Economy
Farmers Urge South West Governors to Declare Food Emergency
By Adedapo Adesanya
The Lagos State Chapter of the All Farmers Association of Nigeria (AFAN) has urged the governors in the South-West region of the country to declare a state of emergency on household agricultural produce.
The AFAN Deputy Chairman in Lagos State, Mr Asking Agbayewa, said the call became necessary following the continuous increase in prices of food commodities on daily basis.
He stated that some food commodities had become so expensive that an average citizen could no longer afford them, stressing that food is a necessity and not a luxury as it has become in recent times.
He said the declaration of a food emergency would allow the government to focus on household commodities, emphasising that the price of some agricultural produce, especially beans, had increased by over 400 per cent.
“We need to declare a state of emergency in the agricultural space because of high food inflation in the last three years.
“We should begin to look inward on how we can make food available at affordable prices.
“We now found out that most of the food [items] that are on the high side are the ones being transported down from the North to the South-West, especially beans.
“The truth of the matter is that we can also plant those food [crops] here to boost self-sufficiency.
“Right now, beans is on the high side, the price of beans skyrocketed by over 400 per cent that people can no longer purchase it.
“Before now, a bag of beans was between N20,000 and N30,000 but now it is being sold at over N100,000. [The] government needs to find a way to address this problem,” he said.
Mr Agbayewa explained that the government needed to support farmers in the South-West to go into beans cultivation and other household foods.
According to him, there is nothing stopping farmers in the South-West from cultivating beans to reduce the price and ensure availability.
“That is why, as an association, we are canvassing that a state of emergency is declared in Lagos and South-West region as a whole.
“Right now, a bag of beans is N100,000 which has never happened before.
“Yet we have soil, we have land where we can plant this beans in South-West.
“This is why we are advising them to declare a state of emergency in the region if it is constitutional,” he said.
Mr Agbayewa listed some of the factors responsible for food inflation to include the high cost of transportation, multiple levies, insecurity, banditry and low production.
“If you look at the situation right now in the North, for farmers to go into their farmland, they have to pay bandits and during harvest, they suffer the same thing.
“Also, bringing food from the north to the south is a major challenge because of multiple levies collected on each truck. There are so many levies collected by federal, state and local governments.
“Also, an increase in the price of diesel is a challenge.
“All these levies put together are being put on the produce and that is why the price of food is on the high side on a daily basis,” he said.
He urged the state governments to invest more in agriculture in order to replicate agric practice in the North to the South-West.
“It is high time government in the South-West look at the household food being produced in the north and replicate it here.
“Nothing is stopping us in cultivating yam, beans, tomatoes, pepper and onions on large scale too.
“Government must pay attention to food security and boost self-sufficiency,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
By Adedapo Adesanya
The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.
Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.
Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.
According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.
Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.
However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.
As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.
Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.
Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.
Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.
Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4 per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled lower on Monday after Mr Donald Trump was sworn in for a second time as President of the United States.
On assumption of office, Mr Trump declared a national energy emergency immediately, promising to replenish strategic reserves and export American energy worldwide.
Consequently, Brent crude futures went down by 64 cents or 0.8 per cent to settle at $80.15 per barrel and the US West Texas Intermediate crude futures depreciated by $1.30 or 1.7 per cent to trade at $76.58 per barrel.
Mr Trump and his allies have signalled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit, and during his speech said he plans to unleash new oil and gas development on federal lands while reversing the Biden-Harris administration’s de-growth climate regulations.
Market analysts noted that while many of the executive actions will simply kick off a lengthy regulatory process, they extend by a large degree to the US energy industry, from oil fields to car dealerships.
These also underscore Mr Trump’s determination to reorient federal government policy behind oil and gas production, a sharp pivot from Biden’s efforts to curb fossil fuels.
He also said in his inaugural speech that he would impose tariffs and tax countries and promised an overhaul of the trade system.
Last week, prices rose for a fourth-consecutive weekly gain after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil producers. This led to a scramble by top buyers China and India for prompt oil cargoes and a rush for ship supply.
Meanwhile, dealers of Russian and Iranian oil sought tankers not under sanctions for oil shipment.
While the new sanctions could cut supply from Russia by nearly 1 million barrels per day, market analysts noted that recent price gains could be short-lived depending on Trump’s actions as the new American president promised to help end the Russia-Ukraine war quickly.
Russian President Vladimir Putin congratulated Mr Trump on taking office hours, saying he was open to dialogue with the new US administration on Ukraine and nuclear arms.
Pressure was reduced based on easing tension in the Middle East after Hamas and Israel exchanged hostages and prisoners on Sunday which marked the first day of a ceasefire after 15 months of war.
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