Economy
Tinubu Reiterates Efforts on Food Sufficiency, Local Industries Growth
By Adedapo Adesanya
President Bola Tinubu on Monday reiterated his administration’s determination to ensure food sufficiency and protection of local industries for sustainable economic growth.
He said this at the inauguration of the Niger State Food Security and Agricultural Mechanisation Programme.
The project, an initiative of the Niger State government, is for the deployment of cutting-edge agricultural machinery and technology for large-scale agro-value chain development.
President Tinubu said the event represented another step in the food security and agricultural mechanisation agenda, declaring that Nigeria must enhance its capacity to feed its people and have enough for export.
“We have seen the level of commitment here. We have seen leadership. The success of any leader will depend on the ability to do what needs to be done when it ought to be done.
“It is now time for us to address the challenges and make Nigeria an economy of opportunities.
“We must care for our people; re-orient our people. I do not see why Nigeria cannot feed all students in its schools. I know what it means for roaming cows to eat crops and the vegetation of our land.
“I know it is painful. But when we re-orient the herder and make provision for cattle rearing, we can address that. You are the governors who are to provide us with land.
“I, as President, am committed to providing a comprehensive programme that will solve this problem,” the President said.
He also urged sub-national governments, as an immediate intervention measure, to implement wage awards in their states to complement efforts of the federal government in easing the burden of citizens, pending when the minimum wage is increased.
“I am equally here to partner with you to banish hunger. You are doing the job. And I must support you; it is mandatory as Nigerians.
“Let all the sub-nationals start paying wage awards, pending when the minimum wage is increased. I am not giving an order; I am only appealing. NEC should adopt this,” the President said.
According to the governor of Niger State, Mr Umar Bago, four states— Benue, Kogi, Kwara, and Lagos — had already signed memoranda of understanding on building partnerships for the development of agriculture.
“As we gather to celebrate a good example demonstrated in our modest contribution to infrastructure and agricultural development encapsulated in our New Niger Agenda.
“For us, agriculture is key to addressing the challenges in critical sectors of our economy, and we shall seize every opportunity for the attainment of growth and engender prosperity for the people of our beloved state and by extension our country, Nigeria,” the Governor said.
The Minister of Agriculture and Food Security, Mr Abubakar Kyari, disclosed that the federal government had signed an agreement with the Brazilian Government and German Deutsch Bank Group as financiers of a facility of €995 million for the Green Imperative Programme.
He said that the programme would provide mechanisation hubs across the 774 local government areas in Nigeria when implemented.
“A memorandum of understanding between the federal government and the John Deer Group, a subsidiary of Tata Equipment, was signed.
“The manufacturer has signed to deliver 10,000 units of tractors and implement in tranches of 2,000 units per annum for the next five years.
“The Greener Hope Initiative is another veritable platform the federal government is deploying to change the deficit narrative in the Nigerian agricultural mechanisation space,’’ he said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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