Nigeria: Press spotlights UK’s commitment of $15m to Nigeria’s agric sector, others

APA – Lagos (Nigeria)
The report that the British International Investment has concluded plans to invest $15m in equity into a Singapore-headquartered agricultural commodities trading house, Valency International is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the British International Investment, the United Kingdom’s development finance institution and impact investor, has concluded plans to invest $15m in equity into a Singapore-headquartered agricultural commodities trading house, Valency International.
Announcing this in a statement on Tuesday, BII said that the fund was for the expansion of processing and warehouse infrastructure in Nigeria.
According to the organization, the transaction is subject to regulatory approval and is expected to close in early 2024.
The firm said in addition to its commitment of $15m, BII has the option to invest a further $35m in equity into Valency within two years of completion of its initial investment.
“The support will create up to 2,800 jobs for low-income workers across the country. It will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export. The new Valency facilities, funded by BII will strengthen partnerships with local farmers and processing centers to maximize their output and provide a more stable supply of premium-quality products,” the statement read in part.
The newspaper says that trading activities on the Nigerian Exchange Limited moderated on Tuesday even as the investors gained N130bn at the close of trading.
Both the All-Share Index and the market capitalisation appreciated by 0.33 per cent to close at 71,907.26 basis points and N39.348tn respectively, which marked a consecutive day of positive trading on the local bourse. The year-to-date gain of the ASI rose to 40.30 per cent.
Even as the market continued to trend positively, the volume of traded stocks and the number of deals declined by 14.86 per cent and 7.32 per cent respectively to close at 6,498 deals and 319.56 million units. Meanwhile, the total traded value for the day appreciated by 52.54 per cent to N5.88bn from N3.85bn on Monday.
The sectorial performance revealed a bearish trend as three out of five stocks closed in the red zone. NGX Insurance, NGX Oil/Gas and NGX Industrial Goods indexes declined by 0.49 per cent, 1.03 per cent and 0.01 per cent, respectively.
However, both the Banking and Consumer Goods indices were positive as they advanced by 0.67 per cent and 0.01 per cent, respectively.
At the close of the day, the exchange recorded more losers, 25, than gainers, 24.
Stocks of interest to investors on Tuesday were those of Infinity Trust Mortgage Bank, SCOA, Daar Communications, Royal Exchange and Neimeth as their share prices experienced appreciable gains of 9.79 per cent, 9.46 per cent, 8.82 per cent, 8.47 per cent and 7.89 per cent, respectively.
The stocks that drove the market were primarily tier-1 banking stocks which include Zenith Bank, AccessCorp and Guaranty Trust Holding Company Plc. FCMB’s stocks were also one of the most traded.
At the close of the trading session, Julius Berger emerged as the most actively traded security in terms of volume and value with 42.54 million units worth N1.46bn, across 42
The Guardian reports that the Federal Government, through the Ministry of Solid Minerals Development, and the World Bank, on Tuesday, indicated their resolve to collaborate to unlock financing and technical support for the development of the mining sector.
Speaking during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, World Bank Country Director for Nigeria, Shubham Chaudhuri, expressed satisfaction with the renewed focus on the development of mineral resources by the Tinubu administration, stating that with the preponderance of economically-viable minerals in the country, the sector has the potential to contribute significantly to its gross domestic product (GDP).
Chaudhuri reiterated the readiness of the bank to partner with the ministry to unlock financing for specific intervention areas requiring funding, emphasising that the bank would ensure the effective implementation of projects and that transparency in utilising funds is mandatory.
He added that the bank was not restricted to providing financing alone but also technical assistance to improve mining operations in the country.
Alake, in a statement by its Special Assistant on Media, Segun Tomori, hailed the World Bank team for the visit, commending the institution for spearheading developmental efforts in diverse sectors of the economy.
“The World Bank has been able to redirect focus on developmental issues and projects in countries, especially Nigeria. Just recently, we had the support of the World Bank on palliatives being rolled out after fuel subsidy removal. We had appreciable support from the World Bank.
“I thank you for your involvement in the mining diver project, which, unfortunately, is ending. We look forward to strengthening collaboration, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted,” the minister was quoted.
Shedding light on his vision for the mining sector, the minister said efforts were ongoing to establish efficient governance structures and secure the mining environment.
The newspaper says that President Bola Tinubu has reiterated Nigeria’s capacity to lead Africa’s efforts in reducing greenhouse emissions.
During an op-ed on Cable Network News (CNN), the President disclosed the country’s commitment to achieving the feat in a twenty-year period.
His words: Nigeria has taken significant steps and acted decisively in enacting the Climate Change Act and committing to net-zero emissions between 2050 and 2070.”
Despite the nation’s readiness, Tinubu admitted that as the president of a country of more than 200 million people and also in his role as chair of the Economic Community of West African States (ECOWAS), he presides over a region battling with security threats and socioeconomic challenges.
He continued: “However, challenges persist, as energy and food crises, caused by conflicts in Europe and the Middle East, have weakened the willingness of wealthy nations to cooperate with less developed economies fully.
“This affects the ability of less developed countries to pursue national plans for achieving net zero emissions, even when those plans are detailed and achievable.”
The President, who last month, participated in the COP28 World Climate Action Summit in Dubai, United Arab Emirates, had highlighted steps at collaborative efforts between Nigeria and Germany to reduce gas flaring in the Niger Delta.
GIK/APA