Economy
NABDA Eyes 10 Litres of Milk Daily from Locally Bred Cows
By Adedapo Adesanya
The National Biotechnology Development Agency (NABDA) has said that there is ongoing genetic research to enable the Nigerian breed of cow to produce 10 litres of milk daily in 5 years’ time.
This was disclosed by the Director-General of the agency, Mr Abdullahi Mustapha, at the maiden edition of NABDA’s annual media chat on Wednesday.
Mr Mustapha said now that the country has banned the importation of milk, it was pertinent that milk-producing companies in Nigeria partner with the NABDA on its project to improve milk production.
He also noted that scientists were currently developing a genetically modified soybean which will be added to the daily nutrient of families and the oil could be used to operate some sophisticated machines instead of using petrol.
“Livestock production is one big project that we are undergoing and in this project, we have components, the first component is on the improvement of the milk and meat of our livestock.
“We have to improve our local breeds that are acclimatising with our environment, not importing from other countries. So, we identify our local breeds and improve them and we have gone far on that.
“We have two selections, and these selections are available, we are working on that and we will continue to improve on that.
“The work is in progress, it took us 10 years to identify those animals that can be used for fattening and milk production, and the second phase is on the run, and we are hoping that in the next five years, we can have a cow in Nigeria that can produce 10 litres of milk per day, this is what we are aiming at.
“We have reached up to 70 per cent of the research and we are hoping that in the near future, we will have these breeds that will produce this.
“Remember Nigeria has stopped the importation of milk, and that is one area that is calling on the companies that are producing milk to come closer to see how they can partner with NABDA for this production,” he said.
He further said that the production of a herbicide-tolerant soybean was on the pipeline, which he said would be beneficial to the country’s economy.
“The development of soybean oil has reached a level where it could be used as a lubricant instead of a premium motor spirit. Soybean oil has the ability to withstand a certain level of temperature that could be used on sophisticated machines that work with higher temperature instead of petrol,” he explained.
On other key activities of the organisation, the Director-General said NABDA signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA).
“This will enable us to use BEGS Digester, an innovation made-in-Nigeria technology to convert bio-waste into electricity”, he noted.
“Also, in October, Nigeria signed an MoU with the kingdom of Morocco for research and development in biotechnological products and processes, including the production of bio-fertilizer and bio-fungicide.
“The Federal Ministry of Science, Technology and Innovation signed on behalf of the federal government, while RAHAD Global Investment Limited signed on behalf of Morocco,” he added.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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