Specifically, the market capitalisation closed at N89.198 trillion compared to the opening value of N89.524 trillion.

Similarly, the All-Share Index, ASI, declined by 568.62 points or 0.4 per cent, ending the day at 140,929.60, down from 141,498.22 recorded on Monday.

The downturn was primarily driven by profit-taking in key stocks like Dangote Sugar, Wema Bank, Secure Electronic Technology, Access Corporation, Aradel Holdings and 30 others.

Also the market breadth closed negative with 35 losers against 16 gainers.

Dangote Sugar led the decliners’ table, dropping by 10 per cent, to close at N54, Wema Bank followed, falling by 8.27 per cent, settling at N18.85 while Secure Electronic Technology lost by 6.25 per cent, closing at 75k per share.

Access Corporation dipped by 4.98 per cent, finishing at N24.80 and Aradel Holdings decreased by 4.76 per cent, ending the session at N560 per share.

Conversely, Thomas Wyatt Nigeria led the advancers’ table, increasing by 9.80 per cent, closing at N2.80 while Chellaram grew by 9.59 per cent, settling at N16 per share.

RT Briscoe gained by 9.50 per cent, closing at N3.29 and Custodian Investment rose by 9.40 per cent, ending the session at N48.30 per share.

Also, NGX Group soared by 6.99 per cent, closing at N58.95 per share.

A study of the market activity revealed increase in the market volume and value with decline in the deals, as 759.1 million shares worth N25.7 billion were exchanged across 23,657 transactions.

This is compared to 488.5 million shares valued at N13.7 billion that was traded in 28,621 deals.

Meanwhile, Consolidated Hallmark Holdings topped the activity chart in volume with 169.6 million shares worth N644.7 million.

Zenith Bank followed with 104.4 million shares valued at N6.9 billion while FirstHoldCo transacted 100.9 million shares worth N3.2 billion.

Fidelity Bank sold 52.5 million shares valued at N1.1 billion and GTCO traded 45 million shares worth N4.1 billion.

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Director-General of NDE, Silas Agara, who commended the chairman of the company, Aliko Dangote, during his visit to Dangote Group pavilion at the ongoing Kano International Trade Fair, in Kano, said his commitment to the BIP towards achieving sugar sufficiency in Nigeria was unparalleled and worthy of emulation.

Dangote Sugar has so far committed over $700m dollar to the BIP to stem the national annual sugar import of over $337million, so as to make Nigeria attain national sugar self-sufficiency which will in turn revolutionalize the economy of the nation as other people-oriented infrastructures would come with the sugar projects being undertaken under the BIP.

Agara who is a former Deputy Governor of Nasarawa State, said Dangote’s commitment was critical for development of sugar industry in Nigeria noting “Dangote Sugar in Tunga in Awe Local Government of Nasarawa State is commendable for improving the Communities in Tunga. It has created job opportunities for the teaming youth and improved livelihoods.”

“Nasarawa is proud of Aliko Dangote. Tunga Sugar is a spinner for Nigeria’s economy”, the NDE boss declared while urging the business mogul to step up community advocacy, and more collaboration with stakeholders to drive greater positive change in the communities.

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He noted however, that, “There isn’t any dissenting voice on Tunga sugar, and the communities have enjoyed growth and development through the company Corporate Social Responsibility (CSR) strategies” but call for more of the CSR projects.

It would be recalled that the members of Nasarawa State House of Assembly recently paid a visit to the Dangote Sugar Tunga BIP project which they described as a blessing to the state going by the vast expanse of the project.

The Dangote’s Sugar Master Plan, and the company’s commitment to the sugar projects in Tunga, Awe local government of Nasarawa, and that of Numan, in Adamawa State have scaled up the drive towards realization of national sugar objectives.

Dangote Sugar refinery recently unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integrated Programme, BIP.

Chairman of the company, Aliko Dangote, had during the Annual General Meeting of the Dangote Sugar, said the management was focused on achieving the revised targets set for DSR Numan operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited.

He then expressed the hope “Dangote Taraba Sugar Limited, Lau/Tau project would also come on stream soon.”

Nigeria is one of sub-Saharan Africa’s largest importers of sugar second only to South Africa, but the Dangote Sugar management assured that by the time the company fully completes its sugar projects in Nasarawa and Adamawa under the BIP, the nation would be saved of more than half of the forex expended on sugar imports annually.

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