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

NASD Exchange Extends Bearish Run After 0.56% Drop

Published

10 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.

This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.

It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.

MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.

Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.

GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Slips to N1,380/$1 at Official Market, Remains N1,405/$1 at Black Market

Published

10 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.

However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.

Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.

At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.

Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.

This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.

Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.

The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.

Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.

Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Bulls, Bears Share Customs Street’s Spoils Amid Bullish Investor Sentiment

Published

10 hours ago

03/04/2026

Dipo Olowookere

By Dipo Olowookere

The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.

Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.

Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.

Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.

On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.

The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.

Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.

Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.