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Border closure boosts local rice patronage

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Border closure boosts local rice patronage

Demand for local rice has risen sharply in Sokoto State following the partial closure of Nigeria’s border, a check by the News Agency of Nigeria (NAN) reveals.

Nigeria partially closed its borders with Niger and Benin Republics to stem smuggling, cross border crimes and illicit arms deals among others.

Nigeria has intensified joint patrols involving its customs, immigration, DSS and other security agencies along the affected borders putting intense pressure on smugglers.

A check in Illela, Gwadabawa, Kware and Sokoto metropolis shows that traders of local rice are making brisk sales as the patronage increases.

A trader in Illela, Alhaji Garba Dankwanni, told NAN that the increase in the price of foreign rice has made consumers to revert to local rice.

“Price of foreign rice has increased to N1,000 per measure as 50 Kg bag of the commodity is being sold at above N18, 000 at present.

“The increase has led to consumers demanding locally produced rice with a stable price between N550 to N600 a measure.

“Farmers are now releasing  the local rice into the market.

“In the past, the preference for foreign rice has affected the sales of local rice, but because of the stability in price, local rice is now in high demand, but am suspecting the price will increase very soon,’’he said.

Dankwanni said the price of foreign vegetable oil has also increased by N100 and N2000 respectively, as a bottle now sells at N400 from N330, while a 10 litter jerry can sells at N11, 000 from N9, 000 sold in the past.

Another trader in Illela market, Malam Halliru Yusuf, said apart from local rice prices of all other commodities have been on the increase since the closure of the borders.

He said the increase also affected household items.

Yusuf said local rice has  maintained its old price of N550, N600 and N800 depending on the location and harvest history.

A trader in Lolo, Bagudo local government, who deals in seafood, turkey and chicken said on condition of anonymity that their prices are on the increase “because they are smuggled items and the exercise has made it difficult to replenish our stock.”

He said since most traders are running out of stock and don’t know how long the exercise would last, they have all increase the prices of their stocks.

He said a carton of hard type turkey that was selling at  N9,000 is now N16,000 and the soft type is now selling between N13,500 and N14,000 from N7, 500.

He said a carton of croaker fish is now selling at N25, 000 as against N12, 000 or N15, 00 depending on the size and customer’s bargaining power.

The trader added that prices of other fishes like Titus, salmon or crabs and shrimps are on the increase too.

Also read:  SMUGGLING: Customs, Joint Task-force seals up land borders

Meanwhile, Alhaji Muhammad Salah, the District Head of Kasagu, a border town in Bagudu local government area in Kebbi, has commended government for the measure.

He noted that since the partial border closure, traders who transact illegal businesses across the border are finding it very difficult to carry out their trade.

Salah however said no fewer that eight settlements in Kebbi share border and same language with their brethren in Benin and Niger Republics.

The district head said they all speak Dandi language, and pleaded for early opening of the border, as the exercise had affected farming and is putting pressure on local produce.

He said the border communities have interwoven relationship as Nigerians cultivate farms in Benin Republic while Beninous cultivate farms in Nigerian communities for long period.

“Crops have ripened for harvest and security teams had denied farmers access to bring their produce to markets,” he lamented.

He therefore urged the Federal Government to reopen the borders as soon as possible.

Malam Hassan Adamu, Councillor representing Lolo ward in Bagudo LG, called for adequate support for President Muhammadu Buhari to sustain such efforts.

He said the exercise would go a long way in actualising government policies on ensuring food security, check illegal migrants and activities of smugglers.

“Some people are using the border in making illicit gains hence they are dumping all sort of things or commodities through them into our country,” Adamu noted.

The councillor called on neighboring countries to be in tune with Nigerian government policies if they want government to open the border.

According to him, Nigerians mostly in the rural areas have gone back to farming thereby saving the country huge sums of money which will otherwise have been expended on importing rice using scarce foreign reserves.

A Customs officer, who pleaded anonymity,  explained that“the exercise is yielding results as some seizures have been made.

“These include drums of petroleum, bags of parboiled foreign rice, bags of fertiliser, vehicles, groundnut oils, tin tomatoes and other items, while some illegal aliens were apprehended.’’

He said Nigerians must be patriotic enough to support the government on its efforts to protect local production, and ensure food security.

 

Economy

N672Bn: Sell-offs in Dangote Cement, MTN, Others Push Equity Down By 1.23%

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Dangote Cement, Conoil lead losers table

Selloffs in the shares of Dangote Cement, Conoil, and MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 percent to close the week’s trading sessions.

Specifically, investors lost N672 billion or 1.24 percent, as the market capitalisation, which opened at N54.707 trillion, closed at N54.035 trillion.

The All-Share Index also lost 1.24 percent or 1.228.32 points, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07 percent.

Selloffs in Dangote Cement, MTN Nigeria,  Fidelity Bank, Sovereign Trust Insurance, and Nestle made the market performance negative terrain.

Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 percent.

A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously

Meanwhile, Dangote Cement and Conoil led the losers’ table by percentage terms of 10 each to close at N135, and N90.90 per share respectively.

MTN trailed by 9.96 percent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 percent to close at N2.03, while Sovereign Trust Insurance shed 6.52 percent to close at 43k per share.

On the gainers’ table, The Initiative Plc and FTN Cocoa Processors led by 10 percent each to close at N1.98 and N1.65 per share respectively.

Juli Plc followed closely by 9.97 percent to close at N3.75, Champion Breweries Plc gained 9.94 percent to close at N3.76 and PZ Nigeria rose by 9.93 percent to close at N33.75 per share.

On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.

United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.

Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.

However, market breadth closed positive with 43 gainers and eight losers on the trading floor

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Economy

Equity Market Recovers, Investors Gain N390bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Sunu Assurances, CWG Plc lead the losers’ table

The Nigerian equity market on Thursday recovered from its three sessions losses, making investors to gain N390 billion.

Improved buy interest in the shares of Guaranty Trust Holding Company(GTCO), Zenith Bank, FBN Holdings, NEM Insurance, Juli Plc, among other top traders, pushed the market performances up.

Specifically, the market capitalization, which opened at N54.317 trillion, gained N390 billion or 0.72 percent and closed at N54.707 trillion.

The All-Share index also rose by 0.72 percent or 714 points to close at 99,980.3 points, compared to 99,266.02 recorded on Wednesday.

Consequently, the Year-To-Date return rose to 33.71 percent.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

Analysis of the market activities indicated that trade turnover settled higher relative to the Wednesday 5 session, with the value of transactions increased by 49.27 percent.

The market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

On the gainers table, GTCO, NEM Insurance, Juli and United Bank of Africa(UBA) led in percentage terms of 10 each to close at N36.60, N6.60, N3.41 and N22.55 per share, respectively.

ALSO READ: NAFDAC NATIONAL STRATEGIC ACTION PLAN: Partners With Pharmaceutical Supply Chain Stakeholders

Champion Breweries also gained 9.97 percent to close at N3.42 per share.

On the other hand, Sunu Assurances led the losers’ table by 10 percent to close at N1.17, followed by Eterna Plc by 9.81 percent to close at N14.25 per share.

CWG Plc trailed by 9.76 percent to close at N9.55, Morison Industries Plc shed 9.58 percent to close at N1.51 and Cadbury Nigeria lost 9.52 percent to close at N19 per share.

A total of 542.95 million shares valued at N8.70 billion were exchanged in 9,650 deals, compared to 396.23 million shares valued at N5.83 billion exchanged in 10,549 deals posted on Wednesday.

On the activity table, UBA led in volume and value with 93.71 million shares traded in deals worth N2.07 billion, Transcorp followed with 54.08 million shares traded in a value of N692.19 million.

Japaul Gold Group sold 34.33 million shares worth N65.77 million, Sterling Nigeria transacted 28.49 million shares valued at N129.15 million and Fidelity Bank sold 27.09 million shares worth N270.74.

Meanwhile, market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

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Economy

NGX Opens Week Weakly, As Market Sheds N1.82trn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

 …MTN and Dangote Cement lead the Losers’ Table 

Transactions resumed on the Nigerian Exchange Ltd. (NGX), on Monday, on a negative posture with the market indices declining by 3.15 percent due to selloffs.

Specifically, the market capitalisation which opened at N57.849 trillion, shed N1.82 trillion or 3.15 percent to close at N56.028 trillion.

Similarly, the All-Share Index(ASI) also dropped by 3.15 percent or 3,330 points to settle at 102,393.23, compared to 105,722.78 achieved on Friday.

As a result, the ASI Year-To-Date (YTD) return fell to 36.94 percent.

The market was dragged down due to selloffs in the shares of MTN Nigeria, Dangote Cement, and Zenith Bank.

On the losers’ table, MTN and Dangote Cement led in percentage of 10 each to close at N247.50 and N686.70 per share, respectively.

NGX Group trailed by 9.76 percent to close at N22.20, NEM insurance dropped 9.74 per cent to close at N6.95, while Tantalizers lost 9.52 percent to close at 38k per share.

On the contrary, Juli Plc led the gainers table by 9.52 percent to close at N1.61.

Dangote Cement followed with an increase of 8.64 percent to close at 88k per share.

Sunu Assurances garnered 6.74 percent to close at N1.90, while ABC Transport gained 6.67 percent to close at 96k per share.

Nigerian Aviation Handling Company Plc (NAHCO) also appreciated by 5.86 percent to close at N30.70 per share.

On the activity chart, Guaranty Trust Holding Company (GTCO) led with a trade of 28.85 million shares valued at N1.13 billion.

Also, Transcorp sold 20.14 million shares worth N275.93 million, while Access Holdings traded 15.90 million shares worth N359.5 million.

FBN Holdings sold 15.87 million shares worth N450.74 million and Zenith Bank transacted 15.84 million shares valued at N568.04 million.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.58 percent.

Meanwhile,  273.85 million shares valued at N7.44 billion were exchanged in 9,688 deals, compared to 342.52 million shares worth N8.05 billion in 8,395 deals on Friday.

Meanwhile, the market breadth closed negative with 36 declining stocks and 16 that appreciated.

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