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
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.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
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