Economy
Nigeria Plans Exportation of Rice to Europe, Others by 2022
By Dipo Olowookere
Efforts are being made to ensure that in the next two years, rice produced in Nigeria are exported to other African countries as well as Europe, America and possibly Asia.
Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono, during a chat with newsmen in Lagos on Monday, said the local production of the staple food has increased since federal government announced the closure of land borders in August 2019.
“Before the closure of our land border, most of these rice milling plants were partially operating, but now, they not only operate in full capacities but are also expanding.
“As at today, we have 11 rice milling plants with the capacity to produce from 180 tonnes to 350 tonnes of rice per day.
“In a few months, another mill with a capacity to produce 400 tonnes of rice per day is going to be opened, with another upcoming 34 smaller mills; then, we have clusters in different areas,” the Minister said after a working visit of the Nestle Nigeria Plc.
He noted that local rice farmers were fully engaged and use between 200 farm lands and 300 farm lands directly, pointing out that, “If we maintain the momentum, in the next two years, we may export rice to other countries.”
Mr Nanono stated that, “I was worried in terms of the production of rice, but what I have found out is that most rice producers have stocked rice for the next six months,” emphasising that, “This means that before the stock is finished, dry season rice will be harvested, and before that finishes, rainy season will come back.”
According to him, it is only in three months from November to January that rice is not being grown in Nigeria, saying, “We cultivate rice in a nine-month cycle; probably as we move on the cycle, will widen, so, we do not have a problem with rice processing.”
The Minister lauded Nestle Nigeria Plc for its role in assisting local farmers and creating jobs for Nigerians.
Earlier in his welcome remarks, Managing Director of Nestle Nigeria Plc, Mr Mauricio Alarcon, thanked the Minister and his delegation for the visit and called for stronger and robust working relationship with the Ministry.
Mr Alarcon further said that, “We source 80 percent of our products locally; we source 100 percent of maize for Golden Morn locally; soya, millet, sugar, salt and cocoa are locally sourced.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended in the green territory on Monday after it chalked up 0.57 per cent on the back of renewed buying interest in financial equities.
The local stock exchange witnessed the insurance and the banking counters closing higher by 0.54 per cent and 0.08 per cent, respectively, amid profit-taking in the others. The energy index shed 1.77 per cent and the consumer goods sector depreciated by 0.26 per cent, while the industrial goods industry was flat.
At the close of business, the All-Share Index (ASI) went up by 1,412.65 points to 251,125.02 points from 249,712.37 points, and the market capitalisation soared by N906 billion to N160.983 trillion from N160.077 trillion.
Investor sentiment was bullish yesterday after Customs Street ended with 35 price gainers and 30 price losers, indicating a positive market breadth index.
Airtel Africa surged 10.00 per cent to N3,655.70, International Energy Insurance advanced by 9.68 per cent to N3.74, Sovereign Trust Insurance went up by 9.65 per cent to N2.50, Caverton rose by 9.63 per cent to N7.40, and VFD Group gained 9.55 per cent to close at N10.90.
Conversely, McNichols lost 10.00 per cent to finish at N7.20, The Initiates dropped 9.91 per cent to trade at N30.45, Learn Africa slipped by 9.69 per cent to N11.65, Zichis crashed by 7.93 per cent to N30.98, and May and Baker declined by 6.60 per cent to N46.70.
During the trading day, market participants transacted 629.4 million shares worth N40.9 billion in 82,434 deals compared with the 711.9 million shares valued at 29.1 billion traded in 62,386 deals last Friday, implying a decline in the trading volume by 11.59 per cent, and a rise in the trading value and number of deals by 40.55 per cent and 32.14 per cent, respectively.
Access Holdings was the busiest equity for the session with a turnover of 61.3 million units valued at N1.5 billion. Zenith Bank traded 37.9 million units worth N5.0 billion, Fidelity Bank sold 35.8 million units for N851.2 million, Japaul exchanged 24.7 million units valued at N90.9 million, and Tantalizers transacted 22.8 million units worth N103.2 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by 54 Kobo or 0.04 per cent on Monday, May 25, to trade at N1,374.92/$1 compared to last Friday’s value of N1,375.46/$1.
However, it further depreciated against the Pound Sterling in the official market during the session by N6.01 to sell for N1,855.73/£1 versus the preceding session’s N1,849.72/£1 and lost N158.02 against the Euro to close at N1,755.06/€1, in contrast to the N1,590.04/€1 it was traded last Friday.
In the same vein, the Nigerian Naira weakened against the United States Dollar at the GTBank FX counter yesterday by N2 to quote at N1,383/$1 versus N1,381/$1, and gained N5 in the parallel market to settle at N1,385/$1 compared with the previous rate of N1,390/$1.
The performance of the domestic currency comes as the external reserves inched higher to $48.72 billion, indicating a complex mix of sustained FX demand pressures and modest reserve accretion.
The movement in the FX market underscores the continued tension between demand-side pressure and policy-driven attempts to stabilise the naira.
While recent monetary tightening measures by the Central Bank of Nigeria (CBN) have helped to moderate extreme volatility, market participants are struggling to navigate a landscape shaped by intermittent dollar inflows, import-related demand and shifting investor sentiment.
As for the cryptocurrency market, most tokens were up amid optimism of a near-term US-Iran peace deal, as Iranian negotiators arrived in Doha, Qatar, for talks.
The Strait of Hormuz has been largely blockaded since the US and Israel struck Iran on February 28, though traffic has partially resumed in recent days. The agenda would include the reopening as well as uranium control.
TRON (TRX) rose by 1.8 per cent to $0.3714, Cardano (ADA) added 1.2 per cent to trade at $0.2444, Bitcoin (BTC) improved by 0.9 per cent to $77,283.62, Binance Coin (BNB) jumped 0.8 per cent to $661.30, and Ripple (XRP) increased by 0.8 per cent to $1.35.
Further, Ethereum (ETH) grew by 0.7 per cent to $2,018.82, Solana (SOL) expanded by 0.6 per cent to $85.37, and Dogecoin (DOGE) appreciated by 0.6 per cent to $0.1001, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
Oil prices fell nearly 7 per cent on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz.
Brent crude futures were down by $7.24 or almost 7 per cent to $96.30 a barrel, and the US West Texas Intermediate (WTI) crude futures decreased by $6.30 or 6.5 per cent to trade at $90.88 per barrel.
Comments by President Donald Trump that diplomatic negotiations with Iran are advancing eased market fears of severe energy supply disruptions due to the Middle East conflict.
This is as a top negotiator of Iran, and its foreign minister was in Doha for talks with Qatar’s prime minister on a potential deal with the US to end the three-month-old war
Recently, both countries have downplayed expectations for an immediate peace agreement to end their three-month-old war, backing away from claims of an imminent breakthrough.
President Trump later revealed that he has instructed negotiators not to rush the process, asserting that the US naval blockade on Iranian ports will remain in full effect until a finalised accord is certified and signed.
Also, the US Secretary of State Marco Rubio has affirmed that the US government will exhaust diplomatic channels, also warning that it will handle Iran in “another way” if a good agreement cannot be secured, hinting at a potential return to active war.
The deal outlines a process to fully reopen the vital global shipping lane without tolls, resolving the global energy crunch. Iran would receive targeted sanctions relief and the gradual unfreezing of up to $20 billion to $25 billion in assets currently held in foreign banks.
Even if a peace deal is reached, analysts expect a return to normal oil flows through the strait will take months, while damaged oil and gas facilities are repaired. There is currently a supply shortfall of up to 11 million barrels per day of crude oil that does not go away immediately, even if a deal is reached soon.
Ship-tracking data showed three Liquefied Natural Gas (LNG) tankers passed through the strait in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for China after being stranded for nearly three months.
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