Economy
Mahindra Begins Farm-To-Folk Initiative in Nigeria
By Dipo Olowookere
An end-to-end farm mechanization solution called Farm-To-Folk initiative has been launched in Nigeria by Springfield Agro Limited, a Kewalram Chanrai Group company, in partnership with Mahindra & Mahindra Ltd., a part of the $19 billion Mahindra Group with a growing global presence.
The initiative aims to develop agriculture and farming ecosystem in Nigeria and provide customized farming solutions for every need of the farming community.
It was launched in Nigeria in collaboration with the Katsina State government.
Under the aegis of this initiative the company will not only provide tractors and farm equipment solutions, but also be a key enabler in knowledge dissemination. Springfield Agro and Mahindra will setup agric centres across the state – Chibiyar Chi Gaban Manoma – Gromost Centre. The Gromost Centre will be a one-stop-shop to empower farmers with the knowledge of soil, seeds, micro-irrigation and harvesting as well as the relevant method for caring of crops.
Farmers from every region and capacity will benefit from these Gromost Centres. This in turn will drive Farm Tech Prosperity and contribute immensely to the growth of Agriculture and Farming in Nigeria.
The launch agenda will also include the commissioning of 225 tractors by the Katsina State Governor, Mr Aminu Masari, in line with the government’s effort to encourage farming and increase support for the growth of farmers’ unions and other agro-based associations.
Mr Masari, represented by the Deputy Governor, Mr Mannir Yakubu, at the launch said, “Our intention is to deploy adequate farm machineries and mechanization to a level that will boost agricultural productivity to at least 50 percent of international standards.”
Speaking on the Farm to Fork initiative, Mr Ashok Thakur, Vice President & Head of Operations-Africa Business, Mahindra & Mahindra Ltd., said, “At Mahindra, our core belief is that an informed farmer is an empowered farmer and we are delighted to provide them with resources to reap the most from what they sow.
“In fact, we have moved beyond just selling tractors and the idea is to enrich the farmers’ knowledge and ultimately drive Farm Tech Prosperity and help them Rise. The launch of the Gromost Centre in Katsina state is in line with this philosophy.”
Mr Thakur further added that, “For decades now, Mahindra has been partnering in the growth story of Africa. The idea behind launching Gromost Centres is to further boost local employment, aid local sourcing, disseminate knowledge, enhance skill sets and offer custom made solutions.”
Tarun Kumar Das, Managing Director, Springfield Agro said, “Private sector investment in agriculture is the panacea to diversifying Nigeria’s economy.
“We need to deepen alliances and invest in new solutions. More importantly we want to be part of the smallholder farmer’s story by helping them rise. Given the proper support, the smallholder farmers can feed the future of the country and the continent.”
Speaking at the media briefing announcing this initiative, representative of the Katsina state government, Dr Abba Abdullah, Special Advisor to the Governor on Agriculture said, “The small window available for sowing & harvesting enhances the need for mechanization in agriculture.
“There is stagnation in productivity because of the low mechanization level & low permeation of technology and this is the gap we hope to bridge.”
Speaking further on this collaboration, Mr Das added that “the Katsina State Government, along with institutional partners like TOOAN, NIRSAL and Access Bank, deserve commendation and we appeal to other states to emulate their actions.”
Mahindra and Mahindra is the largest tractor manufacturer in the world with a tractor assembly plant commissioned by Springfield Agro in Nigeria, which has a manufacturing capacity of 5,000 tractors and associated agricultural.
It produces various ranges of tractors from 25Hp to 80Hp to cater to a wide spectrum of customers’ needs. Over the years, it has created thousands of satisfied customers in Nigeria and millions across the world.
The Katsina State Government with its current leadership is keen to increase food production and food security for its teeming population.
The administration is making all efforts to ensure sustainable development while improving income and quality of life for its resource-poor population in villages, with special emphasis on Farm Tech Prosperity.
By Adedapo Adesanya
Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.
The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.
According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.
Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.
Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.
Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.
Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.
In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.
Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
By Adedapo Adesanya
The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.
Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.
Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.
According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.
Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.
However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.
As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.
Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.
Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.
Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.
Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4 per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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