Connect with us

Economy

Wheat Farmers Decry Exclusion from Anchor Borrowers’ Programme

Published

on

Wheat Farmers

By Ahmed Rahma

Members of the Wheat Farmers Association of Nigeria (WFAN) have called on the federal government to include them in the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN).

Chairman of the group, Mr Salihu Muhammad, while speaking at the National Wheat Farmers Field Day held recently in Kano, lamented that the exclusion of the 200,000 registered members of WFAN has negatively affected wheat production in the country.

He revealed that the developmental drive of the association has introduced the Durum wheat variety, one of the most cultivated varieties of the crop, and engaged the services of experienced seed scientists to accelerate wheat production in the country.

According to him, over 30,000 farmers have been trained and equipped through a joint effort of one of Olam’s agribusiness and food conglomerate strategic business units, Crown Flour Mill (CFM), as well as Flour Miller’s Association of Nigeria (FMAN) and the federal government; in a bid to deepen the national agricultural extension scheme, especially in the wheat segment.

ALSO READ  Nigeria’s Inflation Eases to 17.78% in Feb 2017

Commenting on how this has supported growth in the agricultural sector, the Managing Director of Crown Flour Mill Limited, Mr Ashish Pande, stated that as a member of FMAN, Crown Flour Mill was committed to improving wheat production through adequate financing and research in the country.

He added that the agribusiness conglomerate’s wheat development effort has led to the execution of several well-coordinated capacity building initiatives which include bringing local wheat farmers up to speed with innovative wheat farming practices.

Mr Pande explained, “We wish to get new technologies in Nigeria to further build on the wheat initiative. We look forward to partnering with organizations across the wheat value chain to improve farmers’ yields through high-quality seeds, expanded extension services and improved access to irrigation.”

ALSO READ  Lagos Registers 400 Money Lenders, 10,000 Churches, Mosques

Also present, the Minister of Agriculture and Rural Development, Mr Sabo Nanono, explained that the federal government prioritises the agricultural extension programme considering its implication on national agricultural productivity ad food security.

Mr Nanono said the federal government is targeting 70,000 workers, adding that 30,000 of them had completed the training that is designed to expose them to modern farming techniques, fertilizer and chemical application.

According to him, the agricultural development effort would encourage the development of small-scale wheat processing mills to make wheat flour and other wheat products available in the market.

He explained that encouraging wheat production and processing would go a long way to boosting food security and economic growth.

ALSO READ  FG Raises Import Tariff on Tomato Paste to 50%

Wheat is a popular ingredient in Nigerian households, and it is critical to feeding the over 200 million strong national population.

Wheat is milled into flour which is then used to make staple foods such as Semolina, noodles, bread and biscuits. These staple foods are eaten by a larger portion of the population.

However, with 420,000 tons of wheat produced in Nigeria in 2020, according to data by the Federal Ministry of Agriculture and Rural Development, the country is still far from reducing the huge gap between its wheat production and national consumption demand levels of about 5 million metric tons annually.

Therefore, the present coordinated actions and growing achievements of CFM and other millers within FMAN, the federal government and the state governments are steps in the right direction.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

Click to comment

Leave a Reply

Economy

11 Plc Joins NASD Exchange, Trades at N215 Per Unit

Published

on

11 Plc

By Dipo Olowookere

An energy company, 11 Plc, formerly known as Mobil Oil Nigeria Plc, has joined the NASD over-the-counter (OTC) Securities Exchange.

The firm joined the NASD Exchange on Friday, June 18, 2021, after it voluntarily delisted its stocks on the Nigerian Exchange (NGX) Limited last month.

Business Post gathered that when 11 Plc was admitted into the unlisted securities market, it was allotted the trading symbol, SD11PLC, and its securities were listed at N215 per unit.

Recall that in February 2021, Business Post reported that 11 Plc would trade its shares on the NASD platform after it exits the country’s main stock exchange.

ALSO READ  FG Signs MoU On Dairy Sector Development

The energy firm had explained that it was leaving the NGX to “focus on revenue generation, consider strategic opportunities, alliances and collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the exchange must adhere to.”

Before leaving, it offered shareholders who intend to sell their stake in the firm N213.90 for each of the unit held by them, noting that this amount was reached because it was the price shares of the company were sold at the exchange six months preceding the notice of the Annual General Meeting (AGM) of 2020, where the decision to delist was agreed.

ALSO READ  European Stocks Close Mixed Ahead of Bank of England Policy Meeting

At the close of business on Tuesday, February 9, 2021, shares of the company traded flat at N228 per unit. The firm had shares outstanding of 360,595,262 and a market capitalisation of N82.2 billion.

“The interest of dissenting shareholders shall be bought by the company for a consideration of N213.90 per ordinary share, being the highest price at which 11 Plc shares have traded, six months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the NSE,” 11 Plc had said.

ALSO READ  T-Bills Market Yields Shed 0.05% as Investors Await Wednesday's Auction

In a related development, the NASD OTC Exchange has also admitted Capital Bancorp Plc on its trading platform. The company also joined last Friday.

Capital Bancorp, which offers financial services, was given the trading symbol SDCBANCO and was listed at N3.83 per unit.

This brings the total number of companies on the trading exchange to 41. The OTC platform was created for securities that are not listed on any other securities exchange, providing a secure regulated platform for investors to trade on them.

Continue Reading

Economy

Unlisted Securities Suffer 0.01% Loss in 24th Trading Week

Published

on

Unlisted Securities Traders

By Adedapo Adesanya

Investors suffered a marginal loss of 0.01 per cent at the 24th trading week of 2021 on the floor of the NASD Over-the-Counter (OTC) Securities Exchange.

This reduced the NASD Unlisted Security Index (NSI) by 0.07 points to close the week at 746.12 points in contrast to 746.19 points of the previous week.

Also, the market capitalisation of the unlisted securities ecosystem went down by N0.05 billion to N530.35 billion from N530.4 billion it closed in the preceding week.

The decline witnessed in the four-day trading week was buoyed by two equities; Nigerian Exchange (NGX) Group Plc and Central Securities and Clearing System (CSCS) Plc.

ALSO READ  European Stocks Close Mixed Ahead of Bank of England Policy Meeting

NGX Group lost 3.1 per cent to close the week at N19.28 per unit compared with the previous N19.89 per unit, while CSCS went down by 0.01 per cent to close at N17.99 per share in contrast to N18.00 per share it ended the preceding week.

During the week, the volume of stocks transacted by investors decreased by 21.03 per cent to 11.8 million units from 14. 9 million units of the previous week, while the value of shares traded went down by 20.13 per cent to N240.4 million from N301.0 million recorded a week earlier, with the number of deals going down by 18.4 per cent to 124 deals from 152 deals of the previous week.

ALSO READ  T-Bills Market Yields Shed 0.05% as Investors Await Wednesday's Auction

The most active security by value in the week was NGX Group with the sale of N205.1 million. It was trailed by CSCS Plc with N26.4 million, Nipco Plc with N8.4 million, FrieslandCampina WAMCO Nigeria Plc with N497,202 and VFD Group Plc with N114,484.

Also, NGX Group was the most traded stock by volume last week with 10.3 million units. CSCS Plc traded 1.4 million units, VFD Group Plc exchanged 1.1 million units, Nipco Plc transacted 120,050 units, while UBN Property Plc traded 7,000 units.

ALSO READ  FG Raises Import Tariff on Tomato Paste to 50%

On a year-to-date basis, investors have traded 395.4 million securities worth N8.6 billion in 2352 deals.

Continue Reading

Economy

Weekly Investment in Equities Shrinks to N10.4bn

Published

on

equities Investment Strategy

By Dipo Olowookere

Investment in equities in Nigeria shrank last week following the public holiday declared by the federal government last Monday to mark June 12 Democracy Day.

Data from the Nigerian Exchange (NGX) Limited showed that in the four-day trading week, investors only traded 981.2 million shares worth N10.4 billion in 15,001 deals as against the 1.1 billion shares worth N12.8 billion transacted in 17,854 deals the preceding week.

If not for the holiday, the turnover would have increased in the week as market participants traded an average of 245.3 million stocks worth N2.6 billion in 3,750 deals.

Business Post observed that Zenith Bank, Sterling Bank and Wema Bank accounted for 265.7 million units valued at N2.5 billion in 2,742 deals, contributing 27.08 per cent and 23.60 per cent to the total trading volume and value respectively.

ALSO READ  NCDMB to Complete Second Bayelsa Oil and Gas Park July

Also, financial stocks accounted for 695.8 million units worth N5.2 billion in 8,616 deals, contributing 70.92 per cent and 49.86 per cent to the total trading volume and value respectively.

Consumer goods shares followed with 75.9 million units worth N1.2 billion in 2,263 deals, while conglomerates equities recorded 67.4 million units worth N367.3 million in 612 deals.

A total of 38 equities closed on the gainers’ chart in the week, higher than 35 equities of the previous week, while 25 stocks finished on the losers’ log, lower than 36 stocks of the preceding week, with 93 shares closing flat, higher than 89 shares of the prior week.

ALSO READ  Nigeria’s Inflation Eases to 17.78% in Feb 2017

Berger Paints was the highest price gainer, appreciating by 14.93 per cent to trade at N7.70. Lasaco Assurance gained 10.29 per cent to sell for N1.50, Champion Breweries increased by 10.00 per cent to quote at N1.98, Morison Industries went up by 9.68 per cent to trade at N1.36, while Red Star Express gained 8.06 per cent to sell for N3.35.

On the flip side, UAC Nigeria closed the week with the highest week-on-week loss of 11.01 per cent to trade at N9.70.

ALSO READ  Airtel Pulls Out of 9Mobile Sale, Two Others Likely to Join

Airtel Africa lost 10.00 per cent to close at N753.30, Abbey Mortgage Bank fell by 9.52 per cent to trade at 95 kobo, Consolidated Hallmark Insurance reduced by 9.46 per cent to 67 kobo, while Okomu Oil dropped 9.44 per cent to quote N105.50.

At the close of transactions for the week, the All-Share Index (ASI) and market capitalisation depreciated by 1.30 per cent to close at 38,648.91 points and N20.143 trillion respectively.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: