Economy
RMRDC Gives Improved Cassava Stems to Imo Farmers
By Dipo Olowookere
The Management of the Raw Materials Research and Development Council (RMRDC) has pledged to donate improved cassava stem and some project vehicles such as Hilux vans and motorbikes to cassava farmers in Imo State.
This gesture is to facilitate production and development of the crop in the state.
Director General of RMRDC, Mr Hussaini Doko Ibrahim, made this pledge when monarchs from the state under the auspices of Royal Fathers in Agriculture (ROFINA) visited the council’s Headquarters I Abuja recently.
The traditional rulers visited the agency’s office to seek collaboration in cassava value chain development project in Imo state.
The team of the royal fathers was led by the President/CEO of ROFINA, Mr Eze Chidume Okoro and Chairman Board of Trustees of ROFINA, Mr Eze E. C. Okeke.
They said their visit to the council became necessary to enable the rural leaders restore the glory of cassava production and processing in the state and the nation.
Mr Chidume said, “Imo state had been known for its high yield of this crop, but the case is different today as they are now faced with some challenges that have resulted to low yield.”
He said further that the mission of ROFINA is to seek the collaboration of RMRDC to facilitate the Federal government programme on diversification; with special focus on cassava development in Imo State.
The group presented to the council their request on specific areas of need which included providing them with improved varieties of cassava stem with high starch content for establishment of industrial cassava starch processing plants, organizing training/capacity building programmes for farmers and cassava starch processors in the state among others.
Responding, the DG of RMRDC, represented by the Director Industrial Chemicals and Minerals Department (ICMD) Dr Moses Omojola, said that the RMRDC was ready and willing to partner with any organization, be it private or public, whose efforts are in line with propagating the council’s mandate.
He expressed delight at their visit, and briefed the guests on the mission of the council which he said was to promote the development and optimal utilization of the nation’s abundant raw materials resources for industrial growth.
Dr Omojola noted that a nation cannot develop independent of its human and natural resources. Being among the largest cassava producing nations of the world, he said Nigeria produces 50 million metric tons of cassava per annum, whereas 40 million metric tons is consumed and only a paltry 10 million metric tons is sold in the local market.
According to him, Nigeria is more of a consuming nation compared to China, Thailand and some other nations that generate foreign exchange from their cassava production. There is therefore the need for the nation to change this orientation.
He said that RMRDC is working in this direction. “Its agriculture boosting programme is geared towards promoting increased productivity of agricultural raw materials in Nigeria of which cassava is one of the crops so far promoted under this programme. The Council procures improved seeds and seedlings and distributes same to farmers and Growers Associations in areas ecologically suitable for their cultivation”.
He has therefore directed that Memorandum of Understanding (MoU) be drafted for signing by RMRDC and ROFINA to commence the collaboration.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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