Economy
FG Urges Nigerians to Embrace Agric as Business
By Modupe Gbadeyanka
Nigerians have been advised to take agriculture as profitable business that has the potential of revamping the country’s economy.
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, gave this advice when he held a meeting with a delegation from the Plateau State government led by the Governor, Mr Bako Lalong, in his office last week.
According to the Minister, agriculture remains the biggest and fastest way of enriching the rural populace and stabilizing the polity.
“We have no choice than to help grow agriculture in all states of the federation, create wealth and jobs and make people happier to bring life to the rural areas where there has been so much hardship and difficulty in accessing livelihoods,” Mr Ogbeh said.
On the incessant clash between farmers and herdsmen, the Minister explained that the introduction of cattle colonies in the country was borne out of the need to provide an enabling environment for agriculture to thrive in the country since the states own the land; adding that to governments ‘it is cheaper to do this for herdsmen and others who want to rear cattle than for individuals to go and invest many, because we know that many farmers have difficulties raising bank loans’.
Mr Ogbeh, while throwing light on the concept of colony, stated that, “Colonies and ranches are the same thing in many ways except that a colony is bigger that a ranch.
“A colony is a biological expression for any species of animals whether by nature or by human design that are found in a large community sharing the same terrain, such as bee colonies in certain areas.
“In Colony, 20, 30 ranchers can share the same colony, a ranch is usually owned by an individual or company with few numbers of cows, in a cattle colony you could find 100, 200, 300 cows owned by different individuals.”
He added that, “The reason for designing colony was that we want to prepare on a large scale a place where many owners of cattle can co-exist there, they feed well because we can make their feeds from agro waste, get good water to drink as cows drink a lot of water, we can give them green fodder; we grow it on a large scale harvest and feed the cow; give them veterinary services and protect the cows against rustlers”.
The Minister commended the Plateau State government for its interests in developing agriculture and promised to extend further supports to the 16 state governments that had expressed interest in developing ranches like Kogi, Nasarawa, Osun, Kebbi, Plateau states, among others.
Mr Ogbeh said once the colony begins, the Federal Government would embark on a large scale artificial insemination to improve the breed of cattle so that the yield of milk can increase, he observed that while a cow in Nigeria delivers about a litre of milk per day, in East Africa, a cow gives 15 litres of milk and in Europe they do averagely 50 litres of milk per day, saying that Nigeria is still a long way from achieving the target which other countries have achieved.
He sought for supports from states in area of extension officers who will be recruited within the locality so that they can be in contact with rural farmers, they will be taught on what to do as well as train the farmers on planting operations which will go side by side with the programme on cattle colonies.
The Minister said the whole aim of the policy was to end herdsmen/farmers’ conflict, saying the idea is neither a hostile nor wicked plan by the ministry to seize anybody’s land.
The Minister also announced that the Federal Government would soon hold a stakeholders’ forum with the herdsmen and other stakeholders on the implementation of the new policy and express his willingness to visit some of the agricultural sites in Plateau State.
Earlier in his address, Governor of Plateau State, Mr Bako Lalong, said he was in the Ministry to identify with the agricultural revolution of the Federal Government in area of livestock production as well as seek for more assistance for his State.
He said Plateau State was one of the states that keyed into the ranch policy when it was introduced by the Federal Government and expressed the readiness of the state to also embrace the cattle colony policy that is being introduced by the Federal Government.
“If you need to live in peace you need to find ways of sustaining peace. This policy has a lot of interest for us,” he stated.
He expressed appreciation to the Minister for the supports the state enjoyed so far from the Ministry and promised that Plateau state will continue to partner with the Federal Government in its agricultural policies to provide gainful employment for its teeming populations.
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
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