Economy
Sanwo-Olu Foresees Lagos as Largest Food Logistics Hub in West Africa
By Adedapo Adesanya
The Lagos State Governor, Mr Babajide Sanwo-Olu, has disclosed that the first phase of the largest food logistics hub in West Africa will be inaugurated in the state by 2024 to boost food security.
Mr Sanwo-Olu said this while addressing journalists at the grand finale of the 2023 World Food Day celebration at the Nigeria Police College, Ikeja, Lagos, on Monday. The programme tagged Farm Fair, Shop, Eat and Learn was to commemorate the 2023 World Food Day with the theme Water is Life, Water is Food, Leave No One Behind.
World Food Day is an annual celebration by the Food and Agriculture Organisation of the United Nations on October 16, to encourage action on food insecurity.
“Apart from the middle-level markets that we are building, we are building the largest food logistics hub in the whole of West Africa.
“You were part of the ground-breaking ceremony which we did last year and I want to inform you that before middle-level next year, we should have finished phase one of the project.
“It is the largest logistics hub in the whole of West Africa, you can take a trip there independently and see for yourself, the amount of work that is going on there.
“That logistics food market is supposed to be the central hub where all sorts of food in Lagos will come in, it has cold storage and dry storage and all sorts.
“Our plan, if you remember that two years ago, we flagged with our five-year plan, it will now take them to the middle-level market; we have built about three of them and we are building an additional five.
“The middle-level markets will now take it from main hubs before it now goes to the last mile, the corner show markets and the markets that all of you see in the state,” he said.
The governor said the state had a robust integrated plan that would ensure food sufficiency and food adequacy in Lagos.
He noted that the plan became important because food security globally was becoming an issue.
“We have a robust integrated plan to ensure that food sufficiency, and food adequacy in Lagos are secured because food security globally is becoming an issue.
“For us as a government, we need to be able to help the market, we need to be able to help the farmers and to help our citizens.”
“We will continue to bring about infrastructure and funding to ensure that the theme for this year leaves no one behind,” he said.
The governor encouraged more people to go into rice cultivation to sustain the state’s rice mill in Imota, Ikorodu.
“We are looking for paddy rice growers in Lagos because we have the biggest rice mill and we are also collaborating with other states.
“Our rice mill still needs a lot of paddy. It does not matter the quantity of tonnes of paddy that they grow, we will buy it from them.
“The same thing with other paddy growers in the country and we need to begin to ensure that food is also affordable and accessible.
“We know that the price of food has gone up but with intervention like this, that brings the market closer to the consumers, am sure that all of the produce that has been brought here today will be picked up and bought up,” he said.
Mr Sanwo-Olu said his administration was committed to encouraging farmers while assuring that farming was important to his administration to ensure that food was affordable and accessible for all.
“I am here this afternoon to give them all the encouragement, to show to the world that Lagos can begin to show the way for urban farming.
“We do not have a lot of land but the little one that we have, we are encouraging our farmers to continue to support the needs of the citizens because we know that we need to grow what we eat and eat what we grow.
“We can collaborate with other neighbouring states and other parts of the country to bring all of these produce to Lagos because the population is here.
“For me, it is to continue to encourage the Ministry of Agric and all of their officers, extension workers and project managers to continue to help and hold these farmers, especially in the aquaculture farming, piggery, fishing, poultry and all of the other areas in which we can excel.”
By Dipo Olowookere
On the floor of the Nigerian Exchange (NGX) Limited last week, 3.588 billion shares valued at N195.313 billion exchanged hands in 254,553 deals, higher than the 3.361 billion shares worth N151.948 billion traded in 229,442 deals a week earlier.
Over a quarter of these transactions were centred around the trio of Sterling Holdco, Access Holdings, and Zenith Bank, which specifically accounted for 1.038 billion stocks worth N46.081 billion in 33,067 deals, contributing 28.92 per cent and 23.59 per cent to the total equity turnover volume and value, respectively.
They helped the financial equities to lead the activity chart with 2.498 billion units sold for N94.005 billion in 111,052 deals, contributing 69.62 per cent and 48.13 per cent to the total trading volume and value, respectively.
Services stocks traded 329.034 million units valued at N3.452 billion in 14,050 deals, and energy shares transacted 152.472million units worth N42.511 billion in 19,022 deals.
In the week, 61 equities appreciated versus 25 equities in the previous week, as 36 stocks depreciated compared with 54 stocks of the preceding week, while 49 shares remained unchanged, in contrast to 67 shares of the previous trading week.
Trans-Nationwide Express gained 60.48 per cent to sell for N6.05, Ecobank appreciated by 46.30 per cent to N67.30, Stanbic IBTC rose by 36.63 per cent to N188.55, Royal Exchange improved by 29.37 per cent to N1,85, and Aradel grew by 28.93 per cent to N1,649.00.
On the flip side, Coronation Insurance lost 14.38 per cent to close at N2.50, Ikeja Hotel declined by 14.36 per cent to N33.40, International Energy Insurance shrank by 13.80 per cent to N3.06, Academy Press slumped by 12.57 per cent to N7.65, and Honeywell Flour crumbled by 11.01 per cent to N19.00.
Business Post reports that the All-Share Index (ASI) went up by 6.57 per cent to 217,167.57 points, and the market capitalisation advanced by 6.60 per cent to N139.827 trillion, as the demand for Nigerian stocks soared.
Also, all other indices finished higher apart from the insurance and growth indices, which fell by 0.04 per cent and 0.99 per cent, respectively.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
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