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Nigeria gov’t approves new Chicken variety ‘MoorBeta’

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The Federal Ministry of Livestock Development has announced the approval of a new indigenous meat-type chicken, MoorBeta, for commercialisation in Nigeria, as part of a broader strategy to strengthen poultry production and enhance food security across the country.

In a statement issued Tuesday, the ministry described the new breed as a significant milestone in efforts to improve local livestock genetics and support farmers.

“The Federal Ministry of Livestock Development has welcomed the approval and release of MoorBeta, an improved indigenous meat-type chicken developed to support poultry production and food security in Nigeria,” the statement said.

It noted that MoorBeta was formally approved for release and registration on 26 March by the National Crop Varieties and Livestock Breeds Registration and Release Committee during a meeting held at the National Centre for Genetic Resources and Biotechnology in Ibadan, Oyo State.

The ministry explained that the chicken variety was developed by the Poultry Research Team at the Institute of Agricultural Research and Training, noting that MoorBeta is the product of over a decade of breeding work involving a mix of indigenous and exotic meat-type chickens.

“The breed is suited for smallholder farmers, with the ability to perform well under different environmental conditions across the country. At 10 weeks, MoorBeta reaches an average live weight of about 2.8kg, with improved feed efficiency and survival rates above 95 percent,” the statement said.

The ministry added that it collaborated closely with the institute and was represented on the approving committee.

Beyond productivity, the ministry said the breed offers qualities attractive to consumers, describing the meat as tender and juicy, with minimal loss during cooking.

According to the statement, the bird is predominantly white, with speckles of brown, black or red, and features a large single comb and a well-developed body that supports higher meat yield. It also shows tolerance to heat stress, a critical advantage for poultry farming in tropical climates.

Economic projections further highlight its potential impact. A 2025 cost analysis shows that raising 100 birds could yield a net profit of over N278,000 within a 10-week production cycle, underscoring its viability for both smallholder and commercial poultry operators.

The introduction of MoorBeta is expected to improve local livestock breeds, increase productivity, boost incomes, and reinforce national efforts to achieve food and nutrition security.

The ministry said it would continue to partner with research institutions and stakeholders to scale innovations that enhance agricultural performance nationwide.

However, the approval comes amid broader criticism surrounding the adoption of transgenic products in recent years, with some critics linking such innovations to health concerns including cancer, heart, and kidney-related diseases, and describing them as “chemical foods.”

In the past decade, the government has approved several genetically modified seeds, sparking debates over safety, environmental impact, and socio-economic implications.

Earlier, PREMIUM TIMES reported that the National Biosafety Management Agency ordered the suspension of four new transgenic cotton hybrid varieties in Nigeria.

The varieties were said to have been registered by the National Committee on Naming, Registration and Release of Crop Varieties, Livestock Breeds and Fisheries on 26 March 2026 without the requisite approval of the biosafety agency.

According to the agency, its findings confirmed that confined field trials and related activities involving the varieties were conducted without prior authorisation, inspection, or regulatory oversight.

The suspension underscores ongoing challenges around biosafety compliance and regulatory oversight in Nigeria’s biotechnology sector.

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Elon Musk becomes world’s first trillionaire as SpaceX IPO surges on debut

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Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.

SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.

The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.

“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.

The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.

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SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.

Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.

The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.

“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.

SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.

READ ALSO: Elon Musk announces formation of American Party

Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.

Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.

After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.

After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.

Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.


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Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.

The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.

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