Economy
Nigeria, Japan Signs MoU on Rice Seeds Production Systems, Diagnostic Capacity
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.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost its footing by 0.07 per cent on Friday as a result of renewed profit-taking by investors.
The fall happened after Thomas Wyatt and Guinness Nigeria led other price losers group comprising 27 stocks at the market yesterday due to selling pressure.
Thomas Wyatt Nigeria shed 10.00 per cent to quote at N2.70, Guinness Nigeria drowned by 9.99 per cent to close at N329.00, Ikeja Hotel slipped by 9.96 per cent to N42.50, Zichis shed 9.94 per cent to trade at N26.37, and McNichols depreciated by 9.91 per cent to N5.00.
On the flip side, International Breweries gained 9.92 per cent to finish at N13.30, NEM Insurance appreciated by 9.61 per cent to N27.95, Jaiz Bank grew by 6.36 per cent to N9.20, UPDC expanded by 6.33 per cent to N4.20, and Livestock Feeds increased by 6.32 per cent to N9.25.
Business Post reports that investor sentiment remained bullish despite the loss recorded during the session, as there were 27 price decliners and 30 price advancers, representing a positive market breadth index.
Yesterday, market participants transacted 441.3 million equities for N19.4 billion in 44,938 deals compared with the 1.7 billion equities worth N112.0 billion traded in 44,780 deals a day earlier. This showed that the trading volume contracted by 74.04 per cent, the trading value declined by 82.68 per cent, and an uptick in the number of deals by 0.35 per cent.
Access Holdings led the activity chart on Friday after selling 40.2 million shares valued at N1.0 billion, Sterling Holdco traded 30.3 million stocks worth N228.8 million, Fidelity Bank sold 26.3 million equities for N505.6 million, Zenith Bank transacted 22.3 million shares valued at N2.5 billion, and First Holdco exchanged 19.0 million stocks worth N1.3 billion.
During the last trading session of the week, the consumer goods sector rose by 0.49 per cent, the insurance counter increased by 0.06 per cent, and the industrial goods index closed flat, while the banking and energy indices lost 0.78 per cent and 0.52 per cent, respectively.
As a result, the All-Share Index (ASI) shrank by 159.97 points to 243,798.76 points from 243,958.73 points, and the market capitalisation moderated by N103 billion to N156.445 trillion from N156.548 trillion.
