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Russia Ready to Supply Food, Fertilizers Abroad to Ease Rising Prices—Matviyenko

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Russia ready to supply food

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.

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Economy

NASD Exchange Extends Winning Streak by 1.70%

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NASD OTC stock exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.

Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.

Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.

On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.

During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.

At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.

GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

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Economy

Bears Plunge NGX All-Share Index by 0.64% to 235,074.54 Points

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NGX All-Share Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.

For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.

As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.

Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.

Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.

Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.

Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.

The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.

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Economy

Naira Gains 0.03% Against Dollar at NAFEX, Bitcoin Drops Below $60,000

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yuan-naira $10bn

By Adedapo Adesanya

The Naira recorded a marginal gain of 43 Kobo or 0.03 per cent against the United States Dollar on Wednesday, June 25, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell for N1,380.11/$1 compared with the previous day’s N1,380.54/$1.

However, the Nigerian currency lost N3.21 against the Pound Sterling in the official market during the session to close at N1,818.84/£1, in contrast to Wednesday’s exchange rate of N1,815.63/£1, and against the Euro, it fell by N3.21 to trade at N1,566.84/€1 versus midweek’s value of N1,563.63/€1.

In the same vein, the Nigerian Naira depreciated against the Dollar at the GTBank FX deck yesterday by N3 to sell for N1,383/$1 compared with the preceding session’s value of N1,380/$1, and at the black market window, it remained unchanged at N1,395/$1.

Interbank FX turnover at the NFEM window surged by about 56 per cent day-on-day to close at $195.371 million from $125.588 million reported on Wednesday, according to data from the Central Bank of Nigeria (CBN).

The Naira continues to feel the impact of rising FX payments and a strong US Dollar amid a sharp slowdown in forex market interventions by the central bank, with more than six weeks of no support for the local currency.

Nigeria’s foreign reserves increased further to $51.142 billion, while oil prices continue to be held in the $70 range by developments in the geopolitical scene.

Meanwhile, in the cryptocurrency market, Bitcoin sank below $60,000 as more than $1 billion in crypto positions were liquidated over the past 24 hours, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. It led at $489 million in liquidations and dropped 2.8 per cent to sell at $59,862.61.

Ethereum (ETH) crashed by 5.5 per cent to $1,554.57, Ripple (XRP) declined by 4.8 per cent to $1.03, Cardano (ADA) fell by 4.3 per cent to $0.1433, Dogecoin (DOGE) dropped 3.4 per cent to sell at $0.0745, TRON (TRX) slid 2.2 per cent to $0.3215, Binance Coin (BNB) slumped by 1.8 per cent to $561.34, and Solana (SOL) dipped by 0.3 per cent to $62.94, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.

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