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Buhari to CBN: Don’t give Kobo for food, fertilizer imports

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Buhari to CBN: Don’t give Kobo for food, fertilizer imports

…Congratulates Adeduntan, First Bank MD, on Forbes Best of Africa Award***

President Muhammadu Buhari on Thursday ordered the Central Bank of Nigeria ”not to issue a kobo” of the country’s reserves for the importation of food items and fertilizer.

Malam Garba Shehu, one of the President’s spokesmen, in a statement in Abuja on Thursday, said the president gave the order at a meeting of the National Food Security Council at the State House, Abuja.

According to the president, the order has become imperative as the Federal Government rolls out the Economic Sustainability Plan and sets the goal for National Food Security.

Buhari restated his earlier verbal directive to the apex bank, saying he would pass it down in writing that ”nobody importing food should be given money.”

While emphasizing the need to boost local agriculture, the president said:

”From only three operating in the country, we have 33 fertilizer blending plants now working.

”We will not pay a kobo of our foreign reserves to import fertilizer. We will empower local producers.”

He also directed that blenders of fertilizer should convey products directly to state governments so as to skip the cartel of transporters undermining the efforts to successfully deliver the products to users at reasonable costs.

The president advised private businesses bent on food importation to source their foreign exchange independently.

”Use your money to compete with our farmers instead of using foreign reserves to bring in compromised food items to divest the efforts of our farmers.

”We have a lot of able-bodied young people willing to work and agriculture is the answer. We have a lot to do to support our farmers,” he said.

The meeting, chaired by the President with other key members of the Council in attendance, was briefed on the food security situation prevailing in the country.

Notably, the Vice Chairman of the council and Governor of Kebbi, Atiku Bagudu, the Chief of Staff to the President, Prof. Ibrahim Gambari and a Governor from each of the six geo-political zones – Jigawa, Plateau, Taraba, Ebonyi, Lagos and Kebbi, made presentations.

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, outlined measures introduced by the administration to tackle the unprecedented challenges from the COVID-19 pandemic on the nation as contained in the Nigerian Economic Sustainability Plan (NESP).

Among others, the minister highlighted that the government would facilitate the cultivation of 20,000 to 100,000 hectares of new farmland in every state and support off-take of agro-processing to create millions of direct and indirect job opportunities.

She also listed the creation of 774,000 direct jobs for a minimum of 1,000 young Nigerians in each local government and the construction of 300,000 homes every year to give a boost to jobs through the construction industry.

The minister said arrangements had reached an advanced stage to provide 25 million new users of electricity with the installation of Solar Home System (SHS) targeting five million households.

Ahmed also briefed on the joint investment with the World Bank to provide intervention funds to states to improve health infrastructure.

She said to ease existing financial hardships among the people, ”the government is also coming up with low-interest loans for mechanics, tailors, artisans, petty traders and other informal business operators.”

The minister added that the federal government would equally provide support to Micro, Small and Medium Enterprises (MSMEs) to help them keep their employees and boost local manufacturing.

She explained that from the recently approved N2.3 trillion stimulus recommended by the NESP, there would be expansion of broadband connectivity to boost job opportunities in the digital economy.

Ahmed said it would also involve a planned expansion of the National Social Investment Programmes including increase in the number of beneficiaries such as the cash transfer beneficiaries, N-Power Volunteers, the Market Moni and Trader Moni schemes.

Also read:  Buhari meets Pastor Adeboye at Aso Villa

In his presentation, the Minister of Agriculture, Alhaji Sabo Nanono, told the Council that ”the nation expects a bumper harvest of food items despite floods in the north and drought in the south”.

He quoted the latest market surveys to show that the recent hike in the price of commodities was being reversed.

On his part, Mr Boss Mustapha, the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on COVID-19, reported the negative impact of the pandemic on the lives and livelihood of citizens.

On his part, the Comptroller-General of Customs, retired Col. Hameed Ali, expressed the hope of an early reopening of the partially closed borders given the progress made with neighbouring states in joint border patrols – one of the key conditions by Nigeria for reopening of the borders.

In another development, President Muhammadu Buhari has also rejoiced with Dr Adesola Adeduntan, Managing Director, First Bank Nigeria Limited, as he receives Forbes Best of Africa Award, on Sept. 11 in New York, U.S.A.

The president’s congratulatory message was conveyed in a statement by Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, in Abuja on Thursday.

According to the president, this is one attestation again that Nigeria has a surfeit of illustrious professionals in all spheres of endeavour, “who can hold their own in any part of the world.”

The Forbes Best of Africa Award is for business personalities with record of creating and building great global businesses that have made far-reaching contributions to the development of Africa.

Buhari urged Adeduntan to always hoist the flag of the country proudly, and tell the true Nigerian story to his colleagues and counterparts the world over.

 

Banking & Finance

NGX Maintains Upward trend by N142bn; Guinness Nigeria, Ardova lead Losers’ Chart

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NGX Maintains Upward trend by N142bn; Guinness Nigeria, Ardova lead Losers’ Chart

The Nigeria Exchange Ltd. (NGX) on Wednesday gained N142 billion or 0.49 percent as market capitalisation went up to N29.139 trillion from N28.997 trillion on Tuesday.

Also, the All-Share Index (ASI) rose by 261.01 points or 0.49 percent to 53,499.68 points from the 53,238.67 recorded on Tuesday.

Consequently, the Year-to-Date (YTD) return rose to 4.39 percent

The positive performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are: NAHCO, NNFM, Nigerian Exchange Group, IMG and Geregu.

Market breadth closed flat as 14 stocks recorded gains relative to 14 losers.

Seplat and Industrial & Medical Glasses (IMG) recorded the highest gain of 10 percent each to close at N1,210 and N7.70, respectively.

Northern Nigeria Flour Mills followed by 9.46 percent to close at N8.10 per share.

International Energy Insurance rise with a gain of 9.33 percent to close at 82k, while Nigerian Aviation Handling Company garnered 9.26 per cent to close at 37k per share.

On the other hand, Guinness Nigeria led the losers’ chart by 10 percent, to close at N63 per share.

Ardova followed with a decline of 9.95 percent to close at N17.20 per share.

Also, Academy Press dropped by 9.85 percent to close at N1.19, while RT Briscoe declined by 9.68 percent to close at 28k per share.

Cornerstone Insurance declined by 8.33 percent to close at 55k per share.

However, the total volume traded increased by 30 percent to 200.37 million shares, worth N5.52 billion, and traded in 3,716 deals.

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Banking & Finance

NGX: Market Capitalisation up by N44bn, NCR Nigeria, Chams top losers’ chart

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NGX Maintains Upward trend by N142bn; Guinness Nigeria, Ardova lead Losers’ Chart

The market capitalisation on Tuesday was up by N44 billion or 0.15 percent to close at N28.997 trillion from N28.953 trillion reported on Monday.

In the same vein, the All-Share Index appreciated by 80.84 points or 0.15 percent to close at 53,238.67 from 53,157.83 recorded on Monday.

Veritas Kapital, LivingTrust Mortgage Bank and Geregu Power led the gainers’ table in percentage terms, gaining 10 percent each to close at 22k, N1.98 and N193.60, per share, respectively.

John Holt Plc followed with 9.92 percent to close at N1.33, while SCOA gained 9.78 percent to close at N1.01 per share.

Conversely, NCR Nigeria and Chams topped the losers’ chart in percentage terms, dropping by 10 percent each to N3.24 and 27k per share, respectively.

Unity Bank trailed with loss of 9.09 percent to close at N50, while Royal Exchange dipped 8.97 percent to close at 71k per share.

Japaul Gold & Ventures was down by 8.33 percent to close at 33k per share.

 The NGX  however moved a total of 250.19 million shares worth N5.88 billion in 4,328 deals.

This was against a turnover of 201.36 million shares valued at N5.67 billion exchanged in 4,332 deals on Monday, a decrease of 3.7 percent.

Universal Insurance Company was the most active stock during the day, exchanging 48.55 million shares valued at N9.71 million.

Guaranty Trust Holding Company (GTCO) followed with an account of 14.16 million shares valued at N353.77 million, while Zenith Bank traded 12.52 million shares worth N315.02 million.

Access Bank Holdings sold 11.57 million shares valued at N104.88 million, while Unity Bank traded 10.88 million shares worth N5.48 million.

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Banking & Finance

Equity Market Gains N272bn, as Wapic Assurance, Tripple Gee lead Losers’ Table

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Equity Market Gains N272bn, as Wapic Assurance, Tripple Gee lead Losers’ Table

The nation’s bourse rebounded on Monday with market capitalisation gaining N272 billion or 0.95 percent to close at N28.953 trillion as against N28.681 trillion recorded on Friday.

Also, the All-Share Index (ASI) gained 499.95 points or 0.95 percent to settle at 53,157.83 as against 52,657.88 recorded on Friday.

The positive performance was driven by stocks of Zenith Bank, Airtel Africa and Wapco.

As a result, the year-to-date (YTD) return declined to 3.72 percent.

Market breadth closed positive as 28 stocks advanced, while 15 others declined.

A breakdown of price movement showed that John Holt and Geregu Power topped the gainers’ table with a gain of 10 percent each to close at N1.21 and N176 per share, respectively.

Nigerian Aviation Handling Company trailed with a gain of 9.62 percent to close at N8.55, while International Energy Insurance rose by 9.52 percent to close at 69k per share.

Mayer& Baker Nigeria was up by 8.26 percent to close at N4.85 per share.

Conversely, Wapic Assurance led the losers’ table, dropping by 8.89 percent to close at 41k per share.

Tripple Gee followed with a loss of 8.57 percent to close at 96k per share.

Royal Exchange decreased by 7.14 percent to close at 78k, while  Honeywell Flour Mills fell by 6.44 percent to close at N2.18 per share.

UPDC dropped by 5.94 percent to close at 95k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 141.78 percent.

A total of 201.36 million shares valued at N5.67 billion were exchanged in 4,332 deals.

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