Business News
Sesame, Cocoa, Cashew gross $84.97million – AFEX report
AFEX has stated that the significant attention being received by the agricultural sector is driven by public, private and development investments.
AFEX Commodities Exchange has stated that Sesame, Cocoa, and Cashew led the non-oil export charts, as they grossed $84.97 million by the end of the third quarter of 2019. this was disclosed in the AFEX’s latest annual report.
The report stated that the agriculture sector in Nigeria received significant
attention, rivalling what was witnessed in the 2011-2013 period. The renewed drive has been broad-based with virtually all sub-sectors (Livestock, Crop, and Fishery) benefitting
from the public, private and developmental investments in the sector.
Details: At the end of Q3 2019, Sesame, Cocoa and Cashew led the non-oil export charts, grossing $41.19million, $30.03 million and $13.75 million over the period.
[READ ALSO: Nigeria in 2020: SB Morgen perspective(Opens in a new browser tab)]
The commodities exchange, in the report, found that Kaduna, Niger and Taraba remain the largest producers of maize in Nigeria with an estimated production of 937,820 tonnes, 745,110 tonnes and 608,730 tonnes respectively.
It attributed the increased production levels to high demand from baby food and animal feed companies which service an increasing population with expanding dietary awareness.
The consumption of maize is expected to grow by at least 1.2% per annum with the fundamental drivers remaining strong.
According to the report, the Nigerian commodity markets experienced more structure, with the market seeing a wide range of players getting involved from the producers to final off-takers with trader, merchants and other marketing agents serving as the backbone of the industry and helping to provide the much-required linkage services.
However, AFEX said, in spite of the export potential of cocoa and other cash crops, maize and soybean remained the most liquid commodities in the country owing to their much wider use for industrial and household consumption across the country.
Paddy rice and sorghum have begun to assume more importance in the local landscape with the country’s sesame and ginger gaining more traction in the international consumption markets.
Meanwhile, in the global market, commodity prices witnessed wide fluctuation as the combined effects of trade wars, geopolitical tensions and the global economic slowdown pressured commodity performance in 2019. Specifically, the US-China trade war and the global economic slowdown, as investors and producers grappled with tariffs and reduced access to key export markets, the report noted.
[READ MORE: AFEX raises funds from Consonance Investment, increases agriculture-fund support)
The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.
The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.
The breakdown of the expenditure in the aforementioned areas are:
- Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
- Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
- Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.
Why this matters
The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.
What you should know
Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).
The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.
Companies
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Appointments
Abbey Mortgage Bank announces appointment of 6 Directors
The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.
Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.
The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
What you should know
Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.
The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.
The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.
Bamboo says USD Wire Transfer option is no longer available for deposits
COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN
FCMB Group posts N48.3 billion revenue in Q3 2020
PZ Cusson announces retirement of Chairman, Kola Jamodu
FG, Tiimafrica to provide $5,000 one-time grant to young business owners
Daily Parallel Market Exchange Rate – ₦480/$1
Ripple adds Bank of America to payment network
Naira strengthens at forex market as CBN intervenes in the market
Ripple suffers highest day percentage loss since September 3
CBN Governor alleges parallel market used for bribes and corruption
