By Adedapo Adesanya
Lagos State Government is planning to establish a 500-hectare coconut plantation estate to boost production.
This was disclosed by the General Manager, Lagos State Coconut Development Authority, Mr Dapo Olakulehin, in Lagos on Thursday, explaining that the estate would be dedicated to planting, processing and packaging coconut.
Mr Olakulehin said that the agency was working to secure 500 hectares of land for the take-off of the project.
He said that the coconut estate would be similar to the fish estate and poultry estate already established in the state.
“This initiative is to establish a coconut plantation estate which will be dedicated solely for coconut production for players in the value chain.
“One hundred per cent what we will have there is the coconut value chain.
“This is one of the initiatives we are working on this year,” he said.
Coconut is one of the major cash crops in Lagos state, producing over 80 per cent of the country’s annual production of 285,200 metric tons, which recently earned the state the 19th position in the world coconut producing countries.
With continued efforts in harnessing the full potential of the tree crop and generating revenue from coconut, the state is seeking to increase its level where it current accesses 20 per cent of its potential.
The government is seeking to do this through rehabilitation and production efforts in upstream and processing; utilisation and commercialisation downstream.
In addition, the state is increasing its collaboration that will see it guarantee the development of quality, reliable, sustainable and resilient infrastructure, including regional and trans-border infrastructure to support economic development and human well-being.
Guinness Plc loses over N21 billion in market value, as share price declines to N88.2
At the end of yesterday’s trading session, Guinness Nigeria Plc’s share price depreciated by 10.00% to close at N88.20 per share, taking the market capitalization to N193.19 billion.
The decline in share prices which was recorded by the FMCGs company can be attributed to investors’ negative sentiment which triggered sell-offs plunging the company’s value down by 1000 basis points.
Hence, the sell-pressures in the shares of the company resulted in a loss of N21.47 billion in market capitalization at the close of trading activities on Nigeria’s stock exchange.
The shares of the quoted brewery decreased from N98.00 per share at the start of the trading day to N88.20 per share, the lowest price traded at the close of the market, to represent a decline of 10.00% which in monetary terms is N9.80.
Stock performance summary
- The profit-taking witnessed in the shares of Guinness Nigeria Plc negatively influenced the company’s market capitalization from N214.66 billion to N193.19 billion at the end of the day’s trading activities, taking the loss to N21.47 billion.
- The shares of the company have gained 126.15% from year-to-date, starting the year at N39.00 and currently traded at N88.20. The company’s shares are currently trading 19.82% lower than its 52-week high at N110.00. However, the shares of the company have returned about 204.14% gains for investors who bought them at their 52-week low trading price of N29.00 per share.
- During the day’s trading hours, 385,413 ordinary shares of Guinness Nigeria Plc worth about N34.37 million, were exchanged in 48 executed deals.
- In comparison, the shares of International Breweries Plc and Champion Breweries Plc declined by 2.44% and 2.56%, respectively, to close at N8.00 and N3.80. While Nigerian Breweries Plc remained unchanged to close at N77.00
What you should know
At the end of the day’s trading activities, the NGX All-Share Index and market capitalization depreciated by 1.82% from the previous trading day, to close at 51,949.64 index points and N28.01 trillion respectively.
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Bitcoin․com’s Director of Engineering Answers Verse Questions in AMA
With the Verse token sale slated for June, and registration already open at getverse.com, Bitcoin.com’s Head of Financial Services Corbin Fraser hosted an ‘Ask-Me-Anything’ with special guest Director of Engineering Andrei Terentiev.
Addressing questions submitted across Twitter, Discord, and Telegram, the AMA premiered today and can be viewed in its entirety here.
Topics addressed in Bitcoin.com’s Verse AMA included:
VERSE is a rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem, which includes over 30 million wallets and more than five million monthly active users across various products and services. Verse will launch following the conclusion of the token sale, which starts in late June. More details can be found at the Verse website, where whitelisting for the token sale is now live.
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