Poultry sector remains worried over $1.36bn maize demand gap despite CBN initiatives

Poultry sector remains worried over $1.36bn maize demand gap despite CBN initiatives

Poultry sector remains worried over $1.36bn maize demand gap despite CBN initiatives     Despite the unveiling of the first maize pyramid and flag-off of the 2021 maize wet season last week, indications are rife that Nigerian poultry sector will still spend N641 billion ($1.36 billion) on maize importation this year to close the demand gap. The Central Bank of Nigeria (CBN) had, however, said that it would resist importation of the cereal. The sector, which was estimated at over N1.6 trillion as of 2019, is in short supply of…

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Maize Importation Ban: CBN insists Nigerian farmers will provide missing 4.5 metrics tones

Maize Importation Ban

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has assured that local farmers will bridge maize demand gap in Nigeria, vowing to resist importation of the crop into the country. Emefiele, who stated this at the unveiling of the first maize pyramid and flag-off of the 2021 Maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme, in Kastina, yesterday, also urged Nigerian youths to embrace agriculture, assuring that the bank was ready to support them in the sector. He said the CBN…

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Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading The Lagos Commodities and Futures Exchange is set to begin gold trading with the admission of Dukia Gold‘s diversified financial instruments, backed by gold as the underlying asset. Dukia Gold said the instruments, which would be in form of exchange traded notes, commercial papers and other gold-backed securities, would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserves and create jobs across the metal production value chain. The Chairman, Dukia…

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Worries of pandemic surge in India, cost Nigeria, others oil fortune

Oil hits six-week high $68.47 as dollar weakens

Worries of pandemic surge in India, cost Nigeria, others oil fortune   With agency report   Nigeria’s oil fortune and other major oil exporting country fell on Thursday as the prices of the commodities settled lower, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report a day earlier that U.S. crude inventories fell more sharply than expected. Brent crude oil settled lower by 87 cents, or 1.3 per cent, at $68.09 a barrel. West Texas Intermediate (WTI) U.S.…

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Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens     The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India. Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas Intermediate rose by $1.07 to $64.93 per barrel, according to EnergyIntel. Reuters reported that oil prices had maintained an increase…

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Kogi State gets $100m agric loan from AfDB

AfDB and Kogi

Kogi State gets $100m agric loan from AfDB     By Olamide Onabanjo   The African Development Bank (AfDB) has granted the Kogi State government $100 million loan to finance some Special Agro – Industrial Processing Zones (SAPZ) projects in the state. Asiru Idris, the state Commissioner for Finance and Budget Planning, made the disclosure on Tuesday in Lokoja, the state capital, during a stakeholders meeting on environmental and social impact assessment of the proposed SAPZ and associated developments. According to Idris, the project has the potential to bridge the…

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OPEC+ to relax oil production cuts by 600,000bpd in May

oil production cuts

OPEC+ to relax oil production cuts by 600,000bpd in May     The Organisation of Petroleum Exporting Countries and its allies (OPEC+) seem set to ease back on their production cuts, after ministers, on Tuesday, endorsed previously agreed plans to boost crude oil output from May. The group, known as OPEC+, intends to pump some two million barrels per day of extra crude oil by July with the most volume coming from Saudi Arabia. The alliance is betting that improvements in the global economy will outweigh the surge of COVID-19…

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CBN moves to impose forex restriction on wheat, sugar importation

forex restriction

CBN to impose forex restriction on wheat, sugar importation     The Central Bank of Nigeria (CBN) is set to impose forex restrictions on the importation of sugar and wheat into the country, a move believed to be one of the government’s objectives to encourage local production of the commodities and push its economic diversification project. Godwin Emefiele, governor of the apex bank, made mention of the ban during an inspection tour of the proposed $500 million Dangote sugar processing facility in Nasarawa State on Thursday, April 15. According to…

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Morgan Stanley: Oil prices stuck in $60 range this summer

Oil hits six-week high $68.47 as dollar weakens

Morgan Stanley: Oil prices stuck in $60 range this summer     Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports. Although some supportive factors for oil prices are still in place, the recovery of U.S. drilling activity and the return of Iranian oil barrels are two headwinds that are “appearing to take the steam out of…

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Oil price tumbles 4% on concerns over Europe curbs, rollouts

Oil hits six-week high $68.47 as dollar weakens

Oil tumbles 4% on concerns over Europe curbs, rollouts     Oil prices fell more than 4 per cent on Tuesday, hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar. Brent crude futures, against which Nigeria’s oil is priced, were down $2.56, or 4 per cent, to $62.08 a barrel by, having hit a low of $61.41. West Texas Intermediate crude (WTI) fell $2.65, or 4.3 per cent, to $58.91, after falling to as low as $58.47. Both benchmarks traded…

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