Nigeria to Get 25,000 Tonnes of Wheat from Ukraine

Image

By Adedapo Adesanya

Nigeria will get about 25,000 tonnes of wheat from warring Ukraine, with the federal government designating Port Harcourt as the target location for the grains.

The Minister of Agriculture and Rural Development, Mr Mohammed Abubakar, disclosed this on Wednesday during a briefing after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari at the State House in Abuja.

Mr Abubakar revealed that the Rivers State capital had been selected as the hub for the 25,000 metric tonnes of wheat expected from Ukraine, as Russia also extends its supply of grains to the country through a United Nations arrangement.

He explained that the wheat consignment from Ukraine is on the high sea.

The agriculture minister stated that the hub would create economic activities in the area.

As part of the Black Sea Grain Initiative, Ukraine exported 6.9 million tonnes of wheat, 20 per cent of which was sent to African countries. Out of this, Nigeria will get about 1.8 per cent.

Some 2.67 million tonnes of wheat, or 43 per cent, was transported to the poorest countries and those with incomes below the average.

The grain initiative will allow Ukraine to remain a top agrarian nation and will allow Ukrainian farmers affected by the Russian war, which started more than a year ago, to sow and be able to receive income from their harvest.

The grain initiative was launched on July 22, 2022, with the first bulker carrying Ukrainian food commodities leaving the port of Odesa on August 1.

Share
Related Stories
Image
15-March-2024

Makinde Confirms Passing of 42nd Olubadan Lekan Balogun at 82

By Modupe Gbadeyanka Governor Seyi Makinde has confirmed the passing of the Olubadan of Ibadanland, Oba Lekan Balogun, on Thursday. The monarch passed on last night at the University College Hospital (UCH), Ibadan, a statement signed by the Special Adviser to the Governor on Media, Mr Sulaimon Olanrewaju, said. Mr Balogun ascended the throne about two years ago at the age of 80 after the demise of his predecessor, Oba Saliu Adetunji, in January 2022 at 93 years old. “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba

Image
12-March-2024

NANS Asks Tinubu to Probe Ajaokuta Steel Mismanagement

By Ebireri Henry Ovie President Bola Tinubu has been asked to order a thorough investigation into the alleged mismanagement of the Ajaokuta Steel Company in Kogi State. This request was made by the National Association of Nigerian Students (NANS) in a statement issued on Monday. “If there are individuals or groups of individuals protecting the corrupt managers of the Ajaokuta Steel Company and hereby shielding them from any form of probe and judgement, it simply means that they are beneficiaries of the ill-gotten proceeds of the mismanagement or they have other personal interests that are not people-friendly and that are

Image
08-March-2024

NPA Grows Revenue 38.8% to N501bn in 2023

By Adedapo Adesanya The Nigerian Ports Authority (NPA) says its annual revenue grew by 38.8 per cent to N501 billion in 2023 from N361 billion in the preceding year. The Managing Director of NPA, Mr Mohammed Bello-Koko, in a statement, attributed the revenue growth to the implementation of performance improvement measures. He said the growth was a continuous testament to the revenue profile of NPA which rose from N317 billion in the disruptive 2020 to N361 billion in 2022, despite its remittances to the Consolidated Revenue Account increasing from N80 billion to N91 billion in the last year. The statement

More Stories
Image
30-January-2020

FBN Holdings Grows 2019 Pre-Tax Profit to N73.6bn

By Dipo Olowookere The board of FBN Holdings Plc on Thursday released the unaudited financial statements of the banking group for the year ended December 31, 2019. From the brief analysis done by Business Post, the lender declared a profit before tax of N73.6 billion versus N65.3 billion in the same period of 2018. Also, the profit before tax grew to N62.1 billion from N59.7 billion, while the earnings per share remained flat at N1.65. According to the financial status of FBN Holdings, its interest income appreciated to N440.6 billion from N434.4 billion, while the interest expense jumped to N154.2

Image
31-July-2019

Sovereign Trust Records 21% Drop in HY’19 Profit

By Adedapo Adesanya Sovereign Trust Insurance Plc has released its financial statement for the first six months of 2019 and Business Post gathered that the insurance firm recorded a 21 percent drop in its net profit compared to what was earned after tax from January to June 2018. The company’s financial statements showed that it registered a profit of N480 million after tax compared to a higher N660 million recorded in HY 2018. Likewise, the profit before tax depreciated to N536.9 million from N683.7 million in the same period of last year. The decline in profit occurred despite an increase

Image
28-November-2016

Millionaires To Emerge In Heritage Bank ‘Happy Days Promo’

By Dipo Olowookere Heritage Bank Plc has concluded plans to reward and empower its loyal customers through the ‘Happy Days Promo’. The promo, which kicks off from December 1, 2016, will ensure that on a monthly basis, 12 lucky customers win 42-inch flat screen LED television sets in the 6-month life of the promo, strategically meant to also deepen financial inclusion in the country. It was gathered that winners would emerge from draws to be held at the end of every month from December 2016 to May 2017 in the six geo-political zones with two customers winning TV sets in

Image
11-June-2018

MTN Nigeria Raises Awareness for Rhesus Factor

By Dipo Olowookere The streets of Lagos were turned yellow last Friday by members of staff of MTN Nigeria, who embarked on Y’ello Walk, a part of the company’s yearly 21 Days Of Y’ello Care Campaign. This year, the 21 Day campaign is tagged ‘Creating a Brighter Future’ and the Y’ello Walk was to raise awareness for Rhesus Gene Deficiency and child mortality in Nigeria. Rhesus factor is a protein that can be found on the surface of red blood cells; the presence of this protein means you are RH positive, the absence means RH negative, and consequently Rhesus incompatibility

Image
21-March-2017

Somalia Gets $22m Loan to Avert Famine

By Modupe Gbadeyanka The United Nations Central Emergency Response Fund (CERF) has approved a loan of $22 million to Somalia to prevent famine in the country. This is part of efforts of the Food and Agriculture Organization (FAO) in scaling up its activities in drought affected regions of Somalia and the loan complements others already provided by FAO’s Special Fund for Emergency and Rehabilitation Activities. This effort is also part of the international response to prevent another famine in Somalia five years after the previous one devastated the country. FAO’s action aims to increase rural livelihood support and restore food

Image
12-January-2018

December 2017 Inflation to Drop to 15.85%—FSDH

By Dipo Olowookere As the nation await the release of inflation rate data for the month of December 2017 next week by the Nigerian Bureau of Statistics (NBS), analysts at FSDH Research have predicted a further drop in the rate. According to its latest report posted on its website, FSDH Research team said inflation would moderate further to 15.85 percent from 15.90 percent achieved in November 2017. FSDH explained that the expected decrease in the inflation rate would be driven by the base effect and would be the 11th consecutive month of decrease in the inflation rate in 2017. Based

Image
03-December-2018

FMDQ Holds Nigerian Debt Capital Markets Sensitisation Session

By Dipo Olowookere Providing an enabling environment for businesses and their associated activities to thrive remains a key goal of governments and indeed, a main driver of economic growth. It is for this reason and more that the Ease of Doing Business Reform lends itself a barometer to measure reforms, including but not limited to regulatory framework, government policies, security etc., that seek to make the business climate more conducive for business. It is in this vein that FMDQ OTC Securities Exchange, having taken on the role of an advocate, providing relevant advice to government and regulators, as well as

Image
05-July-2021

Rite Foods Backs Free Cancer Screening, Treatment in Lagos

By Modupe Gbadeyanka Recently, over 200 women in Lagos had the opportunity to undergo free cancer screening and treatment through an initiative sponsored by Rite Foods Limited. The programme was organised by the Optimal Cancer Care Foundation and it gave room for beneficiaries to get the latest information on breast and cervical cancer. According to the Medical Director of the foundation, Dr Femi Olaleye, the initiative is aimed at sensitizing the women on the dangers of the disease which can be harmful to health if not detected and treated at an early stage. It would be done across the state,

Ad
Ad
Recent Stories
Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called