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Economy

Hunger Persists Despite Strong Global Harvests—FAO

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By Modupe Gbadeyanka

According to the new edition of FAO’s Crop Prospects and Food Situation report, global food supply conditions are robust, but access to food has been dramatically reduced in areas suffering civil conflicts, while drought conditions are worsening food security across swathes of East Africa.

Some 37 countries require external assistance for food, 28 of them in Africa as a result of lingering effects of last year’s El Niño-triggered droughts on harvests in 2016.

Yet, while agricultural production is expected to rebound in southern Africa, protracted fighting and unrest is increasing the ranks of the displaced and hungry in other parts of the world.

Famine has been formally declared in South Sudan and the food security situation is of grave concern in northern Nigeria, Somalia and Yemen.

“This is an unprecedented situation. Never before have we been faced with 4 threats of famine in multiple countries simultaneously,” said FAO Assistant Director-General Kostas Stamoulis, head of the Economic and Social Development department. “It demands swift action which should consist of immediate food assistance but also livelihood support to ensure that such situations are not repeated.”

In South Sudan, 100,000 people were facing famine in Leer and Mayendit Counties, part of former Unity State, while there was an “elevated risk” that similar conditions existed in two nearby counties.

Overall, about 4.9 million people across the country were classified as facing crisis, emergency or famine. That number is projected to increase to 5.5 million, or almost half the country’s population, at the peak of the lean season in July.

In northern Nigeria, 8.1 million people are facing acute food insecurity conditions and require urgent life-saving response and livelihood protection. That comes despite the above-average cereal harvest in 2016 and reflects the disruption caused by conflict as well as the sharp depreciation of the Naira.

In Yemen, 17 million people or two-thirds of the population are estimated to be food insecure, while almost half of them are in need of emergency assistance, with the report noting that “the risk of famine declaration in the country is very high.”

In Somalia, the combination of conflict, civil insecurity and drought have resulted in more than double the number of people – now estimated at 2.9 million – being severely food insecure from six months ago. Drought has curtailed fodder for pastoralists and the third consecutive season of poor rainfall is estimated to have reduced crop production in southern and central regions to 70 percent below average levels, leaving food stocks depleted.

Conflicts and civil unrest in Afghanistan, Burundi, Central African Republic, Democratic Republic of Congo, Iraq, Myanmar and Syria are also exacerbating food insecurity conditions for millions of people as well affecting nearby countries hosting refugees. In addition, the drought in East Africa in late 2016 has heightened food insecurity in several countries in the sub-region.

Worldwide trends

Cereal production made quite strong gains in the world overall in 2016, with a record recovery in Central America, and larger cereal crops in Asia, Europe and North America.

Looking ahead, FAO’s first global wheat production forecast for 2017 points to a 1.8 percent decline from last year’s record level, due mostly to a projected 20 percent output drop in the United States of America, where the area sown to winter wheat is the lowest level in over 100 years.

Prospects are favourable for the 2017 maize crop in Brazil and Argentina and the outlook is generally positive for coarse grains throughout the Southern Hemisphere. Prospects for rice are mixed, but it is still too early to make firm predictions for many of the world’s major crops.

Maize harvests in Southern Africa, slashed by El Niño, are forecast to recover this year, with South Africa’s output expected to increase by more than 50 percent from 2016, with positive trends likely in most nearby countries. However, an outbreak of armyworms, along with localized flooding in Mozambique, Zambia and Zimbabwe, could limit larger production gains in 2017.

The 37 countries currently in need of external food assistance are Afghanistan, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo, Democratic People’s Republic of Korea, Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, Guinea, Haiti, Iraq, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Niger, Nigeria, Pakistan, Sierra Leone, Somalia, South Sudan, Sudan, Swaziland, Syria, Uganda, Yemen and Zimbabwe.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

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capital market operators

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

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Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

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fidson

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

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Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

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FG contractors protest

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.

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