Economy
Insurgency, Banditry Fuelling Food Crisis—FG
By Modupe Gbadeyanka
The federal government has admitted that the rising insecurity in Nigeria was threatening the supply of food items across the country, deepening the food crisis.
But the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has assured that efforts would be made to address the issue.
Speaking at the Consolidatory Dialogue for the Nigeria Food Systems in Abuja on Tuesday, she said the federal government has resolved to find lasting solutions to the issue through dialogue.
“Indeed, through these engagements, we have not only been able to identify some challenges intrinsic to our food systems from multiple perspectives, but we have equally been able to harvest some promising ideas, innovative solutions and approaches from diverse stakeholders,” she said.
According to her, the food systems encompass the entire food production, processing, supply chain, food environment as well as consumer behaviour.
“We have also recognised the need to make our food systems attractive to our teeming population especially to the youth of this country. For this reason, the government is deploying up to date technology in agricultural production and the entire food value chain,” she said.
In her words: “There is no gainsaying that the Nigeria food systems is currently being threatened by increasing cases of insurgency, kidnapping, armed banditry and other vices currently plaguing our country.”
“These challenges notwithstanding, the emphasis, according to her, has always been on protecting the economy and funding the country’s healthcare needs, with the COVID-19 response spurring necessary transformation and innovation in the fiscal space and beyond.
She said this informed the rationale for making food and nutrition key thematic areas in the medium-term national development plan (MTNDP 2021-2025) presently being developed by my Ministry in collaboration with relevant stakeholders.
“It is, therefore, my belief that the opportunity provided by these dialogues have created more awareness, a better understanding of the challenges of our food systems and actions needed to make our food systems more sustainable and more resilient.
“Solutions we shall be coming out with will be those that will further propel us to achieving Nigeria of our dream particularly in the quest to improving nutrition security, reducing hunger and prevalence of malnutrition as it was envisioned in the national food and nutrition policy for Nigeria,” Mrs Ahmed said.
The Minister noted that she sees dialogue as a platform to consolidate all conservations that have been made in Nigeria around the food systems since the inception dialogue in February 2021.
She noted that the event was to enable Nigerians to harmonise the major highlights that emanated from the series of government and independent-led dialogues that have taken place so far in the country and making some commitments on ways of making the food systems better, more inclusive and more sustainable.
“During this period that the dialogues lasted, participants from diverse sectors shaded lights on the synergies and trade-offs between the five actions trackers of the United Nations (UN) food systems.
“Thorough analysis was made of existing policies, plans and guidelines, in-country studies and on the field experiences leading to a better understanding of how our food systems are affected and pathways to a more drastic transformation of our food system,” the Minister said.
Mrs Ahmed disclosed that, “In line with the UN’s leadership directive, Nigeria under the leadership of the Permanent Secretary as the National Convenor has successfully organised an inception dialogue at the national level, exploratory dialogues in 12 States across the six geo-political zones and local government and community level dialogues in eight communities selected from eight states.
“We have also had over 30 independent dialogues” organised by a group of individuals as well as private organisations. With this, you will agree with one that the journey has been so tedious but with our collective resolve to succeed we were able to come this far.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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