Economy
FG Kicks Off Pilot Scheme to Boost Sustainable Agric
By Dipo Olowookere
Federal Government has commenced the African Soil Information Service (AFSIS) pilot project in order to address the lack of quality information and data on soil and agricultural landscape which would help boost sustainable agricultural productivity across the Nigerian agro-ecologies.
The project which is being funded by Bill and Melinda Gates Foundation builds technology innovations and services to fill one of the major gaps in spatial Information in African soil that is widely acknowledged to be hampering scientific progress in agri-economic development.
It is for this reason that Bill and Melinda Gate Foundation and Alliance for Green Revolution in Africa initiated AFSIS projects in 5 countries namely Tanzania, Ethiopia, Ghana, Kenya and Nigeria.
Already, many international partners such as Icraf, CiAT are supporting the initiative intended to last four years.
The Project will take off in Ebonyi and Kebbi State; while the new techniques/ technologies will be used to build capacity through training of staff in Abuja, Kaduna and Ibadan over the next one week.
Permanent Secretary of the Ministry, Dr Bukar Hassan, during his meeting with members of the Ministerial Steering Committee on the African Soil Information Service (AFSIS) and formal launching of the AfSIS pilot project in the Ministry said he was impressed with the work AFSIS is doing to build technology innovations and services to drive the future of African Agriculture, particularly Nigeria and expressed hope that the technology would assist governments, farmers and relevant stakeholders in agriculture to pay more attention to soil development in moving the agricultural sector forward.
Represented by the Director, Plantation in the Department Of Agriculture, Mr Quadri Olalekan, he declared that, “Our farmers will no longer continue to shoot in the dark, the project is important and we will be able to maximize the duration of the project and get the best out of it.”
Earlier, the Director, Lands and Climate Change, Engr. Sunday Edibo, has explained that the AfSIS project which is being funded by the Bill and Melinda Gates Foundation is aimed at “rapidly expanding the use of world class information technology and data science to ensure that Africa’s soil and landscape resources are described, understood and used effectively to increase agricultural productivity and lower the ecological footprints of agriculture as a means of raising the prosperity of Africa’s communities and nations.”
He explained further that the African Soil Information Service project (AfSIS) is in collaboration with the Nigeria Soil Information System (NiSIS) and the Ministry to update soil and landscape information for Nigeria using modern measurement and mapping techniques.
Engineer Edibo said the area of work covered so far include; fairly detailed soil and fertilizer response survey of the central maize producing area of Nigeria; training of soil and plant laboratory for NiSIS and IITA staff in spectral methods for soil prediction; compilation and updating of relevant remote sensing data for soil and landscape mapping and spectral and spatial prediction model development to generate new soil maps and landscape information products.
He stated that the team would commence the training of staff of the ministry on soil/crop standard operating procedures (SOP) and the information gathered would be used in soil maps and assist farmers in crop production, particularly in supporting the development of grasses in ranches.
Chairman of the AfSIS-NiSIS Ministerial Steering Committee and a University don in the Department of Soil Science, Institute for Agricultural Research, Ahmadu Bello University, Zaria, Prof Ishaku Amapu, in his presentation, said the AfSIS–NiSIS pilot project on Nutrient assessment of Nigeria crop lands is starting with Kebbi and Ebonyi states with 582 locations and 208 locations respectively with focus on soil development.
Professor Amapu said the pilot project would among other things provide spatially explicit observations, measurements and predictions of nutrients level and the information would be used for ranches to provide grasses needed for healthy growth of animals.
He appealed to the Federal Government to expedite action on the complete survey of the remaining part of the country.
The AfSIS Senior Adviser, World Agro Forestry Centre (ICRAF), Nairobi, Kenya, Dr Bruce Scott, remarked that presently, the Agriculture sector is not innovative and proactive for it is not using the best technology and science available; stating that, “In human sector, there has been tremendous innovation but not so in Agriculture, because we have refused to innovate in terms of leveraging on new science and technology.”
Dr Scott who promised that AfSIS would continue to be a good partner, urged the Federal Government to transform its agriculture sector to make it more productive for farmers and the people of Nigeria.
It would be recalled that the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, who was worried by dearth of relevant soil information in Nigeria inaugurated a Ministerial Steering Committee on the African Soil Information Service (AFSIS) in the Ministry last year.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.
This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.
The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.
On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.
Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.
FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.
By Adedapo Adesanya
Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.
But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.
As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.
Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”
The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.
The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.
Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.
Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.
This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.
On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.
As pledged in the campaign, the executive order follows the declaration of a national energy emergency.
The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”
This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.
President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.
The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.
The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.
On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.
In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.
However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.
Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.
Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.
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