Economy
Livestock Sub-Sector Contributes 5.8% to Nigeria’s GDP—FG
**Lauds Chi Farms, Zoetis on Veterinary Laboratory Project
By Dipo Olowookere
CHI Farms and Zoetis have been commended for the establishment of an ultra-modern veterinary diagnostic centre called City Laboratory, which was commissioned on Wednesday, September 12, 2018 in Ibadan, Oyo State.
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, disclosed that the commissioning of the diagnostic centre justifies the collaborative efforts of federal government and the private sector in providing essential tools needed for sustainable socio-economic growth in livestock development in Nigeria.
Mr Ogbeh, who spoke through the Director and Chief Veterinary Officer, Department of Veterinary and Pest Control Services, Federal Ministry of Agriculture and Rural Development, Dr Olaniran Alabi, said further that the livestock sub-sector contributes 5.8 percent of nation’s Gross Domestic Product (GDP) and provides livelihoods to over 30 percent of the Nigerian rural population.
He added that for livestock business in Nigeria to remain profitable and sustainable in the face of growing population and demand for protein, it was important that animal diseases and epidemics were well controlled and eradicated.
The Minister pointed out that the sub-sector was limited by a number of factors most important of which is the preponderance of a wide range of animal diseases such as Contagious Bovine Pleuropneumonia (CBPP), Peste des Petits Ruminant (PPR), African Swine Fever (ASF), etc.
For Nigeria to ensure a profitable livestock business for farmers, proper, efficient and accurate animal disease diagnosis need to be carried out, he said.
“It is important to note that animal disease diagnosis is an important component of veterinary services and that Nigeria has quite a number of laboratories that carry out animal disease diagnosis. However, these laboratories operate below their optimal level thereby leading to huge gap in veterinary diagnosis services.
“The establishment and equipping of Chi Farms’ ultra-modern veterinary diagnostic laboratory being commissioned today in Ibadan could not have come at a better time than now that Nigeria is looking forward to diversification of its economy through agricultural and other non-oil sectors.
“Let me use this opportunity to appreciate Chi Farms and Zoetis-ALPHA for this laudable initiative and call on other foreign organizations to partner with Nigeria on animal health and veterinary services,” Mr Ogbeh said.
Also speaking at the event, National President of Poultry Association of Nigeria (PAN), Mr Ezekiel Ibrahim, said the poultry industry in Nigeria has been confronted with many challenges especially losses as a result of diseases outbreak, which according to him has frustrated and crippled some farmers’ investments, leaving them dejected and hopeless.
He acknowledged the efforts of National Veterinary Research Institute (NVRI) in domesticating animal disease diagnosis but pointed out that emerging challenges and changing trend in clinical manifestation of diseases calls for a more aggressive intervention.
According to him, “Managing poultry disease is highly sensitive to the time the index case is identified in order to avoid, control and prevent production losses.
“This is where the quality of veterinary diagnostic laboratory intervention becomes a centre point in management decision on disease control. The industry requires a diagnostic laboratory facility that is reliable in sensitivity and specificity. This is the future of addressing challenges of disease in the poultry industry.”
“The poultry industry at this time requires availability, reliability, accessibility and affordability of diagnostic services for growth,” he added.
The association chief also commended CHI Farms and Zoetis for the precise intervention through the establishment of City Laboratory while adding that, the project has come at the right time to support the growth of the poultry industry and redirect the attention of the sub-sector to the importance of quality laboratory service in disease control.
In his opening remark, Managing Director of Chi Farms Limited, Mr Martin Middernacht, said the motive behind the establishment of City Laboratory in partnership with Zoetis is to assist livestock farmers raise healthy and profitable animals as well as conduct research and come up with vaccines based on tests conducted.
Also, the Regional Director Zoetis, Sub-Sahara Africa, Mr Gabriel Varga, stated that the partnership of his organization with Chi Farms Limited on the project is basically to assist poultry farmers in Nigeria realize their full potential.
Mr Varga further stated that similar laboratories will be opened in different parts of the country in subsequent phases of the A.L.P.H.A project.
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
