Economy
World Food Prices Rise for Third Straight Month in August 2020
By Adedapo Adesanya
The prices of food rose globally for the third consecutive month in August, led by coarse grains, vegetable oils and sugar, the United Nations food agency, the Food and Agriculture Organisation (FAO), revealed on Thursday.
The FAO food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 96.1 points last month versus 94.3 points in July.
The Rome-based agency also said in a statement that worldwide cereal harvests remained on course to hit an annual record in 2020.
In a breakdown, the agency noted that cereal price index rose 1.9 per cent in August from the month before and seven per cent above its value a year earlier.
Among the major cereals; sorghum, barley and rice prices rose the most, FAO said.
Maize also climbed strongly, pushed up by concerns over United States production prospects following recent crop damage in the state of Iowa.
The vegetable oil price index climbed 5.9 per cent month-on-month, returning to around the levels registered when the coronavirus crisis hit the world at the start of the year.
Palm oil was buoyed by expected output slowdowns in major producing countries, which, combined with firm global import demand, were expected to result in lower inventory levels.
Average sugar prices rose 6.7 per cent from July, reflecting forecasts of a reduction in production due to unfavourable weather conditions in the European Union and Thailand. It was also noted that strong import demand from the most populous nation in the world, China also helped push prices higher.
By contrast, the dairy index was little changed on the month, with falls in cheese and whole milk powder offset by stronger butter and skim milk quotations.
The meat index was also largely steady, with bovine and poultry prices in retreat while pig meat prices rose after four consecutive months of declines, as Chinese imports jumped.
FAO revised down its forecast for the 2020 cereal season by 25 million tonnes, largely due to expectations of lower maize production in the US.
However, despite this reduction, the agency still expected a record harvest this year of almost 2.8 billion tonnes, up by three per cent compared to 2019 levels.
“Record maize harvests are forecast for Argentina and Brazil while global sorghum production is expected to grow by six per cent from the previous year.
“Worldwide rice production in 2020 is also expected to reach a new record of 509 million tonnes,’’ FAO said.
The forecast for world cereal utilisation in 2020/21 hit 2.7 billion tonnes, up two per cent on the 2019/2020 level.
The estimate for world cereal stocks by the close of seasons in 2021 was 895.5 million tonnes, down 33.4 million tonnes since July.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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