Economy
WACOT Rice Concludes Argungu Outgrower Expansion Programme
By Aduragbemi Omiyale
An initiative of WACOT Rice aimed at enhancing rice production in Nigeria, the Argungu Outgrower Expansion Programme (AOEP), has been concluded, the company has confirmed in a statement.
The scheme was put in place in 2020 by the subsidiary of Tropical General Investments (TGI) Group in collaboration with the USAID-funded West Africa Trade and Investment Hub.
It was to leverage WACOT’s existing outgrower programme to improve the livelihoods of smallholder farmers by providing access to essential agricultural inputs, financing, and training on Yield Enhancement Techniques (YET), and Good Agronomic Practices (GAP).
At the closing of the scheme on Tuesday, February 13, 2024, in Abuja, stakeholders praised WACOT for the initiative, especially for its positive results.
Aside from the provision of support to over 5,000 farmers, notable achievements of the programme include job creation, increased inclusion of youth and women, improved food security, enhanced agricultural yield, sustainable land management, and expanded access to financing, all contributing to the sustainable growth of rice production in Nigeria.
“This programme is laudable as it showcases the potential of Kebbi State. We have a history of rice farming but live in an ever-changing environment where you have to respond to issues relating to climate change and environmental challenges with sustainable, inclusive models that can work.
“This project by WACOT and USAID in Kebbi State has created a successful model that connects effort and opportunity,” the Minister of Budget and Economic Planning and former Governor of Kebbi State, Mr Atiku Bagudu, said.
The incumbent Governor of the state, Mr Nasir Idris, represented by his Chief of Staff, Mr Attahiru Maccido, echoed similar sentiments, highlighting the significant contribution of the outgrower programme to the development of Kebbi State.
“The presence of WACOT and USAID in Kebbi has helped answer various questions and address certain challenges regarding agriculture, and today, we can see over 80% success rate of the initiative.
“The partnership ending today is one that the state is missing already, and work is ongoing to replicate it in other parts of the state.
“This emphasizes the partnership between the private and the public sectors in nation-building. Kebbi state is always ready to provide an enabling environment for companies like WACOT Rice, and you would always find a decent return on investment,” he stated.
The Chairman of WACOT, Mr Farouk Gumel, thanked “our partners on this successful project,” noting that it started at a challenging time in Nigeria, in 2020, when COVID-19 was manifesting its impact.
“Despite the odds, this $10 million initiative was aimed at transforming the lives of 5,000 people over four years, and today we can see the impacts it has made,” he enthused.
On her part, the Mission Director for USAID Nigeria, Ms Melissa Jones, said, “With $1.48 million from USAID West Africa Trade Hub, WACOT Rice successfully leveraged $8.6 million of their funds, demonstrating their commitment to address the challenges faced.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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