Economy

Nigeria, Japan Signs MoU on Rice Seeds Production Systems, Diagnostic Capacity

Published

2 years ago

26/04/2024

By Adedapo Adesanya

Nigeria and Japan have signed a Memorandum of Understanding (MoU) on the enhancement of rice seeds production system and diagnostic capacity in Nigeria.

The Minister of Budget and Economic Planning, Mr Atiku Bagudu, signed the MoU in Exchange of Notes and Records of discussion on enhancing rice seeds production and diagnostic capacity projects, in Abuja alongside the Ambassador of Japan to Nigeria, Mr Matsunaga Kazuyoshi

Mr Bagudu said that Japan had achieved a lot in the agriculture sector, especially in rice seed production and technology.

According to him, the government of Japan ensures that small-scale holder farmers are supported to produce and generate more from their land.

He said that in Nigeria also, our major objective is to include everyone so that those small-scaleholder farmers particularly the family-based can do better.

“In spite of Japan’s leading achievement in technology and mechanisation, the country was able to maintain a land-holding system in its agriculture. The Japanese have helped us with seeds in agriculture, also in technology, but I believe that the Federal Ministry of Agriculture is also trying its best to support small-scale farmers.

“Equally, agriculture is science, meaning that, seed is at the foundation of transformation in agriculture.

“There are many of our farmers who have inherited rice production across the country. They are Oyo, Ebonyi, and Taraba states, in fact they are everywhere in all parts of Nigeria.

“The one tragic thing is that most of them are using the incorrect seed. Seeds that have not been preserved properly,” he said.

The minister said that the support of the farmers by the Japanese government would increase productivity, thereby, reducing deflation in the country.

He said that the support was also very significant and would enhance development and reduce hardship in the country.

He thanked the Japanese government for its effort to improve the agriculture and health sectors of the country.

Mr Bagudu said that the support for the diagnostic capacity project would improve the Nigeria Centre for Disease Control (NCDC), and be of benefit to Nigeria.

“I was glad when the representative of the NCDC introduced herself as the implementing agency. This is because typically, we have struggled with these issues that a lot of donors or development partners are hesitant to make our institutions implementing partners.

“So, supporting us and recognising one of our institutions as competent is a big endeavour.

“We believe the institution is competent. We know our capacity but this is an additional recognition that we value as we are recognised, mandated and entrusted with the ability to implement the support and so, we thank you.

“I am honoured today to confirm that the government of Nigeria has accordingly agreed to sign this exchange of record of this discussion.”

On his part, the Ambassador of Japan to Nigeria, Mr Kazuyoshi, said that Japan would continue to be committed in working hand in hand with Nigeria to achieve the goal and create more resilience.

Mr Kazuyoshi said that the Japan and Nigeria governments have a long history of partnership in various sectors.

He said that the signing of the MoU was a testament for both countries to continue being committed in improving the lives of citizens.

“So, I am confident that no matter what challenges lie ahead, the steadfast collaboration between Nigeria and Japan will enable us to overcome any obstacle.

The ambassador said that the Japan government had supported Nigeria to tackle infection diseases in the health sector.

“The aim of the project is to help Nigeria to detect and respond to infectious diseases by establishing a state of art biosafety laboratory within the NCDC.

He said that the project was not only significant to Nigeria but to the entire African continent.

He said that the partnership between the two countries extended to agriculture sector, adding that the Japan government was making efforts to ensure that it enhances productivity, food security among others in Nigeria.

He said that 40 per cent of sesame seed consumed in Japan were sourced from Nigeria and about 50 million of Japan population enjoyed the sesame seeds.

“These sesame seeds’ oil product is one of the best selling items in Japan. These facts demonstrate the high quality of Nigeria agriculture products,” he said.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

8 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

8 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

9 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.