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UN launches $9 million food security project

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  • As Lagos, FCT, Delta owe domestic creditors N683.16bn

The United Nations (UN) on Tuesday launched a nine million-dollar food security project in Kaduna State to improve the livelihood of farmers in the state.

Briefing newsmen in Abuja on Tuesday, Mr Edward Kallon, the UN Resident and Humanitarian Coordinator, said that the project known as “Food Africa’’ was to ensure improved nutrition and food sufficiency in the country.

Kallon said the project was an innovative approach aimed at revamping the food sector to create new jobs for young people, increase farmers’ revenue, improve productivity, enhance nutrition and reduce food loss through the adoption of more sustainable production practices.

He said that the project would be implemented in partnership with various UN agencies, including the UN Sustainable Development Goals Fund ( UN SDG-F ) and the Food and Agriculture Organisation ( FAO ).

He said that the other facilitators of the project included the Sahara Group, the International Labour Organisation ( ILO ), the Roca Brothers and the Kaduna State government, among others.

According to him, Nigeria is currently facing food insufficiency due to factors such as reliance on rain-fed agriculture, increase in food prices and climate change.

Kallon said that the private sector was the engine room for actualising the SDGs, adding that collaborations between the government, private sector and UN agencies would facilitate efforts to achieve the targets of the project.

“A growing population comes with a growing demand for food. To feed this expanded population nutritiously and sustainably, much more efforts and innovation are needed to make substantial improvements to the food system,’’ he said.

Also speaking, Ms Paloma Duran, the Director of UN-SDGF, said that the project would target, train and involve no fewer than 4,000 farmers in Kaduna State.

Duran noted that the project commenced with the training of 50 farmers, including young women and men in agriculture, using a train-the-trainer approach.

“Some of the priorities of this project are food security and nutrition as well as inclusive economic growth; and it will last for three years,’’ she said.

Mr Suffyan Koroma, the FAO Country Representative, said that the project would target food preservation techniques, especially in the tomato value chain.

He said that the project would help to promote sustainability and replicable integrated solutions to agro-food value chain development, youth employment and poverty alleviation issues.

Dr Abdukadir Kassim, the Permanent Secretary, Kaduna State Ministry of Agriculture and Forestry, commended the UN agencies for choosing the Kaduna as the pilot state for the project.

He said that the training of the 50 farmers was apt, adding that the state government was interested in improving the livelihood of its citizens to ensure increased food production.

He said that the state government’s agricultural schemes had impacted significantly on about 70 per cent of its farming population because of the fact that there was no better security than food security.

Kassim said that the state government would support agencies and partners whose target was to promote the agricultural potential of the state.

“The training of the farmers in Kaduna has confirmed the fact that the UN is supporting agricultural programmes in the country.

“Any programme aimed at improving the livelihood of the people will be welcomed by the government,’’ he added.

Mr Tonye Cole, the Executive Director of the Sahara Group, said that the project would be replicated in other states of the country and across Africa to achieve food security.

Food Africa project focuses on identifying and testing a replicable model in Kaduna State, with a view to scaling up the programme in other countries in Sub-Saharan Africa.

In the meantime, Lagos and Delta states and the Federal Capital Territory Administration are the most exposed to domestic creditors, statistics obtained from the Debt Management Office have shown.

The statistics contained in the 2016 Annual Report of the DMO showed that the combined domestic debts of the two states and the FCTA stood at N683.16bn as of the end of September 2016.

The DMO had helped the states to build their capacity in managing and reporting their debt commitments to various bodies, including banks and foreign institutions. They are also required to report their debts to the DMO on a quarterly basis.

Analysis of the debt data shows that nine states of the federation owe domestic creditors a total of N1.5tn. This represents 53.15 per cent of the country’s total subnational domestic debt of N2.82tn as of September 2016.

The states are Lagos, Delta, Osun, Akwa Ibom, Rivers, Bayelsa, Cross River, and Oyo, as well as the FCT.

On an individual basis, Lagos State owed N265.77bn to domestic creditors as of September 2016. This represents 9.41 per cent of the combined domestic debt of the states and the FCT.

Lagos was followed by Delta State, with a domestic debt of N237.79bn, representing 8.42 per cent of the subnational domestic debt.

In the third position was the FCTA, with a domestic debt status of N179.55bn, representing 6.36 per cent of the country’s subnational domestic debt.

Osun followed with a domestic debt status of N149.09bn, representing 5.28 per cent; while Akwa Ibom State had a domestic debt of N147.58bn, representing 5.23 per cent of the country’s subnational domestic debt.

Rivers State had a total of N142.42bn in domestic debts. This represents 5.05 per cent of the total subnational domestic debt. Bayelsa, on the other hand, had a domestic debt status of N130.81bn, representing 4.63 per cent of the nation’s subnational domestic debt.

Cross River had a domestic debt of N127.38bn, representing 4.51 per cent of the subnational domestic debt; while Oyo had N119.97bn, representing 4.25 per cent.

Thus, among the six states that make up the South-South geopolitical zone, only Edo, with a domestic debt of N45.03bn, was not among the states with more than N100bn. Our correspondent, however, reported that Edo was among the states with the heaviest burden in foreign debt exposure.

Anambra State had the least exposure to domestic creditors. As of September 2016, its domestic debt stood at N4.04bn, representing 0.14 per cent of the country’s subnational domestic debt.

Other states with low exposure to local creditors include Yobe, with N13.72bn; Jigawa, N19.01bn; Katsina, N22.11bn; Sokoto, N22.85bn; Borno, N25.7bn; and Ebonyi, N27.98bn.

Domestic debts in the country attract high interest charges. The Federal Government recently sought an alternative domestic debt route by raising N100bn from the Islamic sukuk bond for road infrastructure development. The bond does not attract interest charges, but bond holders are entitled to a share of the profit.

Nation with additional report from Punch

Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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