Economy
Sanwo-Olu Foresees Lagos as Largest Food Logistics Hub in West Africa
By Adedapo Adesanya
The Lagos State Governor, Mr Babajide Sanwo-Olu, has disclosed that the first phase of the largest food logistics hub in West Africa will be inaugurated in the state by 2024 to boost food security.
Mr Sanwo-Olu said this while addressing journalists at the grand finale of the 2023 World Food Day celebration at the Nigeria Police College, Ikeja, Lagos, on Monday. The programme tagged Farm Fair, Shop, Eat and Learn was to commemorate the 2023 World Food Day with the theme Water is Life, Water is Food, Leave No One Behind.
World Food Day is an annual celebration by the Food and Agriculture Organisation of the United Nations on October 16, to encourage action on food insecurity.
“Apart from the middle-level markets that we are building, we are building the largest food logistics hub in the whole of West Africa.
“You were part of the ground-breaking ceremony which we did last year and I want to inform you that before middle-level next year, we should have finished phase one of the project.
“It is the largest logistics hub in the whole of West Africa, you can take a trip there independently and see for yourself, the amount of work that is going on there.
“That logistics food market is supposed to be the central hub where all sorts of food in Lagos will come in, it has cold storage and dry storage and all sorts.
“Our plan, if you remember that two years ago, we flagged with our five-year plan, it will now take them to the middle-level market; we have built about three of them and we are building an additional five.
“The middle-level markets will now take it from main hubs before it now goes to the last mile, the corner show markets and the markets that all of you see in the state,” he said.
The governor said the state had a robust integrated plan that would ensure food sufficiency and food adequacy in Lagos.
He noted that the plan became important because food security globally was becoming an issue.
“We have a robust integrated plan to ensure that food sufficiency, and food adequacy in Lagos are secured because food security globally is becoming an issue.
“For us as a government, we need to be able to help the market, we need to be able to help the farmers and to help our citizens.”
“We will continue to bring about infrastructure and funding to ensure that the theme for this year leaves no one behind,” he said.
The governor encouraged more people to go into rice cultivation to sustain the state’s rice mill in Imota, Ikorodu.
“We are looking for paddy rice growers in Lagos because we have the biggest rice mill and we are also collaborating with other states.
“Our rice mill still needs a lot of paddy. It does not matter the quantity of tonnes of paddy that they grow, we will buy it from them.
“The same thing with other paddy growers in the country and we need to begin to ensure that food is also affordable and accessible.
“We know that the price of food has gone up but with intervention like this, that brings the market closer to the consumers, am sure that all of the produce that has been brought here today will be picked up and bought up,” he said.
Mr Sanwo-Olu said his administration was committed to encouraging farmers while assuring that farming was important to his administration to ensure that food was affordable and accessible for all.
“I am here this afternoon to give them all the encouragement, to show to the world that Lagos can begin to show the way for urban farming.
“We do not have a lot of land but the little one that we have, we are encouraging our farmers to continue to support the needs of the citizens because we know that we need to grow what we eat and eat what we grow.
“We can collaborate with other neighbouring states and other parts of the country to bring all of these produce to Lagos because the population is here.
“For me, it is to continue to encourage the Ministry of Agric and all of their officers, extension workers and project managers to continue to help and hold these farmers, especially in the aquaculture farming, piggery, fishing, poultry and all of the other areas in which we can excel.”
By Adedapo Adesanya
Oil prices fell in the later session of Monday after initially crossing the $100 per barrel mark as the escalating Iran war by the United States and Israel squeezed world energy supplies, boosted the Dollar, and dampened hopes of interest-rate cuts.
Earlier, Brent crude futures climbed to a high of $119.50 per barrel, and the US West Texas Intermediate (WTI) to $117.48 a barrel. However, it dropped later after US President Donald Trump suggested that the US conflict with Iran could soon wind down.
Data gathered by Business Post showed that the price of the Brent crude grade dropped 5.4 per cent to $87.68 per barrel, and the US WTI lost 7.4 per cent to trade at $84.21 a barrel.
President Trump is expected to review a set of options to tame oil prices, reflecting White House worries that the surge in oil prices will hurt US businesses and consumers ahead of the November midterm elections, when the ruling Republicans are hoping to retain control of Congress.
Reuters reported that the US is discussing with counterparts from the Group of Seven major economies a possible joint release of crude oil from strategic reserves. It also reported they are weighing other options, including restricting US exports, intervening in oil futures markets, waiving some federal taxes and lifting requirements under a US law called the Jones Act that domestic fuel must move only on US-flagged ships.
The Trump administration officials are also exercising diplomatic pressure on Gulf allies to help restore production and shipping of oil.
Market analysts have warned that Gulf producers are only able to sustain normal production for roughly 25 days if the Strait is completely blocked.
The expanding US-Israeli war with Iran led some major Middle Eastern oil producers to cut supplies due to fears of prolonged disruption to shipping through the Strait of Hormuz chokepoint.
Oil-driven inflation fears and delayed rate-cut expectations likely strengthened US yields and the Dollar, outweighing safe-haven demand.
The recent 10-day conflict in Iran is beginning to ripple through the global aviation industry, threatening what had been a strong outlook for aircraft demand.
JP Morgan has warned that Iran’s oil production could be slashed in half and oil exports could virtually stall if the US-Israel seize Iran’s Kharg Island, worsening the ongoing global oil shock. The island is regarded as the backbone of Iran’s oil infrastructure, handling approximately 90 per cent of its crude exports.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended its first trading session of this week on a positive note after it improved by 0.12 per cent on Monday.
Buying pressure across key sectors of Customs Street influenced the growth achieved yesterday despite the global instability triggered by the war in Iran by the United States and Israel.
Energy stocks on the local bourse have continued to benefit from the crisis, which has raised the price of crude oil above $100 per barrel.
The energy index was up by 2.07 per cent during the session, and the consumer goods sector appreciated by 0.58 per cent, while the insurance and banking indices depreciated by 3.05 per cent and 0.99 per cent, respectively.
When the closing gong was struck on Monday, the All-Share Index (ASI) increased by 228.82 points to 197,196.97 points from 196,968.15 points, and the market capitalisation garnered N147 billion to settle at N126.584 trillion compared with last Friday’s N126.437 trillion.
The trio of Conoil, Legend Internet, and Omatek advanced by 10.00 per cent each to N185.90, N7.04, and N2.42 apiece, as NGX Group chalked up 9.97 per cent to trade at N166.00, and Oando appreciated by 9.96 per cent to N54.65.
Conversely, Aluminium Extrusion shrank by 10.00 per cent to N13.95, SCOA Nigeria declined by 9.90 per cent to N30.95, RT Briscoe lost 9.87 per cent to finish at N10.87, Sunu Assurances crashed by 9.81 per cent to N4.32, and Union Dicon lost 9.76 per cent to settle at N14.80.
The most active stock for the session was Fortis Global Insurance with 120.4 million units worth N174.1 million, Access Holdings exchanged 32.2 million units valued at N818.5 million, Chams traded 28.3 million units for N110.5 million, Zenith Bank transacted 25.3 million units worth N2.4 billion, and Japaul sold 21.6 million units valued at N82.1 million.
At the close of trades, market participants bought and sold 762.5 million shares for N31.2 billion in 86,488 deals during the session, in contrast to the 586.2 million shares valued at N30.6 billion traded in 62,699 deals in the preceding session, implying a spike in the trading volume, value, and number of deals by 30.08 per cent, 1.96 per cent, and 37.94 per cent apiece.
By Adedapo Adesanya
The Naira halted two consecutive weeks of depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 9, by remaining unchanged at N1,393.26/$1.
However, against the Pound Sterling, it further depreciated by N3.07 yesterday to trade at N1,863.06/£1 compared with last Friday’s value of N1,859.99/£1, and lost 65 Kobo against the Euro to close at N1,612.14/€1 versus the preceding session’s rate of N1,611.49/€1.
In the black market, the Nigerian Naira crashed against the Dollar yesterday by N10 to quote at N1,415/$1 compared with the N1,405/$1 it was exchanged in the previous trading session, and at the GTBank FX desk, it weakened by N9 to sell for N1,419/$1 versus the previous value of N1,410/$1.
The Naira’s performance comes as rising demand for foreign payments is outpacing supply, heightening worries that the domestic currency is entering the threshold it hasn’t traded in over two months.
Despite this, there appears to be a rise in foreign exchange inflows into the country’s currency market, with data from Coronation Merchant Bank showing that in the past week, FX inflows into the market have strengthened. As of the end of last week, total FX inflows into the Nigerian market settled at $1.26 billion, representing an increase of 17.76 per cent compared with $1.07 billion recorded in the previous week.
In the cryptocurrency market, tensions that have spurred higher energy prices and reignited inflation fears, which could potentially delay Federal Reserve rate cuts, eased after US President Donald Trump said the war with Iran could be over soon. This led to crypto and equity markets adding to gains following the comments.
Solana (SOL) appreciated by 5.6 per cent to $86.05, Ethereum (ETH) expanded by 5.5 per cent to $2,024.18, Bitcoin (BTC) added 4.6 per cent to sell for $68,802.86, Binance Coin (BNB) gained 4.1 per cent to trade at $639.78, and Cardano (ADA) jumped 3.3 per cent to $0.2582.
Further, Dogecoin (DOGE) grew by 2.9 per cent to $0.0914, Litecoin (LTC) went up by 2.8 per cent to $54.10, and Ripple (XRP) improved by 2.4 per cent to $1.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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