NALDA To Crash Maize, Rice Prices Across Nigeria

*Commences Harvest From Farm Estates The National Land Development Agency (NALDA) is set to crash the price of maize and rice as it commences crop harvest from its farm estates across Nigeria. The Agency has farm estates across Nigeria has achieved tremendous success in both farms built and run solely by the agency and in collaboration with private and public institutions across the six geopolitical zones. Harvesting, bagging and storing of rice and maize are currently ongoing in Niger, Nasarawa, Benue, and Oyo states. The agency targets 150 metric tons of maize while the faro 44 and 59 rice cultivated at Nasarawa state is expected to yield over 300 metric tons of paddies. Harvesting and bagging have also ongoing in the NALDA-cultivated 150-hectare rice farm in Gboko, Benue State. According to the agency, it is anticipated that the harvests will boost Nigeria’s grain supply (rice and maize), which will have a big effect on the value chains. Evidence from states during the media tour of harvest activities at farm sites showed that the harvests will help to reduce the gap in domestic production and supply of rice and maize. Speaking with journalists, NALDA Executive Secretary, Prince Paul Ikonne, said the harvest will be released into the markets immediately as it would greatly assist in cushioning the effects of high food prices. In Bauchi State, maize harvest is ongoing at the well-equipped NALDA farm estate located at Galambi. Although the overall land area is 500 hectares, 50 hectares were cultivated due to a 15-day rain delay and a late start to activities. The farm is equipped with four tractors, two maize threshers, planters, boom sprayers, maize harvesters, and a finished grain warehouse. The Bauchi State Coordinator for NALDA is Jalaludeen Muhammad Mu’Azu. said that the NALDA farm will boost significant production in the area because no farms in the state possessed such machinery. Head, Department of Engineering, at NALDA, Engineer Owolabi Matthew Olusegun, speaking with journalists about the level of mechanisation on the farm expresses joy at the level of impact the harvest will have on the Nigeria economy. “This is what we have been preaching, and it is proof that Nigeria is capable of doing so, as you have witnessed firsthand at NALDA Farm. With this, you can see how much labour we have removed, how much drudgery has been eliminated, and how the entire process has been streamlined. “We are therefore appealing to the federal government to invest more in NALDA. We are ready to replicate this farm all over the country. With this we can increase the acreage to ensure that we get food self-sufficiency. We can do it and we are doing it,” he said. According to Mu’Azu, the crop’s success has already piqued the interest of farmers in the surrounding farming communities. He explained that the entire farm operation was entirely mechanized, from harrowing to planting to spraying fertilizer with a 400-litre capacity boom sprayer and machinery for weeding and harvesting. According to him, “we have just started our harvest and you know this is the first time we are farming here. From the stories that we heard from people, there is a particular place they showed us that since they came here 40 years ago, they have never seen maize production that can be compared to our own.”

Airtel launches 5G service in Lagos, 3 other cities

Airtel Nigeria has joined MTN Nigeria and Mafab as the telecom giant officially launched services riding on the fifth generation (5G) technology in Lagos, Ogun, Rivers and the FCT. The launch brings to three the total number of operators offering services on the technology which promises to deliver super-fast data services and redefine services in other sectors of the economy including medicine, agric, and others. MTN Nigeria pioneered the launch of the service which was followed by Mafab Communications. Chief Commercial Officer at Airtel Nigeria, Femi Oshinlaja, said 5G services will be available in four major cities of Abuja, the Federal Capital Territory, Lagos, Ogun and Rivers States, adding that services would be extended to other parts of the country subsequently. Airtel Nigeria, acquired the fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million in January 2023. The telco purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”. Chief Executive Officer (CEO), Airtel Africa, Segun Ogunsanya, said Nigeria is a market with enormous potential for future growth in mobile services. He said investment in new technologies and local infrastructure to enable “this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country”. In 2021, Airtel dropped out of the bidding process for 5G deployment while MTN and Mafab Communications emerged as winners of the 5G spectrum auction. However, in October 2022, the NCC put up another two slots in the 3.5GHz spectrum band for auction, to boost deployment of 5G services in Nigeria. NCC, in December 2022, confirmed Airtel as the sole bidder of the 5G licence after a payment of $27.36 million as an intention-to-bid deposit (IBD). In December 2021, after 11 rounds of bidding that lasted for eight hours, Mafab and MTN Nigeria emerged as the two successful winners of the 3,5gigahertz (GHz) spectrum auction for the deployment of 5G technology in Nigeria. Equity market opens week positive, gains N7bn Local equity market Monday opened on a positive note; gaining N7 billion amid investors profit taking activities. Market capitalisation of listed equities increased by 0.02 per cent to N32.133 trillion from N32.126 trillion reported the previous day.The NGX All Share Index also appreciated by 13.89 basis points to 59014.85 points from 59000.96 points it closed on Friday. Activities in the market were boosted by selloff in the shares of Jaiz Bank, Sterling Bank, GTCO Plc, UBA and others. A review of the investment during the day showed that Tantalizer and Universal insurance led gainers table during the day, gaining 10 per cent each to close at N0.22 per cent and N0.22 per cent respectively. Unuty Bank followed with a gain of 9.80 per cent to close at N1.12 per share, Mutual Benefits Assurance added 9.76 per cent to close at N0.45 per unit, FTN cocoa increased by 9.63 per cent to close at N1.48 per share. On the contrary  EllahLakes recorded the highest loss during the day with a drop of 10 per cent to close at N1.04 per share, JohnHolt trailed with a loss of 9.57 per cent to close at N1.80 per shares, Omatek and Regal insurance fell by 7.14 per cent each to close at N0.26 and N0.39 per share respectively. Volume of trades increased by 270.538 million, representing 43.47 per cent as Investors traded 892.954 million shares valued at N11.147 million in 9274 deals against 622.416 million shares valued at N6.510 billion in 9417 deals. Transactions in the shares of Jaiz Bank led activity during the day with 139.891 million shares valued at N244.317 million, Sterling Bank followed with 105.543 million shares worth N311.106 million, Universal insurance traded 95.115 million shares cost N19.253 million, GTCO Plc