Industry
NCX, Vehicle for premier value commodities Investors
By Zaheera Baba-Ari
Agriculture in Nigeria composed of four segments of crop production 87. 6%, Livestock 8.1%, fishery 3.2% and forestry 1.1% was impacted by the COVID-19 pandemic largely as a result of lockdown and restriction of movement that negatively affected agricultural production and farm management. Figures from Statista 2020 showed that there was no change in the production of milled rice at 5,040,000MT in both 2019 and 2020, there was however a marginal increase in the production of sorghum in 2020 at 6,900,000MT compared to the 6,665,000MT in 2019.
On a year-on-year basis, Q1 2020 growth rate in the agric sector slowed to 2.2% from 3.17% in Q1 2019, an indication that COVID-19 affected activities in the agric sector. On a quarter-on-quarter basis, agric sector growth rate declined by 0.11% from 2.31% in Q4 2019 to 2.2% in Q1 2020.
In terms of contribution to GDP, agric sector contributed 21.9% in Q1 2020 slightly higher than 21.8% in Q1 2019
A sectoral analysis of Nigeria’s trade according to the NBS showed that trade in agricultural goods sector stood at N387.7billion (or 4.67% of the overall trade), of which exported agricultural goods were valued at N126.3 billion, while the country’s imported agricultural goods stood at N261.4 billion in Q1 2020, indicating a deficit in agricultural goods trade of N135.1 billion in Q1 2020.
On a quarter-on-quarter basis, agricultural goods imported to Nigeria in Q2 2020 rose in value by 59.01% compared to Q1 2020, and on a year-on-year basis agricultural goods imported to Nigeria rose by 66.28% in Q2 2020 compared to Q2 2019. Export of agricultural goods dropped by 38.2% in Q2 2020. Nigeria’s total trade in agricultural commodities in Q2 2020 stood at N493.7billion, of which exports accounted for N78.1billion while import of agricultural commodities stood at N415.6billion in Q2 2020 indicating a deficit of N337.5billion in Q2 2020.
The import of the analysis is that Nigeria lags and the 2020 outlook does not reflect an improvement per se over the 2019 in terms of the indicators considered. Nigeria therefore needs to improve on its food production and food sufficiency and on the quality of the food produced. Nigeria’s agricultural policies are also expected to support the attainment of food production and food sufficiency.
New Government Policies Introduced and the Level of Acceptance
Some of the new government policies and programmes are:
Agriculture Promotion Policy – aims to improve access to international markets by:
Enhancing access to market information through a National Agricultural Information System
Creating specialised export market support teams to enhance export capacity
Nigeria–Africa Trade and Investment Promotion Programme (NATIPP) – is a programme jointly launched by the African Export-Import Bank, Nigerian Export-Import Bank and the Nigerian Export Promotion Council which aims to facilitate the expansion of Nigeria’s trade and investment into Africa
The Presidential Economic Diversification Initiative (PEDI) aims to enhance trade capacity in Agriculture by facilitating new investments in the Agricultural and agro-allied industries, reducing regulatory bottlenecks and enabling access to credit
The Zero Reject Initiative was launched to enhance the acceptability of Nigerian products internationally. It is aimed at improving Agricultural exports through the institution of global quality standards and product standardisation
Economic and Export Promotion Incentives – The Government has placed trade barriers on select agricultural goods to protect local producers and stimulate growth of the industry. In addition, several economic incentives are offered to investors in agriculture in Nigeria including income tax relief, zero import duty on equipment, VAT exemptions, etc
National Fertilizer Control Act – is a vital component of the agricultural policy which aims to safeguard and protect the interest of the entire fertiliser value chain players such as manufacturers, producers, blenders, importers, distributors and the end-users, the farmers. The regulatory framework aims at guaranteeing the supply and distribution of quality fertilizer and other farm inputs to farmers at the right time, right place and right prices
Setting up of Special Ago-Industrial Processing Zones (SAPZs) – aims at helping to develop competitive processing capacity through investment in public goods, policy interventions and the provision of desirable support services and skills development. It will boost value addition to agriculture, improve competitiveness and in effect reduce food imports, assure food sufficiency, create jobs for the youths and grow the nation’s economy by generating revenue. Agric mechanisations is the main vehicle for strategically implementing the SAPZs on an intense scale and are to be located around brown-fields areas with developed and existing infrastructure such as rail, roads, power and irrigation system.
2B. Level of Acceptance
Stakeholders are enthusiastic and supportive of the government policies and programmes as they are aimed at improving the farming business environment, enhancing the contribution of the agricultural sector to the GDP and improving the livelihood of the farmers and actors in the agro commodities value chains as well as the farming input producers and suppliers in a positive sum game.
Plans for 2021 and What Nigerians Should Expect in the Area of Commodity Exchange
The Nigeria Commodity Exchange is a Special Purpose Vehicle (SPV) that is central to the attainment of government policies and interventions in agriculture sector, and it provides a transparent market platform for price discovery and quality assurance of trades in agricultural commodities which is necessary for sustainable agricultural commodities production.
The NCX has developed requisite infrastructure that supports seamless trades on its platform including a state-of-the-art Trading System, Warehouse Management System and Mobile App, and has equipped warehouses across the country for professional inventory management. The NCX is backed by the CBN as a majority shareholder; the CSCS is the Exchange’s depository which ensures prompt clearing and settlement of trades.
The NCX will take advantage of the AFCTA in 2021 to improve on its operations particularly trading activities for the benefit of the Nigerian farmers. Thus, we would upscale on sensitisation and public enlightenment on the benefits of buying and selling on the Exchange.
The NCX would collaborate with trade points in selected states of the Africa continent to have a fair share of the Africa and Regional commodities market.
The NCX would also introduce innovative products that would stimulate the appetite of investors and actors in the agricultural commodities value chain to onboard them on the Exchange and increase their participation in trading activities.
Mrs. Zaherea Baba-Ari is the Managing Director/CEO of Nigeria Commodity Exchange.
In the bustling kitchens of homes across Nigeria, something magical is happening. Amidst the sizzle of pans and the aroma of spices, families are coming together in a celebration of love, nourishment, and togetherness. Golden Terra Soya Oil’s “Pour Pure Love” campaign has captured the hearts and taste buds of consumers nationwide.
For AlhassanSule, an engineer, watching the ad repeatedly reminds him of a time long gone, yet still etched vividly in his memory. As he watches the scene unfold on screen—a mother stirring a pot of soup, the aroma filling the kitchen—he can’t help but be transported back to his own childhood home.
Suddenly, he was a young boy again, sitting at the kitchen table, watching his mother cook with the same love and care. He could almost taste the flavors of her cooking, and feel the warmth of her embrace as she served him a bowl of steaming hot soup.
But it wasn’t just the sights and smells that brought tears to his eyes; it was the flood of emotions that accompanied them—the love, the warmth, the sense of belonging. In that moment, he realised how much those simple meals had meant to him, how they had formed the foundation of his most treasured memories.
As the ad came to an end, he finds himself smiling through his tears, grateful for the reminder of the love that had always been there, even in the simplest of moments. And as he reached for a bottle of Golden Terra Oil at the supermarket, he did so not just as a consumer, but as someone who had been touched by the power of nostalgia and the enduring bond of family.
The “Pour Pure Love” campaign emphasises the importance of creating an emotional connection with consumers by offering meaningful connections in addition to high-quality products.
Chief Marketing Officer, TGI Group, Probal Bhattacharya stated that the outpouring of positive reviews and engagement from consumers for the “Pour Pure Love” campaign underscores the enduring connection between Golden Terra Soya Oil and the moments of motherly love and care shared around the dining table.
“Our goal is to be more than just a product on the shelf – we strive to be a trusted companion, a source of inspiration, and a symbol of warmth and love. With the Pour Pure Love campaign, Golden Terra Oil pays tribute to all the world’s Moms for the warm tasty meals that fill our hearts and our souls with all the love that they pour selflessly into our lives,” he stated.
Golden Terra Soya Oil is a premium, all-purpose cooking oil made from 100 percent pure soya beans, sourced and manufactured in Nigeria. It contains 5x more PUFA (Polyunsaturated Fatty Acids) proven to deliver numerous health benefits, like reducing cholesterol, maintaining a healthier heart, enhancing nerve function, boosting brain health, and supporting muscle strength. Discerning consumers trust Golden Terra Soya Oil to bring an unmatched balance of Taste & Health to every dish cooked with it. Available in various sizes, including 1000ml pouch, 700ml and 1.4L bottles, and 2.5L, 4.5L, and 25L kegs.
Tropical General Investments (TGI) Group is an international investment and holding company with diversified interests and investments across Africa, The Middle East, Asia, and other emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products that are consumed both locally and exported to global markets. Across markets, TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.
In the bustling kitchens of homes across Nigeria, something magical is happening. Amidst the sizzle of pans and the aroma of spices, families are coming together in a celebration of love, nourishment, and togetherness. Golden Terra Soya Oil’s “Pour Pure Love” campaign has captured the hearts and taste buds of consumers nationwide.
For AlhassanSule, an engineer, watching the ad repeatedly reminds him of a time long gone, yet still etched vividly in his memory. As he watches the scene unfold on screen—a mother stirring a pot of soup, the aroma filling the kitchen—he can’t help but be transported back to his own childhood home.
Suddenly, he was a young boy again, sitting at the kitchen table, watching his mother cook with the same love and care. He could almost taste the flavors of her cooking, and feel the warmth of her embrace as she served him a bowl of steaming hot soup.
But it wasn’t just the sights and smells that brought tears to his eyes; it was the flood of emotions that accompanied them—the love, the warmth, the sense of belonging. In that moment, he realised how much those simple meals had meant to him, how they had formed the foundation of his most treasured memories.
As the ad came to an end, he finds himself smiling through his tears, grateful for the reminder of the love that had always been there, even in the simplest of moments. And as he reached for a bottle of Golden Terra Oil at the supermarket, he did so not just as a consumer, but as someone who had been touched by the power of nostalgia and the enduring bond of family.
The “Pour Pure Love” campaign emphasises the importance of creating an emotional connection with consumers by offering meaningful connections in addition to high-quality products.
Chief Marketing Officer, TGI Group, Probal Bhattacharya stated that the outpouring of positive reviews and engagement from consumers for the “Pour Pure Love” campaign underscores the enduring connection between Golden Terra Soya Oil and the moments of motherly love and care shared around the dining table.
“Our goal is to be more than just a product on the shelf – we strive to be a trusted companion, a source of inspiration, and a symbol of warmth and love. With the Pour Pure Love campaign, Golden Terra Oil pays tribute to all the world’s Moms for the warm tasty meals that fill our hearts and our souls with all the love that they pour selflessly into our lives,” he stated.
Golden Terra Soya Oil is a premium, all-purpose cooking oil made from 100 percent pure soya beans, sourced and manufactured in Nigeria. It contains 5x more PUFA (Polyunsaturated Fatty Acids) proven to deliver numerous health benefits, like reducing cholesterol, maintaining a healthier heart, enhancing nerve function, boosting brain health, and supporting muscle strength. Discerning consumers trust Golden Terra Soya Oil to bring an unmatched balance of Taste & Health to every dish cooked with it. Available in various sizes, including 1000ml pouch, 700ml and 1.4L bottles, and 2.5L, 4.5L, and 25L kegs.
Tropical General Investments (TGI) Group is an international investment and holding company with diversified interests and investments across Africa, The Middle East, Asia, and other emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products that are consumed both locally and exported to global markets. Across markets, TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.
When it comes to seasoning, Terra Cubes has become one of the most popular household names in the Nigerian market. Its blend of carefully sourced natural ingredients which delivers consistent taste, rich mouth-watering flavor, and inviting aroma sets it apart from other seasoning cubes. Now, as part of its commitment to providing the best quality of Seasoning cube at an affordable price and convenient size, Terra Cubes has launched Saver and Super Saver pack.
Introducing the Saver and Super Saver packs, where quality, taste, and affordability converge to redefine your shopping experience. The new packs deliver the same premium quality and delightful taste you expect in a more convenient and cost-effective package.
With the Saver and Super Saver packs, gone are the days of frequent market visits to settle for small, individual packets. Instead, embrace the freedom, affordability, and convenience of purchasing required quantities at once.
Whether you are a homemaker stocking up for a family gathering, preparing for the week ahead, or simply looking to make smarter cost choices without sacrificing the great taste, mouth-watering flavour, and inviting aroma, that Terra Cubes is renowned for, the Saver and Super Saver packs are your ultimate companion.
The Saver pack is available in Chicken and Beef variants, containing 50cubes in a pack, while Super Saver pack is available in Chicken variant, containing 100cubes in a pack.
Group Executive Director – TGI, Deepanjan Roy, says the success of the Saver and Super Saver pack sizes is a result of the company’s resolve to put the interests of consumers first by seeking ways to continually excite and add value to their lives.
“We believe in going above and beyond to understand the needs and preferences of our consumers and the Saver and Super Saver packs are a testament to this commitment. These packs offer not only unparalleled convenience and value along with the assurance of premium quality and delightful taste,” he stated.
Chief Marketing Officer, TGI Group, Probal Bhattacharya expressed delight with the brand’s latest innovation; the Saver and Super Saver packs. With these packaging options, Terra Cubes is setting a new standard in value within the seasoning market.
“The Super Saver & Saver packs were born out of our understanding of our consumers, their need for a more convenient pack with the adequate quantity that seamlessly fits into their consumption and planned purchase behavior. These new offerings have been designed for consumers who want the right quantity of their favorite seasoning cube, Terra, in a pack size that balances convenience with superior value for money,” he said.
As Terra Seasoning expands its footprint in the market, the availability of the Saver and Super Saver packs underscores the brand’s dedication to catering to the varied requirements of customers while maintaining affordability.
Terra Seasoning Cubes are made up of wholesome, carefully sourced essential ingredients specially designed to meet the discerning Nigerian consumers’ needs in every meal, offering great taste, flavour, and aroma for that unique cuisne experience. Every meal cookedwith Terra guarantees an enjoyable meal and a rich signature homemade taste experience.Available in Beef, Chicken, Srimp, and Jollof flavours, in various consumer-friendly pack sizes nationwide.
Tropical Genral Investments (TGI) Group isan international investment and holding company with diversified interests and investments acoss Africa, The Middle East, sia, and other emerging mrkets. TGI’s investments focus on driving inclusivity and value addition using locally sourced ra materials, state-of-the-art manuacturing facilities, and a highly sklled workforce to produce world-cass products that are consumed both locally and exported to global markets. Across markets, TGI roup owns over a hundred leadin brands in Fast Moving Cosumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.
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