Economy
WASIL, BIF Partner to Boost Production of Grains
By Dipo Olowookere
A Memorandum of Understanding (MoU) has been signed between the West African Soy Industries Limited (WASIL), a member of WACOT/TGI Group, and Business Innovation Facility (BIF).
The deal is aimed to improve the productivity of Maize and Soy farmers in a replicable manner in Nigeria.
With the signing of the MOU, BIF will provide WASIL with technical assistance in realizing its objectives.
Identified areas of collaboration include data capturing and building data base of farmers and cooperatives in Maize & Soy.
While WASIL/WACOT is expected to provide its current database of existing cooperatives which had been formed earlier, BIF will support the Group in designing a pre-assessment survey form to assess the farmers’ socio –economic conditions, determine the sample size and assist with getting the same administered on ground.
BIF will also provide the required Information Technology (IT) support and database software and trained field staff to conduct registration of 15,000 new farmers while also conducting farm mapping and re-validation of database of farmers collected by WASIL staff and provide continuous supportive supervision.
It will also support the process of farmer training needs assessment on field, review and fine-tuning of Yield Enhancement Technique training resources and other training and development tools.
Support the production of promotional materials required for provision of Field Extension Services to the member farmers and the dissemination crop calendar related Information to farmer members on a regular basis (through ICT if possible).
BIF will also support in the establishment of Demo Plots to transfer Best Practices to member Farmers and the execution of Farmer Field Days (at least 2 field days) during the Growing Season for the member farmers
General Manager in charge of Corporate Affairs at TGI Group, Mr Sadiq Kassim, stated that, “WASIL is currently working with the Federal Ministry of Agriculture & Rural Development and the Central Bank of Nigeria (CBN) under the Food Security Programme of the Federal Government to improve the productivity of maize and soy farmers in a replicable manner.
“The company has commenced the setting up of a large oil milling facility in Nigeria which will provide off-take of Soybeans from out-grower farmers while its affiliate company, CHI Farms will procure maize for its feed milling activities from the out-grower farmers as well.”
“The WASIL is targeting to reach 14,000 farmers in Katsina and 1,000 farmers in Kaduna State in both maize and soy value chains making a total of 15,000 farmers during the current cropping calendar,” Mr Kassim added.
Also speaking on the agreement, Managing Director of WACOT Limited, Mr Ujwalkanta Senapati, disclosed that WASIL and BIF, through the collaboration, will create new farmers’ associations and cooperatives alongside expansion of existing cooperatives.
It will also facilitate the involvement and support of relevant public agencies and state governments in formation and registration of cooperatives and Self Help Groups.
The MoU will further ensure inclusion of registered farmers into the National Farmers Database and also conduct a joint exercise to mobilize and strengthen farmer cooperatives in areas such as conflict resolution, group functioning, record keeping, etc.
Continuing, Mr Senapati further disclosed that the agreement includes training and capacity building for maize and soy farmers. In this area, WASIL will assistant BIF in setting up a project office in Funtua, Katsina State, while BIF will provide Soy and maize crops’ experts as resource persons to develop manuals and training resources for the farmers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
