Economy
Olam Agri Prioritises Food Fortification to Address Important Nutrient Gaps
By Modupe Gbadeyanka
Consumers of the Olam Agri range of products have been assured of healthy food fortified with the important nutrients needed by the body.
The Senior Vice President of Olam Agri, Mr Ashish Pande, while speaking at the recently-concluded World Economic Forum (WEF) in Davos, Switzerland, stated that the company places a high priority on food fortification.
At the global event, he promised that Olam Agri would deliver one trillion servings of fortified food comprising wheat flour, edible oil, and rice to provide essential micronutrients to over 250 million people each day by 2030.
According to him, this is part of the organisation’s commitment to helping to raise the standard of public health as it contributes to meeting the growing demand for healthy foods across the African continent and beyond.
“Food fortification is at the core of Olam Agri’s purpose of transforming food, feed, and fibre for a sustainable future. In 2021, we produced more than 83 billion servings of fortified foods for consumers in Africa, which included fortified rice in Ghana and Cameroon.
“Our commitment goes beyond meeting regulatory requirements to addressing the important nutrient gaps faced by millions of people. By 2030, we pledge to deliver one trillion servings of fortified food – wheat flour, edible oil, rice to provide essential micronutrients to over 250 million people each day,” Mr Pande said.
Global food fortification actions are coming under sharp scrutiny. A discourse around the fortification of staple foods such as rice and wheat and how to build a consensus around unified strategies suitable for reducing malnutrition on a global scale garnered attention at Davos.
It is estimated that three billion people cannot afford a healthy diet annually. This unhealthy population is expected to rise by 267.6 million due to the impact of the COVID-19 pandemic.
Hence, reaching people with micronutrients such as Vitamin A, iron, zinc, iodine, and folate on a global scale is seen as strategic to halting the unfavourable rise in unhealthy diets.
WEF gathers global leaders and key decision-makers across the globe annually to initiate dialogue and drive cooperation that will help navigate the pressing challenges impacting the health of the global economy. This year, the forum mobilized food processors, partner governments, technical agencies, and key donors to address nutrition issues, as well as deepen collaboration and partnership in providing solutions to the issues.
For Mr Pande, there is a need for and advantages of partnerships between millers and technical partners to help address unhealthy diets.
“Thanks to our partnership with TechnoServe, we have installed premix facilities across our local food manufacturing facilities. The premix facility is automated, and the process is controlled to ensure the persistence of quality premix and consistent supply of nourishing foods across our operating markets,” he disclosed.
Diving into the barriers and solutions to scale fortification initiatives on the globe, the Vice Chairman of the Food System Champion Network and moderator at the WEF session, Mr Paul Newnham, said, “Millers are a powerful new ally in the global fight against malnutrition.”
“One in two children and two in three women face at least one micronutrient deficiency. Fortification has a critical role to play. From consumer education to regulatory frameworks, millers face key barriers in producing fortified foods. Millers need to be put on a level playing field, with equal partnerships between business and millers,” he added.
To round off the discourse on food fortification at the forum, a formidable initiative tagged Miller 4 Nutrition Global Coalition was launched.
According to Newnham, the initiative aims to gather millers of all sizes and diverse actors to improve nutrition worldwide.
By Dipo Olowookere
A total of 2.819 billion stocks worth N182.499 billion exchanged hands in 226,729 deals on the floor of the Nigerian Exchange (NGX) Limited last week, in contrast to the 3.648 billion stocks valued at N220.568 billion transacted in 251,861 deals a week earlier.
From this, financial shares accounted for 2.006 billion units sold for N99.697 billion in 96,171 deals, contributing 71.17 per cent and 54.63 per cent to the total trading volume and value, respectively.
Consumer goods equities traded 178.863 million units worth N7.872 billion in 26,637 deals, and energy stocks recorded a turnover of 151.237 million units valued at N38.309 billion in 16,879 deals.
First Holdco, FCMB, and Access Holdings accounted for 939.402 million units worth N57.673 billion in 19,051 deals, contributing 33.33 per cent and 31.60 per cent to the total trading volume and value, respectively.
Business Post reports that the performance indicators were mixed in the five-day trading week, as the All-Share Index (ASI) depreciated by 0.14 per cent to 243,462.13 points, while the market capitalisation appreciated by 0.39 per cent to N157.057 trillion.
All other indices finished higher except the main board, consumer goods, energy, Lotus II, industrial goods, growth, and sovereign bond indices, which fell by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent, and 0.33 per cent, respectively, while the commodity index closed flat.
Forty-four shares gained weight in the week versus 60 shares of the preceding week, 35 equities depreciated versus 28 equities in the previous week, and 67 stocks closed flat versus 58 stocks of the earlier week.
The best-performing stock was First Holdco, which gained 38.66 per cent to trade at N95.95. Thomas Wyatt expanded by 27.16 per cent to N3.09, Fidelity Bank grew by 15.00 per cent to N21.85, Learn Africa grew by 14.44 per cent to N10.30, and UBA chalked up 10.98 per cent to close at N45.50.
The worst-performing stock was BUA Cement after giving up 18.99 per cent to quote at N275.60, Red Star Express shed 18.53 per cent to end at N20.00, International Energy Insurance declined by 15.27 per cent to N4.66, C&I Leasing dropped 13.28 per cent to N5.55, and PZ Cussons crashed by 10.06 per cent to N80.95.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for 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 transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
