma Hospital. The subtle meaning of Anioma in the Igbo language is good land. Aside from the quality of service delivery, which is the hallmark of the hospital in the past 42 years, Anioma Hospital has for other obvious reasons, scored other

Image
10-December-2023

Where Faith Meets Rhythm: The Deep Connection Between Africans and Gospel Music

In the vibrant tapestry of African music, gospel holds a special place. Its soulful melodies and uplifting messages resonate deeply with listeners across the continent. American gospel music might have taken the forefront as a preferred source of inspiration for Gospel music lovers but African listeners are increasingly rediscovering and embracing their homegrown gospel sounds. African gospel music is deeply rooted in the cultural overtones and spiritual aspirations that arise from local communities. It incorporates local languages, traditional rhythms, and music styles that create an authentic sound that deeply resonates with African audiences. In recent years, African gospel music has

Image
10-December-2023

$11bn Suit: UK Court Orders P&ID to Pay Nigeria £20m Within 28 Days

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

Image
10-December-2023

SERAP Tells NNPC to Disclose Oil Output, Exports, Revenue Since Subsidy Removal

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of