Economy
GBfoods Boosts Tomato Paste Market with N20bn Factory
By Modupe Gbadeyanka
A N20 billion tomato processing factory aimed to boost the tomato paste market has been completed in Kebbi State by a global leader in culinary product manufacturing, GBfoods.
The project was put in place by the company in partnership with the Central Bank of Nigeria (CBN), Kebbi State Government and the Emirate of Yauri.
The factory is the second largest in Nigeria and the only fully backward integrated plant in ECOWAS – and has the largest single tomatoes farm in Nigeria.
When all phases of the project are finished, the factory will be the largest fresh tomatoes processing factory in Sub-Saharan Africa.
The investment, in the world-class factory and adjoining farm, includes a drip irrigation and fertigation infrastructure, greenhouses, seed planting robots, an incubation chambers and a plethora of agricultural machinery.
The farm will serve a dual purpose, it will produce industrial tomatoes in the dry season and soya beans in the raining season.
The tomato factory will convert fresh tomatoes into tomato concentrate used for producing Gino Tomatoes Paste and Gino Tomato Pepper Onion Paste, while the soya bean will be used to process soya-bean oil which is a critical ingredient for GBfoods’ Bama and Jago Mayonnaise.
The project created over 1,000 jobs including 500 farming jobs, 150 factory jobs and 150 construction jobs. GBfoods also engaged many small holder farmers as out-growers.
Apart from training the out-growers on good agricultural practices, GBfoods provided them with tomatoes seedlings, agrochemicals and various equipment such as water pumps and hose pipes, enabling the farmers access to water in the dry season.
The firm also supported the host communities by providing and maintaining 16 boreholes of drinking water, a first for some of the surrounding villages. The factory is fully backwardly integrated to the company’s farm and dedicated out-growers.
In the coming tomatoes season, the plant will also source most of its raw material from out-growers who will grow the tomatoes on their own farms and from GBfoods’ owned and operated farm.
The factory is engaging over 5,000 small holder farmers as out-growers, in the coming tomatoes season, to grow fresh tomatoes.
The CEO of GBfoods Africa, Mr Vicenç Bosch, commended the federal government for encouraging and supporting GBfoods to engage with CBN, Ministries, Departments and Agencies to ensure the successful completion of the factory.
He also expressed his gratitude to the Federal Ministry of Industry Trade and Investments, Federal Ministry of Agriculture & Rural Development, Kebbi State Government and the Ngaski Local Government Authorities for their tremendous support towards the actualization of the project.
“Our team of extension workers, consultants and agronomists are ensuring that the Nigerian farmers benefit from the technology transfer of our best practices and know-how built through over 40 years of successful tomato operations in Italy and Spain,” Mr. Bosch added.
Speaking during opening of the factory, Mr Vincent Egbe, the Country Manager, GBfoods Nigeria said, “The commissioning of this processing factory is a great milestone for us.
“It further demonstrates the company’s commitment towards helping Nigeria achieve its food security ambitions, in this case, of self-sufficiency in tomato concentrate production.
“We will continue to work with the federal government towards food security and local production and processing of fresh tomatoes.
“The company is dedicated to reducing pre and post-harvest losses, and also developing the value chain so as to improve revenue streams for tomato farmers.
“Over the past three years, in the three states of Kaduna, Katsina and Kebbi, GBfoods has worked with smallholder out-growers to boost their incomes by providing seedlings, fertilizers, training, and irrigation pumps, further to reduce post-harvest losses GBfoods also provided free plastic crates to farmers.”
“GBfoods is working with the Federal Government of Nigeria and the CBN to make Nigeria not only a shining example in food security, but also to become the food basket of Africa,” he added.
He especially thanked the President Muhammadu Buhari administration; the Kebbi Governor, Mr Atiku Abubakar Bagudu; the CBN Governor, Mr Godwin Emefiele; and the Emir of Yauri, Dr Muhammad Zayyanu Abdullahi for working tirelessly to create an enabling investment environment for GBfoods backwards integration project in tomatoes.
Additional land is expected in September 2020 to be cleared and prepared for the farming season of October 2021. This expansion will be similarly accompanied by an upgrade in the factory’s capacity. With the expansion, new jobs will also be created.
GBfoods has a wide range of quality well-established brands in Nigeria such as Gino, Bama and Jago, under which they manufacture a wide range of quality products that make the daily lives of many African families easier.
Products under their brands include Gino Tomatoes Mix; Gino Pepper Onion, Gino Thyme; Gino Curry; Gino Chicken and Beef Cubes; Bama Mayonnaise as well as Jago Mayonnaise.
GBfoods investments aim to satisfy local culinary habits and preferences whilst offering the healthiest and best ingredients for the Nigerian cuisine.
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Adedapo Adesanya
It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.
In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.
In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.
The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.
President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.
The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.
President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.
Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.
Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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