Economy
Importation Of Poisonous Foods Into Nigeria Fears NEC
By Modupe Gbadeyanka
The National Economic Council (NEC) has expressed concerns over the importation of some poisonous consumable goods into Nigeria.
The council, which met on Tuesday in Abuja, has called on the relevant agencies to tackle the issue and avert danger in the country.
At the meeting president over by Vice President Yemi Osinbajo, NEC urged the National Agency for Food Drug Administration and Control (NAFDAC) and the Standard Organisation of Nigeria (SON) to ensure only quality products are allowed in the country.
The council noted in dismay how frozen chickens preserved with very dangerous chemicals were allowed into Nigeria without checks.
Addressing newsmen of the outcome of the meeting yesterday, Governor Rochas Okorocha of Imo State said, “We were concerned of some of the imported goods, some of the items imports into this country in the name of food and we have cautioned seriously that SON, NAFDAC and other agencies that deal with quality of goods should do their utmost best so that rubbish is not sent into this country in the name of food.
“We realized that some of the frozen chicken and fish imports into this country were being preserved with very dangerous chemicals. So we are of the opinion that this area should be looked into.
“And again, we all resolved that agriculture should continue to take the centre stage in this country for now so that our country will be able to feed itself. If we are not able to do this, employment for our youth would be a mere dream.”
Also, Mr Okorocha said the council endorsed the Federal Government’s plan to increase the contribution of the solid minerals sector to the nation’s treasury.
He said the Minister of Mines and Steel Development presented a Memorandum to Council on the need to engage Independent Professional Revenue Consultants to increase the contribution of the Solid Minerals Sector to the revenue of the Government of the Federation.
“The imperative of the memo therefore arose after a comprehensive review of the revenue generation profile of the mining sector and the need to plug avoidable revenue leakages, which occur due to the inadequacies inherent in the existing revenue collection systems.
“NEITI estimated total revenue from the mining sector at N31.449 billion and N50.2 billion in 2012 and 2013 respectively out of which only N1.9 billion and N2.01 billion respectively were remitted as Royalties to the FG.
“In addition, there were no records of royalty payment of as much as estimated billions of Naira worth from Gold, Precious Stone, Barites and other exported solid minerals
“The memo therefore became necessary now considering the economy downturn in the oil and gas industry, which has hitherto been the nation’s main source of revenue,” the Governor said.
He added that NEC backed the presentation from the Minister of Power, Works and Housing, Mr Babatunde Fashola, on the Ministry’s strategy to generate incremental power as a short term measure towards addressing current energy shortage in the country.
“DISCOS are encouraged to harness the estimated capacity of over 2,000 MW of unused/underutilized industrial/commercial generators fuelled by gas, oil and diesel that can be harvested.
“Such initiatives of harnessing such capacity to serve working target consumers are now progressing towards conclusion in Port Harcourt, Benin, Kaduna, Yola, Jos, Enugu, Ibadan, Ikeja and Eko distribution franchises with active support of the Ministry.
“Locating generation capacity close to the consumers is an effective way to deliver incremental power to rural communities were most Nigerians live, many without any electricity supply,” he told newsmen after the meeting.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.58 per cent on Tuesday, May 19, buoyed by strong investor appetite for unlisted securities.
Data from the bourse showed that the volume of securities traded during the session ballooned by 365,661.8 per cent to 1.9 billion units compared with the previous day’s 514,142 units, as the value of transactions surged by 30,433.9 per cent to N5.3 billion from the preceding session’s N17.4 million, and the number of deals increased by 22.2 per cent, as these trades were executed in 60 deals versus the 27 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc ended the trading session as the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 60.9 million units exchanged for N4.1 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
During the session, there were three price gainers and one price loser, led by Afriland Properties Plc, which went down by 5 Kobo to trade at N16.90 per share versus the previous day’s N16.95 per share.
But FrieslandCampina Wamco Plc appreciated by N12.45 to N151.79 per unit from N146.55 per unit, CSCS Plc expanded by 62 Kobo to N70.62 per share from N70.00 per share, and UBN Property Plc added 20 Kobo to close at N2.24 per unit versus N2.04 per unit.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 24.05 points to 4,157.75 points from 4,133.70 points, and the market capitalisation chalked up N14.39 billion to close at N2.487 trillion compared with Monday’s N2.473 trillion.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 19, by 17 Kobo or 0.01 per cent to trade at N1,373.87/$1 compared to the previous day’s N1,373.70/$1.
However, the domestic currency appreciated against the Pound Sterling in the same market window by 5 Kobo to close at N1,839.61/£1 versus Monday’s rate of N1,839.66/£1, and gained N5.97 against the Euro to settle at N1,594.52/€1, in contrast to the preceding session’s N1,600.49/€1.
Data from GTBank FX bench showed that the Naira appreciated against the US Dollar yesterday by N2 to sell at N1,381/$1 versus N1,383, and at the parallel market, it remained unchanged at N1,390/$1.
The outcome across the board came as Nigeria’s external reserves have shown signs of improvement in recent weeks, which may provide some support for FX market interventions by the Central Bank of Nigeria (CBN) and broader macroeconomic stability efforts.
Currency traders and investors are expected to continue monitoring CBN policy direction, foreign portfolio inflows, crude oil earnings, and external reserve performance as key indicators influencing the naira’s trajectory in the coming months.
The Monetary Policy Committee (MPC) meeting began on Tuesday with announcements of decisions expected later on Wednesday after inflation ticked up in April.
In the cryptocurrency market, major digital coins were down as traders focused on macro data, oil prices, and inflation, while the US Senate advanced a measure that could force President Donald Trump to seek congressional approval for the Iran war.
Ripple (XRP) went down by 1.3 per cent to $1.36, Dogecoin (DOGE) slid by 0.9 per cent to $0.1034, Cardano (ADA) dropped by 0.7 per cent to $0.2499, Ethereum (ETH) declined by 0.5 per cent to $2,124.02, Solana (SOL) depreciated by 0.5 per cent to $84.67, TRON (TRX) dipped by 0.4 per cent to $0.3551, and Binance Coin (BNB) slumped 0.1 per cent to $641.39.
On the flip side, Bitcoin (BTC) appreciated by 0.3 per cent to $77,114.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian bourse rebounded by 0.57 per cent on Tuesday despite weak investor sentiment triggered by a negative market breadth index after finishing with 26 price gainers and 31 price losers.
Customs Street was saved from a further decline due to buying interest in some mid and large-cap equities, which offset profit-taking in others.
It was observed that the insurance sector bled by 1.64 per cent and the consumer goods index depreciated by 0.93 per cent. However, the industrial goods space appreciated by 2.27 per cent, the banking counter improved by 0.98 per cent, and the energy industry rose by 0.11 per cent.
Consequently, the All-Share Index (ASI) gained 1,430.59 points to settle at 251,635.42 points compared with the previous day’s 250,204.83 points, and the market capitalisation chalked up N917 billion to close at N161.280 trillion versus the N160.363 trillion it ended a day earlier.
FTN Cocoa led the advancers’ chart after rising by 10.00 per cent to trade at N9.79, Zichis increased by 9.97 per cent to N29.13, SAHCO jumped by 9.79 per cent to N156.95, Caverton flew by 9.76 per cent to N6.75, and Japaul grew by 9.73 per cent to N3.72.
Conversely, Unilever Nigeria depreciated by 10.00 per cent to N153.00, Trans-Nationwide Express crashed by 9.92 per cent to N6.99, Sovereign Trust Insurance fell by 9.81 per cent to N2.39, McNichols slumped by 9.26 per cent to N7.25, and Austin Laz declined by 7.28 per cent to N4.20.
The busiest stock on the floor of the Nigerian Exchange (NGX) Limited yesterday was Access Holdings with 88.4 million units sold for N2.3 billion. Linkage Assurance transacted 46.2 million units valued at N83.5 million, Sterling Holdings traded 44.9 million units worth N349.3 million, Secure Electronic Technology exchanged 35.0 million units valued at N31.6 million, and Zenith Bank sold 30.4 million units for N4.0 billion.
At the close of trades, a total of 704.0 million units worth N32.2 billion were executed in 64,539 deals versus the 800.5 million units valued at N37.1 billion traded in 87,096 deals on Monday, implying a decline in the trading volume, value, and number of deals by 12.06 per cent, 13.21 per cent, and 25.90 per cent, respectively.
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