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
The Naira performed poorly against the United States Dollar in the different segments of the foreign exchange (FX) market on February 27, closing the week without a gain.
In the black market, the domestic currency weakened against the Dollar yesterday by N5 to close at N1,370/$1 compared with Thursday’s closing price of N1,365/$1, and at the GT Bank forex desk, it lost N2 to sell N1,369/$1 versus the N1,367/$1 it was sold a day earlier.
Yesterday, the Nigerian Naira lost N3.75 or 0.26 per cent against the greenback at the Nigerian Autonomous Foreign Exchange Market (NAFEX) to trade at N1,363.39/$1 compared with the previous day’s N1,359.82/$1.
Also, the Naira depreciated against the Euro at the official market during the session by N2.33 to quote at N1,609.22/€1 versus N1,606.89/€1, and appreciated against the Pound Sterling by N6.74 to settle at N1,836.49/£1 compared with the preceding session’s N1,843.23/£1.
The Naira’s latest depreciation occurred as FX demand continued to outpace available supply, intensifying pressure in the market.
In response to the negative momentum, the Central Bank of Nigeria (CBN) intervened by selling Dollars to banks and other authorised dealers in an effort to stabilise the local currency. The move came barely a week after the apex bank had purchased about $190 million from the foreign exchange market to temper the Naira’s rally.
Specifically, the CBN injected $200 million into the official market between Tuesday and Wednesday through an intervention call. However, the liquidity support proved insufficient to reverse the currency’s downward trend.
Meanwhile, the cryptocurrency market declined on Friday, with Solana (SOL) down by 10.4 per cent to $78.60, as Dogecoin (DOGE) decreased by 9.5 per cent to $0.0982.
Further, Cardano (ADA) slumped 8.9 per cent to $0.2647, Ethereum (ETH) slipped by 8.6 per cent to $1,859.10, Ripple (XRP) shrank by 8.2 per cent to $1.30, Litecoin (LTC) lost 1.4 per cent to close at $52.39, Bitcoin (BTC) slid 5.9 per cent to $63,686.39, and Binance Coin (BNB) went down by 4.9 per cent to $596.64, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices rose about 2 per cent on Friday, with traders bracing for supply disruptions as nuclear talks between the United States and Iran were without an agreement.
Brent crude futures settled at $72.48 a barrel after chalking up $1.73 or 2.45 per cent, while US West Texas Intermediate crude futures finished at $67.02 a barrel, up $1.81 or 2.78 per cent.
The two sides agreed to extend indirect negotiations into next week, but traders grew sceptical that an agreement between US President Donald Trump’s administration and Iran was possible.
The US and Iran held indirect talks in Geneva on Thursday after Mr Trump ordered a military buildup in the region.
Oil prices gained during the talks, on media reports indicating that discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran. However, prices eased after the mediator from Oman said the two sides had made progress.
They plan to resume negotiations with technical-level discussions scheduled next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said on X.
Market analysts noted that geopolitical risk premiums of $8 to $10 a barrel have been built into oil prices on fears that a conflict will disrupt Middle East supply through the Strait of Hormuz, where about 20 per cent of global oil supply passes.
To cushion the impact from a possible strike, one of the world’s largest oil producers, the United Arab Emirates (UAE), is set to export more of its flagship Murban crude in April, while Saudi Arabia said it would also increase oil production.
Additionally, Saudi Arabia may raise its April crude price to Asia for the first time in five months due to higher demand from India to replace Russian supplies, potentially raising it by about $1 a barrel.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is likely to consider raising oil output by 137,000 barrels per day for April at its March 1 meeting, after suspending production increases in the first quarter.
The resumption of output increases after a three-month pause would allow Saudi Arabia and the UAE to regain market share at a time when other OPEC+ members, such as Russia and Iran, contend with Western sanctions while Kazakhstan recovers from a series of oil production setbacks.
Eight OPEC+ producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman will meet at the meeting on Sunday.
By Dipo Olowookere
The absence of a positive trigger left Nigerian stocks 0.38 per cent deeper in the bears’ territory on Friday, as investors embarked on cautious trading.
Two of the five major sectors tracked by Business Post finished in red on the last trading session of this week, with the industrial goods down by 2.44 per cent, and the energy down by 0.26 per cent due to profit-taking.
However, bargain-hunting raised the insurance sector by 1.52 per cent, the banking index increased by 0.79 per cent, and the consumer goods sector expanded by 0.28 per cent.
When the closing gong was struck yesterday, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited crashed by 741.04 points to 192,826.77 points from 193,567.81 points, and the market capitalisation lost N476 billion to close at N123.763 trillion compared with the previous day’s N124.239 trillion.
According to data from Customs Street, Mecure gave up 9.97 per cent to trade at N75.85, Meyer depreciated by 9.90 per cent to N18.65, DAAR Communications crumbled by 9.83 per cent to N2.11, Champion Breweries staggered by 6.49 per cent to N18.00, and Dangote Cement crashed by 6.09 per cent to N779.00.
Conversely, Sovereign Trust Insurance gained 9.95 per cent to settle at N2.21, RT Briscoe improved by 9.93 per cent to N12.51, NGX Group expanded by 9.78 per cent to N124.00, Ellah Lakes surged by 9.70 per cent to N13.00, and Omatek chalked up 9.70 per cent to sell for N2.60.
A total of 44 shares finished on the gainers’ chart during the session, while 25 shares ended on the losers’ table, representing a positive market breadth index and strong investor sentiment.
The activity chart showed that 823.8 million stocks valued at N34.8 billion exchanged hands in 63,759 deals during the session versus the 868.5 million stocks worth N31.5 billion traded in 69,310 deals on Thursday.
This indicated that the value of transactions increased by 10.48 per cent, the volume of trades declined by 5.15 per cent, and the number of deals dipped by 8.01 per cent.
The busiest equity on Friday was Fortis Global Insurance, which sold 146.6 million units for N137.3 million, Zenith Bank transacted 79.4 million units valued at N7.1 billion, Japaul exchanged 57.2 million units worth N225.1 million, Jaiz Bank traded 49.5 million units valued at N589.3 million, and Access Holdings exchanged 44.8 million units worth N1.2 billion.
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