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Tomato Paste Importation Ban Lacks Enforcement — Erisco Boss

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  • Tomato Paste Importation Ban Lacks Enforcement — Erisco Boss

The President and Chief Executive Officer, Erisco Foods Limited, Chief Eric Umeofia, has lamented the poor implementation of the ban placed on importation of tomato paste by the government.

The Federal Government had in March 2017 banned the importation of tomato paste, powder or concentrate, and increased the tariffs on imports of tomato concentrate from five per cent to 50 per cent in a move aimed at reviving the local tomato sector.

Umeofia said although the ban had been imposed for over a year now, there was no implementation in sight.

He said the Federal Government was not to blame for the situation, but the system that had refused to enforce the ban because some people were benefitting from the continued influx of substandard tomato paste into the Nigerian market.

Umeofia stated this while unveiling a Nollywood actress, Chioma Chukwuka-Akpotha, as the brand ambassador of Erisco Foods Limited and its new product range — Nagiko 3-in-1 Garri mix, Erisco Milk cubes, Ric-Giko and Nagiko brand of tomato paste.

He, however, expressed confidence in made-in-Nigeria products and said there was a need to promote them.

He said, “Erisco Foods Limited is a wholly owned indigenous manufacturing company that has consistently championed the made-in-Nigeria philosophy and developed innovative products using locally sourced raw materials to genuinely grow the economy.

“The ripple effect of sourcing our raw materials locally is that our farmers are empowered, jobs are created and ultimately, our economy is industrialised. Our focus, as a company, at inception was to leverage our success and use it as a platform to grow and empower as many Nigerians as possible with a view to creating wealth and curtailing youth restiveness.

“Also, locally produced tomato paste is designed to curb the incessant health challenges experienced by Nigerians as a result of the consumption of sub- standard tomato paste imported into the country from China.”

According to Umeofia, the Nagiko 3-in-1Garri mix is the first of its kind as Erisco Foods Limited is the first company to produce the product which is a mixture of Ijebu garri, sugar and milk.

“All our products are developed to cater for all categories of people. The Erisco milk cubes will nourish and sharpen the brains of Nigerians to make them even more productive,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday

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Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

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Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

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Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

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Gold

Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin

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Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges

Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.

The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.

The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.

We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.

Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.

Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.

In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.

The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.

 

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