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 Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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