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Lagos Mulls Rice Cultivation With Six States

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rice cultivation

By Adedapo Adesanya

The Lagos State government has said that it was in the process of acquiring at least 32,000 hectares of farmland for the cultivation of rice in six states of the federation.

This disclosure was made by the state governor, Mr Babajide Sanwo-Olu, on Wednesday at the 2019 grand finale commemoration of the World Food Day celebrated to end world hunger in Lagos which was themed Our Actions Our Future: Healthy Diets for a Zero Hunger World.

The Governor noted that Lagos and other states such as Ogun, Oyo, Osun, Ekiti, Ondo and Kebbi would partner together to achieve this which would also help to reduce rice importation into the Nigerian economy.

Mr Sanwo-Olu, who was represented by the Secretary to the State Government, Mrs Folasade Jaji, said a key component in the food security programme of the state government was the 32 metric tons per hour capacity Integrated Rice Mill in Imota.

The rice mill, according to the Governor, is expected to be completed and inaugurated in the next seven months.

He further said this year’s theme highlighted the state government’s efforts through the food security initiative and commitment to prevent the consumption of unwholesome food.

“Today, we are happy to join the rest of the World in celebrating the World Food Day.

“This annual celebration being spearheaded by the United Nations Food and Agriculture Organisation, is about raising awareness on issues related to food.

“These include: poverty and hunger and to highlight efforts being made by governments, institutions, organisations and individuals to mitigate the negative effects on people,” the governor stated.

He also said that the only way to effectively fight poverty and hunger in the country was to boost agricultural production and prevent post-harvest losses and wastage.

He said Lagos was one of the participating states in the World Bank Assisted Agro-Processing, Agricultural Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project aimed at enhancing agricultural productivity of small and medium scale farmers, and improve value addition along priority value chains.

These selected value chains for the state which align with its comparative advantage in agriculture were in the areas of poultry, rice and aquaculture.

He also added that the project was collaborating with Africa Rice for the development of Pure Ofada Rice Strain, capacity building for seed out growers and rice-based products.

The governor said that no fewer than 35 farmers and State Officers had been trained, while the institute was expected to supply 200kg of foundation Ofada Seed by February 2020 for cultivation.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Chinese Demand, Europe, Syria Development Buoy Oil Prices

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New Oil Grade

By Adedapo Adesanya

Oil prices rose on Tuesday, influenced by increasing demand in China, the world’s largest buyer, as well as developments in Europe and Syria, with Brent crude futures closing at $72.19 per barrel after chalking up 5 cents or 0.07 per cent while the US West Texas Intermediate finished at $68.59 a barrel after it gained 22 cents or 0.32 per cent.

China will adopt an “appropriately loose” monetary policy in 2025 as the world’s largest oil importer tries to spur economic growth. This would be the first easing of its stance in 14 years.

Chinese crude imports also grew annually for the first time in seven months, jumping in November on a year-on-year basis.

Speculation about winter demand in Europe also contributed to the rise in prices as the period has been known for high demand.

In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country’s banks and oil sector set to resume work on Tuesday.

Although Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran – two of the world’s largest oil producers.

Market analysts noted that the tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption.

The market is also looking forward to the US Federal Reserve, which is expected to make a 25 basis point cut to interest rates at the end of its December 17-18 meeting.

This move could improve oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derails the cut.

Crude oil inventories in the US rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.

For the week prior, the API reported a 1.232-million barrel build in crude inventories.

So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.

Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

Also, the market is getting relief from the recent decision of selected members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay the rollback of 2.2 million barrels per day of oil production cuts to April from January. Another 3.6 million barrels per day in output reductions across the OPEC+ group has been extended to the end of 2026 from the end of 2025.

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Stock Market Rises 0.10% as Golden Guinea Breweries Tops Gainers’ Chart

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golden guinea breweries resume

By Dipo Olowookere

The local stock market bounced back from the danger zone it fund itself on Monday as it appreciated by 0.10 per cent on Tuesday, with the year-to-date return closing at 31.34 per cent.

The Nigerian Exchange (NGX) Limited stood tall yesterday despite a pocket of profit-taking in the industrial goods and banking indices, which closed lower by 0.84 per cent and 0.20 per cent, respectively.

During the trading session, the insurance counter appreciated by 1.98 per cent, the energy sector improved by 1.64 per cent, and the consumer goods space gained 0.17 per cent.

Consequently, the All-Share Index (ASI) rose by 98.45 points to 98,206.97 points from 98,107.52 points and the market capitalisation increased by N60 billion to settle at N59.532 trillion compared with the preceding day’s N59.472 trillion.

According to data obtained from the bourse, Golden Guinea Breweries topped the gainers’ chart on Tuesday after it chalked up 9.93 per cent to trade at N6.53, Guinea Insurance jumped by 9.80 per cent to 56 Kobo, Tantalizers expanded by 9.77 per cent to N1.46, Africa Prudential soared by 9.70 per cent to N13.00, and ABC Transport accelerated by 9.65 per cent to N1.25.

On the flip side, John Holt led the losers’ table after it slumped by 9.96 per cent to N7.23, Haldane McCall shrank by 9.91 per cent to N5.27, Morison Industries moderated by 9.89 per cent to N4.01, Lafarge Africa tumbled by 7.80 per cent to N65.00, and UPDC REIT crashed by 5.83 per cent to N4.85.

At the close of transactions, Customs Street recorded 37 appreciating equities and 21 depreciating equities, representing a positive market breadth index and strong investor sentiment.

Business Post reports that Coronation Insurance was the most traded stock for the trading day with 457.6 million units sold for N503.8 million, Sterling Holdings exchanged 138.4 million units worth N677.5 million, Japual transacted 30.4 million units valued at N66.9 million, UBA traded 28.7 million units worth N962.6 million, and MTN Nigeria sold 24.7 million units valued at N4.3 billion.

A total of 939.4 million shares valued at N12.8 billion exchanged hands in 9,098 deals yesterday compared with the 436.0 million shares worth N12.9 billion traded in 9,489 deals a day earlier, implying a growth in the volume of transactions by 115.46 per cent and a fall in the value of trades and the number of deals by 0.78 per cent and 4.12 per cent, respectively.

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AfDB to Give Nigerian SMEs $50m Loan Through BoI

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SMEs

By Adedapo Adesanya 

The African Development Bank Group (AfDB) through its Affirmative Finance Action for Women in Africa (AFAWA) programme has pledged support towards a new $50 million financing agreement to provide financial and business support to women-led enterprises in Nigeria.

The African Guarantee Fund, which implements the AFAWA Guarantee for Growth programme, and the Bank of Industry (BoI) signed the $50 million loan portfolio guarantee framework at the Africa Investment Forum in Rabat recently.

Through the AfDB AFAWA has approved more than $2.4 billion in lending for Africa’s women-led small and medium enterprises, as well as partnered with 185 financial institutions responsible for disbursing the funds across 44 African countries.

The initiative has unlocked financing for more than 18,600 women-led small and medium enterprises. AFAWA is supported by the African Development Bank’s partners and donors: the Women’s Entrepreneurs Finance Initiative (We-Fi), G7 participating countries Canada, France, Germany and Italy as well as the Netherlands and Sweden.

The transaction will be phased out in three tranches over ten years and will significantly scale up lending from the BoI to small and medium enterprises in the country.

The new deal will support women-led businesses via the AFAWA Guarantee for Growth programme, which makes financing available for women entrepreneurs through de-risking and technical assistance measures.

“This strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa initiative, to empower women entrepreneurs and foster economic growth in Nigeria,” Mrs Beth Dunford, African Development Bank’s Vice President for Agriculture, Human and Social Development, told signing ceremony attendees.

“This is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria – it is a beacon of hope and progress for African businesses, particularly for those led and owned by women,” she added.

The partnership includes a comprehensive risk-sharing mechanism that focuses on supporting micro, small and medium enterprises, women-owned enterprises and “green businesses” that promote environmental sustainability and gender equity.

African Guarantee Fund Group Chief Executive Officer, Mr Jules Ngankam said, “This transaction with the leading development finance institution in Nigeria is a great milestone that will significantly impact Nigeria’s economy by unlocking up to $100 million in financing for small and medium enterprises. African Guarantee Fund will also provide tailored guarantees and technical assistance towards the special small and medium enterprise products offered by Bank of Industry that target women, youth and green businesses.”

“Bank of Industry is excited to leverage the guarantee framework of the African Guarantee Fund in promoting sustainable growth, gender equity, innovation and advancing more credit to small and medium enterprises in Nigeria in line with [Nigeria] President Bola Tinubu’s government’s Renewed Hope agenda,” said Mr Olasupo Olusi, Bank of Industry’s Managing Director and CEO.

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