AFEX raises $50m to finance Agri-SMEs in Nigeria

AFEX raises $50m to finance Agri-SMEs in Nigeria

AFEX raises $50m to finance Agri-SMEs in Nigeria     AFEX Commodity Exchange has announced the first Warehouse Receipt Backed Commercial Paper in Africa, with tech-enabled operations and a 24-hour fast cash turnaround for borrowers. With over $50 million raised for Agri-SMEs in Nigeria, the exchange hopes to bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument – for the first time. In a statement on Wednesday, it said that its financing deal will help eradicate the high cost of procurement incurred…

Read more

Emefiele charges Nigerians on agric boom

Emefiele charges Nigerians on agric boom   The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the Anchor Borrowers’ Programme of the Bank, has emphasised the need for all stakeholders to sustain current efforts championed by the bank to galvanize agricultural production towards meeting the requirements of Nigeria’s growing population. Mr. Emefiele gave the charge in Zauro, Kebbi State, on Tuesday, March 2, 2021, during the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of…

Read more

Oil price rises by $0.25

Oil rises by $0.25

Oil rises by $0.25   The international oil benchmark, Brent crude, rose by $0.25 to $63.94 per barrel as of 7pm Nigerian time on Tuesday. Recall that it hit a record high of $67.14 per barrel last Wednesday. The OPEC President, Diamantino Azevedo, said on Tuesday that the global oil market was rebalancing after damage to demand wrought by the pandemic was met with curbs on output by producers from the group. “Crude prices are relatively stable … we see a certain balance between demand and supply,” Azevedo was quoted…

Read more

FG says Nigeria still world’s largest cassava producer despite low yield

largest cassava producer

FG says Nigeria still world’s largest cassava producer despite low yield The federal government has declared that Nigeria is now the largest producer of cassava in the world despite low yield in production of the crop. Director, Federal Ministry of Agriculture, Abuja, Karima Babangida, made the disclosure at a workshop on cassava production organised by the ministry in Bauchi recently.. The workshop tagged: “Capacity Building of Farmers to Address Yield Gap in Cassava Production,’’ was organised for youths farmers in the north-east. Babangida, who was represented by regional director, North…

Read more

Nigeria to import N319.8bn raw sugar from Brazil

Nigeria to import N319.8bn raw sugar from Brazil

Nigeria to import N319.8bn raw sugar from Brazil   There are indications that Brazil would supply 80 per cent or 1.44million tonnes of raw sugar valued at N319.85 billion ($680.55million) to Nigeria in 2021. Nigeria is currently battling with sugar production deficit of 1.81million tonnes valued at $850.7 million as global price surges to $407 per metric tonnes. Brazil’s production has already increased by more than 44.2 per cent to meet demand from Nigerian and other buyers. It was gathered that high sugar price in 2021 would further encourage producers…

Read more

ASHON advocates level playing ground for commodities exchanges’ in Nigeria

ASHON

ASHON advocates level playing ground for commodities exchanges’ in Nigeria   The Association of Securities Dealing Houses of Nigeria (ASHON) has urged the Federal Government to initiate policies that will enable commodities exchanges to contribute towards Nigeria’s economic growth and development. ASHON, which advocated a level playing field for all operators of commodities exchanges in Nigeria, stated that an enabling operating would enhance optimal performance of everyone in the commodities exchanges’ value chain. In a statement signed by ASHON’s Chairman, Onyenwechukwu Ezeagu, the Association noted that the proposed capital injection…

Read more

Oil rally may brighten Nigeria’s outlook, says OPEC

Oil rally may brighten Nigeria’s outlook

Oil rally may brighten Nigeria’s outlook, says OPEC   The rise in global oil prices could brighten Nigeria’s outlook this year, the Organisation of the Petroleum Exporting Countries (OPEC) said in a new report. The international oil benchmark, Brent crude, reached the $60 per barrel mark for the first time in over 12 months. It traded around $61.28 per barrel as of 3:54pm Nigerian time on Friday, more than $20 higher than the Federal Government’s benchmark for the 2021 budget. The 2021 budget, which was signed by President Muhammadu Buhari…

Read more

Trimmed demand outlook causes oil first loss in 10 days

Oil rises by $0.25

Trimmed demand outlook causes oil first loss in 10 days   Crude oil returned to the red territory on Thursday, halting a nine-day gaining streak after demand recovery was trimmed even in the face of production cuts and hopes that rollouts of vaccines will drive recovery. At the session, the price of the Brent crude depreciated by 19 cents or 0.31 per cent to sell at $61.28 per barrel, while the United States’ West Texas Intermediate (WTI) declined by 13 cents or 0.22 per cent to trade at $58.49 per…

Read more

Crude oil price rises above $61

Oil rises by $0.25

Crude oil price today rises above $61   The international oil benchmark, Brent crude, rose further on Tuesday, trading above $61 per barrel. Brent had hit the $60 per barrel mark on Monday for the first in more than a year. The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to restrain the supply of crude oil. Brent, against which Nigeria’s oil is priced, increased by $0.53 to $61.09 per…

Read more

Oil price hits $60, highest in over 12 months

Oil rises by $0.25

Oil price hits $60, highest in over 12 months   The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear. The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil. Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of…

Read more