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Buhari Insists Nigeria is Self-Sufficient in Rice Production

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self-sufficient in rice production

By Adedapo Adesanya

President Muhammadu Buhari has claimed that his administration’s agricultural revolution has led to the creation of over 13 million direct and indirect jobs in the last seven and half years, insisting that Nigeria is self-sufficient in rice production, thanks to the Central Bank of Nigeria (CBN).

The Nigerian leader made these remarks last Friday in Washington D.C. at an interactive session entitled, A conversation with President Muhammadu Buhari of Nigeria, co-hosted by the United State Institute of Peace (USIP), the International Republican Institute, the National Endowment for Democracy, and the International Foundation for Electoral Systems.

He used the occasion to advise Western nations again not to be in a rush to eliminate the usage of fossil fuels in a bid to ensure a healthy climate.

Further, he said Nigeria’s economy had registered positive growth in the last two quarters despite the gloomy outlook in the global economy and the war in Ukraine.

President Buhari also cautioned Western nations on the frivolous issuance of travel advisories on Nigeria, urging the international media to be more objective in its reportage of the country.

He told the international community that despite the non-nonchalant actions and attitudes of some of the country’s friends and allies, Nigeria is nonetheless winning the war on terrorism, making significant progress in dealing with the threats to Nigeria’s and the sub-regions safety and survival.

The Nigerian leader also called on the United States to do more to improve the quality of governance in the West African sub-region, warning that the survival of democracy is being challenged in the aftermath of the democratic set-backs witnessed in Mali, Guinea, and Burkina Faso.

Expounding on steps taken by his administration to expand Nigeria’s economy since coming into power in 2015, the President said focused interventions in agriculture, driven by the Central Bank of Nigeria (CBN), transitioned the country from being a net importer of rice, Nigeria’s staple food, to becoming self-sufficient in its production.

‘‘This same scheme has financed the establishment and operations of our 50 integrated rice mills.

‘‘It has also financed over 4.5 million smallholder farmers, ensured the cultivation of almost 6 million hectares of farmland, and almost 700 large-scale agricultural projects have been funded.

‘‘This agricultural revolution has led to the creation of over 13 million direct and indirect jobs,” he said.

President Buhari also told the Washington D.C Community of global thought leaders and Democracy Advocacy Groups that the focus on the Agricultural Sector placed Nigeria in a better position to handle the systemic shock caused by both COVID-19 and the Russia-Ukraine war on global food supply chains and attendant price spikes.

He added that the revolution in the sector had improved the country’s capacity in the agro-allied sector, making it more efficient in enhancing and maximizing production yields and post-harvest losses.

‘‘The non-oil sector remains the future of our economy, and I hope successive governments will consolidate on the gains we have recorded under my leadership.

‘‘You will agree with me that the Russia-Ukraine war has compelled many economies to carry out reforms and re-adjust policies to cope with the challenges posed by the conflict.

‘‘In this regard, we are paying more attention now to energy transmission and distribution through targeted collaboration with global companies like Siemens to improve our efficiency in the Power Value Chain,’’ he said.

Business Post reports that despite Mr Buhari’s insistence that the country was self-sufficient in rice production, the price of the product at the local market has gone above the ceiling. The price of a 50kg bag of rice is sold between N45,000 and N48,000, depending on the brand. In 2015, before he assumed office, the price was between N8,000 and N11,000.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Demand Pressure Jerks NGX All-Share Index to 54,213.09 points

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All-Share Index NGX

By Dipo Olowookere

The sustained demand for domestic stocks further raised the Nigerian Exchange (NGX) Limited by 0.40 per cent on Friday, with the All-Share Index (ASI) crossing the 54,000-point threshold at the close of business.

The index, which measures the general performance of the bourse, appreciated by 214.97 points to settle at 54,213.09 points compared with the preceding day’s 53,998.12 points, as the market capitalisation expanded by N117 billion to close at N29.528 trillion as against Thursday’s closing value of N29.411 trillion.

The growth reported yesterday was supported by buying pressure across sectors of the market, though the consumer goods space came under selling pressure, losing 0.39 per cent.

However, this did not affect the outcome of the bourse due to the 1.06 per cent recorded by the banking counter, the 0.31 per cent expansion posted by the insurance sector, the 0.17 per cent growth printed by the energy counter, and the 0.04 per cent improvement reported by the industrial goods space.

Business Post reports that the market breadth remained positive on Friday, with 35 price gainers and 10 price losers, indicating a very strong investor sentiment.

Red Star Express, International Energy Insurance, and FTN Cocoa gained 10.00 per cent each yesterday to finish at N2.53, 99 Kobo, and 33 Kobo, respectively. MRS Oil gained 9.94 per cent to end at N19.35, and Northern Nigerian Flour Mills rose by 9.55 per cent to N9.75.

Conversely, Ikeja Hotel was the worst-performing stock after it dropped 10.00 per cent to 99 Kobo, Lasaco Assurance fell by 5.88 per cent to 96 Kobo, ABC Transport declined by 5.41 per cent to 35 Kobo, Universal Insurance went down by 4.76 per cent to 20 Kobo, and May & Baker shed 2.89 per cent to N4.71.

At the market yesterday, investors traded 268.02 million stocks worth N2.4 billion in 4,017 deals compared with the 2.9 billion stocks worth N8.1 billion traded in 3,940 deals on Thursday, indicating an increase in the number of deals by 1.95 per cent and a decline in the trading volume and value by 90.66 per cent and 70.37 per cent apiece.

Universal Insurance topped the activity chart after it sold 63.4 million shares, GTCO traded 20.8 million equities, Transcorp exchanged 19.5 million stocks, International Energy Insurance transacted 12.8 million equities, and Access Holdings traded 12.5 million shares.

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Economy

Naira Shortage: President Buhari Calls for Calm

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President Buhari

By Modupe Gbadeyanka

President Muhammadu Buhari has urged Nigerians to remain calm as they express their anger over the shortage of Naira in the financial system.

Since last week, many citizens of the country have been unable to access their funds in the banks because of a shortage in the supply of the redesigned Naira notes.

This has resulted in a huge crowd at banking premises across the nation, with several persons queuing at Automated Teller Machine (ATM) terminals waiting to withdraw their money with success.

The Central Bank of Nigeria (CBN) redesigned the N200, N500, and N1,000 denominations last year and said the old notes would no longer be legal tender from January 31, 2023.

However, while many Nigerians approached their banks last Sunday to quickly deposit their funds to beat the deadline, the CBN announced that the deadline had been moved to February 10, 2023.

The next day, while customers attempted to withdraw their funds over the counter, they were informed that the apex bank had directed them (commercial banks) not to honour cash withdrawal requests.

Also, cash withdrawal from ATMs was limited, making it very difficult for businesses to operate, triggering a protest in Ibadan on Friday.

When the demonstration was going on, Governors of the All Progressives Congress (APC) were meeting with President Buhari to persuade him to do something about the Naira scarcity.

After the gathering, he said in a social media post that, “I am aware of the cash shortages and hardship being faced by people and businesses on account of the Naira redesign.

“I want to assure you that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.

“I met with a delegation of Governors today on the matter. All the complaints about the execution of the currency change are being seriously looked into.

“I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision.”

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Economy

Local Currency Appreciates at P2P, I&E, Depreciates at Black Market

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local currency nigeria

By Adedapo Adesanya

The local currency appreciated by N2 on the United States Dollar at the Peer-2-Peer (P2P) foreign exchange (FX) window, closing at N760/$1 on Friday, February 3, compared with the previous day’s N762/$1, indicating a form of ease as tensions rose across the country following a cash crunch that has triggered anger and aggression in some states.

President Muhammadu Buhari stepped in on Friday and pleaded with Nigerians to give him seven days to resolve the crisis caused by the scarcity of new Naira notes.

The President said he had seen reports about cash shortages and the effect on local businesses and ordinary people.

In the Investors and Exporters (I&E) segment, the Naira recorded a 50 Kobo or 0.11 per cent upward movement against the US Dollar to trade at N461.50/$1 compared with the preceding day’s N462.00/$1.

The day’s trading data showed that the value of forex transactions during the official market slightly increased by 3.54 per cent or $4.08 million to $119.43 million from the $115.35 million recorded a day before.

But in the black market, the Nigerian currency depreciated against the Dollar by N1 to close at N753/$1, in contrast to Thursday’s exchange rate of N752/$1.

In the interbank window, the domestic currency closed flat against the British Pound Sterling and the Euro on Friday at N568.32/£1 and N507.14/€1, respectively.

At the cryptocurrency market, there was a mixed outcome across the tokens tracked by Business Post as moves by the US Federal Reserve to raise rates by 25 basis points continued to send jittery signals.

Binance Coin (BNB) recorded a 2.8 per cent rise to sell at $329.32, Dogecoin (DOGE) grew by 2.4 per cent to trade at $0.0935, Solana (SOL) appreciated by 1.1 per cent to $24.49, Ethereum (ETH) improved by 0.9 per cent to $1,654.18, Cardano (ADA) recorded a 0.6 per cent addition to quote at $0.4006, while Litecoin (LTC) rose by 0.4 per cent to $99.15.

However, Bitcoin (BTC) declined by 0.7 per cent to trade at $23,356.32, and Ripple (XRP) recorded a 0.2 per cent slump to trade at $0.4092, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.

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