Economy
Global Food Prices Jump to Almost 7-Year High in March
By Adedapo Adesanya
The United Nations through the Food and Agriculture Organisation (FAO) has disclosed that global food commodity prices rose for the 10th conservative month in March, led by vegetable oils and dairy products.
The FAO said this in its Food Price Index report released on Thursday, noting that in the third month of the year, the FAO food price index averaged 118.5 points in March, 2.1 per cent higher than in February and reaching its highest level since June 2014.
It said the March increase was led by the FAO Vegetable Oil Price Index which rose 8.0 per cent from the previous month and making its highest level since June 2011.
“The persistent strength of the index was driven by higher values of palm, soy, rape and sunflower oils.
“International palm oil prices registered a tenth conservative monthly increase as lingering concerns over tight inventory levels in major exporting countries coincided with a gradual recovery in global import demand.
“Meanwhile, soy oil prices rose sharply, largely underpinned by prospects of firm demand especially from the biodiesel sector,” it said.
The FAO Dairy Price Index averaged 117.4 points in March, rising for the 10th conservative month and lifting the index to nearly 16 per cent above its value in the corresponding month last year.
“In March, international butter prices rose mainly underpinned by somewhat tight supplies in Europe due to a slow start to its milk production season and increased internal demand in anticipation of a foodservice sector recovery.
“Milk powder prices also rose, supported by a surge in imports in Asia, particularly China due to declining production in Oceania and scarce shipping container availability in Europe and North America,” the report said.
According to the report, the FAO Cereal Index averaged 123.6 points in March, down 1.7 per cent from February, ending the eight-month rising trend but still 26.5 per cent above its March 2020 level.
“Among major cereals, wheat export prices declined the most in March falling 2.4 per cent.
“However, they remained 19.5 per cent higher than in the same month last year.
“The month to month decline in wheat prices mostly reflected generally good supplies and favourable production prospects for the 2021 crops.
“International maize and barley prices also fell in March although continued strong import demand from China prevented them from falling more significantly, and sorghum prices even rose,” it said.
In the report, the FAO Meat Price Index averaged 98.9 points in March up 2.3 per cent from February.
“Poultry and pig meat quotations increased, underpinned by a fast pace of imports by Asian countries, mainly China.
“A surge in internal sales in Europe in preparation for the Easter celebrations also supported pig meat prices.
“Bovine meat prices remained steady at close to the February levels.
“By contrast, ovine meat prices fell on increased supplies from New Zealand as farmers offloaded animals early due to prevailing dry weather,” the report said.
The report said the FAO Sugar Price Index averaged 96.2 points in March, down 4.0 per cent from February, marking the first decline after sharp increases registered in the previous two months.
“The recent monthly decline in international sugar price quotations was triggered by prospects of large exports from India despite persisting logistical constraints.
“Sugar quotations remained more than 30 per cent above its year-earlier level, underpinned by concerns over tight global supplies in 2020/21,” it said.
Giving its forecast, FAO said it expects world cereal production in 2021 to increase for the third consecutive year.
It said for the current 2020/21 marketing season, global cereal utilisation is now forecast at 2777 million tonnes, 2.4 per cent higher than the previous year, driven largely by higher estimates of feed use of wheat and barley in China where the livestock sector is recovering from Africa swine fever.
It said world cereal stocks at the end of 2021 are forecast to decline by 1.7 per cent from their opening levels to 808 million tonnes.
“Combined with the utilisation forecasts, the global cereal stock to use ratio for 2020/21 is foreseen to dip to a seven-year low of 28.4 per cent.
“Global wheat production is forecast to reach a new high of 785 million tonnes in 2021, up 1.4 per cent from 2020, driven by a likely sharp rebound across most of Europe and expectations of a record harvest in India,” it said.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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