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Chevron Nigeria Invested N4.3bn In Agriculture

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Chevron Nigeria Limited invested N4.3bn into Agriculture in the country’s oil rich Niger Delta region

The oil giant, in its 2019 Corporate Responsibility Report on Monday, said the investment was through its Partnership Initiatives in the Niger Delta (PIND).

According to the report, socio-economic and peaceful coexistence of communities in the region are key to Chevron’s success in Niger Delta.

“In 2019, PIND leveraged N4.3 billion in new investments into the agriculture, cassava, cocoa, palm oil , poultry and clean energy sectors , and other agro-allied small businesses from both the government and private sector.

“These investments helped to grow businesses and boost productivity and net income for 33, 892 smallholder farmers and small enterprises.

“They experienced additional income of N13.4 billion and created 8, 582 new jobs in the sectors, thereby reducing poverty, ” it said.

The report said that PIND facilitated practical demonstrations of best agronomic and business practices and efficient technology solutions to 59, 818 farmers and enterprises during the period.

This, it added, enabled them to access finance and varieties of high yielding feed and seed during the year.

The report said 9, 358 fish farmers and processors were also trained on best pond management practices and given financial assistance to increase their production.

“PIND worked with lead sector, firms and agro-dealers to provide training for cassava farmers on improved practices and business skills.

“Cumulatively, three input companies and 35 agro-dealers reached 19, 886 cassava farmers through various outreach initiatives.

“Average yield per hectare increased to 17.4 tonnes from the average of eight tonnes.

“The additional yield contributed to an increased income of N2.7 billion for 20, 807 cassava farmers and created 795 new jobs in the region’s sector, ” the report said.

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Business Edge | Nigeria’s Second Recession

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Business Edge with Joe Hanson discussing Nigeria’s Second Recession In Five Years And Last MPC Of 2020 with Tunji Andrews and Janet Ogunkoya

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Nigerian Stock Exchange Starts Week With 0.04% Loss

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Nigerian Stock Exchange to complete public listing

The domestic equities market on Monday extended its losing streak with the All-Share Index dropping by 0.04 per cent, as the country officially entered recession.

Specifically, the All-Share Index lost 15.04 points or 0.04 per cent to close at 34,121.78 compared with 34,136.82 achieved on Friday.

The index was dragged by profit-taking on major financial services, among which are Zenith Bank, Lafarge Africa, Stanbic and Guaranty Trust Bank.

Consequently, month-to-date and year-to-date gains moderated to 11.8 per cent and 27.1 per cent, respectively.

Similarly, the market capitalisation dipped N7 billion or 0.04 per cent to close at N17.830 trillion from N17.837 trillion posted on Friday.

Market breath closed negative with five gainers in contrast with 46 losers.

Custodian Investment, Ardova, Honeywell Flour Mill, Lafarge Africa, Livestock Feeds and Transcorp led the losers’ chart in percentage terms, losing 10 per cent each to close at N5.85, N13.50, N1.08, N22.05, N1.26 and 90k per share, respectively.

Oando followed with 9.97 per cent to close at N2.89, while Neimeth International shed by 9.96 per cent to close at N2.17 per share.

Conversely, Airtel Africa dominated the gainers’ chart in percentage terms with five per cent to close at N525 per share.

BUA Cement trailed with 4.77 per cent to close at N56, while Dangote Cement rose by 3.42 per cent to close at N199.80 per share.

Nestle Nigeria chalked up 1.82 per cent to close at N1,400, while NEM Insurance appreciated by 0.78 per cent to close at N2.60 per share.

Meanwhile, the total volume of shares traded increased by 64.69 per cent to 568.04 million shares worth N7.33 billion in 8,928 deals.

This was in contrast with 344.90 million shares valued at N4.22 billion exchanged in 6,565 deals achieved on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 79.741 million shares valued at N1.913 billion.

FBN Holdings followed with 72.75 million shares worth N499.58 million, while Access Bank traded 65.74 million shares valued at N520.34 million.

United Bank for Africa traded 46.97 million shares valued at N360.04 million, while Guaranty Trust Bank transacted 37.09 million shares worth N1.27 billion.

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Nigeria Enters Yet Another Recession

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Nigeria has entered its worse recession in a decade; this follows the announcement by the Nigeria Bureau of Statistics over the weekend. The CEO, TrustBanc Asset Management Limited, Oluwaseun Adesoye explains the developments.

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