Economy
Dangote to Invest $100m in Nigeria for Malnutrition
By Dipo Olowookere
Africa’s businessman, Mr Aliko Dangote, has pledged to invest the sum of $100 million for the fight against malnutrition in the worst-affected parts of Nigeria.
Mr Dangote made this disclosure at the recently concluded Global Nutrition Summit 2017 held in Milan, Italy.
During the programme, governments, international agencies, foundations, civil society organisations and businesses gathered to accelerate the global response to malnutrition, an underlying cause of nearly half of all global child deaths.
The investment would be done through the Aliko Dangote Foundation, a philanthropic organization of Mr Aliko Dangote, founder and Executive Chairman of the Dangote Group, Africa’s largest homegrown conglomerate.
The Global Nutrition Summit is the global forum of the United Nations Decade of Action on Nutrition.
This year’s edition was held in close partnership with a number of international stakeholders including the UK’s Department for International Development, the World Health Organization, the Food and Agriculture Organization of the United Nations, the Bill & Melinda Gates Foundation and the International Coalition on Advocacy for Nutrition.
The governments of Ethiopia, Ivory Coast, Burkina Faso and Zambia all made commitments to expand their nutrition programmes and the Summit succeeded in galvanizing $3.4 billion according to the organisers.
The Aliko Dangote Foundation’s Managing Director and CEO Zouera Youssoufou said: “Nigeria’s high malnutrition rate is undermining progress towards improving child health and survival and putting the brakes on economic development. By investing in nutrition, we aim to directly improve the lives of Nigerian families and to empower our citizens to reach their full potential.”
The Global Nutrition Report 2017, launched at the Summit, showed that, in spite of progress, 155 million children globally are still stunted and the world is off track on meeting internationally agreed nutrition targets. Financing to tackle malnutrition has been alarmingly low. Donors spend about 0.5 percent of overseas aid on nutrition, and countries allocate between one and two percent of their health budgets to the issue.
“The global malnutrition crisis endangers the physical and mental wellbeing of present and future generations” said Kofi Annan, speaking at the summit in his capacity as Chair of the Kofi Annan Foundation. “Progress in tackling both undernutrition and obesity is possible with targeted commitments, like those made here today. We need further urgent investments so that people, communities and nations can reach their full potential.”
Through his Foundation, since 1993, Aliko Dangote has made significant social investments in health, education, economic empowerment and disaster relief. He is now becoming the strongest voice for nutritional leadership nationally and on the continent of Africa. By making this unprecedented US$100 Million commitment, the Aliko Dangote Foundation is on a mission to reduce the prevalence of undernutrition by 60 percent in the most needy areas of Nigeria, specifically the North East and North West, where malnutrition has affected millions of lives and crippled the local economy.
Malnutrition affects every country in the world in various forms, however Africa is particularly hard hit and Nigeria is home to the highest numbers of malnourished children.
Almost half of the one million children who die before the age of five every year in Nigeria, die of malnutrition as the underlying cause. Without the proper nutrients during the first 1,000 days of life starting from conception up to their second birthday, children are less likely to survive childhood diseases such as malaria and pneumonia, and are less likely to escape poverty as adults. They become physically and cognitively stunted, a fate that has befallen 11 million of Nigeria’s children under five.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
