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
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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