Economy
Maize, Soybean, Paddy Rice Decline at Commodity Market
By Ashemiriogwa Emmanuel
The price of maize, soybean and paddy rice declined at the commodity market last week, data harvest by Business Post from the AFEX Weekly Commodities Price Report revealed.
The exchange traded price of maize last week went down by 4.6 per cent to N22,097 per contract from N23,200 per contract but at the open market, the value of the grain appreciated by 5.0 per cent to N21,185 per contract from N20,170 contract.
While harvest of 2021 maize has begun in major producing regions of Nigeria, commercial quantities of the grain are yet to be available as drying and processing are still in process.
Also, the value of soybean at the exchange dropped from N37,183 per contract to N34,664 per contract, indicating a 6.8 per cent week-on-week decline. The price of the commodity, however, witnessed a 5.96 per cent increase at the open market as it went from N35,783 to N37,756.
In the same vein, the exchange traded price of paddy rice fell in the week by 2.3 per cent to N21,500 per contract from N22,000 per contract, while at the open market, the staple grain experienced the highest appreciation of 30.13 per cent to N21,878 from N16,812.
As for sorghum and cocoa, the prices of both commodities remained flat at the exchange, while at the open market, sorghum went up by 6.5 per cent to close at N24,138 per contract from N22,675 per contract, with the price of cocoa falling marginally by 0.01 per cent to N99,013 from N99,022.
A survey showed that pest infestation was a very significant factor that affected 16 per cent of sorghum farmers planting this season, the main reason for the lower quality and quantity of upcoming harvest.
Meanwhile, the value of ginger, sesame, and cashew closed flat at the exchange, but at the open market, ginger decreased by 4.0 per cent to N92,387, while sesame dropped 6.6 per cent to close at N53,512, with cashew trading flat.
AFEX, in the report, said that a total of 2,617 contracts were consummated in the review period, 98 per cent lower than the 146,289 trades achieved the preceding week.
However, the AFEX Commodity Index (ACI) appreciated 0.58 per cent week-on-week, while the Afex Export Index (AEI) closed flat, with the Standard & Poor’s Goldman Sachs Commodity Index (S&P GSCI) Agriculture falling by 2.8 per cent and 0.57 per cent.
Comparing the performance of the markets, the ACI outperformed the S&P GSCI Agriculture Index on a season-to-date basis, but when compared to both indexes, the AEI underperformed.
Economy
FG Offers 18% Interest on Savings Bonds
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
Economy
Reps Express Readiness to Pass Tax Reform Bills
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
Economy
NASD Index Appreciates 0.69% to 3,095.00 Points
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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