Economy
Strong Yield Increases Excite Senegalese Farmers
By Modupe Gbadeyanka
Syngenta Seedcare program for smallholder farmers in Senegal has led to impressive yield increases for pearl millet (1.2 t/ha, +40%), sorghum (1.1 t/ha, +86%), maize (2.7 t/ha, +101%), irrigated rice (9.4 t/ha, +11%) and rain-fed rice (2.0 t/ha, +33%).
The achievements from year one of the APRON®Star project in Senegal are one of the focus of Syngenta’s participation in the African Seed Trade Association (AFSTA) Congress 2017, taking place this week in Dakar, Senegal.
At the AFSTA Congress, Syngenta will be showcasing results and learnings from its partnership with the Scaling Seeds and Technologies Partnership, funded by the U.S. Agency for International Development (USAID), being implemented by the Alliance for a Green Revolution in Africa (AGRA) to help strengthen food security and farmer livelihoods in Senegal. The company will also host a Seedcare workshop with one of the sessions dedicated to how to grow more food using fewer resources.
As one of the world’s top food importers, rising food prices are a central issue in Senegal. According to the United Nations World Food Programme, 50% of the Senegalese population are food insecure. Smallholder farmers in Senegal face periodic drought and flooding, which have, over time, degraded and eroded soil, making it challenging to meet domestic food demand and safeguard the livelihoods of Senegalese people. Improved access to quality seeds and inputs, and complementary technologies such as seed treatment, is seen as an important accelerator to increase smallholders’ productivity and improve the livelihood for rural communities in Senegal.
In early 2016, Syngenta launched the APRON®Star seed treatment project in Senegal, as part of its Good Growth Plan commitment to sustainable agriculture. The two-year project is supported by SSTP and aims to improve access to high quality seed and seed treatment technology, training on most effective and safe uses and raising awareness of benefits for yield increase.
“We believe a thriving agriculture sector is vital to empower smallholders and foster vibrant rural communities in Senegal – and beyond,” said Thomas Peyrachon, Head of Business Development for Global Seedcare at Syngenta. “Syngenta is committed to helping transform the yields of smallholder farmers at scale in a way that creates value for all in a sustainable way. The APRON®Star project is just one example of our commitment to improving farmers’ productivity and income across the region”.
To date, Syngenta and its local distribution partner RMG Concept Limited have jointly conducted pilot programmes for key crops, including maize, millet, rice, peanut and sorghum, and reached more than 15,000 farmers, a third of which are women, with training on seed treatment and the safe use of crop protection products.
The results have been extremely encouraging, leading to significant yield increases for farmers.
Additionally, the project has sponsored the development of a Center of Excellence (CoE) in Matam to ensure better access to treated seeds through local seed companies and new retailer network.
Having piloted the model in Senegal with promising results, Syngenta and its partners are focusing on increasing the distribution of APRON®Star and making treated seeds available to more farmers in Senegal and other countries.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.
This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.
The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.
On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.
Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.
FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.
By Adedapo Adesanya
Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.
But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.
As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.
Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”
The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.
The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.
Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.
Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.
This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.
On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.
As pledged in the campaign, the executive order follows the declaration of a national energy emergency.
The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”
This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.
President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.
The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.
The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.
On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.
In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.
However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.
Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.
Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.
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