Economy
FG Commends WACOT for Sesame Export
By Modupe Gbadeyanka
The federal government has commended the management of WACOT Limited over the recent certification by the international certification organisation, ECOCERT, to export organic sesame globally.
The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, who made the commendation, assured of the government’s support, adding that the President Muhammadu Buhari administration would not relent in creating an enabling environment for innovative agro-allied companies like WACOT.
“This government is all about encouraging and supporting indigenous companies, especially those in the agro-allied sector, to be successful within and outside the country.
“President Muhammadu Buhari administration is serious about weaning our economy off oil, and agriculture is a major priority.
“It is in this light that I commend your resourcefulness and diligence for getting the certifications,” Mr Adebayo said when he received members of the National Sesame Seed Association of Nigeria (NSSAN), the Nigeria Export Promotion Council (NEPC), the management of WACOT and stakeholders in sesame production.
During the presentation of the certification to him, the Minister said he was impressed with the unity between WACOT, a member company of the TGI Group, and other key stakeholders, including NSSAN, urging other groups to emulate the partnership and always work for the country’s good.
Earlier, the TGI Group’s Director (Corporate Affairs), Mr Sadiq Kassim, who is also the Deputy National President of NSSAN, affirmed the commitment of the stakeholders to position Nigeria on the global map of organic sesame production.
Mr Kassim explained that due to the growing demand and adoption of organic food products like sesame globally, as well as its associated health benefits and eco-friendly characteristics, WACOT sought certifications for Nigeria, one of Africa’s leading producers, to help farmers and the nation’s economy.
“We are delighted to have received these certifications that permit us all levels of sesame handling from farming to export to the United States, Europe and Asia, among others. We are happy to be supporting the government’s economic diversification effort.
“The government has supported agriculture, and we felt that we could further assist by obtaining the certifications to export organic seed and bring in foreign exchange,” he stated.
France-based ECOCERT, which conducts inspections in over 80 countries, issued certification to WACOT, a company with sizeable investments in value chains of various crops across Nigeria, earlier in the year.
The first certification by ECOCERT conveyed the organisation’s approval to WACOT Limited to export sesame across the world, while the second certification on January 8 gave approval for WACOT to export sesame to the United States, having met that country’s Department of Agriculture (USDA) organic regulations.
With the approval, WACOT, whose investments cover agri-inputs, farming, supply chain and logistics, manufacturing and branding, is boosting Nigeria’s foreign exchange income through sesame export.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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