Economy

Lagos to Produce 234,000MT of Fish in 2021

Published

5 years ago

03/12/2020

By Adedapo Adesanya

The Lagos State Government said it will increase fish production by at least 60,000 metric tonnes next year to bridge the huge deficit in the sector and meet the state’s demand for fish.

The state Commissioner for Agriculture, Ms Abisola Olusanya, said this at a news conference on Thursday in Lagos to unveil the forthcoming Lagos Seafood Festival scheduled for December 13 at Muri Okunola Park, Lagos.

Ms Olusanya said that the state was currently producing about 174,000 metric tonnes of fish annually, while the current demand stood at over 400,000 metric tonnes, hence the need to address the huge deficit of over 226,000 metric tonnes.

She said that the additional 60,000 metric tonnes of fish would include both fingerlings and table size production to what already exists in Lagos.

“The target in terms of production currently is to increase our production in the post-COVID-19 economy.

“The demand for fish in Lagos is well over 400,000 metric tons and what we are producing as a state is roughly at about 174,000 metric tons, so there is a huge deficit of about 226,000 metric tons.

“In terms of the target, we just ended our five-year master plan roadmap strategy document which will be unveiled by Governor Babajide Sanwo-Olu and the plan is to cover the deficit by a certain percentage.

“Already, the Lagos Aquaculture Centre for Excellence (LACE), which was mentioned during Mr Governor’s budget reading, states that for the project alone, we should be adding over 60,000 metric tonnes of fish, both fingerlings and table size production to what exists already in Lagos.

“Outside of what we want to do with our fisher-folks in terms of them increasing production and aquaculture producers as well in terms of the support, we will like to give to them and create additional farm estates.

“We should be able to increase our fish production by at least 50,000 to 60,000 metric tonnes in the year 2021,” she said.

“For the LACE alone, it should be over 60,000 metric tons; that is obviously over a two to three-year period for the project to fully come to life. Within the first year, we should be able to get 20,000 metric tonnes.

“From our fishermen and those in the aquaculture subsector, we should be able to get a minimum of 40,000 metric tonnes extra. So, we are looking towards an additional 60,000 metric tonnes for 2021 and subsequent years,” she said.

The Commissioner also said that the state had commenced the registration of fishermen in the five divisions of the state to capture the youths, adding that the target was to register over 10,000 in the process.

“As we speak, we have partnered with some Private Financial Institutions and right now registrations are ongoing in some fishing locations in the five divisions of the state such as Ikorodu, Epe, Badagry, Lagos Island and Ikeja.

“Presently, the private financial institution is registering youths in Ikeja, we are concentrating on the youth because they will take over from the ageing fisher-folks who don’t have records and details that we can trace back to them in terms of capturing and empowerment,” Ms Olusanya noted.

She further said the 2020 edition of the seafood festival would focus on the need to harness the seafood potentials of the state in a post-COVID-19 economy.

“Lagos State is a cosmopolitan city that is synonymous with seafood production. This fact is reinforced by the depiction of fishing in the state’s Coat of Arms.

“This activity is an old-time preoccupation of Lagosians, especially those living around the coastal, estuaries and riverine areas of the state.

“A total of 8,844 registered fishermen in 164 Fishermen Cooperative Societies live in 325 fishing communities across the state, while 3,600 fish farmers and 26,500 processors have been identified in the value chain.

“The state is also home to 60 per cent of the nation’s commercial activities mixed with fashion and entertainment.

“The Lagos seafood festival provides the nexus for the celebration of the state’s aquacultural heritage in an atmosphere of commerce and entertainment,” the Commissioner noted.

Economy

Unlisted Securities Index Rises 0.91%

Published

21 hours ago

23/05/2026

Adedapo Adesanya

By Adedapo Adesanya

A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.

According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.

At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.

During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.

The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.

Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.

The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.

Economy

Stock Investors Gain N344bn amid Decline in Transactions

Published

21 hours ago

23/05/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.

During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.

Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.

Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.

At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.

Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.

On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.

Economy

Naira Slips by N3.15 Against Dollar to Trade N1,375/$1 at Official Market

Published

21 hours ago

23/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened against the United States Dollar by N3.15 or 0.23 per cent to N1,375.46/$1 from N1,372.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 22.

It was also a similar situation for the domestic currency against the Pound Sterling in the official market yesterday, as it lost N9.46 to sell for N1,849.72/£1 compared with the preceding session’s N1,840.26/£1, and against the Euro, it depreciated by N6.26 to close at N1,597.04/€1, in contrast to Thursday’s exchange rate of N1,590.78/€1.

At the GTBank FX desk, the Nigerian Naira tumbled against the Dollar during the session by N2 to trade at N1,381/$1 versus the previous day’s N1,379/$1, and at the parallel market, it remained unchanged at N1,390/$1.

Analysts at Cowry Asset Management Limited, in their weekly financial outlook, have projected the Naira will remain under soft pressure in near term due to continuous FX demand.

“Looking ahead, the Naira may remain under mild pressure in the near term due to persistent FX demand, though rising external reserves could help cushion volatility,” they noted.

Meanwhile, the Central Bank of Nigeria (CBN) this week reiterated that it would continue with its current policy direction to sustain the fight against inflation and stabilise the exchange rate.

This comes as the FX market has changed significantly under the ongoing reforms introduced by the apex bank, with increased market liquidity reducing the need for heavy intervention by the CBN. Its intervention currently accounts for only about 1.2 to 1.3 per cent of total market turnover in 2025, a development he said reflects the growing strength of the market.

Turnover has risen sharply from about $100 million in 2023 to roughly $550 million presently, with transactions occasionally climbing to as high as $1 billion in a single day.

A look at the cryptocurrency market showed that it was down on Friday as Mr Kevin Warsh was sworn in by President Donald Trump as the chairman of the US Federal Reserve, replacing Mr Jerome Powell, who will continue as a governor in the US central bank.

The appointment was made in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation.

Ethereum (ETH) depreciated by 5.5 per cent to $2,010.90, Dogecoin (DOGE) lost 5.2 per cent to trade at $0.1001, Cardano (ADA) fell by 5.0 per cent to $0.2389, Solana (SOL) slipped by 4.9 per cent to $82.69, and Bitcoin (BTC) slid by 3.3 per cent to $74,950.02.

Further, Ripple (XRP) went down by 2.9 per cent to $1.32, Binance Coin (BNB) declined by 2.6 per cent to $641.61, and TRON (TRX) shrank by 1.2 per cent to $0.3606, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.