Economy
Global Food Prices Decline for Another Month
By Adedapo Adesanya
Last month, prices of food around the world fell for the second consecutive month as the Food Price Index averaged 157.4 points in May 2022, down 0.9 points (0.6 per cent) from April.
The index, recorded by the Food and Agriculture Organisation (FAO), despite the decline, was still 29.2 points (22.8 per cent) above its value in the corresponding month last year.
The drop in May was led by declines in the vegetable oil and dairy price indices, while the sugar price index also fell to a lesser extent.
Meanwhile, cereal and meat price indices increased.
The FAO Cereal Price Index averaged 173.4 points in May, up 3.7 points (2.2 per cent) from April and as much as 39.7 points (29.7 per cent) above its May 2021 value.
International wheat prices rose for a fourth consecutive month, up 5.6 per cent in May, to an average of 56.2 per cent above their value last year and only 11 per cent below the record high reached in March 2008.
The steep increase in wheat prices was in response to an export ban announced by India amidst concerns over crop conditions in several leading exporting countries, as well as reduced production prospects in Ukraine because of the war. By contrast, international coarse grain prices declined by 2.1 per cent in May but remained 18.1 per cent above their value a year ago.
Slightly improved crop conditions in the United States of America, seasonal supplies in Argentina and the imminent start of Brazil’s main maize harvest led maize prices to decline by 3.0 per cent; however, they remained 12.9 per cent above their level of May 2021.
Similarly, international sorghum prices also fell in May by 3.1 per cent, while spillover from the strength in wheat markets and concerns over crop conditions in the European Union (EU) boosted barley prices by 1.9 per cent.
International rice prices increased for the fifth successive month in May. Quotations strengthened in all the major market segments, but monthly increases were least pronounced (2.6 per cent) for the most widely traded Indica varieties, amid ample supplies, especially in India.
The FAO Vegetable Oil Price Index averaged 229.3 points in May, down 8.3 points (3.5 per cent) month-on-month, yet remaining markedly above its year-earlier level.
The monthly decline mainly reflects lower prices across palm, sunflower, soy, and rapeseed oils. International palm oil prices weakened moderately in May.
Apart from demand rationing, the removal of Indonesia’s short-lived export ban on palm oil exerted additional downward pressure on prices, although a further price drop was contained by lingering uncertainties over the country’s export prospects.
Meanwhile, world price quotations for sunflower oil fell from recent record highs, with stocks continuing to accumulate in Ukraine owing to logistical bottlenecks.
International soy and rapeseed oil prices also declined somewhat in May, chiefly weighed by sluggish import demand in view of elevated costs in recent months.
The FAO Dairy Price Index averaged 141.6 points in May, down 5.1 points (3.5 per cent) from April, marking the first decline after eight consecutive monthly increases, but still 20.5 points (16.9 per cent) higher than its level in May of last year. World prices of all milk products fell, with milk powders declining the most, underpinned by lower buying interests on market uncertainties stemming from the continued lockdown in China, despite the persistent global supply tightness.
Butter prices also dropped significantly due to weaker import demand in tandem with some improvements to supplies from Oceania and limited internal sales in Europe.
Meanwhile, robust retail sales and high demand from restaurants ahead of the summer holidays in the Northern Hemisphere prevented cheese prices from falling significantly, despite weakened global import demand.
The FAO Meat Price Index averaged 122.0 points in May, up 0.6 points (0.5 per cent) from April, setting a new all-time high, driven by a steep rise in world poultry meat prices, more than offsetting declines in pig and ovine meat values.
In May, poultry meat prices rose, reflecting the continued supply chain disruptions in Ukraine and recent cases of avian influenza amid a surge in demand in Europe and the Middle East.
Meanwhile, international bovine meat prices remained stable, as increased supplies from Brazil and Oceania were adequate to meet persistently high global demand.
By contrast, world pig meat prices fell on high export availabilities, especially in Western Europe, amid lacklustre internal demand and expectations for releasing pig meat from the EU Commission’s Private Storage Aid scheme. International prices of ovine meat also dropped, reflecting the impact of currency movements.
The FAO Sugar Price Index averaged 120.3 points in May, down 1.3 points (1.1 per cent) from April, marking the first decline after sharp increases registered in the previous two months.
The recent monthly decline in international sugar price quotations was triggered by limited global import demand and good global availability prospects, mostly stemming from a bumper crop in India.
The weakening of the Brazilian Real against the US dollar and lower ethanol prices resulted in further downward pressure on world sugar prices.
However, uncertainties over the current season’s outturn in Brazil, the world’s largest sugar exporter, prevented more substantial price declines.
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Overcoming Common Challenges
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Future Outlook for Nigerian Entrepreneurs
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By Adedapo Adesanya
The federal government, states and the Local Government Councils have received a sum of N1.928 trillion from the revenue generated in November 2025 by the federation.
According to a statement by the Federation Account Allocation Committee (FAAC), the earnings were shared at the December 2025 FAAC meeting held in Abuja, where the total distributable revenue comprised statutory revenue of N1.403 trillion, Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) revenue of N39.646 billion.
It was disclosed that total gross revenue of N2.343 trillion was available in the month of November 2025, with N84.251 billion deducted for cost of collection and N330.625 billion for total transfers, interventions, refunds and savings.
FAAC stated that gross statutory revenue of N1.736 trillion was received for the month of November 2025, lower than the N2.164 trillion received in the month of October 2025 by N427.969 billion.
Gross revenue of N563. 042 billion was available from VAT in November 2025, lower than the N719.827 billion available in the month of October 2025 by N156.785 billion.
In November 2025, Excise Duty increased moderately while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), CIT on Upstream Activities, Companies Income Tax (CIT), CGT and SDT, Oil & Gas Royalties, Import Duty, CET Levies, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Fees recorded substantial decreases.
From the N1.928 trillion total distributable revenue, the federal government got N747.159 billion, the state governments received N601.731 billion, and the local councils shared N445.266 billion, while N134.355 billion was given to benefiting states as 13 per cent of mineral derivation.
On the N1.403 trillion distributable statutory revenue, the national government received N668.336 billion, the 36 states got N338.989 billion, and the LGAs received N261.346 billion, and N134.355 billion shared as 13 per cent of mineral revenue.
In addition, from the N485.838 billion distributable VAT revenue, the central government got N72.876 billion, the state governments shared N242.919 billion, and the local councils shared N170.043 billion.
Further, N5.947 billion was taken by the federal government from the N39.646 billion EMTL, the states shared N19.823 billion, and the councils received N13.876 billion.
By Adedapo Adesanya
The duo of Golden Capital Plc and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Monday, December 15.
This pulled down the NASD Unlisted Security Index (NSI) by 1.37 points to 3,599.06 points from last Friday’s 3,600.43 points and the market capitalisation lost N820 million to close at N2.153 billion compared with the preceding session’s N2.154 trillion.
Golden Capital Plc depleted by 94 Kobo to end at N8.51 per share compared with N9.45 per share and FrieslandCampina Wamco Nigeria Plc depreciated by 63 Kobo to sell at N59.60 per unit versus N60.23 per unit.
During the session, the volume of securities traded at the session slumped by 98.4 per cent to 600,402 units from 37.4 million units, the value of securities fell by 99.8 per cent to N7.8 million from N4.9 billion, and the number of deals shed 36.4 per cent to 21 deals from 33 deals.
At the close of trades, Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.3 million, and Impresit Bakolori Plc with 537.0 million units traded for N524.9 million.
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