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 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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