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By Adedapo Adesanya
The Food and Agriculture Organisation (FAO) said that the food and commodity prices index rose sharply on average in 2021 compared with the previous year.
The United Nations agency’s Food Price Index, which tracks monthly changes in international prices, averaged 125.7 points or 28.1 per cent in the year compared with 2020.
At the end of the year, world food prices fell slightly, as international prices for vegetable oils and sugar fell significantly, the data shows.
The Food Price Index averaged 133.7 points, a 0.9 per cent decline from November, but was still up 23.1 per cent from the same month the year before as only dairy posted a rise that month.
The Cereal Price Index also decreased 0.6 per cent; for the full year, however, it reached its highest annual level since 2012, rising 27.2 per cent.
The biggest gainer was maize, up 44.1 per cent, followed by wheat, gaining 31.3 per cent. One of the world’s other key staple foods, rice, lost four per cent.
The Vegetable Oil Price Index declined 3.3 per cent in December, due to lower global import demand, which may be linked to concerns over the impact of rising COVID-19 cases, which have led to delays in the supply chain.
For the year as a whole, the Oil Index reached an all-time high, increasing 65.8 per cent compared with 2020.
Another key staple, sugar, dropped by 3.1 per cent last month from November, reaching a five-month low.
FAO analysts said this shows concerns over the impact of the Omicron variant on global demand as well as a weaker Brazilian Real, combined with lower ethanol prices.
For the year as a whole, the Sugar Price Index rose 29.8 per cent, reaching its highest level since 2016.
The Meat Price Index was “broadly stable” in December, but rose 12.7 per cent through the year as a whole.
Dairy was the only category where prices increased in the last month of the year, rising 1.8 per cent mostly because of lower milk production in Western Europe and Oceania.
Cheese prices declined marginally last month, but for the year overall, the Dairy Price Index averaged 16.9 per cent higher than 2020.
Speaking on this, FAO Senior Economist, Mr Abdolreza Abbassian explained that normally, high prices were expected to ease as production increases to match demand.
This time, however, the consistently high cost of inputs, the ongoing global pandemic and ever more volatile climatic conditions leave little room for optimism about a return to more stable market conditions even in 2022.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Adedapo Adesanya
President Muhammadu Buhari has charged the board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency.
The President gave the new NNPC board this task during the inauguration of the chairman, Mrs Margery Chuba Okadigbo, in Abuja on Friday.
Mr Buhari also charged them to focus on profitability and operate at par with its industry peers across the world.
“I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities,” he said.
The President reminded the board members that they came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021, which seeks to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.
“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.
“NNPC Limited is expected to operate at par with its industry peers across the world while acting as Enabler Company that will foster the development of other sectors of our economy.
“The inauguration of this Board is a major step in the ongoing transition to a more viable petroleum industry that will attract investment to support our economic growth and generate employment to millions of our people,” he said.
President Buhari directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.
“NNPC Limited is expected to operate at par with its industry peers elsewhere in the world while acting as Enabler Company that will foster the development of other sectors of our economy,” the country’s number one citizens stated.
While thanking the leadership and members of the National Assembly for their seamless support in the journey towards a viable, accountable and transparent energy industry, the President said he would count on the professional insights and ethical conduct of the board members to ensure the delivery of his administration’s promises to Nigerians.
On his part, the Minister of State for Petroleum Resources, Mr Timipre Sylva, said under the present administration a lot has been achieved in the petroleum industry, including the signing of the PIA, the registration of NNPC Limited as a CAMA company and the inauguration of the Board of the NNPC Limited.
“Mr President, this is history in the making because this is the first time any President of the Federal Republic of Nigeria is inaugurating an independent board of an independent NNPC Limited. This, however, puts a lot of responsibility on the shoulders of those inaugurated and those of us in the Ministry of Petroleum Resources,” he said.
The following board members were inaugurated Mrs Okadigbo, Chairman; Mr Mele Kolo Kyari, Chief Executive Officer; Mr Umar I. Ajiya, Chief Financial Officer; Mr Tajudeen Umar (North East); Mrs Lami O. Ahmed (North Central); Mallam Mohammed Lawal (North West); Mr Henry Obih (South East); Barrister Constance Harry Marshal (South-South); and Mr Pius Akinyelure (South West).
Others were Mr Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources; and Mr Aliyu Ahmed, Permanent Secretary, Minister, Finance, Budget and National Planning.
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By Dipo Olowookere
The shares of Studio Press Nigeria Plc and Union Diagnostic and Clinical Services Plc have been delisted from the trading platform of the Nigerian Exchange (NGX) Limited.
The equities of the organisations were removed from the stock exchange today, according to a circular from the bourse.
Studio Press exited the bourse following the completion of the transfer of the shares held by minority investors in the firm to the new owners, Federated Resources Nigeria Limited.
Federated Resources Nigeria Limited is not interested in being on the stock exchange and has opted to be a private company, which was why it is quitting the NGX.
“We refer to our market bulletin of December 17, 2021, with reference number: NGXREG/LRD/MB57/21/12/17 wherein the market was notified of the full suspension placed on trading in the shares of Studio Press Nigeria Plc as a result of the scheme of arrangement between Studio Press and its shareholders involving the transfer of the ordinary shares held by minority shareholders to Federated Resources Nigeria Limited.
“Following the conclusion of the scheme, trading license holders and the investing public are hereby notified that the entire issued share capital of Studio Press Nigeria Plc was delisted from the daily official list of Nigerian Exchange Limited today, Friday, January 7, 2022,” the notice from the bourse stated.
As for Union Diagnostic, it is leaving the exchange as a result of the deal it had Cedar Advisory Partners Limited, which is now in control of the organisation.
“We refer to our market bulletin of March 5, 2021, with reference number: NSE/LRD/MB15/21/03/05 wherein the market was notified of the full suspension placed on trading in the shares of Union Diagnostic and Clinical Services Plc as a result of the scheme of arrangement between Union Diagnostic and Cedar Advisory Partners Limited.
“Following the conclusion of the scheme, trading license holders and the investing public are hereby notified that the entire issued share capital of Union Diagnostic and Clinical Services Plc was delisted from the daily official list of Nigerian Exchange Limited today, Friday, January 7, 2022,” the second disclosure stated.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) shrank for the first time in 2022 after it recorded a 0.21 per cent depreciation on the back of bearish price movement from Nipco Plc on Thursday, January 6.
NIPCO Plc closed the day as the single price mover with its value depreciating by N7 or 11.1 per cent to trade at N63.00 per share compared with the previous closing price of N70.00 per share.
This loss inflicted by NIPCO weakened the total value of the unlisted securities market in Nigeria by N1.31 billion to wrap the session at N631.72 billion in contrast to N633.03 billion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went down by 1.55 points to wrap the session at 746.03 points compared with 747.58 points recorded at the previous session.
A look at the activity chart showed that the market posted a decline in the volume of securities traded by investors on Thursday as the trading volume closed at 10,000 units compared with the 31,739 units traded at the preceding session, signifying a decline by 68.5 per cent.
Similarly, the NASD OTC bourse posted a decline in the value of transactions yesterday as investors traded securities worth N410,250 as against the N975,452.00 recorded on Wednesday, showing a decline by 57.9 per cent.
In addition, the number of deals executed during the session declined by 71.4 per cent as these trades were carried out in two deals in contrast to the seven deals executed a day earlier.
At the close of trading, the most traded stock by volume on a year-to-date basis was Central Securities Clearing Systems (CSCS) Plc with 39,000 worth N743,500.00, Friesland Campina WAMCO Nigeria Plc traded 10,939 units of its stocks valued at N1.3 million, while Nipco has transacted 5,000 units worth N315,000.
The most traded stock by value on a year-to-date basis was Friesland Campina WAMCO Nigeria Plc with 10,939 units of its stocks valued at N1.3 million, CSCS Plc followed with 39,000 units valued at N743,500, while Nipco Plc trailed with 5,000 units worth N315,000.
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