Economy
FG Vows to Safeguard Livelihoods of Farmers
By Modupe Gbadeyanka
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has disclosed that the Federal Government was committed to safeguarding the livelihoods of farmers across the country.
Mr Ogbeh made this disclosure in his keynote address at the 2017 Farmers’ Field Day and Seed Fair organised by the National Agricultural Seeds Council (NASC) in conjunction with SEEDAN and IITA.
The Minister said the event was aimed at enlightening farmers, students and other stakeholders on the benefits of using improved seeds as against the farmers “saved seeds” which is currently the prevalent practice in the rural farming communities.
According to him, “I understand that elite varieties from both the public and private sector are included in the entries being demonstrated. This is a good indication that the private sector has tapped into the favourable environment created by government in order to contribute its quota to increase agricultural productivity and food security.”
Mr Ogbeh further said, “This administration is committed to safeguarding the livelihoods of our farmers. As part of the measures taken to curb the menace of the unscrupulous seed merchants, I am delighted to note that the Seed Council, which has the statutory responsibility of enforcing the provisions of the seed law, has embarked on public enlightenment and sensitization programmes in collaboration with the Nigeria Security and Civil Defense Corps (NSCDC).
“Also seed law enforcement surveillance is mounted in all states of the federation, to ensure the availability of quality seeds to our farmers.
“These has led to confiscation of some poor quality seeds being sold in our markets and agro-shops which will be symbolically burnt today to send signals to the culprits that it is no longer business as usual.”
He described the Seed Fair and Farmers’ Field Day as unique, pointing out that it will enhance the production of maize, sorghum, soya beans, and other crops in this immediate environment of FCT and Nigeria at large.
The Minister charged participants to “take advantage of the lessons and benefits offered by this field day to adopt the use of improved quality seeds.”
Mr Ogbeh revealed that, “In the coming years, and budgets, we shall ensure that adequate provision is made for seed improvement for the benefit of our farmers and other stakeholders in the agricultural sector.
“Undoubtedly, as aforesaid, agricultural production/productivity begins with quality seeds and seedlings.
“In the same vein, poor seeds lead to poor harvest and poor harvest accentuates poverty, human misery and the unattractiveness of agriculture to our teeming youth.
“On the flip side of the coin is that higher yields not only lead to higher incomes but also improved quality of life and greater well-being of the citizenry. With higher yields, farmers can easily pay back their loans thereby improving both the credit administration system and the resilience of the agricultural sector to internal and external shocks.”
The Minister, at the event, noted that government policies have led to bumper harvest this year.
“It is noteworthy that government is boosting our agricultural exports by putting in place measures to facilitate zero reject of our agricultural exports. These include on-going sensitization tours to sensitize producers and processors to enable our agro-exports meet the prescribed international standards.
“Government has also embarked on aggressive dissemination of proven Agricultural technologies and training of farmers through massive extension programmes, thus the Federal Department of Agricultural extension is been directed to collaborate with NASC on dissemination of seed related technologies.
“I am happy to share with you that all these efforts. They are yielding positive results as evident in anticipated bumper harvest in this year cropping season. The National Bureau of Statistics has also recently reported that our economy is witnessing positive growth and GDP, attributable mainly to increased Agricultural productivity and exports, as well as other impactful policies of Government.
“Distinguished Ladies and Gentlemen, quality seed is paramount to enhancing agricultural productivity as it contributes more than 50% of increased crop productivity per unit area. It is not only the cheapest input, but it is the critical input in enhancing the efficiency of other agricultural inputs such as fertilizers, agro chemicals, irrigation and capital,” he said.
By Adedapo Adesanya
Nigeria’s crude oil production increased in May and June, according to data published by the Organisation of the Petroleum Exporting Countries (OPEC).
The country’s output increased by 42,000 barrels per day to 1,530 million barrels in May, from 1,489 million barrels in April.
According to Reuters, Nigeria, whose shipments were not affected by the Iran war, also pumped more in June, based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and data provided by sources at oil companies, OPEC, and consultants.
Output from the OPEC rose by 2.34 million barrels a day to 18.75 million a day, with the gains driven by Kuwait, Saudi Arabia and Iran, the survey showed. The rebound still leaves production considerably below prewar levels.
Kuwait posted the biggest increase among OPEC’s 11 members last month, boosting output by 870,000 barrels a day to 1.36 million a day followed by Saudi Arabia, which raised output by 550,000 barrels a day to an average of 7.2 million a day. That was followed by Iran, which hiked by 510,000 a day to pump 2.85 million a day, and has accumulated a hoard of supply on tankers at sea as it struggles to find buyers.
In the wider alliance, Russia has bolstered crude exports to record levels following Ukrainian strikes on its refineries, potentially diverting volumes that can’t be processed at home.
Even before the peace deal, Persian Gulf producers had found ways to sneak cargoes out through the strait, which was largely shuttered in the early stages of the conflict.
The uptick in supply is creating a surplus in parts of the market, erasing crude’s wartime rally and raising the question of whether OPEC nations will need to compete for customers.
The group’s June production was still 7.3 million barrels a day, or 28 per cent, below February levels, when adjusted for exit by the United Arab Emirates (UAE).
The UAE quit OPEC in May, giving it the freedom to pump at will once the strait fully stabilises. Iraq also briefly threatened it could exit unless eventually given a higher output quota by the organisation.
On Sunday, a subgroup of seven OPEC+ nations announced a 188,000 barrels a day boost in August continuing the series of small and symbolic production hikes during the war to continue a process of restoring output halted a few years ago.
By Adedapo Adesanya
Shareholders of Dangote Cement Plc have approved plans that could pave the way for the company’s secondary listing on the London Stock Exchange (LSE) while also endorsing a final dividend of N45.00 per ordinary share for the 2025 financial year.
The resolutions were passed at the company’s 17th Annual General Meeting (AGM) held on Thursday at Eko Hotels & Suites in Lagos, where shareholders also approved the audited financial statements for the year ended December 31, 2025.
The approval for an international secondary listing marks a significant step in Dangote Cement’s plans to broaden its access to global capital markets and enhance its international investor base.
In May, the company’s founder Mr Aliko Dangote said the cement subsidiary was planning a London listing to sell 10 per cent stake, sixteen years after debuting on the Nigerian Exchange (NGX) Limited. This would provide the company with the much-needed boost to compete in the United Kingdom market.
Shareholders also ratified the payment of a final dividend of N45.00 per ordinary share from the company’s retained earnings as of December 31, 2025. The dividend was paid on Thursday, July 2, 2026.
At the meeting, shareholders approved the appointment of Ms Mariya Aliko-Dangote to the company’s board of directors. In recent months, the eldest daughter of the billionaire as well as her sisters Halima and Fatima, have been strategically positioned across their father’s empire in what has been touted as succession plans.
They also re-elected four directors retiring by rotation: Mr Emmanuel Ikazoboh, an Independent Non-Executive Director; Mr Olakunle Alake, a Non-Executive Director; Ms Berlina Moroole, a Non-Executive Director; and Mr Alvaro Poncioni Merian, an Independent Non-Executive Director.
In addition, shareholders authorised the board to determine the remuneration of the company’s external auditors for the 2026 financial year.
The AGM also noted the disclosure of managers’ remuneration in compliance with the provisions of the Companies and Allied Matters Act (CAMA) 2020.
Shareholders further approved the election of Mr Robert Ade-Odiachi, Mr Sheriff Yussuf Mojirola and Mr Nicholas Nyamali as shareholders’ representatives on the Statutory Audit Committee. They will serve alongside the company’s representatives, Mr Ernest Ebi and Mr Olakunle Alake, until the next AGM.
They also approved annual remuneration of N20 million for the chairman and N15 million each for the non-executive directors for the financial year ending December 31, 2026.
By Dipo Olowookere
The activity level on the Nigerian Exchange (NGX) Limited improved last week after market participants traded 3.821 billion stocks worth N154.393 billion in 258,567 deals compared with the 2.324 billion stocks valued at N134.486 billion transacted in 249,328 deals in the preceding week.
Analysis showed that financial equities dominated with 2.330 billion units sold for N54.606 billion in 108,978 deals, accounting for 60.99 per cent and 35.37 per cent of the total trading volume and value, respectively.
Services stocks recorded a turnover of 509.473 million units worth N16.353 billion in 16,527 deals, and consumer goods shares recorded 216.344 million units valued at N8.057 billion in 25,963 deals.
Sterling Holdings, Access Holdings, and Ikeja Hotel were the busiest stocks, accounting for 1.405 billion units worth N28.370 billion in 12,898 deals, contributing 36.78 per cent and 18.37 per cent to the total trading volume and value, respectively.
The best-performing equity for the week was Airtel Africa, which gained 21.00 per cent to sell for N5,274.00. Regency Assurance grew by 20.25 per cent to 95 Kobo, UPDC expanded by 12.31 per cent to N3.65, DAAR Communications rose by 7.84 per cent to N1.65, and SUNU Assurances increased by 7.50 per cent to N3.87.
The worst-performing equity was International Energy Insurance, which fell by 18.83 per cent to N4.70, McNichols slumped by 18.60 per cent to N7.00, University Press crashed by 17.54 per cent to N4.70, RT Briscoe dipped by 13.98 per cent to N10.15, and UPDC REIT moderated by 13.00 per cent to N8.70.
Business Post reports that 22 shares appreciated during the week, the same as the previous week, and 57 equities depreciated, the same as a week earlier, while 67 stocks remained unchanged, the same as the preceding week.
The All-Share Index (ASI) and the market capitalisation closed lower by 1.21 per cent in the five-day trading week to 229,240.34 points and N147.103 trillion, respectively.
Similarly, all other indices finished lower apart from the main board, which chalked up 2.27 per cent.
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