Economy
Olam, MIT Solve Partner for Sustainable Food Systems Solutions
A leading global agri-business, Olam International, has partnered with the Massachusetts Institute of Technology Solve (MIT Solve) to design a Challenge aimed at addressing the issues around sustainable food systems in Nigeria.
’MIT Solve is a hybrid business incubator and business ideas marketplace from the Massachusetts Institute of Technology, that advances solutions from tech entrepreneurs to address pressing global issues. MIT Solve connects innovators with resources such as expertise, human capital, technology, and funding’.
On Tuesday, February 4, 2020, Olam International and MIT Solve co-hosted a Challenge Design Workshop which held at Eko Hotel, Lagos.
The workshop was designed to engage cross-sector stakeholders in the country to deliberate on issues affecting the country’s agri-business ecosystem and aid MIT in designing Solve’s 2020 Global Challenges.
The event was also aimed at building connections amongst individuals and organizations with an interest in innovation, to address social and environmental challenges.
Addressing the audience on the rationale behind the event, Mukul Mathur, Country Head, Olam Nigeria said, “Olam started as a single-man, single product operation in Nigeria and we have managed to achieve massive growth over a 30-year period.
“However, we still face problems and we cannot fix these challenges alone. We realize the value of having an ecosystem which can help in proffering solutions, especially around sustainable food systems in Nigeria. It is important to have such an ecosystem of likeminded people. I know that together, we can fix these problems.”
Ms Sharon Bort, Officer, Sustainability Community for MIT Solve, described the programme as an initiative of the MIT aimed at solving identified global challenges.
According to her, the MIT Solve cycle which starts in February of each year initiates competitions in the areas of Economic Prosperity, Health, Learning and Sustainability.
Ms Bort added that MIT Solve decided to focus on challenges associated with food in an attempt to find solutions to issues around sustainable food systems.
According to Ms Julie Greene, Vice President, Corporate Responsibility and Sustainability, Olam International, the rise in the world’s population presents an opportunity for players in the agricultural value chain with the rapid rate of urban migration resulting in mass movements away from farms where crops are harvested.
“For most part of history, people lived near their food sources, they grew their own food. Today over 50 percent of the population lives in the cities. This has huge implications because of the channels through which these food products are transported and stored. The bigger challenge is that it inhibits people from having a healthy diet,” she said.
Ms Green pointed out that agriculture also has its negative impacts, despite its positive effects, saying, “Agriculture and other land uses are responsible for a quarter of greenhouse gas emissions from fertilizers, deforestation and transportation.
“Agriculture is responsible for 70 percent of freshwater withdrawals. While these are critical to productivity, they also have polluting effects on the environment.
“We only grow enough food to feed the population, but the problem is that 1/3 of that food never actually reaches our plates due to food loss and waste.
“Therefore, the food system needs innovation and that is why we are here today to answer the question what are the various opportunities for a sustainable food system?”
Mr Reji George, Vice President, Farming Initiatives, Olam Nigeria, identified food loss and wastage amongst some of the challenges encountered in agribusiness.
He said, “One third of the global food production is wasted; and this is estimated to be around 1.3 billion tonnes of food. If food losses can be improved upon, global food security, food systems and nutrition will also improve.”
He, however, added that Olam has commissioned surveys in some selected states in Nigeria, while also working with farmers to know the extent of losses incurred during harvest and find ways of reducing such losses.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
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