Economy
Ishaku Vows to Revive Dead Industries in Taraba
By Modupe Gbadeyanka
Governor Darius Dickson Ishaku of Taraba State has promised to do all within his power to ensure dead and ailing industries in the state get back on their feet.
Mr Ishaku made this pledge on Wednesday when a Presidential Sub Committee on Economic Development of Northeast Initiative (PCEDNI) visited him at the Government House in Jalingo to intimate him on the reason of their visit to the state and to the entire Northeast region.
Governor Ishaku reiterated his determination to reactivate the broken down industries, saying that he has already started fixing some and assured that he is determined to turn around the fortunes of the State for the better.
He said he has successfully revitalised the tea company at Kakara in Sardauna Local Government Area and is working assiduously to ensure that the rice farm in Gassol, which is the largest in Northern Nigeria commences production.
He also promised to reactivate the broken-down Lau Tomatoes as well as the sugar companies, saying it will only be feasible if the existing peace could be sustained, which involves engaging the minds actively in life transforming ventures.
The Governor expressed optimism that if people of the region were engaged in meaningful activities that will keep them busy, all forms negative vices would be a thing of the past.
Mr Ishaku lamented that when he took over as the Governor, the state was enmeshed in one conflict or the other leading to huge loss of lives and property, explaining that, the first one year was spent trying to fix peace in all the crises affected areas.
He revealed that he resorted to the use of a slogan ‘give me peace and I will give you development,’ which became an anthem at every given opportunity, adding that development is only possible if there is peace and at the moment the state is relatively calm as efforts are being made to sustain the peace currently being enjoyed.
Mr Ishaku, who described the human mind as difficult and the devil’s workshop, said he was working very hard to keep all Tarabans busy with activities so that everyone would be preoccupied with things that are positive to help better the lives of the people of the state as a whole.
Speaking on health institutions in the state, the Governor said his major concern at the moment is to address the lack of viable health centres across the state, saying that at the moment; only the state Specialist Hospital was operational.
He however stressed that even at that, he had do a lot of renovation and purchase of equipment to be able to attend to health needs of the people, revealing that the hospitals in Bambur, Gembu and Wukari would soon be renovated and equipped with modern facilities.
Similarly, he informed the committee that lack of adequate manpower in the health sector is a major problem, most especially, in the areas of nurses and other health workers, adding that retired nurses were re-engaged to complement the efforts of the few ones pending when the state’s School of Nursing will start graduating fresh nurses, which is expected to take about three years.
Earlier in his speech, the Chairman of the Sub Committee on Economic Development of the Northeast, Mr Yusuf Buba Yakub said they were in the State to ascertain the level of destructions as a result of communal and religious conflicts, insurgency and clashes between farmers and grazers with a view to assisting State.
Mr Yakub said when the committee was inaugurated on October 26, 2016, by President Muhammadu Buhari, it was mandated to work on security stabilisation and peace building, urgently look into humanitarian crisis and to rehabilitate.
He also said they are to equally resettle affected communities, reorganise the educational sector which covers infrastructure and enrolment of pupils and work out modalities that will improve the economic development of the Northeast which has been backward even before the advent of insurgency.
By Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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