Economy
We Must Avert Civil Unrest Caused by Food Insecurity, Poverty—Nanono
By Dipo Olowookere
The Minister of Agriculture and Rural Development, Mr Mohammad Sabo Nanono, has stressed the need for Nigeria to avert civil unrest caused by food insecurity and poverty.
He said this has become very important as a result of the population growth rate of the nation, which he said was not at par with the agricultural productivity rate.
According to him, there must be a balance between the two as Nigeria, which reportedly has a population of over 200 million, is projected to have 450 million people in the year 2050.
While speaking at the unveiling of Sampea-20T cowpea seed to farmers in Kano on Tuesday, June 29, 2021, the Minister described an increase in agricultural productivity as the key determinant for socio-economic transformation.
He noted that an improvement in agricultural productivity can take millions of people out of food insecurity and low-income status to food secured and improved living standards.
Mr Nanono, who was represented by the Executive Secretary of the Agricultural Research Council of Nigeria (ARCN), Prof. Garba Hamidu Sharubutu, said agriculture has the capability to transform Nigeria’s economy to meet the growing demands for food, nutrition, industry and jobs.
He expressed happiness over the presence of stakeholders in the agricultural sector at the event, noting that “your presence here today and your commitment to this project is a testament to the vision you share for Nigeria that ‘grows more food and grows better food.”
The Minister said the event was a result of the outstanding 10-year collaborative research effort aimed to address the persistent insect pest damage to cowpea, which is estimated to have caused 20-80 per cent yield losses in cowpea.
The development and release of Pod Borer Resistant variety of cowpea (Sampea 20T) address this problem in a sustainable way, he said.
“I have been reliably informed that during the 2020 cropping season, on-farm demonstration trials of SAMPEA 20-T were conducted in 28 sites across Adamawa, Bauchi, Kaduna, Kano, Katsina, Zamfara, Kebbi, and Plateau states,” he added.
According to him, farmers who participated in the trials confirmed the agronomic superiority of Sampea-20T and the high yield performance of this variety resulted in high demand for seeds by farmers.
This discovery, he said, has keyed perfectly into our desire to promote quick or early maturing crops in order to best the effect of the COVID-19 pandemic so as to promote large scale stable food production.
Mr Nanono emphasised the need for a steady supply of quality seed of this variety to the overwhelming farmers, stating that, “This is because farmers buy seeds for the perceived benefits of higher yield, secured market and resistance to pests, which Sampea 20T provides all.”
He further called on quality assurance at all levels of seed multiplication from the breeder to certified seeds and developed an effective marketing and distribution strategy that will ensure the seeds reach each and every prospective farmer.
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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