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Category: Economy

  • Abuja Chamber expresses concern over rising food prices

    Abuja Chamber expresses concern over rising food prices

    Prices

    By Lucy Ogalue

    Abuja, June 22, 2024 (NAN) The Abuja Chamber of Commerce and Industry (ACCI), has expressed deep concern over the persistent rise in commodity prices.

    The ACCI President, Emeka Obegolu, in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels.

    “The surge in prices of essential food items such as rice, beans, cassava flour, tomatoes, pepper, onions, and others has aggravated the plight of the average citizen.

    “It is rendering basic meals increasingly unaffordable for many households,” he said.

    According to Obegolu, official National Bureau of Statistics (NBS) records indicated a staggering 35.41 per cent food inflation rate in May 2023.

    He said that on-ground observations suggest that the actual food inflation rate exceeded 50 per cent, highlighting the severity of the situation and its dire impact on livelihoods.

    Obegolu said the chamber provided support services in training and advocacy to help local businesses navigate challenges and seize opportunities in the food sector to impact its members.

    He said that the distressing situation made necessities such as food, housing, and healthcare increasingly unattainable, pushing numerous households to the brink of poverty and extreme deprivation.

    Obegolu, the Organised Private Sector leader in the FCT and environs, emphasised the urgent need for government intervention to address the escalating food crisis.

    He said that failure to act promptly could lead to malnutrition and further aggravate the nation’s socio-economic challenges.

    “Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens.

    “The escalating food inflation crisis threatens food security and exacerbates poverty.

    “The government must take decisive action to mitigate this crisis and alleviate the populace’s suffering,” he said.

    The ACCI President said the economic situation also adversely affected the business community, particularly farmers and agricultural product sellers.

    He, therefore, called for urgent measures to stabilise food prices, enhance food security, and alleviate Nigerians’ economic burden.

    The ACCI president said this would foster sustainable socio-economic development within the country.

    Obegolu quoted the Chief Executive Officer of Araba Technology, Amb. Segun Olugbile, as urging the ACCI to initiate business actions against the food crisis and hunger in the FCT.

    According to Olugbike, the food crisis is becoming a severe issue due to multifaceted challenges affecting farmers and herders, climate change and the current high inflation.

    He said the ACCI was at a critical juncture as the FCT was facing an escalating food crisis and hunger emergency, due to challenges impacting food production and supply chains.

    “With an estimated 24.7 million individuals affected by food and nutrition insecurity across 26 states, including the FCT, urgent action is imperative.

    “The ACCI can play a pivotal role through collaboration with government and stakeholders to avert a worsening crisis and bolster regional food security.”(NAN)(www.nannews.ng)

    LCN/AMM

    ==========

    Edited by Abiemwense Moru

     

  • Experts charge youths on skill acquisition, innovativeness

    Skill
    By Rukayat Moisemhe
    Lagos, June 22, 2024 (NAN) Some experts have advised young entrepreneurs to develop their skills and be  innovative to grow their businesses.

    They gave the advice at a career and entrepreneurship workshop organised by the boys and girls brigade of Wesley Chapel, Lekki, Lagos State, on Saturday.

    The Group Managing Director of Dipson Group, Mr Oladipo Bakare, stated the need for young entrepreneurs to have the right knowledge and tools  to drive their businesses.
    According to him, businesses must advertise, create the right brand, package product distinctively and restructure when necessary.
    He emphasised the need for business owners to acquire knowledge and have the   right mental attitude to create the right impression and engender sustainability.
    He added that business registration and the right accounting system were important.
    Bakare said that young businessmen and women  should be able to take advantage of  every situation to develop their businesses.
    “Nigeria of today shows that it has become very critical to create multiple sources of income,  and the best you can do with your time and skill is to work for yourself; hence, entrepreneurship.
    “Entrepreneurs must look for opportunities, identify them,” he said, adding that they should be courageous to take necessary risks.
    “Entrepreneurs can re-purpose an already existing business by adding value through skill development.
    “In business, you must not be afraid to ask for help; learn from those that have recorded successes in the area you have interest, and never be afraid of failure,” he said.
    He said that failure should be a catalyst to achieve success.
    “When you fail, it is not the end but something that can be used to achieve your aim in business,” he said.
    The Managing Director of ILF Consulting Engineers,  Mr Abiodun Oshodi, emphasised the need for innovativeness.
    He said that entrepreneurship was  important in every  industry.
    Oshodi said that while education was  important, acquisition of a skill set was  very critical to adding value to any business endeavour.
    “I urge everyone here to learn a skill, as skill is the easiest thing to transfer into entrepreneurship.
    “Even in the financial technology space, you must acquire and develop a skill. Be innovative to stand out.
    “I am not asking you not go to school, but apply an idea from a dream and a skill to give it a more competitive edge,” he said.
    The Captain of Girls Brigade, Wesley church, Lekki,  Mrs Jumoke Solesi, urged discipline, hard work, punctuality and the right attitude to business, to engender growth.
    Solesi also said that advertisement was  necessary for  business expansion.
    The Captain of  the Boys Brigade of the chapel, Mr Taiwo Obasa, urged the youth to embrace emerging technologies.
    He said that application of technologies would advance  business operations. (NAN)(www.nannews.ng)
    ARM/ISHO/IGO
    ==============
    Edited by Yinusa Ishola/Ijeoma Popoola

  • NGX Weekly: Investors lose N103bn as insurance, banking stocks decline

    Market
    By Rukayat Adeyemi

    Lagos, June 22, 2024 (NAN) The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.

     

    This contributed to a 0.18 per cent decline in the broader market indices.

     

    The NGX 30 Index followed with a 0.16 per cent decline, and the NGX Banking Index fell by 0.04 per cent week-on-week.

     

    Conversely, the NGX Oil and Gas Index led the gainers, rising by 0.35 per cent week-on-week, followed by the NGX Consumer Goods Index, which increased by 0.29 per cent.

     

    Also, the NGX Pension Index rose by 0.20 per cent and the NGX Industrial Goods Index advanced by 0.10 per cent week-on-week.
    Specifically, sell pressure witnessed in the declined sectors led to negative price movements in the stocks of VFD Group, AIICO, Insurance and AXA Mansard.
    It also include FBN Holdings, Fidelity Bank,  Zenith Bank, MTN Nigeria, Transcorp Hotel, among others.
    Consequently, NGX All-Share Index and market capitalisation depreciated by 0.18 per cent to close the week at 99,743.05 and N56.424 trillion each compared to 99,925.38 and N56.527 trillion respectively recorded in the previous week.
    As a result, investors lost N103 billion week-on-week.
    Meanwhile, 53 equities appreciated in price during the week higher than 51 equities in the previous week.
    25 equities depreciated in price higher than 24 in the previous week, while 76 equities remained unchanged, lower than 79 recorded in the previous week.
    A total turnover of 3.301 billion shares worth N53.157 billion in 27,536 deals was traded this week by investors on the floor of the Exchange, in contrast to 2.633 billion shares valued at N43.652 billion that exchanged hands last week in 33,709 deals.
    Trading in the top three equities namely: Fidelity Bank Plc, FBN Holdings Plc and Veritas Kapital Assurance Plc measured by volume accounted for 2.469 billion shares worth N37.405 billion in 3,006 deals.
    This contributed 74.80 and 70.37 per cent to the total equity turnover
    volume and value respectively.
    Additionally, NGX30Z4 and NGX
    PENSIONZ4 Futures Contracts were listed on the NGX on Wednesday at N3,905 and N3,885 respectively and would expire on Dec. 20.
    Fidelity Bank Plc’s rights issue of
    3.2 billion ordinary shares of 50 kobo each at N9.25 per share on the basis of one new ordinary share for every existing 10 ordinary shares held as at the close of business on Jan.5 also opened on Thursday and would close on July 29.
    Meanwhile, looking ahead to the next week, analysts at Cowry Asset Management Ltd. have predicted that the local bourse will trade in mixed sentiment.
    They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait and see approach.
    The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to
    fluctuate.
    According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • FG approves N21bn for purchase of meters-NERC

     

    Meters

    By Constance Athekame

    Abuja, June 21, 2024(NAN) The Nigerian Electricity Regulatory Commission (NERC) has announced the approval of N21 billion for 11 electricity Distribution Companies (DisCos) to provide meters for customers.

    This announcement was made in NERC’s ORDER NO: NERC/2024/072 on The Operationalisation of “Tranche A” of the Presidential Metering Initiative Under the Framework of Meter Acquisition Fund.

    ”The order signed by NERC Chairman, Mr Sanusi Garba and Commissioner Legal,  Dafe Akpeneye, shall become effective From June 2024 and may be amended or revoked by subsequent orders issued by the commission.

    “The commission hereby approves the  sum of N21 billion apportioned pro rata to contribution by the DisCos as Tranche A of the MAF scheme.

    ”Attached to this order as Schedule 1 is a breakdown of the funds available for each DisCo for the purchase of end-use customer meters.

    ”All the meters to be procured and installed under the MAF framework shall be at no cost to the customers of the DisCos,” it said.

    According to NERC, it introduced the Meter Asset Provider (“MAP”) Regulations 2018 and subsequently, the Meter Asset Provider and National Mass Metering (“MAP&NMMR”) Regulations in 2021 to address metering challenges in the Nigerian Electricity Supply Industry (“NESI“).

    NERC said that the regulations provided several options for metering end-use customers but the interventions, though significant, had not resulted in the closure of the national metering gap which currently stood in excess of seven million customers.

    ”The inability of distribution companies (DisCos) to raise financing in the form of debt or additional equity was identified as the major constraint in the acquisition and deployment of end-use meters and other capital investments.

    ”The Meter Acquisition Fund (MAF) scheme was therefore, developed and approved by the commission, primarily to address the challenges of DisCos creditworthiness inhibiting the deployment of end-use meter in NESI.

    ”By creating a credible revenue stream from the market funds on the back of which long term financing may be secured by the utilities,” it said.

    NERC said that the management of Fund Manager (FM) based on terms and conditions, negotiated by the DisCos and approved by the commission.

    According to the commission, the federal government approved the Presidential Metering Initiative (PMI) with the overarching objective of closing the metering gap in the NESI within three years leveraging on smart metering technologies for data analytics.

    The MAF shall form one of the revenue streams for the repayment of the long tenor financing for metering.

    The order also revealed that the commission approved the deregulation of meter prices under the MAP scheme vide Order NERC/2024/040 to ensure an efficient pricing of meters while responding more quickly to changes in macroeconomic parameters.

    “The order provides that all prices of meters under the MAP scheme shall be determined through a transparent and competitive bidding process by eligible MAPs.

    “A competitive bidding process was held on  May 21, 2024 based on the provisions of Order NERC/2024/040 where a total of 24 ( MAPs participated across the 12 DisCos.

    ”A total of 44 bids were submitted for 10meters specifications,” it said.

    NERC said the deployment of funds under the MAF scheme would accelerate the deployment of meters and a closure of the current metering gap.

    ”Thereby reducing commercial and collection losses to DisCos, enhancing quality of service and improvement of customer satisfaction,” it said.

    NERC also noted that while the NESI is expected to leverage on the revenue stream under the MAF framework to raise substantial capital funding for metering, there was an imperative to accelerate a closure of the metering gap for all customers.

    ”Currently classified under tariff Band A for the purpose of revenue protection and facilitating demand side management for the affected customers.”

    NERC said that the DisCos should utilise the first tranche (Tranche A) of disbursement from the MAF scheme based on contributions made by DisCos as at the April 2024 markets settlement.

    It said that attached to this order as Schedule 1 was to procure and install meters for unmetered Band ‘A’ customers within their franchise areas.

    The commission said DisCos shall, within 14  days from the effective date of the order, conduct a transparent and competitive procurement process, for meter price determination, selection and engagement of MAPs/LMMAs for the metering of end-use customer meters under the MAF scheme.

    ”The order also directed that a report containing details of the process undertaken for the selection of MAPs/LMMAs including meter price, meter specifications.

    ”And the list of customers to be metered shall be sent to the commission for approval, within 20 days from the effective date of this Order.

    ” Upon approval of the commission, the DisCo shall enter into contracts with selected MAPs/LMMAs on one of the following terms,”it said.

    The commission said that where an Advance Payment Guarantee (APG) issued by a commercial bank in the country is provided by a qualifying MAP/LMMA, 30 per cent of the contract sum shall be paid by the FM on behalf of the DisCo to the MAP/LMMA.

    ” Upon execution of the contract. A further two milestone payments shall be made upon the completion of 60 per cent of contracted quantities and 100 per cent of the contract respectively, with the funds advanced against bank guarantee amortized over the payments.

    “Where the MAP/LMMA do not request an advance payment, the milestone payments shall be made upon the verified installation of 20, 60 and 100 per cent respectively of the contracted volume of meters.

    ”A vendor may, at his option, defer payment until the completion of the installation of the contracted volumes.

    “DisCos shall ensure that all the necessary resources and network clearance required by the MAP/LMMA to install meters based on installation plans are provided and/or completed,” it said.(NAN)(www.nannews.ng)

    COA/EBI/MNA

    Edited by Benson Iziama/Maureen Atuonwu

  • ARCON seeks synergy between academia and professionals

    Synergy

    By Joan Odafe and Franklin Ohaegbu

    Lagos, June 21, 2024, (NAN) The Advertising Regulatory Council of Nigeria (ARCON) has called for synergy between its stakeholders, particularly the academia and the professionals, to foster a well-structured industry.

    The Director-General of ARCON, Dr Olalekan Fadolapo, made the call at a media briefing on Friday in Lagos.

    The News Agency of Nigeria (NAN) reports that the event was organised by the council to announce the second edition of its Advertising Industry Colloquium (AIC), which will hold on June 27.

    The theme of the conference is: ‘Harnessing Emerging Technologies for Sustainable Advertising Education and Industrial Excellence in Nigeria.’

    Fadolapo said that the engagement was to ensure that both the academia and professionals were on the same pedestal.

    He said the lines of advertising and other courses, including public relations, were getting blurred by the day.

    He added that technology was causing a major disruption in advertising, particularly by the tools, like Artificial Intelligence (AI), being introduced into the profession.

    “It is very important to us as an industry that is challenged with so many things to ensure that we bring everybody into the same space.

    “Now we have a culture, we have religion, we have our peculiarities, how do we marry these peculiarities with global trends,” he queried.

    Fadolapo further said that the colloquium would give the opportunity to formally present the council’s ‘Advertising Industry Journal.’

    NAN further reports that the journal is a collection of research in different areas of advertising that had been done.

    “They have interrogated the body of knowledge, they have come up with the findings and they’ve come up with their contributions to knowledge.

    “Now the book being published, the journal, is going to become an authority and will be cited in research,” Fadolapo said.

    Also, Chairman of ARCON’s AIC Committee, Prof. Rotimi Olatunji, said the programme would yield better outcome than its previous edition.

    Olatunji said that the colloquium would include a job fair that allows participants to benefit from the opportunities in the Nigerian marketing communications industry.(NAN) (www.nannews.ng)

    JOJO/FOE/AWA
    =============

    Edited by Olawunmi Ashafa

  • NGX sheds N56bn as investors sell off banking stocks

    Loss

    By Rukayat Adeyemi

    Lagos, June 21, 2024 (NAN) Losses in Teir-one banking stocks on Friday pushed the market indices into a negative terrain, making investors to lose N56 billion.
    Specifically, sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank,  Wema Bank, as well as Nestle and African Prudential, among other declined equities, brought the market performance down.
    Accordingly, the market capitalisation which opened at N56.479 trillion, lost N56 billion or 0.10 per cent to close at N56.423 trillion.
    Consequently, the All-Share Index lost 0.10 per cent or 100 points, to settle at 99,743.05, compared to 99,842.94 recorded in the previous session.
    Market breadth also closed negative with 26 laggards and 23 leaders on the floor of the Exchange.
    On the gainers’ log, International Breweries led by 10 per cent to close at N4.40, Thomas Wyatt followed by 9.95 per cent to close at N2.10, Chams gained 9.86 per cent to close at N2.34 per share.
    Champion also rose by 9.83 per cent to close at N3.91, while John Holt advanced by 9.66 per cent to close at N2.61 per share.
    Conversely, Multiverse led the losers’ log by 9.68 per cent to close at N11.20, RT Briscoe trailed by 7.46 per cent to close at 62k per share.
    Sunu Assurances shed 6.25 per cent to close at N1.20, NEM Insurance declined by 5.95 per cent to close at N7.90 and Fidelity Bank dropped 4.81 per cent to close at N9.90 per share.
    Meanwhile, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.20 per cent.
    Investors traded 617.22 million shares valued at N11.35 billion in 9,273 deals, as against 1.3 million shares valued at N25.33 billion in 8,364 deals that exchanged hands on Thursday.
    FBN Holdings led the activity log in volume and value with 207.91 million shares worth N4.57 billion, GTCO followed by 58.55 million shares valued at N2.6 billion.
    Veritas Kapital sold 57.59 million shares worth N55.20 million, AIICO Insurance traded 46.83 million shares valued at N45.17 million and Fidelity Bank transacted 38.44 million shares worth N392.17 million.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • Experts harp on harnessing untapped potentials in renewable energy to boost economy

    Energy
    By Ibukun Emiola
    Ibadan, June 21, 2024 (NAN) Experts in renewable energy have harped on the need to fully harness the available potentials in the sector to boost the nation’s economy.
    They said this at the Techfine Partners’ training to commemorate the 10th anniversary of Nexgen Energy and Allied Services, in Ibadan on Friday.
    According to Wikipedia, renewable energy or green energy is from renewable natural resources that are replenished on a human timescale.
    The most widely used renewable energy types are solar energy, wind power and hydropower.
    A renewable energy expert with Acetronix Ventures, Mr Oluyombi Awojobi, said since being in the business of renewal energy over the last 10 years, there had been more uptake because of epileptic power from the national grid.
    According to him, more people are tending toward solar energy, out of all the renewable energy sources, stressing that government would do well to provide more incentives to further enhance uptake of the clean energy.
    “Government can come in by subsidising some of these things: inverters, solar panels and batteries because their prices are presently on the high side.
    “If there is a policy or any other means to subsidise these items, people will embrace them more,” he said.
    Awojobi said renewable energy would help Nigerians cut the cost of running generating sets by between 30 per cent and 40 per cent in the long run.
    Also, the Chief Executive Officer, De-sure Rejfresh Technology, Mr Adeniyi Omotosho, described renewable energy as ‘the future Nigeria is looking for’.
    Omotosho said that the industry had improved over the years, adding that more successes had been recorded, especially for those who started more than two decades ago.
    He called for more investments in the sector by government, saying it should also focus its agenda on improving its capability to solve unemployment problems and improve the livelihoods of Nigerians.
    One of the facilitators, Mrs Ibiyemi Ifaturoti, said though there were lots of initiatives on renewable energy, she, however, expressed the regret that they were uncoordinated.
    Ifaturoti, a Senior Consultant at Leading Learning Limited, called on government to give more incentives and subsidise renewable energy for those in the industry such as tax reduction, import duties and renewable energy components, among others.
    According to her, the more people embrace renewable energy, the better in terms of reduction of pressure on the national grid, as it would help the economy and serve the underserved communities.
    Also, the Customer Service Executive, Nexgen Energy, Mrs Oluwakemi Ayekitan, said Nigerians needed an in-depth knowledge, not just information, about renewable energy to be able to harness the enormous opportunities inherent in it.
    Ayekitan said there were lots of renewable energy like biogas and other green energy.
    “Though people look at the initial cost, the return on investment surpasses the initial amount that has kept some people from uptaking renewable energy.
    “There are lots of advantages in using renewable energy. First, the return on investment is higher than imagined.
    “Second, it supports a healthier and safer planet for the future generations, as it doesn’t emit gases into the atmosphere.
    “Also, there is the ease and convenience to use renewable energy system. It is an automated system, the newest technology like the brand we represent in Techfine,” Ayekitan said.
    Another facilitator and business development expert, Pastor Francis Madojemu, said business owners must ensure they sold quality products to Nigerians.
    “A lot of us take advantage of people. We go to China and buy cheaper versions of products; but now, there’s the need to put the customers’ benefits first.
    “It will build us goodwill when the economy picks up,” Madojemu said. (NAN) (www.nannews.ng)
    IBK/KOO/WAS
    Edited by Kevin Okunzuwa and ‘Wale Sadeeq

  • Coronation Merchant Bank grows gross earnings by 62% in 2023

    Earnings
    By Rukayat Adeyemi
    L-R: Olukayode Akindele, non-executive director, Ms Olubunmi Fayokun, independent non-executive director, Mr Paul Abiagam, deputy managing director, Mr Banjo Adegbohunbe, managing director, Mr Babatunde Folawiyo, Chairman, Mr Stanley Ubani, Company Secretary, Mr Larry Ettah, non-executive director, all of Coronation Merchant Bank Ltd, at the 9th Annual General Meeting of the Bank in Lagos
    Lagos, June 21, 2022 (NAN) Coronation Merchant Bank Ltd. on Friday said that its gross earnings grew to N61.6 billion for the year ended Dec. 31, 2023.
    The figure represents 62 per cent growth when compared to N37.9 billion recorded in 2022.
    Mr Babatunde Folawiyo, Chairman, Coronation Merchant Bank, said this at the ninth Annual General Meeting (AGM) of the financial institution held in Lagos.
    Folawiyo stated that the bank reported a robust financial performance and recovery for the year under review and showcased significant growth in its key metrics despite a challenging economic environment.
    He highlighted that the bank’s profit before tax also increased by 58.1 per cent to N3.47 billion in year 2023, marking a significant recovery from a loss of N8.28 billion in 2022.
    According to him, the bank’s shareholders’ funds rose by 16.5 per cent to N37.33 billion in the year under review, compared to N31.99 billion posted in 2022 financial year.
    The chairman said the financial institution’s Return on Equity for year 2023 also went up to nine per cent from a loss of 26 per cent recorded in year 2022.
    “Earnings per share of the bank advanced to N51.56, as against a negative of 173k posted in 2022, Capital Adequacy Ratio improved to 12.6 per cent from 10.2 per cent recorded in 2022.
    “Also, the bank’s Loan to Funding Ratio remained steady at 79 per cent, its Non-Performing Loan (NPL) Ratio maintained zero per cent, while its Liquidity ratio stood at 64.4 per cent, in contrast to 55.6 per cent posted in year 2022,” he said.
    According to him,  2023 presented significant challenges due to macroeconomic headwinds that impacted on the bank’s financial performance.
    He, however, said that in spite of the challenges, the institution remained steadfast in its conviction that the invaluable lessons from the past two years would enhance its performance and returns for stakeholders.
    Folawiyo noted that the bank’s initiatives in 2023 yielded positive outcomes, demonstrating its  unwavering resolve and commitment to continuous value creation.
    He added that the confidence of
    its clients was the vital force propelling the enterprise, and it remained fiercely committed to nurturing it.
    The chairman expressed optimistm on the future trajectory of the bank and assures of commitment to delivering value to its customers.
    “In 2023, Coronation Merchant Bank continued to cement its position as a leading financial institution in Nigeria.
    “Our significant milestones achieved in 2023 include 27 per cent increase in investment banking, affirming our leadership in the sector.
    “We have also retained our position as the first and only Nigerian Merchant Bank with an international risk rating,” Folawiyo added.
    Commenting, Mr Banjo Adegbohungbe, Managing Director, Coronation Merchant Bank, said that the bank’s financial performance in 2023 underscored its resilience and strategic vision and the dedication of its  team.
    Adegbohungbe stated that despite formidable headwinds, the financial institution achieved a remarkable recovery from its previous year’s loss.
    He explained that the performance highlighted the bank’s commitment to sustainable growth and value creation for its stakeholders.
    Also, Mr Paul Abiagam, Deputy Managing Director, Coronation Merchant Bank, said that the bank’s recognition from World Finance and sustained top 10 ranking on the FMDQ Treasury league table for the sixth consecutive year.
    Looking ahead, Abiagam hinted that the bank anticipated a period of modest GDP growth, persistent inflationary pressures and improved foreign exchange liquidity, driven by ongoing reforms and increased foreign
    investments.
    “We are ready to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities,
    maintaining exceptional customer service, and leveraging our robust and diversified business model.
    “We are confident in our ability to sustain our trajectory of earnings growth and deliver superior returns to our shareholders.
    “Coronation Merchant Bank’s dedication to excellence continues to set it apart in the African merchant banking subsector,” he said.
    Coronation Merchant Bank was established in 2015 and offers corporate, as well as investment banking, private banking and wealth management, global markets and treasury services to its niche clientele. (NAN)(www.nannews.ng)
    RUKY/AWA
    ===========
    Edited by Olawunmi Ashafa

  • Price of garri drops by 22 per cent in Enugu – Survey

    Price of garri drops by 22 per cent in Enugu – Survey

    Garri
    By Alex Enebeli
    Enugu, June 21, 2024 (NAN) The price of garri, a staple food in most Nigerian households, has dropped by about 22 per cent in many markets in Enugu.

    A survey by the News Agency of Nigeria (NAN) correspondent in the city on Friday shows that a paint bucket of the white garri dropped from N3,500 to N2,500.

    Also, the price of a paint bucket of the yellow variety sales for between N3,500 and N3,200 as against N4,000 and N3,700, depending on the brand.

    Some of the dealers attributed the  development to the ongoing cassava harvest in some part of the state.

    A retailer at the New Market, Enugu, Mrs Nkechi Egbo, told NAN that a 100kg bag of white garri, which previously sold for N134,400, now goes for N105,000.

    Egbo said that a 100kg bag of the yellow garri, which sold for N168,000 and N160,000, now sales for N142,000 and N147,000, respectively.

    She further said that a milk cup of yellow garri that sold for N300 and N200 now goes for N250, N200 and N150 per cup.

    Another retailer, who gave her name simply as Mama Ada, also attributed the drop in the price to high harvest in Ugbawka and Nara Communities in Nkanu East Local Government Council Areas.

    She said that the price might further drop in the coming weeks as other communities in Enugu and Ebonyi States continue to harvest their last year cassava, while planting new ones.

    Meanwhile, a farmer, Mr Mathew Nwankwo, said the price of garri skyrocketed “because of the prices of other communities in the market and high cost of cultivating cassava”.

    According to Nwankwo, a farmer who sold garri will need to buy rice, beans and other commodities, which prices have doubled in the market.

    “Aside this, we pay labourers N300 to prepare a ridge as against the previous N150.

    “You will feed them twice a day and if you are farming in another person’s land, you also pay for the land.

    “I live at Ugwuomu Nike and we pay for harvest, transportation, peeling, firewood, water, red oil to colour the garri as well as the people that fry it,” he said.

    Nwankwo said that he bought cassava stems worth N40,000 for his 10 plots of land and that it was not enough.

    “All these expenses contributed to the high cost of the commodity in the market,” he further said.

    A teacher, Mrs Vivian Okoro, described the drop in the price of garri as a welcome development.

    Okoro said that many families in the country were finding it extremely difficult to buy the commodity due to its high price.

    She, however, urged government at all levels to support farmers to make staple foods, such as rice, beans and garri, amongst others, affordable to the ordinary Nigerians. (NAN) (www.nannews.ng)

    AAE/AOM/USO
    Edited by Abdullahi Mohammed/Sam Oditah

  • Prioritise production to stimulate economic growth – Economist advises FG

     

    Production

    By Ige Adekunle

    Sango-Ota (Ogun) June 21, 2024(NAN) An economist, Prof. Evans Osabuohien, on Friday advised the Federal Government (FG) to prioritise production activities to step up the economic growth of the country.

    Osabuohien, Head of the Economics Department, Covenant University, Ota, speaking on likely solutions to the nation’s economic challenges, gave the advice in an interview with the News Agency of Nigeria (NAN).

    NAN recalls that the Director-General, Debt Management Office (DMO), said on Thursday that the nation’s total public debt stock had hit N121.67 trillion in March.

    Osabuohien says as long as the country continues to borrow and buy without selling products, it will continue to incur more debts.

    According to him, if the country increasingly engages in expenditure without a corresponding increase in productive ventures, things will continue to go bad.

    “As long as we are not producing enough to sell, rather we keep buying and buying, our debt profile will continue to increase.

    “The FG needs to prioritise increased production and minimise expenditures, especially on imported materials not tied to production.

    “In addition, the country should reduce heavy dependency on imported goods to encourage production in the country,’’ he said.

    The economist urged the FG to address insecurity, banditry and the crisis between farmers and herders, adversely affecting farming activities.

    Osabuohien said farmers should be provided with cheaper inputs to boost farming activities in the country.

    He also emphasised the need to cut down on the cost of governance to improve capital projects. (NAN)(www.nannews.ng)

    IGE/FEO/MAS

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    Edited by Francis Onyeukwu and Moses Solanke