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 duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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