Economy
Farmers Applaud Olam Agri’s Contribution to Aquaculture Growth
By Aduragbemi Omiyale
Fish farmers in Nigeria are excited with the recent improvement in productivity levels in the aquaculture segment. They have praised Olam Agri for this.
At a recent value chain review exercise, the farmers said the company’s investments in the sector have helped in raising theur operating capacity.
Attesting to the business’ value chain impact, the Vice President of the Lagos State Catfish and Allied Farmers Association, Mr Olatoye Fajimi, said, “Olam agri employs technical experts who go around visiting farms to work with the farmers to improve farm clusters’ productivity.”
The owner of Odafi Fish Farm located within the Asejere Fish Farms cluster in Odogbolu, Ijebu-Ode, Ogun State, Mr Lazarus Odafi, affirmed that, “Olam Agri came to our farm cluster and trained us on pond water management techniques, how to test PH level in the pond, and ways to curb feed waste. They helped us understand the science of catfish farming, especially how to create the right environment for the fish to thrive. These efforts have really impacted our businesses.”
“Since feed is one of the most important inputs in fish farming, Olam Agri increased the availability of feed to farmers. They help farmers gain access to feed in an instant by localizing their production in key hubs here in Nigeria.
“They also employ technical experts as salespeople who go around to visit farms to interact with the farmers to improve farm clusters’ productivity,” he added.
Also speaking, Mrs Ogundeyi Dorcas of Tripple T Farms in Ipaja, Lagos, said, “The conversion rates of Olam Agri feed brands have been superb. An Olam Agri’s technical expert taught me how to manage disease in my pond and how to measure water quality. These inputs have made some impacts on my farm productivity level.”
Mrs Okpapi Lucy whose farm is in Alagbado, Lagos, said she struggled until she met an Olam Agri technical expert who introduced her to new methods of farming. She emphasised the business’ attention to customer improvement,
“Anytime I have issues on the farm and call them, they would show up almost instantly. They are hands-on. In fact, they would go into my pond to address any challenge I complained about. Olam Agri is one of the reasons I am still in business,” she stated.
Speaking about the business’ approach to raising productivity in the aquaculture value chain, the Vice President of the Animal Feed and Protein Unit of Olam Agri in Nigeria, Mr Ankit Puri, said, “A crucial aspect of our success story is that we keep the fish farmers at the heart of our strategy.
“Apart from deploying experts to work with the fish farmers, we introduced best-in-class feed formulation processes, strong procurement systems, wide-reaching logistics and operational excellence into the industry.”
“We are the largest procurer of soy and corn locally. We move over 1 million metric tons of raw materials and animal feed across Nigeria to ensure the availability of feed to fish farmers.
“Our state-of-the-art feed mill is equipped with world-class tech such as vacuum cutting technology. Our fish feed brands are formulated and processed in line with international standards.”
On his part, the Country Head of Olam Agri in Nigeria, Mr Ashish Pande, explained, “Our rising investment in the fish farming value chain is part of our pursuit of a food & nutrition-secure and sustainable Nigeria under the Seeds for The Future (SFTF) initiative.
“The Seeds for the Future initiative is our social sustainability investment vehicle with five levers, namely, supporting farms and farmers, enabling wider education and skill development for young people, empowering indigent women, promoting health and nutrition across the country and reducing carbon emissions in our business operations.”
Olam Agri in Nigeria started investing in the aquaculture value chain in 2017 through its feed milling unit. The firm flew in one of its global aqua experts, Mr Matthew Tan, who trained and introduced local farmers to trendy fish farming practices.
He also trained over 40 Olam Agri technical experts who continued to work with the farmers. Approximately 7,500 Nigerian fish farmers, among whom were women fish farmers, were equipped with the best aquaculture practices by the business’s team of experts. In addition, the agribusiness located a state-of-the-art feed mill in Ilorin to ensure a steady supply of quality and affordable fish feed to fish farmers.
By Adedapo Adesanya
The Society of Energy Editors (SEE) expects the Nigerian energy sector to witness significant developments in the first quarter of 2025.
This, according to the society, would be driven by President Bola Tinubu’s proposed N49.7 trillion budget for the year.
The budget is anchored on an increase in base crude oil production to 2.06 million barrels per day, expected to drive down inflation from 34.6 per cent to 15 per cent in 2025.
In its Nigeria Energy Outlook Q1 2025, the group said key areas to watch in the energy sector in the first quarter of the year include oil oil exploration and production; domestic crude refining; gas production and liquefied natural gas (LNG) export; power generation and transmission as well as labour relations.
“The government’s target to increase crude oil production is ambitious, but its feasibility hinges on addressing security challenges, particularly in the Niger Delta region.
“Nigeria plans to hold a fresh oil licensing round in 2025 focused primarily on handing out blocks that remained undeveloped, as the country battles to raise crude reserves and production,” it said in the outlook.
It added that “the federal government would have to show the necessary political will and apply a lot of push for this fresh oil licensing round to happen during the year as planned”.
On domestic refining, the organisation noted that the commencement of petroleum refining at the Dangote Refinery is expected to reduce fuel imports and ease the burden of petroleum subsidies.
However, it added that the steady supply of crude oil feedstock from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Refinery would be crucial in determining the refinery’s impact on the economy in 2025.
Nigeria spent N9.176 trillion on the importation of the Premium Motor Spirit (PMS), also known as petrol, in nine months, from January to September 2024, rising by 60.87 percent, compared with N5.704 trillion worth of the commodity imported in the same period in 2023.
Focusing on gas production and LNG exports, the SEE projected that Nigeria’s gas sector will grow during the first quarter, driven by the government’s “Decade of Gas” initiative and the country’s ambitions to increase its gas reserves to 210 trillion cubic feet, Tcf, in 2025 and 220 Tcf by 2030.
“Gas production and supply will also increase in response to the Federal Government initiative on gas for automobiles and the need to meet the current shortfalls being experienced by power generating stations and industries,” it also projected.
According to the SEE, gas export through the Nigeria LNG Limited will be steady during the first quarter.
In the area of power generation and transmission, the Society of Energy Editors, said efforts to expand power generation and improve transmission infrastructure will continue, with a focus on increasing the share of renewable energy sources in the energy mix.
It maintained that power transmission and distribution infrastructure remained very weak with the national grid recording 12 incidents of collapse in 2024. Adding that 2025 would witness a repeat owing to poor mitigation measures aimed at tackling inherent weaknesses.
On labour relations, the society stated that the government would need to address labour concerns in the downstream and upstream petroleum sectors, as well as in the electricity sector, to maintain stability and avoid disruptions.
Listing challenges and opportunities, it noted that the government’s expectations for reducing inflation and improving the exchange rate may be challenging to achieve, given the current market realities.
It asserted that the development of the Niger Delta region, through the activities of the Niger Delta Development Commission, would be crucial in addressing the root causes of insecurity and instability in the region.
“The solid minerals sector offers significant opportunities for revenue growth and job creation, but the government will need to address the challenges of artisanal mining and ensure that the sector is developed in a sustainable and responsible manner.
“Overall, the first quarter of 2025 will be critical in setting the tone for Nigeria’s energy sector in the year ahead. The government’s policies and initiatives will need to be carefully implemented to address the challenges facing the sector and to unlock its full potential,” the report stated.
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.
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