- FG Begins Move to Reduce Price of Rice
The Federal Government is working toward reducing the price of fertiliser to cut down the price of locally produced rice.
The minister, who said this on Wednesday when he featured on a television current affairs programme on the 2017 Budget in Abuja, said that the Federal Government was collaborating with the Morocco Government in this regard.
“The imported rice is coming in; most of them are subsidized and undercutting the locally produce rice, which has higher quality.
“The problem is bringing down the price of our rice; we are trying to support rice production by bringing down the price of fertiliser because the price of inputs determines the price of output.
“We are trying to see how we can bring down the prices of farm inputs so as to cut down the prices of local rice in the country.
“We have an agreement with Morocco to import phosphate from the country to blend and support fertiliser production. The Federal Government is working toward strengthening all the value chains to boost productivity and improve yield.
“The whole value-chain, first of all, you have to start from the seed. One of the things that the Federal Government is doing is to support the development of seeds because high-quality seeds will engender improved production.
“We are also working on fertiliser; what the Federal Ministry of Agriculture has done is undertaking soil analyses of all soil in the 36 states.
“And they have been able to ascertain the blend of fertiliser that is most suitable for a particular kind of soil.
“The farmers will now be advised on what type of fertiliser to use, so that they won’t apply fertiliser without specifications on crops as this often leads to low yield. So, we have that as part of the value chain.
“Then, we are giving support in terms of evacuating farm produce to the market by constructing and maintaining rural roads. Most of the crops get spoilt as a result of not evacuating them to market in good time.
“We are working on every stage of all the chain. The Federal Government is working with the state governments to achieve the objectives of this mission,’’ he said.
Besides, Udoma said that the Federal Government was assisting farmers in the area of soft loans so as to enable them to increase their production and aid the nation’s efforts to achieve self-sufficiency in food production.
“In addition, the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN) gives loans to farmers at low, single-digit interest rate. In this manner, the government is intervening in various links of the chain to support agricultural production,’’ he said.
Global Markets Near Record Peaks and Will Get Stronger: deVere CEO
As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.
Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.
“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.
“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.
“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.
“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”
However, the CEO’s bullish comments also come with a warning.
“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.
“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”
Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”
Refinitiv Expands Economic Data Coverage Across Africa
Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.
Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.
Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.
Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades. As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”
Refinitiv Africa economic data coverage:
- Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
- Content is sourced from national statistical offices, central banks and other key national institutions
- The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
- International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent
Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.
Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.
Oil Rises on Drawdown in U.S. Oil Stocks, OPEC Demand Outlook
Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand.
Brent crude futures rose 28 cents, or 0.4%, to $63.95 a barrel at 0057 GMT, after climbing 39 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures similarly climbed 28 cents, or 0.5%, to $60.46 a barrel, adding to Tuesday’s rise of 48 cents.
Oil price gains over the past week have been underpinned by signs of a strong economic recovery in China and the United States, but have been capped by concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil.
Nevertheless, the Organization of the Petroleum Exporting Countries (OPEC) tweaked up its forecast on Tuesday for world oil demand growth this year, now expecting demand to rise by 5.95 million barrels per day (bpd) in 2021, up by 70,000 bpd from its forecast last month. It is banking on the pandemic to subside and travel curbs to be eased.
“It was a welcome prognosis by the market, which had been fretting about the impact the ongoing pandemic was having on demand,” ANZ Research analysts said in a note.
Further supporting the market on Wednesday, sources said data from the American Petroleum Institute showed crude stocks fell by 3.6 million barrels in the week ended April 9, compared with estimates for a decline of about 2.9 million barrels from analysts polled by Reuters.
Traders are waiting to see if official inventory data from the U.S. Energy Information Administration (EIA) on Wednesday matches that view.
Market gains are being capped on concerns about increased oil production in the United States and rising supply from Iran at a time when OPEC and its allies, together called OPEC+, are set to bring on more supply from May.
“They may have to contend with rising U.S. supply,” ANZ analysts said.
EIA said this week oil output from seven major shale formations is expected to rise by 13,000 bpd in May to 7.61 million bpd.
Finance3 weeks ago
List of Microfinance Banks’ USSD Codes In Nigeria
Government4 weeks ago
US Intelligence Says ISIS and Al-Qaeda Are Planning to Attack Southern Nigeria
Banking Sector4 weeks ago
GTBank Records N201.4 Billion Profit After Tax in 2020
Government4 weeks ago
Out-Of-School Children in Nigeria Hits 10M – Nwajiuba
Education1 week ago
COVID-19: 2021 WASSCE May Not Hold in May/June – WAEC
Telecommunications3 weeks ago
Nokia, Safaricom Partner to Launch East Africa’s First Commercial 5G Services in Kenya
Brands2 weeks ago
LG To Close Mobile Phone Business Worldwide
Technology2 weeks ago
FG Extends NIN-SIM Linkage by Four Weeks