Economy
Olam Agri Prioritises Food Fortification to Address Important Nutrient Gaps
By Modupe Gbadeyanka
Consumers of the Olam Agri range of products have been assured of healthy food fortified with the important nutrients needed by the body.
The Senior Vice President of Olam Agri, Mr Ashish Pande, while speaking at the recently-concluded World Economic Forum (WEF) in Davos, Switzerland, stated that the company places a high priority on food fortification.
At the global event, he promised that Olam Agri would deliver one trillion servings of fortified food comprising wheat flour, edible oil, and rice to provide essential micronutrients to over 250 million people each day by 2030.
According to him, this is part of the organisation’s commitment to helping to raise the standard of public health as it contributes to meeting the growing demand for healthy foods across the African continent and beyond.
“Food fortification is at the core of Olam Agri’s purpose of transforming food, feed, and fibre for a sustainable future. In 2021, we produced more than 83 billion servings of fortified foods for consumers in Africa, which included fortified rice in Ghana and Cameroon.
“Our commitment goes beyond meeting regulatory requirements to addressing the important nutrient gaps faced by millions of people. By 2030, we pledge to deliver one trillion servings of fortified food – wheat flour, edible oil, rice to provide essential micronutrients to over 250 million people each day,” Mr Pande said.
Global food fortification actions are coming under sharp scrutiny. A discourse around the fortification of staple foods such as rice and wheat and how to build a consensus around unified strategies suitable for reducing malnutrition on a global scale garnered attention at Davos.
It is estimated that three billion people cannot afford a healthy diet annually. This unhealthy population is expected to rise by 267.6 million due to the impact of the COVID-19 pandemic.
Hence, reaching people with micronutrients such as Vitamin A, iron, zinc, iodine, and folate on a global scale is seen as strategic to halting the unfavourable rise in unhealthy diets.
WEF gathers global leaders and key decision-makers across the globe annually to initiate dialogue and drive cooperation that will help navigate the pressing challenges impacting the health of the global economy. This year, the forum mobilized food processors, partner governments, technical agencies, and key donors to address nutrition issues, as well as deepen collaboration and partnership in providing solutions to the issues.
For Mr Pande, there is a need for and advantages of partnerships between millers and technical partners to help address unhealthy diets.
“Thanks to our partnership with TechnoServe, we have installed premix facilities across our local food manufacturing facilities. The premix facility is automated, and the process is controlled to ensure the persistence of quality premix and consistent supply of nourishing foods across our operating markets,” he disclosed.
Diving into the barriers and solutions to scale fortification initiatives on the globe, the Vice Chairman of the Food System Champion Network and moderator at the WEF session, Mr Paul Newnham, said, “Millers are a powerful new ally in the global fight against malnutrition.”
“One in two children and two in three women face at least one micronutrient deficiency. Fortification has a critical role to play. From consumer education to regulatory frameworks, millers face key barriers in producing fortified foods. Millers need to be put on a level playing field, with equal partnerships between business and millers,” he added.
To round off the discourse on food fortification at the forum, a formidable initiative tagged Miller 4 Nutrition Global Coalition was launched.
According to Newnham, the initiative aims to gather millers of all sizes and diverse actors to improve nutrition worldwide.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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