Economy
Lagos Lauds Ecobank for Active Role in Artisanal Fisheries
By Adedapo Adesanya
The Lagos State Government has lauded Ecobank Nigeria for its active role to uplift the artisanal fisheries value chain in the state.
This was made known by Ms Abisola Olusanya, the Commissioner for Agriculture in her remark at the presentation of 34 fibreglass boats with outboard engines and other ancillary fishing equipment to cooperative societies of 680 youth fishermen.
She said the partnership with Ecobank has been phenomenal in helping to develop business models suitable for the fishermen, stating that the ministry was partnering with Ecobank and Old Mutual Assurance to provide banking services, track cash flow in the business and aid fleet expansion for the fishermen.
Ms Olusanya disclosed that the empowerment was under the 2021 Agricultural Value Chains Enterprise Activation Programme, inaugurated by Governor Babajide Sanwo-Olu in July as part of the government’s commitment to supporting the fishery value chain.
She said that it was envisaged that the deployment of the fishing assets would create over 2,000 jobs in the upstream and downstream sub-sectors of the artisanal fisheries value chain, as well as produce 4,531 metric tonnes of fish annually, adding that each cooperative group comprising 20 members each would receive a boat.
The Commissioner further explained that the partnership with Ecobank was aimed at monitoring the activities of each cooperative group to ensure that they make judicious use of the equipment.
She said, “Today, we are distributing the fibreglass boat to 34 cooperative groups free of charge, under the 2021 Agricultural Value Chains Enterprise Activation Programme.
“We need to monitor your activities to ensure that you utilise the equipment very well and also expand and increase the number of your fleet with the support of the financial institution. The banks are here to plan your business and increase opportunities for the generations to come.
“We want you all to grow your business and become multinational companies. We don’t want people to come from Japan, the Netherlands and other foreign countries to talk about fish more than our people from the local fishing communities,” she said.
On his part, the Head of Agriculture Desk at Ecobank Nigeria, Mrs Moji Oguntoyinbo, said that the bank was delighted to partner with the state government on the fisheries value chain.
Mrs Oguntoyinbo said that it was an intentional action for the bank to partner with Lagos state due to its coastal region with a lot of opportunities in fisheries.
“We have seen Lagos state as a coastal region with a lot of opportunities in fisheries and we are delighted that the government has picked us as a focus in food sustainability to start development in this sector.
“Today, we are very delighted to be a partner on this laudable project. This is an intentional investment and incentive to fishermen in Lagos, to promote this sector to the extent of making it possible for fish production and exportation, in the very near future, from the state.
“This is very laudable for us and we are delighted that this will be a role model plan and action that we will also try to replicate in other coastal regions of Nigeria.
“Lagos is always taking the lead and we are delighted to partner with you on this project,” she said.
She then urged the beneficiaries to be consistently focused to ensure that the project would continue to revolve and would be extended to many more beneficiaries in the nearest future.
Also, Mr Adekunle Fasasi, President, Lagos State Fishermen Cooperative Society, commended the government for its continuous support and empowerment to the value chain.
He noted that in the whole of Nigeria, Lagos state was first in terms of fish production and promised to increase its number with the new empowerment.
“Lagos is a coastal region; we have oceans and seas and it is important that we take advantage of this for economic benefits.
“I am particularly happy that this initiative is focused on the youths because these are the people that will take over from us aged fishermen.
“I, hereby, implore the farmers to use the property as if they paid for it and prayed that God would continue to give them wisdom and strength needed to be better fishermen. Do not take it with levity because it is a gift,” he advised.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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