Nigerians would need to brace up for another round of hardship, with the soaring price of rice, considered as a staple food for households in the country. Based on feelers from industry analysts, according to the Guardian the price might escalate in few weeks to come and may last till December or beyond if urgent provisions are not made to address the challenges. Currently, a 50kg of parboiled rice initially sold between N12, 000 and N12, 500 has risen to between N13, 000 and N14, 500, depending on the area, in the last two weeks. This has not only resulted in panic buying and hoarding, it has also added to stress of already distraught Nigerians, as the price is gradually taking the commodity beyond their reach. Attesting to this development was the release of several bags of the Lake R...
Royal FrieslandCampina has announced its decision to invest 23 million euros in local milk production as part of its Dairy Development Programme (DDP) in Nigeria. The company’s chief executive officer, Hein Schumacher disclosed this. Schumacher made the statement in Abuja when he led a delegation on a courtesy visit to Vice President Yemi Osinbajo, at the Presidential Villa. The delegation included the President, Consumer Dairy, Royal FrieslandCampina, The Netherlands, Roel van Neerbos; Managing Director, FrieslandCampina WAMCO Nigeria, Ben Langat; Netherlands Ambassador to Nigeria, Robert Petri; Chairman, FrieslandCampina WAMCO Nigeria, Jacobs Ajekigbe; and Corporate Affairs Director, FrieslandCampina WAMCO, Ore Famurewa. Commending FrieslandCampina WAMCO for initiating the DDP a
The Vice President Yemi Osinbajo has said that the Federal Government no longer has the resources to fund the National Health Insurance Scheme. He said the government was seeking funding from the World Bank and the Bill & Melinda Gates Foundation to provide better health insurance coverage for Nigerians. Osinbajo said this at a forum in Minneapolis, the United States, which was attended by Nigerians, according to a statement. He said, “On improving the health budget at the state and federal levels, the focus is on trying to do the National Health Insurance because funding health care through budgeting has proved to be practically impossible. We simply do not have the resources; the states and the Federal Government cannot do enough. “So, the National Health Insurance is a very basic
The volatile pattern of the market, occasioned by the ongoing anxiety in Nigeria’s political environment has continued to drive cautious trading by investors on the Nigerian Stock Exchange (NSE), as the All-share index depreciates by 0.3% yesterday. Last week Thursday, the NSE’s All-share index had opened on a sharp gap down in the morning session, which was sustained until afternoon, as high cap stocks that had suffered losses appreciated in price, before retracing up.Also, at the end of transactions on Friday, the gains recorded on the previous session were enough to push the indices further. However, at the end of yesterday’s transactions, the previous trading day’s positive trend was reversed, as the gains were not enough to push the indices further. Specifically, All Share Index
The Nigerian Stock Exchange recorded a decline of N66.24bn in foreign portfolio transactions last month amid political uncertainties and rise in interest rates in the United States. The July 2018 Domestic and Foreign Portfolio Participation in Equity Trading report, which was released on Monday, showed that total transactions at the nation’s bourse reduced by 22.21 per cent from N187.78bn in June to N146.07bn in July. It showed that the cumulative transactions from January to July 2018 increased by 54.38 per cent to N1.743tn from N1.129tn recorded in the same period last year. Domestic investors outperformed foreign investors by 50.48 per cent in July as total domestic transactions increased by 28.72 per cent from N85.38bn in June to N109.9bn in July. The report read in part, “The do
The World Bank has indicated its willingness to provide technical support for Nigeria in critical areas to facilitate her economic growth and development. The World Bank’s Vice-President for Africa, Mr Hafez Ghanem, who gave the indication in Abuja during a discussion with the Minister of Budget and National Planning, Udo Udoma, said the lender accorded Nigeria top priority in its considerations. He said the bank would be willing to provide technical support for Nigeria in the areas of the Economic Recovery and Growth Plan mid-term review, power sector reform, Public-Private Partnerships as well as population management. The World Bank is also disposed to providing technical support on the ERGP delivery, performance tracking and reporting, capacity building for sector officials and e
The Central Bank of Nigeria on Tuesday began a sensitisation programme for market men and women as well as youths in Ondo State on how to properly operate with commercial banks without any hitch. The apex bank specifically warned the traders against poor handling of naira notes, saying the law guiding the notes was still subsisting and violation of the laws would attract jail terms. Addressing the gathering of bank customers, mostly market women in Akure, the Assistant Director, Currency Operation Department, CBN, Mr Benedict Maduagwu, said there was a need for the citizens to develop good habit of naira note handling. Maduagwu, who was among the CBN officials who educated the bank customers and traders in attendance, reiterated that anybody caught mishandling naira notes would be...
The Development Bank of Nigeria has entered into partnership with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low interest loans. The DBN said in a statement on Tuesday that the loan was part of measures aimed at addressing the financial challenges facing the MSMEs in the country. The statement quoted the Managing Director, DBN, Mr Tony Okpanachi, to have said that the bank was committed to making funds available to the MSMEs at low interest rates. This, according to him, is based on the conviction that access to finance by the MSMEs is vital to increasing their contributions to the Gross Domestic Product. He recalled that LAPO MFB was among the first three banks that the DBN commenced its on-lending activities with...
The Central Bank of Nigeria on Tuesday injected $210m into the foreign exchange market to meet customers’ requests in various segments of the market. The CBN said in a statement that it offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got $55m. It said customers requesting forex for invisibles such as tuition fees, medical payments and basic travel allowance were allocated the sum of $55m. The statement said, “The CBN, following the earlier take-off of its intervention in the sale of foreign exchange in Chinese yuan, injected the sum $340,507,376.51 into the interbank retail secondary market intervention sales. This was in addition to the sale of CNY69,858,087.15 in the spot and short-tenored forward.” T
The Naira, Nigerian money, has weakened marginally against the dollar at the parallel market. The currency exchanged at N358.3, weaker than N358 traded on Friday, while the Pound Sterling and the Euro closed at N480 and N420. At the Bureau De Change (BDC) window, on Monday the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N420. Trading at the investors’ window shows that the Naira closed at N361.78 to the dollar and a trading turnover of 106.26 million dollars, while the Naira closed at N305.90 to the dollar at the CBN window. Meanwhile, the CBN has continued with its interventions at the foreign exchange market with the injection of 340.5 million dollars and 69.9 million Chinese Yuan in the spot and short tenored forwards last Friday.