Economy
Osun Eyes $70m, 10,000 Jobs from Ethanol Bio-Refinery Factory
By Adedapo Adesanya
The Osun State Government is targeting the creation of 10,000 jobs in the state following the flag-off the Osun Ethanol Bio-Refinery Factory on Thursday.
Speaking at the event, the Governor, Mr Adegboyega Oyetola, said that the facility will stimulate the economy of the state towards socio-economic growth, development and sustainability.
The ethanol Bio-Refinery Factory situated at Ayekale, along Egbeda-Iragbiji Road, Iragbiji, Boripe Local Government Area of the State, would be achieved through a robust and mutually-benefitting Public-Private-Partnership (PPP).
He said the administration would collaborate with partners and private investors to achieve the dream of making Osun the industrial hub of the Southwest.
The Governor reaffirmed the administration’s commitment to continually adopt creative means to deliver good road network, health facilities, good schools and other facilities as means for developing Osun and putting it on the path of greatness.
The factory was part of the positive responses received by the government from members of the private sector, particularly local and foreign investors who had earlier been wooed during the Osun Economic and Investment Summit held late last year.
When completed, the Osun Ethanol Bio-Refinery Factory will be operating on over 21 hectares of land conceded to it as equity, and on a full operation, it is estimated that it will attract about $70 million to the state and generate 10,000 jobs.
The product, ethanol, is one of the safe energy sources the world is turning to as a measure of preventing global warming. It would be converting cassava to ethanol, thus empowering thousands of persons in the chain of planting, harvesting, transporting and processing cassava to ethanol and marketing a final product that is hot in today’s world pharmaceutical and energy market.
Laying the foundation of the factory, Mr Oyetola said his administration was poised to deliver the benefits of democracy to all and sundry and provide an enabling environment for private concerns to establish industries in the State.
He expressed confidence in the ability of the factory to complement the government’s efforts at resuscitating the ailing economy of the state and deliver prosperity to the people.
In his words, “Today is an important day in the life of our administration and the annals of this state as it marks the ground-breaking of another project harvested from the Osun Economic and Investment Summit which was convoked in November last year to reposition the economy of the State and deliver prosperity to the people.
“Coming shortly after the harsh economic realities occasioned by the coronavirus pandemic, this flag-off is an indication that our strategy for the delivery of economic prosperity has begun to yield good returns and a sign of the good things to come. We have no doubt that Osun Ethanol Bio-Refinery Factory will open a window of investment opportunities for the state.”
“As you all know, our administration is in a hurry to transform the state and deliver prosperity to our people. This determination informed the convocation of the Osun Economic and Investment Summit within one year of coming into office. At that summit too, we promised to hit the ground running.
“We are happy to find a worthy ally in Osun Ethanol Bio-Refinery Factory. The management submitted a proposal for the project we are flagging off today a few weeks after the convocation of the economic summit”, Mr Oyetola further said.
In their separate remarks, the Commissioner for Environment and Sanitation, Mr Sola Oladepo and his counterpart in the Ministry of Commerce, Cooperatives, Industries and Empowerment, Mr Bode Olaonipekun, expressed confidence in the ability of the factory to liberate the State from abysmal economic gloom to enviable wealth.
Earlier, the Chairman of the SMEFUND, promoters of the project, Mr Temitope Ologunoye, commended the administration of Governor Oyetola for thinking outside the box to resuscitate the economy of the state through workable and realistic diversification.
Mr Ologunoye said the factory will be completed in the next 24 to 36 months with a production capacity of 7 million litres of biofuel annually.
By Adedapo Adesanya
NASD Over-the-Counter (OTC) Securities Exchange remained in the negative territory after it further depreciated by 0.64 per cent on Friday, July 24, despite recording four price gainers.
The NASD Security Index (NSI) dropped 27.4 points at the close of business to settle at 4,294.75 points versus the previous day’s 4,383.48 points, while the market capitalisation gave up N16.49 billion to end at N2.577 trillion, in contrast to the N2.594 trillion it ended a day earlier.
The bourse was down during the session amid heavy sell-offs, with the volume of transactions skyrocketing by 693.9 per cent to 2.99 million units from Thursday’s 377,635 units.
Equally, the value of trades went up by 71.6 per cent to N69.4 million from N40.4 million, and the number of deals increased by 41.0 per cent to 55 deals from the preceding day’s 39 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.6 million units traded for N5.4 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
The market ended the session with four price gainers and two price losers, led by FrieslandCampina Wamco Nigeria Plc, which lost N7.44 to trade at N136.19 per share compared with the previous day’s N143.63 per share, and CSCS Plc, which declined by N1.64 to N93.63 per unit from N95.27 per unit.
But MRS Oil gained N13.50 to sell at N148.50 per share versus N135.00 per share, Afriland Properties Plc advanced by 56 Kobo to N17.41 per unit from N16.85 per unit, UBN Property Plc surged by 18 Kobo to N1.93 per share from N1.75 per share, and Food Concepts Plc climbed by 1 Kobo to N2.50 per unit from N2.49 per unit.
By Dipo Olowookere
Nigeria’s stock exchange succumbed to profit-taking on Friday, losing 0.19 per cent when the closing gong was hit at 4 pm.
Shares in the banking and energy sectors influenced the decline suffered by the Nigerian Exchange (NGX) Limited during the session, as they respectively closed lower by 0.40 per cent and 0.04 per cent.
The industrial goods index was flat yesterday, while the insurance counter gained 0.68 per cent and the consumer goods space chalked up 0.25 per cent. The gains by these two segments could not keep Customs Street in the green territory at the close of business.
As a result, the All-Share Index (ASI) retreated by 474.00 points to 247,357.40 points from 247,831.40 points, and the market capitalisation decreased by N306 billion to N159.588 trillion from N159.894 trillion.
Presco dropped 10.00 per cent during the trading day to close at N2,070.00, Thomas Wyatt crumbled by 9.93 per cent to N3.63, Trans-Nationwide Express plunged by 8.44 per cent to N2.82, Royal Exchange slipped by 7.86 per cent to N1.29, and LivingTrust Mortgage Bank shrank by 7.32 per cent to N3.80.
On the flip side, C&I Leasing improved by 9.48 per cent to N6.35, Cornerstone Insurance rose by 9.09 per cent to N6.00, RT Briscoe jumped by 8.61 per cent to N13.25, Honeywell Flour expanded by 7.38 per cent to N17.45, and Africa Prudential increased by 6.98 per cent to N13.80.
Despite the poor performance, the local bourse recorded a positive market breadth index after finishing with 35 price gainers and 25 price losers, representing strong investor sentiment.
It was a relatively quiet market on Friday, as the activity level dropped, with the trading volume down by 27.72 per cent to 565.5 million units from 782.4 million units, and the trading value contracted by 46.89 per cent to N29.9 billion from N56.3 billion, while the number of deals executed by investors soared by 16.03 per cent to 53,688 deals from 46,273 deals.
Access Holdings was the busiest stock for the session, with a turnover of 128.0 million units sold for N3.8 billion, First Holdco transacted 35.4 million units worth N4.3 billion, Chams exchanged 34.8 million units valued at N154.3 million, Zenith Bank traded 30.4 million units for N3.9 billion, and UBA sold 30.4 million units worth N1.5 billion.
By Adedapo Adesanya
The Naira marked a whole week of appreciation against the United States Dollar on Friday, July 24, further gaining N5.67 or 0.41 per cent to close at N1,362.09/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) compared with N1,367.76/$1 it ended on Thursday.
Equally, the local currency appreciated against the Pound Sterling in the official FX market yesterday by N10.83 to trade at N1,813.62/£1 versus the preceding day’s N1,824.45/£1, and improved against the Euro by N7.68 to settle at N1,549.10/€1, in contrast to the N1,556.78/€1 it was exchanged a day earlier.
However, at the parallel market and GTBank forex counter, the Nigerian currency remained unchanged against the greenback during the session at N1,400/$1 and N1,379/$1, respectively.
The Central Bank of Nigeria (CBN) buffer has been strengthened with sustained foreign portfolio inflows and robust foreign reserves, which stand above $52 billion.
The apex bank’s policy signals that the Naira will be stronger in the near term, with Nigeria clearing hurdles with FX reforms and settlement of all backlogs.
However, some traders expect that pressure may come due to foreign-currency buying from fuel importers as they make Dollar purchases to build inventories.
Meanwhile, Bitcoin (BTC), in the digital currency landscape, trimmed recent gains as it fell by 2.3 per cent to $63,787.73.
The weak action in the AI momentum trade is feeding through to crypto as well.
Further, Cardano (ADA) dropped 3.7 per cent to close at $0.1615, Solana (SOL) dipped by 2.8 per cent to $73.71, Ripple (XRP) crashed by 2.3 per cent to $1.08, Ethereum (ETH) slid by 1.9 per cent to $1,851.58, Dogecoin (DOGE) retreated by 0.8 per cent to $0.0694, Binance Coin (BNB) contracted by 0.7 per cent to $564.18, and TRON (TRX) lost 0.5 per cent to trade at $0.3292, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
