Economy
Food Security: Lagos Supports 2,691 Farmers, SMEs
By Modupe Gbadeyanka
A total of 2,691 farmers and small and medium enterprises (SMEs) have been supported directly by the Lagos State government with physical inputs and equipment across poultry, rice and aquaculture.
The Commissioner for Agriculture, Ms Abisola Olusanya, while speaking at the weekend at the pre-7th implementation support mission of the Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project in Agege, added that about 3,516 stakeholders have also benefitted from the programme indirectly.
She also said 1,621 women and youth empowerment beneficiaries have been trained and their empowerment implementation is in progress, while about 8,000 farmers have received training and technology demonstrations with strong evidence of a positive resultant effect on the project development objective.
Ms Olusanya explained that the administration of Mr Babajide Sanwo-Olu supported this project because of his commitment to food security and farmers’ productivity in the state as agriculture remains one of the major drivers in achieving sustainable economic growth.
According to her, food security can be achieved in Lagos and Nigeria at large through the application of technological advancement and most importantly through self-commitment to a better Nigeria.
She disclosed that the state government was exploring and investing in the use of innovation and technology to create a competitive advantage in ensuring that Lagos attains a 21st-century economy.
She charged APPEALS Project to continue to contribute immensely to the actualisation of the project’s objective of enhancing agricultural productivity of small and medium-scale farmers and improving value addition along the chosen priority value chains, which are poultry, aquaculture and rice in Lagos State.
“Lagos State Government through the Ministry of Agriculture is providing maximum support to the project in ensuring that the contributions of these value chains to food security, local production, improvement of livelihood as well as the creation of export markets are sustained.
“A total of 2,691 farmers, SMEs have been supported directly with physical inputs and equipment across poultry, rice and aquaculture while 3,516 stakeholders have benefitted indirectly. Also, 1,621 Women and Youth Empowerment beneficiaries have been trained and their empowerment implementation is in progress. About 8,000 farmers have received training and technology demonstrations with strong evidence of a positive resultant effect on the Project Development Objective.
“The state through the leadership of Mr Governor has remained supportive to APPEALS project as with other Donor/World Bank Assisted Projects in the State through regular payments of counterpart contributions,” the Commissioner said.
Ms Olusanya also commended the Lagos APPEALS Project team for enhancing farmers’ productivity in Lagos State, stating that, “The State Steering Committee (SSC) and State Technical Committee (STC) have been performing their oversight functions in ensuring that the project implementation remains on course and our interaction with project stakeholders with a level of interventions through monitoring is so far satisfactory. However, Lagos State, being the State of Excellence, is always striving to be better.”
The Permanent Secretary, Ministry of Agriculture, Mr Hakeem Adeniji, who is the Chairman of APPEALS Project State Technical Committee, said the implementation of the project has received a lot of support from the Governor.
The National Coordinator of the APPEALS Project, Mr Mohammed Sanni Jobdi, who was represented by Dr Salisu Garba, said the project at the national level is encouraged by what the Lagos APPEALS project is doing.
He also commended Lagos State Project Coordinator of APPEALS, Mrs Oluranti Sagoe-Oviebo and her team for meeting the yearning and aspirations of thousands of farmers in line with the objectives of the Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project.
Mrs Sagoe-Oviebo said APPEALS Project has impacted lives and boosted farmers’ productivity in Lagos State, applauding Mr Sanwo-Olu, the Commissioner for Agriculture, Permanent Secretary of the Ministry of Agriculture, National Coordination Office of APPEALS Project and other major stakeholders for their commitment toward ensuring the success of Lagos APPEALS Project.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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