Economy
Nigeria Expects More Earnings from Youth’s Involvement in Agriculture
By Dipo Olowookere
The involvement of youth in modern agriculture will lead will bolster the economy and improve the earnings of Nigeria, President Muhammadu Buhari has submitted.
Mr Buhari made this submission on Tuesday in Abuja when he launched the National Young Farmers Scheme, designed by the National Agricultural Land Development Authority (NALDA).
At the event, the President said he has “directed that all NALDA’s abandoned farm estates be retrieved to enable thousands of our young men and women to be engaged in farming.”
He, thereafter, urged agencies involved in agriculture to further streamline their priorities in the inclusion of youth, assuring all those interested that an enabling environment will be created for full participation.
“This administration will be achieving agricultural mechanisation through this scheme and I am confident that Nigeria, under my watch, will achieve food security in producing most of what we eat. In good harvest years, we may even export our surpluses and earn foreign exchange.”
The President described agriculture as the backbone of the Nigerian economy, being the largest contributor to the nation’s Gross Domestic Product (GDP), assuring that his government will “do more to expand, modernise and revolutionise our agriculture, which is our most important asset.”
“By virtue of my passion and desire for agriculture and also as a farmer myself, I am directly supervising NALDA as an authority under the Presidency.
“I am asking the Federal Ministry of Agriculture and state governments to give full cooperation to NALDA in its activities.
“With the success of Anchor Borrowers Programme spearheaded by the Central Bank of Nigeria (CBN) and new programmes to revive cotton, palm products and cocoa, the next few years will see a vast difference in our agricultural performance,” Mr Buhari said.
The President said all the necessary approvals that NALDA requires for effective take-off, beginning with areas of adequate land preparation for crop farming and livestock rearing, had been given, charging the Executive Secretary/CEO of NALDA and his team to continue to live up to expectations and increase their activities in local communities.
“I am told that, so far, 4,333 families have benefited from this scheme and it is expected that many more individuals and families will benefit as the programme is rolled out.
“I now flag off the National Young Farmers’ Scheme. It is my expectation that the scheme will take in young Nigerians, graduates and non-graduates alike, and be part of this government’s effort to reduce unemployment and contribute to the regeneration of agriculture and our economy,” he said.
The Executive Secretary/CEO of NALDA, Mr Paul Ikonne, said the discovery of oil in the country hampered the growth of agriculture and increased poverty in rural communities, assuring the President that the concerted effort to revive interest in farming will tackle poverty and create wealth.
Ikonne said the resuscitation of NALDA after close to 20 years of abandonment will go a long way in reducing unemployment in the country, especially among the youth.
“Our focus is to engage 1,000 farmers from each of the 774 Local Government Areas, thereby creating 774,000, direct employment annually,” he added.
By Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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