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Capital Market Loses N145bn In November

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The Nigerian Stock Exchange recorded a total loss of N145 billion on equities at the close of trading activities in November, blaming poor financial results of quoted companies on the downturn.

The market value of the 215 listed equities which opened the month at N5.143 trillion closed on the last trading day of November at N4.998 trillion, accounting for 65 per cent of the total market capitalisation of the 300 quoted securities, valued at N7.7 trillion.

Also, the Exchange All-Share Index (ASI), which opened at 21,804.69 closed at 21,010.29. This shows a decline by 794.40 points or 3.64 per cent during the month compared to decline by 260.31 points or 1.2 per cent in October. Compared with an opening value of 31,450.78 on December 31, 2008, the year-to-date decline in the NSE ASI stood at 33.2 per cent.

The Information Department of the stock exchange explained that most companies performed below expectation because the “harsh operating environment” continued to hamper their operations. It added that “the gloomy economic outlook so far in 2009 affected the quarterly results of some quoted companies.

Consequently, stock market indicators recorded downward movements. The stock exchange further explained that the stock market recorded a monthly negative return of 5.32 per cent on a dividend-adjusted basis, a reversal from the positive 0.35 per cent recorded in October. It noted that the 11-month average return remained negative at 38.41 per cent.

The market recorded a low turnover of 9.33 billion shares valued at N56.12 billion in 114,607 deals in November in contrast to the 10.7 billion shares worth N73.31 billion exchanged during October in 134,394 deals. Hence, trading volume and value dropped by 12.51 per cent and 23.45 per cent but rose by 17.9 per cent and 11.1 per cent in October.

Total turnover between January and November 2009 was 95.3 billion shares valued at N638.11 billion. In the comparable period during 2008, 183.45 billion units valued at N2.33 trillion were traded.

Virginus Agada, stockbroker at Eurocomm Securities Limited said the low turnover recorded could be attributed to the fall in the prices of equities and the slow pace of activities witnessed in all sectors of the market.

Measuring by turnover volume, the banking subsector was the most active in November with traded volume of 5.75 billion shares valued at N36.83 billion; the insurance subsector was second with traded volume of 1.7 billion shares valued at N1.3 billion, while the Information Communication and Technology subsector came third with transaction volume of 373.1 million shares worth N1.1 billion.

FinBank Plc was the most active stock with transaction volume of 1.054 billion shares followed by First Bank of Nigeria Plc with 758.03 million shares while Access Bank Plc placed third with 742.2 million shares.

Over-The-Counter (OTC) bond market recorded a turnover of 1.4 billion units worth N1.74 trillion in November, in contrast to a total of 1.71 billion shares valued at N1.9 trillion exchanged during the preceding month.

The most active bond, in terms of volume, was the 5th Federal Government of Nigeria (FGN) Bond 2028 Series 5 with traded volume 275.4 million units valued at N477.7billion. It was followed by the 6th FGN Bond 2012 Series 1 with a traded volume of 111.9 million units valued at N125.02 billion. Only 32 of the available 37 FGN Bonds were traded during the month, compared to 29 in the previous month.

Between January and November, total transactions on FGN Bonds through the OTC market were 16.34 billion units valued at N17.7 trillion. During the same period in 2008, transactions on the OTC market for the FGN Bonds were 9.5 billion units worth N1.28 trillion.

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the  Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.

King Onunwor

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