Economy
Oyo Partners Dangote for Massive Rice Production
By Dipo Olowookere
Governor of Oyo State, Mr Abiola Ajimobi, has disclosed that a partnership was been entered into with Dangote Group for the massive production of rice in the agrarian state.
Mr Ajimobi made this disclosure last Thursday during an Agriculture Investment Summit and Exhibition held at the Conference Centre, International Institute of Tropical Agriculture (IITA), Ibadan, the state capital.
According to the Governor, his administration has made modest efforts to buttress its unflinching commitment and determination for further agricultural development including the exploitation of value addition in the agricultural chain in Oyo State.
He said that the state government has developed 25-year Oyo State Agriculture road map as well as nine agro industrial parks in the forest reserves, saying that the state has a realistic Agricultural Land policy of 250,000Ha which provides for allocation of various hectares to individuals, groups and corporate Bodies for farming.
The Governor said through the Oyo State Government Agricultural Initiative (OYSAI), 750 metric tons of maize and 865 metric tons of cassava have been produced so far with the collaboration with the Dangote Group for massive Rice production.
He noted that the present administration in the state has distributed 7.5 million latest hybrids of cocoa, maize and cashew seedlings to farmers for free as well as the provision of infrastructure for Extension Officers to strengthen extension service delivery to rural farmers.
The Governor said that the state government has engaged in the procurement of 388 tractors and matching implements for mechanized farming; procurement and distribution of over 10,000 metric tons of assorted fertilizers and agro chemicals yearly at highly subsidized rates to farmers, establishment of linkage between Primary producers and processors (integrated value chain process), disbursement of over N1 billion loan to farmers to enhance farming activities in the state and collaboration with FGN and International Development Partners/Agencies for further infrastructural development.
He called on agricultural research institutes and other stakeholders to come up with innovative and proactive ideas that will enhance agriculture development in Nigeria, disclosing that the 28,454 arable land areas in the state remain as a veritable investment destination for local and global investors.
Mr Ajimobi said that the summit with the theme Transforming Oyo State’s Agriculture and Agro-Allied Industry: Private Sector Participation was very apt at a time that the country was looking for a permanent solution to the problem of food insecurity, unemployment and retard in rural development as well as obsolete technology in our great nation.
“It gladdens my heart that this summit is holding today and I am more delighted to note that though the State parades a lot of research institutions, this is the first attempt to synergize with the leading agro-based research institute in tropical Africa – IITA, from which we expect tremendous and realistic support and outcome.
“It must therefore be noted that once we succeed particularly by ensuring a demand driven solution, we would have consolidated our mission. This summit became imperative in order to bridge the gap among farmers, processors, agro allied industries, Government, agricultural/commercial banks and other stakeholders with the ultimate aim to trigger the Oyo State’s agro and agro allied sectors,” Mr Ajimobi said.
In his address, Commissioner for Agriculture, Natural Resources and Rural Development in the state, Mr Oyewole Oyewumi, said agriculture was no longer being practiced for private consumption but now a major enterprise that drives the economy of developed countries
He said this necessitated the reason why the state government commenced investigation on how agriculture could be used to benefit the industries.
On his part, Deputy Director of IITA, Dr. Kenton Dashiell, called for motivation of agro dealers to create opportunities for private investors in the agriculture sector.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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