Economy
Flour Millers Plans Wheat Procurement Centres in Kano, Others
By Adedapo Adesanya
The Flour Milling Association of Nigeria (FMAN) has said that it would establish wheat procurement centres across 15 Northern states of the country to off-take all grains from about 150,000 farmers under the Anchor Borrower Programme (ABP).
This was disclosed by Mr Aliyu Samaila, FMAN’s National Programme Manager, Wheat Development Project, at the Green wheat farmers’ field day at Gawon-Bature near Dambatta Local Government Area of Kano state.
According to Mr Samaila, the FMAN’s wheat programme was being implemented through the ABP of the Central Bank of Nigeria (CBN) and its beneficiaries include Kano; Kaduna; Jigawa; Kebbi; Sokoto; Bauchi; Adamawa; Katsina; Gombe; Plateau; Taraba; Zamfara; Niger; and Yobe.
”The programme adopted proactive farmer support services to sustainably encourage wheat production and yields per hectare, to enable it to compete with rice and other dry season crops in the 2021-2022 dry season activities.
”The programme had resulted in the cultivation of 504 demonstration farms on 0.5 ha each, across the 15 states, to provide training on Good Agronomic Practices (GAP) to 250,000 farmers under the CBN ABP,” he explained.
Mr Samaila further said plans were on to expand the scope of its direct out-grower scheme, through the provision of input loans to 2,000 farmers in Kano; Jigawa; Sokoto; Kebbi; Kaduna; Bauchi; and Gombe states.
The Programme Manager added that the programme would also expand seed production with six certified seed companies, including both dry and wet season seed production, to produce sufficient seeds for the 5,000 out-growers next season.
According to him, the programme was cultivating a 10-hectare research farm in Jigawa, for testing new seed varieties and for improved agronomic practices.
Mr Samaila added that the project was being implemented in collaboration with the Lake Chad Research Institute and the International Centre for Agricultural Research and Development (ICARDA).
He also said that FMAN provided grant funding to the National Agricultural Seeds Council to expand their capabilities on testing seed quality, certifying seed production and training farmers to differentiate between high-quality seeds, from others in the market.
He said that the country required a strong vision backed by clear roles and responsibilities for all stakeholders.
The FMAN official added that the association would organise state-wide field days in all their major areas of operation, to bring together key stakeholders in order to address challenges and learn from each other.
“We would also organise wheat farmers’ Yield Championship at the end of the season, to recognise the highest performing farmer.
“We are looking forward to partnering with organisations across the value chain to improve farmer yields through high-quality seeds, expanded extension services, and improved access to irrigation,” he said.
On his part, the Deputy Governor of Kano State, Mr Nasiru Gawuna lauded the initiative, said that it would boost wheat cultivation in the area.
The state Commissioner for Agriculture, represented by Abdulkarim Sani, Director Agricultural Services, said the state government had introduced programmes to support wheat farmers in the state.
Adding his input, Mr Salim Muhammad, National President, Wheat Farmers Association of Nigeria, commended FMAN and the CBN for the wheat farmers’ support programme.
Mr Muhammad also reminded wheat farmers to repay the loan as stipulated in the preconditions for ABP loans, adding that loan repayment should be timely, to enable others to benefit from the scheme.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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