Economy
NAFDAC Partners GATF for Better Global Trade Transactions
By Adedapo Adesanya
The National Agency for Food and Drug Administration and Control (NAFDAC) has commenced a partnership with the Global Alliance for Trade Facilitation (GATF) to put together strategies for export and import trade in Nigeria.
This was disclosed by the drug and food regulatory body through its resident media consultant, Mr Olusayo Akintola, stating that the procedures were to ensure ease of doing business in Nigeria.
The statement noted that the partnership was also aimed at achieving standardisation, harmonisation of documents and simplified trade formalities for importers and exporters.
It said that NAFDAC Director-General, Mrs Mojisola Adeyeye, reached the agreement at a virtual meeting with GATF Nigeria top officials led by its Project Lead, Mr Bernard Traynor.
The statement added that the partnership project is being powered by GATF, an organisation hosted by the Centre for International Private Enterprise, International Chambers of Commerce, and the World Economic Forum.
“The project in Nigeria is being implemented by the German Technical Cooperation popularly known as GIZ. The alliance is supported by the governments of the US, Canada, Germany, Denmark and the government of Australia through their respective agencies,” the agency noted.
The statement quoted Mrs Adeyeye, who was represented at the meeting by Dr Abimbola Adegboye, Head of Trade and International Relations at the agency, as listing measures that NAFDAC had already put in place for both import and export trade.
Mrs Adeyeye reiterated that NAFDAC had already put in place measures to ensure that there is a seamless and more robust operational procedure with both export and import at the borders.
She said part of the measures was to achieve cooperation among government agencies at the borders, adding that NAFDAC’s focus now was to ensure smooth trade facilitation and regulation.
According to her, operations of regulators should not pose a hindrance to trade transactions but facilitate them.
She said that the agency was making sure that there are not so many interferences between the users of the agency facilities and the agency.
“So, we try as much as possible to remove both human interferences under the guise of consultants, because more or less they do not facilitate trade, they tend to distort it.
“Trade should be on basis of safety and quality, that is the only way trade could be sustained; If quality is not put into your product, It gives the country a bad name, they blacklist the company involved.
“The consumers are the losers because they do not have value for money and their health is compromised,” she stressed.
She stated that these are the issues that the global alliance would be addressing, adding that what would make all these visible and possible was to ensure that operations at the borders are seamless.
According to her, if a producer has perishable items that are to be exported or that are to be allowed into the country and they are delayed unnecessarily or held based on premium conditions, such products could go bad, and the integrity of such product would be compromised.
She said that anything that would make trade operations very easy both for inflow and outflow, and would make the whole process of regulation friendly and not cumbersome for importers and exporters, is what the agency aimed for.
The statement also quoted the Project Manager of GATF, Nigeria, Mr David Okeku, explaining that being an alliance, his organisation had critical private sector partners, and series of projects currently being implemented in Kenya, Madagascar, Malawi, Zambia, Senegal, Uganda and Latin America, Asia and Middle East countries.
“How we work in the alliance is that we partner with multinationals, local businesses because we believe strongly that they will bring in their expertise and also best practices; and also bring in supply-chain companies.
“We use them as our ambassadors globally and in-country. Local businesses also contribute in form of expertise and resources in kind towards the alliance,” the statement added.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost its footing by 0.07 per cent on Friday as a result of renewed profit-taking by investors.
The fall happened after Thomas Wyatt and Guinness Nigeria led other price losers group comprising 27 stocks at the market yesterday due to selling pressure.
Thomas Wyatt Nigeria shed 10.00 per cent to quote at N2.70, Guinness Nigeria drowned by 9.99 per cent to close at N329.00, Ikeja Hotel slipped by 9.96 per cent to N42.50, Zichis shed 9.94 per cent to trade at N26.37, and McNichols depreciated by 9.91 per cent to N5.00.
On the flip side, International Breweries gained 9.92 per cent to finish at N13.30, NEM Insurance appreciated by 9.61 per cent to N27.95, Jaiz Bank grew by 6.36 per cent to N9.20, UPDC expanded by 6.33 per cent to N4.20, and Livestock Feeds increased by 6.32 per cent to N9.25.
Business Post reports that investor sentiment remained bullish despite the loss recorded during the session, as there were 27 price decliners and 30 price advancers, representing a positive market breadth index.
Yesterday, market participants transacted 441.3 million equities for N19.4 billion in 44,938 deals compared with the 1.7 billion equities worth N112.0 billion traded in 44,780 deals a day earlier. This showed that the trading volume contracted by 74.04 per cent, the trading value declined by 82.68 per cent, and an uptick in the number of deals by 0.35 per cent.
Access Holdings led the activity chart on Friday after selling 40.2 million shares valued at N1.0 billion, Sterling Holdco traded 30.3 million stocks worth N228.8 million, Fidelity Bank sold 26.3 million equities for N505.6 million, Zenith Bank transacted 22.3 million shares valued at N2.5 billion, and First Holdco exchanged 19.0 million stocks worth N1.3 billion.
During the last trading session of the week, the consumer goods sector rose by 0.49 per cent, the insurance counter increased by 0.06 per cent, and the industrial goods index closed flat, while the banking and energy indices lost 0.78 per cent and 0.52 per cent, respectively.
As a result, the All-Share Index (ASI) shrank by 159.97 points to 243,798.76 points from 243,958.73 points, and the market capitalisation moderated by N103 billion to N156.445 trillion from N156.548 trillion.
