Economy
FCTA Empowers 600 Youths on Greenhouse Farming Technology
By Adedapo Adesanya
The Federal Capital Territory Administration (FCTA) has empowered 600 youths with practical skills in Greenhouse farming technology, targeted at propelling them to gainfully venture into the agriculture sector.
The FCT Agriculture based groups across the six Area Councils were trained on Greenhouse management practices.
The Mandate Secretary for the FCTA Agriculture and Rural Development Secretariat, Mr Abubakar Ibrahim, while inaugurating the programme on Thursday said it is in line with the policy thrust of the FCTA predicated on unearthing the abundant potentials of the agriculture sector in the territory.
He said that the agriculture secretariat was committed to positively engaging the teeming population of youths in productive ventures across the various agricultural value chains.
Mr Ibrahim noted that the secretariat veered into the Greenhouse crop production in 2020 as a pilot project mainly for demonstration purposes for FCT youths, which has now metamorphosed into a venture with huge commercial benefits.
“This is part of President Muhammadu Buhari’s call for us the agencies and ministries to lift millions of Nigerians out of poverty.
“So, we are introducing a new technology (Green House farming in the FCT) which is an all-year-round programme to encourage our youths and women to venture into the agriculture sector.
“Because, as we all know, every day the population of Abuja is increasing as people from all walks of life come to look for jobs, and we don’t have the jobs. This is why we are introducing this new technology.
“At the end of the training, we are going to empower them with some starter-packs that would help them to advance their skills and knowledge.
“Already, we have gotten approval from the Minister of State, Dr Ramatu Aliyu to establish additional two new greenhouses in Bwari and Kwali Area Councils respectively.
“My hope is before I leave office, is to replicate this in the six Area Councils of the FCT”, he said.
Earlier, the FCTA Director of Agriculture Services, Mrs Ihekandu Francisca, explained that greenhouse technology was a new method of rapid multiplication of crop commodities, under controlled climate and environmental factors for an increase in crop yield.
She added that the training will empower farmers, ensure self-sufficiency in sustainable agriculture, reduce youth restiveness, rural-urban youth drift, create jobs and alleviate poverty in the Territory.
Also, Station Head, International Institute of Tropical Agriculture (IITA), Kubwa, Mr Lateef Sanni, noted that recently the organisation signed a Memoranda of Understanding (MOU) of partnership with the FCTA.
He said one of the first case studies was the issue of the use of Greenhouse technology, which was the practical demonstration of green innovation.
Mr Sanni added that it was also a hand-aide tool for the youths, as it is more or less an urban farming system, with an available market for the produce.
“On behalf of IITA, I want to compliment the initiative with a solar house technology for the processing and preservation of the post-harvest, which we have done in other countries.
“I want to openly commend the FCT Minister of State and the amiable and productive Mandate Secretary and the Directors for taking this initiative.” If we all work together, definitely, we are going to create more jobs for the youths and enhance our economic development as a nation.”
Experts say Greenhouse farming is a type of farming in which crops are cultivated under-protected and enclosed environment.
Greenhouse farming is becoming very popular in Nigeria because of its advantages of keeping out pests and diseases and its comparable yield advantage to open field cultivation of crops.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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