The Nigerian agricultural sector is set to witness a huge growth, as Heritage Bank Plc the lead settlement bank for Gezawa Commodity Market (GCMX) has collaborated with key stakeholders to revolutionise agricultural value-chain, aimed at providing fully integrated ecosystem for commodity Exchange.
Heritage Bank was appointed as the Lead Settlement Bank and Transaction Adviser to the Gezawa Commodity Market and Exchange Ltd and Memorandum of Understanding (MoU) was signed between the two firms, whilst over 10, 000 farmers in 3000 cooperatives in the 44 local governments of Kano States were hosted.
The partnership between Heritage Bank and the Exchange would facilitate the ease of agro commodity trading in a more structured way, especially with the closeness to the Dawanu, the largest grain market in Africa.
The MD/CEO of Heritage Bank Plc, Ifie Sekibo, who was a panelist at the 2nd GCMX Farmers’ Cooperative Forum in Kano at the weekend, stated that the partnership is targeted to de-risk the sector that would bring about structured and enhanced agro-business and attain food security that leads to economic development.
Sekibo, who was represented by the Executive Director, Jude Monye explained that the partnership which would help bridge the huge gap associated to risk, will fast track effective price discovery mechanism and traceability and enhanced trade settlement services.
Specifically, the bank’s helmsman stated that under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Heritage Bank would provide on-lending funding to aggregated farmers in the 2020 farming season to grow various products that will serve as raw materials to the processors, thereby ensuring market linkages and access to the market as well as reduce importation and conserve Nigeria’s external reserves.
According to him, with its assigned position Heritage Bank would play a pivotal role in ensuring that there would be an effective and readily available platform for market linkages among players in the agribusiness value chain, involving FMCGs, warehouse operators, collateral managers, processors, farmers’ cooperatives to transact in a seamless way that guarantee quality, quantity, payment and delivery.
Speaking the event, the ED/CEO of Nigerian Export Promotion Council (NEPC), Segun Awolowo affirmed that the initiative would help foster diversification of non-oil export trade.
He, however, stated that NEPC would ensure that the primary for the signing of the MoU would be achieve, whilst calling for the need to ensure adequate and seamless supply of agricultural commodities for the business to be sustainable.
The Gezawa Project Consultant, Binchang Binfa, Managing Director of Makarios Global Resource, disclosed, “the ultimate goal was to unlock the vast potential of agricultural value chain via partnerships and synergy with likeminded enterprises, organisations and institutions that will mutually create wealth, generate local employment and contribute significantly to the economic growth and GDP the nation.”
He stated that the Exchange would provide services on price discovery and transparency, increase foreign exchange earning capacity, commodity storage and warehouse receipt system, employment generation of 15, 000 direct and indirect jobs, investment opportunities, increase in non-oil export, ease of doing business, weather report, soil test report, as well as 24/7 online trading of commodities on alive trading platform.
Stock market gains N15bn on MTNN price rally
The key market indices of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.12 per cent following price appreciation achieved by MTN Nigeria Communications.
The News Agency of Nigeria (NAN) reports that MTN Nigeria Communication dominated the gainers’ table with N1.10 to close at N16.10 per share.
Vitafoam Nigeria followed with 26k to close at N3.85, while International Breweries added 25k to close at N3.85 per share.
GlaxosmithKline gained 20k to close at N4.80, while PZ Cussons appreciated by 15k to close at N4.50 per share.
Consequently, the All-Share Index which opened at 24,276.56 rose by 29.80 points or 0.12 per cent to close at 24,306.36.
Also, the market capitalisation of listed equities inched higher by N15 billion or 0.12 per cent to N12.679 trillion from N12.664 trillion achieved on Thursday.
On the other hand, Guaranty Trust Bank topped the laggards’ table, dropping 30k to close at N22.45 per share.
United Bank for Africa trailed with a loss of 15k to close at N6.25, while Zenith Bank lost 5k to close at N16.70, per share.
ABC Transport dipped 5k to 51k, while FBN Holdings also declined by 5k to close at N5.20 per share.
An analysis of the activity chart indicates that Sterling Bank was the most active, exchanging 17.66 million shares valued at N22.63 million.
Zenith Bank followed with an account of 7.47 million shares worth N47.06 million, while Transcorp sold 7.41 million shares valued at N4.69 million.
Fidelity Bank exchanged a total of 6.20 million shares worth N11.11 million.
In all, the volume of shares traded closed lower with an exchange of 131.63 million shares valued at N899.49 million in 3,044 deals.
This was in contrast with 192.08 million shares worth N2.47 billion exchanged hands in 3,833 deals on Thursday.
EKEDC warns against tampering with meters
Ekiti Cargo Airport to be ready in 18 months
Ekiti Government has said the ongoing construction of the Cargo Airport at Ipogun in Irepodun/Ifelodun Local Government Area would completed in 18 months.
Mr Bunmi Awotiku, the Special Adviser to the Governor on Airport Project, said this when Ekiti House of Assembly Committee on Works and Transport visited the site on Friday at Ipogun.
The News Agency of Nigeria reports that the project started in October 2019.
The Chairman of the House Committee, Chief Olugboyega Aribisogan, said that the airport was a timeless legacy, which would enhance the rapid transformation and development of the state.
Aribisogan, accompanied by other committee members, said they were at the site to examine the level of work done on the project.
The chairman assured that the Assembly would give necessary legislative support to the state Executive to enable it deliver the dividend of democracy to the people of the state
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