Economy
FG Rolls Out Measures to Crash Food Prices in 180 Days
By Aduragbemi Omiyale
The Minister of Agriculture and Food Security, Mr Abubakar Kyari, on Wednesday announced measures put in place to crash the prices of food in Nigeria in 180 days.
“Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days;
“150-Day Duty-Free Import Window for Food Commodities, [including] the suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.
“Imported food commodities will be subjected to a Recommended Retail Price (RRP). We understand concerns about the quality of these imports, especially regarding their genetic composition.
“The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.
“The federal government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.
“[We will have an] engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to restock the National Strategic Food Reserve.
“[We will] Ramp-Up of Production for the 2024/2025 Farming Cycle (through) continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; Strengthening and accelerating dry season farming nationwide;
“[We will] embark on aggressive agricultural mechanization to reduce drudgery, lower production costs, and boost productivity.
“[We will] collaborate with sub-national entities to identify irrigable lands and increase land under cultivation; Working closely with the Federal Ministry of Water Resources and Sanitation to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
“[We will] develop strategic engagement for youth and women for immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper to increase production volume, stabilize prices, and address food shortages; Fast-tracking ongoing engagements with the Nigerian Military to rapidly cultivate arable lands under the Defence Farms Scheme and encouraging other para-military establishments to utilize available arable lands for cultivation.
“[We will set up a] Renewed Hope National Livestock Transformation Implementation Committee; This committee has been inaugurated on Tuesday, July 9, 2024, to develop and implement policies prioritizing livestock development in alignment with the National Livestock Transformation Plan, and a ministry of Livestock Development has been created.
“[We will] promote the production of fortified food commodities and support the scale-up of the Home Garden Initiative by the Office of the First Lady of the Federal Republic of Nigeria,” the Minister posted on his X handle on Wednesday.
He also said, “Over the next 14 days, in close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT), we will convene with respective agencies to finalize the implementation frameworks. We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country.”
“As our nation confronts this critical food security challenge, I reiterate President Tinubu’s unwavering commitment to achieving food security and ensuring that no Nigerian goes to bed hungry.
“My team and I will work swiftly and diligently to actualize these crucial policies, ensuring food security for everyone in the immediate term while continuing our strategies for long-term interventions to address underlying causes and ensure sustainable and resilient food systems in Nigeria,” the Minister further said.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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