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 Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited have continued to show excitement for the full-year earnings of companies on the exchange so far.
On Friday, Customs Street further appreciated by 1.01 per cent as more organization released their financial statements for the 2025 fiscal year.
During the session, traders continued their selective trading strategy, with the energy sector going up by 2.47 per cent at the close of business despite profit-taking in the banking counter, which saw its index down by 0.11 per cent.
Yesterday, the insurance space grew by 2.16 per cent, the industrial goods segment expanded by 1.70 per cent, and the consumer goods industry jumped by 0.42 per cent.
Consequently, the All-Share Index (ASI) increased by 1,722.13 points to 171,727.49 points from 170,005.36 points, and the market capitalisation soared by N1.106 trillion to N110.235 trillion from the N109.129 trillion it ended on Thursday.
Business Post reports that there were 59 appreciating stocks and 19 depreciating stocks on Friday, representing a positive market breadth index and strong investor sentiment.
The trio of Omatek, Deap Capital, and NAHCO gained 10.00 per cent each to sell for N2.64, N6.82, and N136.40 apiece, as Zichis and Austin Laz appreciated by 9.98 per cent each to close at N6.72 and N5.40, respectively.
Conversely, The Initiates depreciated by 9.74 per cent to N19.45, DAAR Communications slumped by 7.32 per cent to N1.90, United Capital crashed by 6.55 per cent to N18.55, Coronation Insurance lost 5.71 per cent to quote at N3.30, and First Holdco shrank by 5.53 per cent to N47.00.
The activity chart showed an improvement in the activity level, with the trading volume, value, and number of deals up by 33.77 per cent, 93.27 per cent, and 10.63 per cent, respectively.
This was because traders transacted 953.8 million shares worth N43.1 billion in 51,005 deals compared with the 713.0 million shares valued at N22.3 billion traded in 46,104 deals a day earlier.
Fidelity Bank was the most active with 92.4 million units sold for N1.8 billion, Chams transacted 69.2 million units valued at N310.9 million, Deap Capital exchanged 59.1 million units worth N382.7 million, Access Holdings traded 57.2 million units valued at N1.3 billion, and Tantalizers transacted 48.6 million units worth N228.2 million.
By Adedapo Adesanya
The value of the Naira contracted against the United States Dollar on Friday by 13 Kobo or 0.01 per cent to N1,366.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) from the previous day’s value of N1,366.06/$1.
According to data from the Central Bank of Nigeria (CBN), the Nigerian currency also depreciated against the Pound Sterling in the same market window yesterday by N2.37 to N1,857.75/£1 from the N1,855.38/£1 it was traded on Thursday, and further depleted against the Euro by 57 Kobo to close at N1,612.52/€1 versus the preceding session’s N1,611.95/€1.
In the same vein, the exchange rate for international transactions on the GTBank Naira card showed that the Naira lost N8 on the greenback yesterday to N1,383/$1 from the previous day’s N1,375/$1 and at the black market, the Nigerian currency maintained stability against the Dollar at N1,450/$1.
FX analysts anticipate this trend to persist, primarily influenced by increasing external reserves, renewed inflows of foreign portfolio investments, and a reduction in speculative demand.
In the short term, stability in the FX market is expected to continue, supported by policy interventions and improving market confidence.
Nigeria’s foreign reserves experienced an upward trajectory, increasing by $632.38 million within the week to $46.91 billion from $46.27 billion in the previous week.
The Dollar appreciation this week appears to be largely technical, serving as a correction to the substantial losses experienced from mid- to late January.
Meanwhile, the cryptocurrency market slightly appreciated, with Bitcoin (BTC) climbing near $68,000, up nearly 5 per cent since hitting $60,000 late on Thursday after investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency faltered.
The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.
The latest recoup saw the price of BTC up by 4.7 per cent to $67,978.96, as Ethereum (ETH) appreciated by 6.3 per cent to $2,021.10, and Ripple (XRP) surged by 9.5 per cent to $1.42.
In addition, Solana (SOL) grew by 7.3 per cent to $85.22, Cardano (ADA) added 6.1 per cent to trade at $0.2683, Dogecoin (DOGE) expanded by 5.4 per cent to $0.0958, Litecoin (LTC) rose by 5.2 per cent to $53.50, and Binance Coin (BNB) jumped by 2.3 per cent to $637.79, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher on Friday as traders worried that this week’s talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.
Brent crude futures traded at $68.05 a barrel after going up by 50 cents or 0.74 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $63.55 a barrel due to the addition of 26 cents or 0.41 per cent.
Iran and the US held negotiations in Muscat, the capital of Oman, on Friday to overcome sharp differences over Iran’s nuclear programme.
It was reported that the talks had ended with Iran’s foreign minister saying negotiators will return to their capitals for consultations and the talks will continue.
Regardless, the meeting kept investors anxious about geopolitical risk, as Iran wanted to stick to nuclear issues while the US wanted to discuss Iran’s ballistic missiles and support for armed groups in the region.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does Iran, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
According to Reuters, Iran objected to the presence of any US Central Command (CENTCOM) or other regional military officials, saying that would jeopardise the process.
The current confrontation was sparked by more than two weeks of unrest in Iran that saw authorities launch a deadly crackdown that killed thousands of civilians and shocked the world. As reports of the deaths trickled out of Iran, US President Donald Trump threatened to strike Iran if any of the tens of thousands of protesters arrested were executed.
Meanwhile, Kazakhstan’s planned oil exports could fall by as much as 35 per cent this month via its main route through Russia, as the country’s top oil company, Tengiz oilfield, slowly recovers from fires at power facilities in January.
ING analysts have pointed out Iran’s neighbour, Iraq, and a disagreement with the US as another bullish factor for oil prices. It seems Iraqi politicians favour Mr Nouri al-Maliki as the country’s next Prime Minister, but the US thinks Mr al-Maliki is too close to Iran. President Trump has already threatened the oil producer with consequences if he emerges as PM.
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