Economy

IITA Plans to Save 11m from Poverty—DG

Published

8 years ago

13/06/2017

By Modupe Gbadeyanka

Director General of International Institute of Tropical Agriculture (IITA), Dr Nteranya Sanginga, has disclosed that the research body plans to lift about 11 million people out of poverty in sub-Saharan Africa by 2020 under the refreshed IITA strategy.

Dr Sanginga made this disclosure at the commissioning of the research and training farm of the institute at Ago Owu in Ayedade Local Government Area of Osun State last Thursday.

He stated that under the refreshed strategy, IITA also plans to reclaim 7.5 million hectares of degraded land and put the land into sustainable use, noting that achieving this goal entails IITA expanding its partnership scope and strengthening old partnerships.

Dr Sanginga explained that the Ago-Owu research facility would primarily conduct research on cassava, maize, yam, soybean, banana/plantain and cowpea.

“We will also be using the facility to train Nigerian youths in agribusiness,” he said, adding further that, “This research facility is part of our strategy to take research closer to the people. Our plan is to make this station a one-stop shop where farmers’ needs would be addressed.”

The inauguration of the research farm was performed by the Osun State Governor, Mr Rauf Aregbesola, and it brings to six the number of such facilities in Nigeria with others located in Onne (Rivers State), Abuja, Mokwa (Niger state), Minjibir (Kano), and Ikenne (Ogun State).

The Ago Owu research station was set up primarily to serve as a research and training facility that will backstop the state’s agricultural programs and offer training support to the youth.

It was also built to mark the 50th anniversary of IITA part of further efforts to expand its research agenda and create impact at farm level and it stands on 205.5 hectares of land donated by Mr Aregbesola in 2015.

Both parties signed an MoU and began investment on the land with the development of roads and other infrastructure.

Governor Aregbesola, in his address at the ceremony, said the research facility will advance research in Osun State with a spinoff effect on other parts of the country.

“We believe that this research facility will train and empower our youth in modern agriculture,” he said.

The inauguration of the research facility also allowed researchers to make presentations on new findings from cassava weed management, breeding, banana breeding and multiplication, cassava processing, and aflasafe—a technology for controlling aflatoxins among others.

There was a presentation of improved seeds of maize, cowpea, soybean, yam, plantain seedlings, and cassava stems for onward distribution to farmers in Osun state.

IITA also gave the Governor some quantities of Purdue Improved Crop Storage (PICS) bags which provide simple, low-cost method of reducing post-harvest cowpea losses due to insects’ infestations.

Director for Development and Delivery at IITA, Dr Alfred Dixon, in his remarks, said the inauguration of the research facility was a step in the right direction with the potential of bringing many benefits to the people of the state in particular, and the country in general.

He said the research facility would assist the state in accelerating its agricultural reform agenda whose particular focus is on increasing agricultural productivity and job creation.

Established in 1967, IITA is an international agricultural research institution that generates agricultural innovations to meet Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation. Working with various partners across sub-Saharan Africa, IITA improves livelihoods, enhance food and nutrition security, increase employment, and preserve natural resource integrity. The Institute operates in Nigeria and 13 research stations/hubs across sub-Saharan Africa.

Economy

Nipco, 11 Plc Crash OTC Securities Exchange by 4.76%

Published

1 hour ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.

The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.

Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.

The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.

Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.

During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.

InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

Naira Depreciates to N1,450/$1 at Official Forex Market

Published

1 hour ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.

The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.

Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.

Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.

As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.

However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.

As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.

With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.

Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.

Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Oil Market Climbs on Federal Reserve Rate-Cut Signals, Supply Concerns

Published

2 hours ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The oil market was up on Friday on increasing expectations the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand.

Brent futures rose by 49 cents or 0.8 per cent to $63.75 per barrel and the US West Texas Intermediate (WTI) futures expanded by 41 cents or 0.7 per cent to $60.08 per barrel.

Investors digested a US inflation report and recalibrated expectations for the Federal Reserve to reduce rates at its December 9-10 meeting.

US consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy at the end of the third quarter as a lackluster labor market and the rising cost of living curbed demand.

Traders have been pricing in an 87 per cent chance that the US central bank will lower borrowing costs by 25 basis points next week, according to CME Group’s FedWatch Tool.

Investors also focused on news from Russia and Venezuela to determine whether oil supplies from the two sanctioned members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will increase or decrease in the future.

The failure of US talks in Moscow to achieve any significant breakthrough over the war in Ukraine has helped to boost oil prices so far this week.

A loss of Venezuelan oil production in case of a US military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude.

Venezuela is estimated to pump about 1.1 million barrels per day of crude oil at present, so if the US-Venezuela tension escalation into an invasion in the South American country, this volume of crude would be at risk.

Reuters reported that the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia’s war in Ukraine.

Any deal that could lift sanctions on Russia, the world’s second-biggest crude producer after the US, could increase the amount of oil available to global markets, weakening prices.