Economy
Russia Ready to Supply Food, Fertilizers Abroad to Ease Rising Prices—Matviyenko
By Kestér Kenn Klomegâh
Concretely aiming at strengthening further mutual bilateral parliamentary relations, Federation Council Speaker Valentina Matviyenko headed a delegation of Russian senators on a reciprocal visit from May 30 – June 01 to Maputo, Mozambique. The Chairman of the Federation Council delivered speeches to the deputies of the Assembly of the Republic of Mozambique and had a separate meeting with the Russia-Mozambique Parliamentary Friendship League.
Since the Soviet times and at all stages of history, Russia and Mozambique have been seen as “reliable and time-tested” partners in Africa. “Russia has always provided assistance to Mozambique and it keeps doing so. We are pleased to see your success in economic and social development. We note with satisfaction the steady development of the political dialogue,” Matviyenko said at a meeting with the Speaker of Mozambique Assembly Esperança Bias.
While talking about the Russia-Ukraine crisis, she reiterated that Russia is ready for signing agreements to establish peace with Ukraine. “Its key term was that Ukraine would remain an off-bloc, neutral state, like Austria for example, that it would be a non-nuclear state. Ukraine advanced its own conditions. But, regrettably, those who exercise external control did not let sign this agreement,” she added.
In spite of rising prices for agricultural products, Russia is ready to supply food and fertilizers abroad, but sanctions hampered these, according to Matviyenko, explaining that due to the factor of logistics Russia is unable to supply agricultural fertilizers on time and make full delivery. “The logistics are broken. Russia is unable to supply agricultural fertilizers to countries in need on time and in full. We are ready to fulfil our duties, but the imposed restrictions hinder us from doing it. Russia is still ready to supply food, wheat, and other types of food, but it is impossible to enter ports and so on,” she said.
Further during the conversation, a number of issues relating to the bilateral cooperation in the international arena, the most significant projects of Russian-Mozambique cooperation and the role of parliaments in their implementation were touched upon. A number of topics on the African agenda that are important for the two countries were also discussed.
She expressed satisfaction with the dynamic development of inter-parliamentary relations, the legal basis of which was the protocol on the development of inter-parliamentary cooperation between the Federation Council and the Assembly of the Republic of Mozambique.
“Today, we will take a new important step towards strengthening the legal framework and sign a full-fledged Agreement on inter-parliamentary cooperation between the Federation Council and the Assembly of the Republic of Mozambique that meets modern realities. This will allow us to bring our inter-parliamentary contacts to a higher level, and open up broad prospects for the exchange of experience in legislative activity,” Matviyenko emphasized.
According to the Federation Council Speaker, it is necessary to expand the scope and forms of cooperation between the legislators of the two countries and suggested establishing direct contacts between the relevant committees of the parliaments of Russia and Mozambique. For this purpose, the legislators proposed the possibility of improving the legal framework of bilateral relations.
The meeting thoroughly examined aspects of legislative activity within the context of combating terrorism and laundering of illegally acquired capital, as well as cooperation in trade, economic and investment fields with the conviction that not only large but also medium and small enterprises have good opportunities to strengthen economic ties.
The topic of digital transformation and the introduction of new technologies were touched upon. “We are ready to work together with our Mozambican colleagues to exchange experience in these and other areas of the digital agenda,” said Matviyenko.
The Speaker invited the Chairman of the Assembly of the Republic of Mozambique to participate in the upcoming International Economic Forum in St. Petersburg. As part of the visit, a ceremony was also held to hand over Russian charitable assistance to Mozambican children. This is children’s sports uniform, items for creative work and sweet gifts – as the future of both countries depend on investments in children’s education and upbringing.
The Russian delegation comprises Konstantin Kosachev, Deputy Speaker of the Federation Council of the Federal Assembly of the Russian Federation; Grigory Karasin, Chair of the Federation Council Committee on Foreign Affairs; Andrey Kutepov, Chair of the Federation Council Committee on Economic Policy and Andrey Shevchenko, Chair of the Federation Council Committee on Federal Structure, Regional Policy, Local Government and Northern Affairs.
The rest are Alexander Varfolomeev, First Deputy Chair of the Federation Council Committee on Social Policy; Irina Rukavishnikova, First Deputy Chair of the Federation Council Committee on Constitutional Legislation and State Building; Yuri Valyaev, Deputy Chair of the Federation Council Committee on Defence and Security; Mukarby Ulbashev, Deputy Chair of the Federation Council Committee on the Budget and Financial Markets; and Liudmila Skakovskaya, Member of the Federation Council Committee on Science, Education and Culture.
After the bilateral talks saw the signing of a communique between the Inter-Parliamentary Cooperation Agreement between the Federation Council of the Federal Assembly of the Russian Federation and the Assembly of the Republic of Mozambique. This document will lay the foundation for long-term inter-parliamentary cooperation, promote mutually beneficial ties, and develop the entire range of bilateral relations. The agreement also reflects plans for the future development of inter-parliamentary contacts.
According to Esperança Bias, it is gratifying to realize that bilateral relations are developing not only in the political but also in the economic field. She expressed satisfaction that the Russian campaigns could be represented in Mozambique.
“Our relationship dates back to the period when Mozambique was fighting for independence. Even after we gained independence, Russia has always been by our side. These relations are obvious in different areas,” Bias stressed. She thanked Matviyenko and her delegation for visiting Mozambique, and finally described the visit as a sign “Russia is always with Mozambique and Mozambique is always with Russia.”
Reports indicate that Russia, at the moment, is preparing for the second Russia-Africa summit, but the dates will be determined in cooperation with the African Union. The first Russia-Africa summit was held in Sochi on October 23-24, 2019. It was co-chaired by the presidents of Russia and Egypt, Vladimir Putin and Abdul Fattah al-Sisi.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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