Economy
Poultry Farmers Groan Over Rising Cost, Scarcity of Maize
By Modupe Gbadeyanka
Poultry farmers in Nigeria have called on the government to urgently look into the scarcity and continuous rise in the price of maize in the country.
According to the farmers, if things do not change for the better, there could be a serious threat to their businesses in the country, which could possibly lead to a food crisis.
They lamented that maize, which constitutes over 50 percent of poultry feed, is currently very scarce and where available, the prices have skyrocketed and cannot be afforded by the majority of the poultry farmers.
Chairman of the Poultry Association of Nigeria in Delta State, Mr Alfred Mrakpor, urged the government to permit the importation of maize into Nigeria as a result of the shortage of the product. He described the scarcity of maize as a threat to Nigeria’s food security. According to him, several poultries had already shut down.
“The rising cost of maize is threatening livelihoods of small businesses in Nigeria. It is not only poultry farmers’ investments that are threatened but also other players in the value chain such as feed producers, chicken and egg vendors, processors, grain traders, veterinary doctors and drug vendors among others, thus plunging the economy into deeper crisis,” he said.
A poultry farmer based in Edo State, Mr Emwinghare Osaze, described the current scarcity and increase in the price of maize as a threat to the poultry business.
“The government is trying to discourage the importation of frozen chicken and majority of us poultry farmers are trying to go into broiler production and processing.
“But with this increase in the price of maize and the non-availability, I really don’t see how we are going to survive,” he said.
Another farmer from Plateau State, Mrs Blessing Dominic, said she could no longer feed her broiler and layer birds properly due to the unavailability of feeds as a result of the scarcity of maize.
“The painful thing is that there is very limited feed available in the market. When we complained to the local companies that produce feed, they said they can’t produce feed due to maize scarcity.
“At this point, we are really suffering, the government should do something and help us survive,” she said, adding that she had to lay off some of her staff recently because her business was becoming unprofitable.
A maize supplier, Mr Austin Eze, said the poultry industry was in a dire situation as a result of the scarcity, noting that, “We are getting to the point where there will almost be nothing available for anybody to use.
“On a normal day, when you go to buy maize in some markets, you can fill 40 trucks. Currently, you can’t even fill a truck. The scarcity of maize is a major problem right now.”
Similarly, Mr Shehu Muazu, who also supplies grains, said his search for maize to supply his customers has been fruitless. He said that the high prices and the scarcity of the crop had instilled fear amongst animal feed manufacturers.
“For the past three weeks, I have been receiving calls from feed mills that they need more maize but we can’t find any because of the current scarcity. This is the business I depend on to make ends meet. If I can’t supply, then I also have a problem because I won’t be able to feed my family,” he said.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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