Connect with us

Business

FG Consults UK Experts on Yam Preservation

Published

on

yam production
  • FG Consults UK Experts on Yam Preservation

The federal government has invited yam specialists from the United Kingdom to liaise with local exporters on the preservation of the food crop.

This was disclosed by the Senior Investment Adviser to the Minister of Agriculture and Rural Development, Irede Ajala, at a diversity dialogue organised by Synergos in conjunction with the Bill Gates Foundation on how to drive an inclusive economy through youth in agriculture.

Ajala said the British experts will enlighten the local yam exporters on the importance of food safety, standardisation, food health and quality control, adding that for Nigeria to compete in the global yam market, it must uphold international best standards.

Ministry of Agriculture officials sealed the deal during their visit to the UK, two weeks ago, to investigate the allegation that some Nigerian yams were rejected at UK ports for being substandard.

While he insisted that at no time were Nigerian yams rejected in UK or the United States, the aide to the minister, said Nigeria loses 30 percent of its annual yam harvest because of inadequate storage facilities.

“These are the burning issues we want to address; the Nigerian yam farmer needs to get more seeds at low prices. The government has also created a machine that helps in heaping yam and mechanising its production, to encourage businessmen to go into selling yams locally and for the export market. Agriculture has been the main driving sector of the economy over the past two years. So, it is only sensible for a people to canvass for more support for that sector,” Ajala said.

Though Nigeria accounts for 67 percent of world yam production, less than one percent of the output is exported.

The Country Director Synergos, Adewale Ajadi, predicted that the profit from yam, in the long run, will outgrow the income from crude oil.

Ajadi said that a tuber of yam is old for N500 locally but in the UK, a small tuber of the same yam goes for£7.

“N500 is less than £1 so exponentially there is a benefit for a farmer who can export this product. We waste about 70 percent of our agricultural produce every day. We need to use what we have to get what we need,” he said.

He added that Synergos had also been engaging government on the feasibility of organic industrialisation whereby the cassava peels, usually discarded as a waste product, can be converted into feed for cattle.

He said young farmers were already talking about 2028 and how to transform the country from a country of consumers to that of producers, adding agriculture is going to be Nigeria’s source of world excellence.

The founder of Synergos, Peggy Dulany and the Special Adviser to the President on Social Protection Plan, Mrs. Maryam Uwais and a representative of Benue State Governor, Prof Dennis Tyavyav, were among the dignitaries that attended the diversity dialogue.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Nigerian Brewers Post Combined Loss of N169.7 Billion

Published

on

Nigerian Breweries - Investors King

Nigerian brewers collectively faced a significant setback in the first quarter of 2024.

According to a comprehensive analysis of financial statements from leading brewing companies, including Champion Breweries Plc, Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc, the industry reported a combined loss of N169.7 billion.

This downturn is in contrast to the same period last year when three of the four major brewers recorded a total loss of N54.3 billion, while Guinness Nigeria managed to eke out a modest profit of N1.84 billion.

Experts attribute this dramatic reversal to a multitude of factors, with the foremost being the steep devaluation of the Nigerian naira coupled with soaring interest rates.

The fluctuating exchange rates have exacerbated the financial woes of brewing companies, particularly those with significant dollar exposures.

International Breweries, for instance, saw its foreign exchange loss balloon to N162.2 billion in the first quarter of 2024 from an FX gain of N1.22 billion in the same period last year.

Similarly, Nigerian Breweries and Guinness Nigeria reported substantial FX losses of N72.85 billion and N37.06 billion, respectively, compared to much lower losses or gains in the previous year.

Even Champion Breweries, which did not record any FX loss in the comparative period, reported a loss of N0.74 billion in Q1 2024.

Industry analysts emphasize that the weakened naira has intensified the costs associated with servicing foreign debt obligations, further straining profit margins.

The shift to a floating exchange rate regime has led to rapid depreciation of the naira, resulting in significant FX losses across the brewing sector.

Moreover, the decline in consumer spending has added to the sector’s woes. Inflationary pressures have eroded the purchasing power and disposable income of consumers, forcing them to prioritize spending and seek cheaper alternatives.

Femi Egbesola, the national president of the Association of Small Business Owners of Nigeria, notes that inflation has significantly reduced consumers’ purchasing power, impacting their willingness to spend on alcoholic beverages.

Furthermore, increased competition from alternative beverages and a more diverse range of beer options have intensified market competition, squeezing profit margins for brewing companies.

Continue Reading

Appointments

United Bank for Africa Welcomes Emmanuel Nnorom to Board

Published

on

Emmanuel Nnorom

The United Bank for Africa Plc (UBA), Africa’s leading global bank, has announced the appointment of Emmanuel Nnorom as its new non-executive director, effective April 30, 2024.

This strategic appointment has received the approval of the Central Bank of Nigeria (CBN) as of May 13, 2024.

In an official statement, UBA highlighted the significance of Nnorom’s addition to the board. “Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Emmanuel Nnorom as a non-executive director effective April 30, 2024.

The Central Bank of Nigeria (CBN) granted approval for this appointment on May 13, 2024.”

Tony Elumelu, Group Chairman at UBA, expressed his enthusiasm about the appointment.

“The appointment of Emmanuel Nnorom, a professional with considerable experience in the sector, emphasizes our Group’s commitment to strong governance and excellence. Nnorom brings a track record of working in critical sectors of the Nigerian economy, including power, and a pan-African perspective that complements our existing Board.”

With over 40 years of experience in financial services and audit, Nnorom’s extensive background includes significant board roles with listed companies.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).

Also, he is an alumnus of Templeton College, Oxford, further underscoring his vast expertise and qualifications.

UBA, which provides retail, commercial, and institutional banking services across several countries, including the United Kingdom, the United States of America, France, and the United Arab Emirates, continues to lead in financial inclusion and the implementation of cutting-edge technology.

This appointment comes at a time when UBA is celebrating record-breaking financial achievements. The bank recently reported over N2 trillion in revenue and a profit of N607.69 billion, the highest in its banking history.

Nnorom’s appointment is expected to bolster UBA’s board, bringing a wealth of knowledge and a fresh perspective to the bank’s operations. His experience in both financial services and critical sectors of the economy will be invaluable as UBA continues to expand its footprint and reinforce its commitment to excellence and strong governance.

As UBA continues to navigate the complexities of the global financial landscape, the addition of a seasoned professional like Emmanuel Nnorom signals the bank’s dedication to sustaining its growth trajectory and maintaining its position as a leading financial institution in Africa and beyond.

Continue Reading

Company News

Dangote Refinery Raises Diesel Price to N1,100/Litre Due to Naira-Dollar Crash

Published

on

Aliko Dangote - Investors King

Dangote Refinery has announced an increase in the price of Automotive Gas Oil (diesel) from N940 per litre to N1,100 per litre.

This significant adjustment in pricing reflects the refinery’s efforts to mitigate the impact of currency depreciation on its operations.

The decision to raise the price of diesel comes amidst ongoing challenges in the foreign exchange market, with the naira experiencing a downward spiral against the dollar in recent weeks.

The refinery cited the unfavorable exchange rate as the primary driver behind the price hike, signaling the intricacies of operating in a volatile economic environment.

It is worth noting that just a few weeks ago, on April 24, 2024, Dangote Refinery had announced a reduction in the prices of diesel and aviation fuel to N940 per litre and N980 per litre, respectively.

This move was aimed at responding to calls from oil marketers for a reduction in diesel prices, demonstrating the refinery’s willingness to adapt to market dynamics.

However, the recent depreciation of the naira has necessitated a reversal of this downward trend, prompting Dangote Refinery to adjust its pricing strategy accordingly.

Some dealers reported purchasing diesel from the plant at even higher rates, reaching up to N1,200 per litre for those procuring lesser volumes.

Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria, attributed the price increase to the rising exchange rate, as communicated by the refinery.

He emphasized the direct correlation between currency fluctuations and the cost of imported commodities, such as crude oil, which forms the basis for diesel production.

While officials of the refinery have remained tight-lipped on the matter, industry sources and major marketers have corroborated reports of the price adjustment.

Chief Ukadike Chinedu, the National Public Relations Officer of IPMAN, echoed similar sentiments, highlighting the adverse impact of the naira’s depreciation on refined product prices.

The recent fluctuations in the naira-dollar exchange rate underscore the challenges facing Nigeria’s economy, with implications for various sectors, including energy and transportation.

Despite initial signs of stability earlier in the year, the naira’s recent depreciation has reignited concerns about inflationary pressures and economic uncertainty.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending