Download Here The spate of conflicting orders by courts of coordinate jurisdiction has again attracted public criticism in the country. NIGERIA DAILY: Why Prices Are…
It is no longer a question of whether or not such issues occur in Nigeria, as they have been witnessed for a while now.
The spate of conflicting orders by courts of coordinate jurisdiction has again attracted public criticism in the country.
It is no longer a question of whether or not such issues occur in Nigeria, as they have been witnessed for a while now.
Kano Electricity Distribution Company (KEDCO) said it has concluded plans to invest N1.2billion Naira in network expansion and improvement in power supply to the famous…
Kano Electricity Distribution Company (KEDCO)
Kano Electricity Distribution Company (KEDCO) said it has concluded plans to invest N1.2billion Naira in network expansion and improvement in power supply to the famous Dawanau International Grains Market, in Kano.
A statement signed by the head corporate communications Alhaji Sani Bala Sani said network expansion and power generation are some of the Company’s major plans to improve power supply in an accelerated fashion, especially in areas such as Dawanau International Grains Market, being the largest in Sub-Saharan Africa, with numerous cottage industries.
He added that the Company is prioritising the Dawanau project, among others due to its current dilapidated network thus hindering the potential of the market as a catalyst for economic growth of Kano state and the northern part of Nigeria.
Commenting on the development, the Company’s Ag. Managing Director and CEO, Abubakar Yusuf said, “We have engaged 3 reputable companies to actualise construction of 35KM of 33kV high tension (HT) line from Bichi Transmission Sub-station to Dawanau market, installation of 2Nos 500KVA 33/.415 transformers, and low tension (LT) lines to serve the area and environs at the cost of N1.2bn.”
Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey…
Rice
Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey has shown.
Paddy is rice in its husk before threshing, and is the major ingredient required by millers to produce the finished product for consumption.
Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey has shown.
Paddy is rice in its husk before threshing, and is the major ingredient required by millers to produce the finished product for consumption.
But investigations by our correspondents have shown that with the ongoing harvest and the relative appreciation of the value of the naira, prices of paddy are on a downward trajectory.
Our correspondent in Kebbi State reports that the price of paddy has dropped significantly in most of the areas where rice is cultivated.
Few months back, 100kg of the produce across various rice markets in the state was sold for between N50,000 and N55,000.
But at Aljanari and Suru, the hub of rice production in the state, paddy is currently being sold for between N43,000 and N45,000, respectively.
It is also being sold at between N42,000 and N45,000 in the Dakingari area of the state, as against N50,000 and N56,000 before now.
A trader at the Ambursa rice market, Abubakar Sa’adu, told Daily Trust that they are currently witnessing a drop in the price of paddy at various markets in the state.
“Depending on the quality, it is even being sold at N37,000 in some places,” he said.
Another rice trader at the popular Kamba Rice Market, Suleiman Gado, said it was being speculated that the price of paddy would still drop in the next few months.
“If the Niger Republic border is opened fully for traders to bring in their paddy, this would further crash the paddy price. The price has been dropping almost every week in the last one month now,” he said.
In Birnin Kebbi, Argungu and Augie areas of the state, paddy has also witnessed a drop in price.
A farmer at the Duku Rice Farm in Birnin Kebbi, Aliyu Zauro, said the dry season harvest was responsible.
In Niger State, our correspondent reports that the price has also come down in the past few weeks.
Farmers and dealers who spoke said the price now ranges from between N39,000 and N42,000 for a 100kg bag of paddy.
One of the farmers, Aliyu Mohammed, said: “There are two categories of buyers. There are those who buy with scale. They weigh the bags and buy based on what each bag reads. For that one, the price ranges between N40,000 and N42,000 as against N45,000 for which it was sold weeks ago.
“Then, there are women processors who buy directly from farmers. They don’t use scale and they currently buy at N39,000 per bag. So, truly, the price has come down,” he said.
He, however, lamented that despite the high yield in irrigation farming in the state this year, processors have mopped up the paddy rice from rural areas where the majority of farmers live.
Also speaking, one of the dealers in paddy rice in the state, Mallam Muhammadu Mahmud, said: “It is true that the price has come down for the past few weeks. Right now, you can get a bag of paddy rice at N41,000 or N42,000 as against N45,000 for which it was being sold weeks ago.”
At Larabar Tambarin Gwani Market in Dutse, the capital of Jigawa State, a bag of paddy was sold for N55,000 on Wednesday, April 17, down from N60,000 the previous weeks. Paddy sellers in the market attribute the drop in price to “oversupply” of the product.
A trader, Zakari Ya’u said they sold a mudu (a local measurement) of paddy for N1,600, down from N1,700 last week, saying the reduction in the price was not only in Laraba Market, but also in other markets in Jigawa and beyond. He expressed happiness that the price was coming down.
Daily Trust observed that Larabar Tambarin Gwani Market is a major grain market in Dutse, attracting people from various parts of the country.
Similarly, in Taraba State, the price of paddy is also declining as a 100kg bag, which was sold at N50,000 last week, came down to N40,000 this week.
A dealer at the Mutum Biyu Market, Musa Kamal, said two factors were responsible for the drop in price.
“Some farmers decided to sell their paddy to raise money for the rainy season farming, following the early arrival of rainfall in the state.
“The second factor is that grains flooded the market and there were few buyers, leading to the crash in the price of grains,” he said.
In Katsina, our correspondent reports that a 100kg of paddy has dropped to between N40,000 and N45,000 from N55,000 and N60,000.
A rice processor and former Chairman, Local Rice Millers Association in Bakori Local Government Area, Mallam Isah Matsayi, said: “Kano, Jigawa, Kebbi and Taraba states have advantage of water bodies over us hence, their price of paddy is most times lower than ours”.
He said in the last harvest season, the price of the produce started from N30,000 and towards March, it reached N40,000.
“Cost of transportation is involved. The paddy we were buying from Bagudo, Suru, Samanaji, Aljannare and Koko in Kebbi State reached N50,000, before its price came down to between N40,000 and N45,000 as a result of naira appreciation and the reopening of the (Niger Republic) border.”
Price of foreign rice dropped in Kano
Our reporter in Kano reports that prices of rice and some other imported food items have decreased in various markets.
Findings revealed that the price of Thailand rice has decreased from N87,000 and above to N66,500 for a 50kg bag, in the past few days.
However, the price of locally produced rice remains unchanged, as it goes for N87,000 and above, depending on the brand.
Two rice millers who spoke with our correspondents admitted that the cost of paddy had reduced, but quickly said other factors must be met for the price of the processed rice to come down.
One of them said: “It is true, paddy has come down because of the dry season harvest, especially in Niger State. We get the bulk of our supply from there.
“However, we still pay a lot of money to transport the paddy to Kano and we also spend a lot on electricity and diesel (used for processing),” he said.
The other miller called on the federal and state governments to give adequate support and protection to farmers so that the harvests will not cease.
“The market must be saturated with supply so that the price will crash further. And you can only achieve this when there is all- year farming.
“We are happy that there is supply from irrigation farmers. Also, some rich people who hoarded the paddy from the last cropping season are bringing it out; maybe because they are afraid of what will happen in the coming days.
“Secondly, the government should find a way of making electricity affordable to us. This is very important so that the price of the processed rice will come down,” he said.
A trader at Singa Market, Basiru Dauda Kunya said that the notable price reduction for foreign rice could be attributed to the fall in the exchange rate of the dollar against the naira.
The Nigerian Education Loan Fund (NELFUND) says the Unified Tertiary Matriculation Examination registration number, National Identification Number and Bank Verification Number are major requirements for…
Student loan
The Nigerian Education Loan Fund (NELFUND) says the Unified Tertiary Matriculation Examination registration number, National Identification Number and Bank Verification Number are major requirements for accessing student loans.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, made this known during an interactive session with members of the Education Writers Association of Nigeria (EWAN), in Lagos.
“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” he said.
According to the managing director, the money to fund the loan scheme is one per cent of the revenue generated by the Federal Inland Revenue Service annually.
Sawyerr said that the requirements for accessing the loan were to confirm eligibility.
He said that the management of the loan scheme would verify applications and attached requirements to ascertain their eligibility.
He said that disbursement would be in two segments.
“The school fee will be paid to the institution on behalf of the student and the stipend directly to the student’s account,” he said.
According to the managing director, financially-indigent undergraduates, who need the loan for their education, are free to apply on a designed website and must provide their matriculation details.
He said that the beneficiaries would be expected to start servicing the loans when they secure jobs or set up businesses. (NAN)
Harnessing the resources of the nation’s huge youth population, Nigeria has been tipped to become a major economic force in the world under President Bola Ahmed Tinubu.
Vice President Kashim Shettima who made the forecast on Wednesday at the State House in Abuja, also said the Tinubu administration is committed to creating an unprecedented enabling environment for both local and foreign investors to thrive.
Shettima’s comments were contained in a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha.
The Vice President who spoke in his office while playing host to a delegation from the Commonwealth Enterprise Investment Council (CWEIC) led by its CEO, Rosie Glazerbrook, noted that this is being done through harnessing resources of the country’s youth population in digital technology, improving electricity supply, boosting production and manufacturing, among other initiatives of government.
This is just as he assured a delegation from the Institute of Chartered Accountants of Nigeria (ICAN) who also paid him a courtesy visit that the executive arm of government would liaise with the National Assembly to consider the review of the Institute’s enabling Act of 1965 in order to ensure its current practices are in harmony with global standards and international best practices.
Addressing the CWEIC delegation earlier, VP Shettima said the Tinubu-led federal government is determined to transform the country’s demographic bulge into demographic dividends, assuring that the “administration will harness the resources of its young population to build a more prosperous and progressive country.”
He noted that Nigeria is ready for business and President Tinubu, a pro-business leader who rose from the business ecosystem, is committed to supporting the growth of businesses in Nigeria.
The Vice President declared that the Tinubu administration is ready to create the enabling environment for businesses in Nigeria to prosper, whether they are indigenous or foreign.
Speaking on the country’s position in the global growth projections, Senator Shettima said, “Nigeria is where the attraction should be for investors all over the world as Nigeria will become a major global economic force under President Tinubu.
“By 2050, Nigeria will be the third most populous country in the world and only recently, an investment bank projected that by 2075 Nigeria’s economy will be the third largest in the world. It shows that the trajectory of global growth is facing Africa and Nigeria will make or mar that transition. So, the future belongs to Africa. If Nigeria works, Africa works. You have come to Nigeria at the right time – a time when a pro-business government is at the helm of affairs in the country and we are ready for business,” the Vice President emphasised.
On her part, the CEO of the Commonwealth Enterprise Investment Council (CWEIC), Glazerbrook, pledged the group’s support to the Nigerian government.
She highlighted some of CWEIC’s forthcoming events both in Nigeria and outside, including the Commonwealth Trade and Investment Forum in London in 2025, and the proposed Trade and Investment Forum to be held in Nigeria in the second half of 2025.
“We will really like to look up ways where we can encourage the Nigerian government and the business community to take advantage of the commonwealth market across the 56 countries and other partners in the Middle-East and North Africa.”
Present at the meeting with the Vice President were Founder of Zenith Bank, Chief Jim Ovia; Chair of the CWEIC in Nigeria, Mr Olasupo Shasore; CWEIC Country Director, Nigeria, Mr Obinna Anyanwu, and representatives of partners and members of the Council from the public and private sectors.
Meanwhile, Vice President Shettima on Wednesday assured the Institute of Chartered Accountants of Nigeria (ICAN) that the executive arm of government would liaise with the National Assembly to consider the review of the Institute’s enabling Act of 1965.
The VP was responding to the appeal made by a delegation from ICAN led by its President, Dr. Innocent Okwuosa, that the Executive should initiate the review of the Institute’s Act 1965 to ensure its current practices are in harmony with global standards and international best practices.
Highlighting the significance of ICAN, the Vice President told the delegation from the Institute that the Tinubu-led federal government is proud of their accomplishments.
“We are very proud of your accomplishments, apolitical stands on issues, standing with the interest that supersedes other considerations. Our task reform committee is headed by one of your best,” he said.
VP Shettima assured the body of his support at all times, saying he would personally attend ICAN’s forthcoming conference slated for Abuja, even as he said his office will partner with the Institute to achieve set goals.
“We will liaise with the National Assembly and see to it that the 1965 Act which has become obsolete and outlived its usefulness is reviewed, taking into cognizance the views and perspectives of your members,” he told the ICAN delegation
Earlier, ICAN President and leader of the delegation, Dr. Okwuosa, solicited the VP’s support in ICAN’s bid to review its establishing Act of 1965 currently before the National Assembly, noting that “we will appreciate His Excellency’s support to amend this obsolete Act”.
He commended the initiatives of the President Tinubu administration such as the fuel subsidy removal and unification of the foreign exchange rates, among others, describing them as bold and courageous, noting that they reflect the thrust of the Renewed Hope Agenda of the administration.
Inviting the Vice President to its 2024 Conference, Dr. Okwuosa outlined the Institute’s contributions to the development of the nation’s economic policies and national development through its research works and direct participation of its members in key government committees and offices.
The Central Bank of Nigeria (CBN) has announced a revision of the loan-to-deposit ratio (LDR) for banks, reducing it from 65 percent to 50 percent to align with the current monetary tightening measures. This move aims to regulate the circulation of money in the economy, especially during periods of liquidity strain. During its last monetary policy committee (MPC) meeting on March 26, the CBN maintained the CRR at 45 percent and liquidity ratio at 30 percent.
LDR serves as a gauge of a bank’s liquidity, comparing its total loans to total deposits. An uptick in the LDR enables banks to extend more credit to both businesses and individuals, while a downturn restricts their ability to lend from depositors’ funds.
In a circular titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy,’ signed by the acting director of banking supervision department, Adetona Adedeji, the CBN disclosed the reduction, attributing it to a shift in the bank’s policy stance towards a more contractionary approach.
The CBN emphasized the need for all Deposit Money Banks (DMBs) to adhere to the revised LDR of 50 percent, with average daily figures applied for compliance assessment. “It is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN.
“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.
“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance,” the central bank said in a circular that was cited by Business day.
While urging DMBs to maintain robust risk management practices, the CBN assured of continued monitoring of compliance, market dynamics, and adjustments to the LDR as necessary.
Additionally, the CBN recently announced the cessation of daily cash reserve ratio (CRR) debits on commercial bank deposits as part of its monetary policy measures.
The International Monetary Fund (IMF) has said Nigeria’s inflation rate will drop to 26.3% in 2024, noting that the country’s economy will equally grow by…
International Monetary Fund IMF
The International Monetary Fund (IMF) has said Nigeria’s inflation rate will drop to 26.3% in 2024, noting that the country’s economy will equally grow by 3.3% this year.
The inflation has increased consistently from the beginning of the year, starting at 29.90% in January and closing the first quarter at 33.2% in March.
In its revised Global Economic Outlook for 2024 released on Tuesday, the Bretton Woods institution left the growth prospects for Sub-Sahara Africa (SSA) in 2024 unchanged from its previous outlook earlier in the year as the downward forecast in Angola was offset by an upgrade in Nigeria’s growth prospects.
The report noted that Nigeria’s economy would grow by 3.0% in 2025, representing a 0.1% decline from the Fund’s projection for January 2024.
Furthermore, the SSA region, according to the report, is expected to grow by 3.8% in 2024 and 4.0% in 2025.
The report stated, “In Sub-Saharan Africa, growth is projected to rise from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025, as the negative effects of earlier weather shocks subside, and supply issues gradually improve.”
The report highlighted that global growth is expected to remain stable at 3.2 per cent in both 2024 and 2025, maintaining the same rate as it did in 2023. The growth forecast for 2024 has been adjusted upward by 0.1 percentage points since the January 2024 World Economic Outlook (WEO) update, and by 0.3 percentage points since the October 2023 WEO.
President Bola Tinubu has commended Dangote Oil and Gas Limited for reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel. Dangote…
President Bola Tinubu has commended Dangote Oil and Gas Limited for reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel.
Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.
The president said the price review represents a 60 per cent drop which will, in no small measure, impact the prices of sundry goods and services.
Presidential spokesman, Ajuri Ngelale, in a statement in Abuja yesterday affirmed that Nigerians and domestic businesses are the nation’s surest transport and security “to that glorious destiny of economic prosperity.”
He noted the federal government’s 20 per cent stake in Dangote Refinery, saying such partnerships between public and private entities are essential to advance the overall well-being of the country.
The president also calls on “Nigerians and businesses to, at this time, put the nation in priority gear” while assuring them of a conducive, safe, and secure environment for businesses to thrive.
The Organised Private Sector (OPSN) comprising top Business Membership Organisations (BMOs) has stated that recent increase of electricity for Band A customers will aggravate the…
The Organised Private Sector (OPSN) comprising top Business Membership Organisations (BMOs) has stated that recent increase of electricity for Band A customers will aggravate the economic instability in Nigeria.
In a statement yesterday, the group, comprising Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture ( NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association Of Small Scale Industralists (NASSI) and Nigeria Association of Small and Medium Entrepreneur (NASME), explained that the 200 per cent increase in electricity tariff is inimical to the survival of its businesses and would lead to unprecedented downturn in the productive sector of the economy.
The group noted that the astronomical increase is against the MYTO Order referenced NERC/2023/05, which valued the cost-reflective tariff at N114.8/Kwh (determined using exchange rate of N919.39/$1).
According to the statement: “It also does not reflect the current exchange rate reality that has seen the naira appreciate by 62.95 per cent over the dollar in the last one month.
“A closer look at the impact of increase in electricity tariff to N225/kwh (determined using exchange rate of N1463.31/$1) on the cost profile of a medium sized company using 700kw revealed that the firm will need to pay about N1.4b per annum (700 x 225 x 24 x 365) for electricity.
“In China, a similar medium sized company will pay a little over N24m (700 x 94.14 x 24 x 365). Obviously, the new electricity tariff is outrageously higher, when compared with the going rates in countries with significant manufacturing performance.
“In the United States of America (USA), the United Kingdom, Germany, France, China, India, South Africa, Ghana and Benin Republic, prevailing electricity cost per kilowatt hour are $0.1545, $ 0.3063, $0.53, $0.0573, $0.076, $0.068, $0.0999, $0.123 and $0.195 respectively.”
The conversion values of the afore-mentioned electricity cost in naira are N191.38, N379.41, N656.50, N70.98, N94.14, N84.23, N64.53, N152.36 and N125.95 respectively.”
It said with the new tariff of N225/kwh, Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity costs.
“The cumulative effect will be an escalation of the current high level of unemployment and insecurity in the country.” It added.
While calling for the suspension of the implementation of the new tariff, it said this is to enable all stakeholders to have meaningful dialogue around the process and methodology of determining electricity tariff as well as jointly agreeing on the transparent mechanism required for tariff setting.
The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open…
The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.
This was confirmed by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira has appreciated faster than expected against the United States Dollar.
Gwadebe applauded the government and the Central Bank of Nigeria for its efforts so far, saying it’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window.
He acknowledged that there is now calmness in the market as speculation which has been one of the major destabilisation factors is no longer there.
Gwadebe said: “Our quote rate we buy at N980 and we sell at N1,020 as at now.
‘’There is a lot of confidence, we have seen how the central bank treasury bills have been oversubscribed and we have seen how they have also corrected the flows of diaspora remittances. Now we are having a chunk of diaspora remittances coming in because of the so many policies of the central bank that tried to calibrate how the inflows should be coming in even though there is a lot of gaps that is not coming that is still externalised in the diaspora window.’’
