Economy
NESG Advocates Food Safety System Framework
By Adedapo Adesanya
The Nigeria Economic Summit Group (NESG) has called on the federal government to enhance the framework for the food safety system in the country.
The group reiterated the need to expedite the passage of the Food Safety and Quality Bill into law to enhance access to Nigerian agricultural products in the international markets without further obstacles.
Speaking at the opening of the Food and Feed Safety Expertise Co-ordination Workshop in Abuja earlier this week, Chief Executive Designate, NESG, Mr Tayo Aduloju, said the delay in the passage of the bill had partly contributed to the continued rejection of some of the export products by foreign countries especially the European Union (EU), United States, and the United Kingdom, among others.
The event was necessitated as the US said Nigerian products often don’t meet all the regulatory and safety requirements specified by the country, leading to their rejections.
Mr Aduloju said the event marked a critical juncture in the country’s global efforts towards transforming food systems, emphasising the vital role of coordination, cooperation, and collaboration among relevant stakeholders.
He said Nigeria’s commitment to upholding the highest food safety standards remained paramount to its well-being and progress, stressing that through collaboration and pooling collective expertise, the regulatory frameworks would be strengthened, enhancing the overall quality of food and feed in our country.
He said Nigeria’s 70 million hectares of agricultural land, presented massive potential for economic growth and development.
“We must have effective regulatory, institutional, and policy frameworks. Frameworks that address the gaps in food and feed safety systems will not only improve the well-being of citizens but also impact Nigeria’s position in international trade,” he added.
The incoming NESG chief executive also stated that reforming food and feed safety systems was inevitable for Nigeria to benefit effectively from the AfCFTA.
He urged President Bola Tinubu to show political will and authorisation towards the passage of the Food Safety and Quality Bill – which was passed by both chambers of the legislature last year but couldn’t get the crucial assent of the president to become.
He said the government needed not to wait for another four years to pass the bill as this could be accomplished within a year.
Mr Aduloju said safety and quality remained a key component of the food security agenda of the current administration, adding that it was time for political authorisation to align with policy and legislative action to make it happen.
He said passing the bill into law would also ensure that the country’s food exports can access international markets, especially when attracting foreign exchange is inevitable to shore up reserves.
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If you are 18 to 26, curious about how money works, and ready to build your future, this is your sign.
By Adedapo Adesanya
Trading activities at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note with a 0.43 per cent growth on Thursday, July 17.
The expansion recorded yesterday raised the market capitalisation by N8.68 billion at the close of business to N2.042 trillion from the N2.033 trillion quoted at the preceding session, and the NASD Unlisted Security Index (NSI) gained 14.83 points to settle at 3,487.67 points compared with the 3,472.84 points it finished on Wednesday.
According to data, there were two price gainers during the trading session, with Okitipupa Plc growing by N4.50 to close at N239.50 per share versus the N235.00 per share it ended at midweek, as Food Concepts Plc chalked up 29 Kobo to close at N3.20 per unit, in contrast to the previous day’s N2.91 per unit.
On the flip side, the bourse recorded a price loser and it was UBN Property Plc, which lost 22 Kobo to end at N2.02 per share compared with the preceding day’s N2.24 per share.
At the close of business, the volume of trades surged by 280,246.7 per cent to 252,312 units from the 90 units traded during the midweek session, the value of transactions increased by 365,667.5 per cent to N21.4 million from N5,850, and the number of deals went up by 525 per cent to 25 deals from four deals.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.9 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units worth N1.8 billion.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 536.9 million units for N524.8 million, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with a turnover of 272.3 million units worth N493.4 million.
By Adedapo Adesanya
The value of the Naira further depreciated against the US Dollar by N3.26 or 0.21 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market on Thursday, July 17 to N1,533.22/$1 from the previous closing price of N1,529.96/$1.
Equally, the domestic currency weakened against the Pound Sterling in the official FX market during the trading session by N2.76 to close at N2,056.52/£1 compared with the previous day’s rate of N2,053.76/£1 but appreciated against the Euro by N2.81 to finish at N1,776.42/€1, in contrast to the N1,779.23/€1 it was traded at midweek.
In the black market, the exchange rate of the Nigerian Naira and the US Dollar remained unchanged yesterday at N1,535/$1, according to data obtained by Business Post.
The poor performance of the Naira in the spot market on Thursday came amid increased demand despite positives that indicate that the country’s reserves will strengthened on improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.
In the first six months of 2025, the Central Bank of Nigeria (CBN) injected a total of $4.1 billion into the FX market to stabilise the Naira and ease liquidity pressures in the currency market, 215 per cent higher than the $1.3 billion recorded during the same period in 2024, according to the latest CSL Stockbrokers’ H2 2025 Outlook report.
The analysts at CSL, however, expressed concerns over the sustainability of the currency defence strategy, citing weak oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
As for the cryptocurrency market, it was bullish as the US made the historical milestone towards stablecoin-regulating legislation.
The first major crypto regulatory initiative in the US is about to become law after the House of Representatives passed the stablecoin bill known as the GENIUS Act.
The approval came directly on the heels of another major legislative accomplishment for the industry, when the House also passed the Clarity Act that would govern the oversight of the digital assets markets in the US
During the trading session, Dogecoin (DOGE) jumped by 14.7 per cent to $0.2423, Ripple (XRP) appreciated by 13.1 per cent to $3.56, Cardano (ADA) added 12.4 per cent to trade at $0.8664, Litecoin (LTC) rose by 10.9 per cent to $108.52, Ethereum (ETH) expanded by 7.4 per cent to $3,645.41, Solana (SOL) improved by 6.4 per cent to $182.76, Binance Coin (BNB) soared by 5.1 per cent to $748.01, and Bitcoin (BTC) advanced by 1.6 per cent to $120,390.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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