Business
CBN worries over import bill on tomatoes
ABUJA – The Central Bank of Nigeria (CBN) has expressed dismay over the N11.7 billion spent yearly by the government for the importation of processed tomato paste, stressing that such a colossal sum of monies could better be used to grow the commodity locally.
The apex bank said that the simple reason for this ugly trend was largely due to the dysfunctional agricultural value chain system in Nigeria, resulting in about 50 per cent of the tomato produced in the country being lost to lack of preservation, poor marketing distribution and access to markets.
The CBN Governor, Mallam Sanusi Lamido Sanusi stated this on Tuesday in a welcome address to a one-day Stakeholders Forum on ‘’Partnering to build a competitive tomato industry in Nigeria’’ held in Abuja.
The CBN governor, who was represented by the Deputy-Governor, Economic Policy of the apex bank, Dr. Sarah Alade said, ‘’globally, Nigeria is the 14th largest producer of tomatoes and second only to Egypt in Africa at 1.51 million metric tonnes valued N87.0 billion with a cultivated area of 254,430 hectares. It is worrisome that as at today, Nigeria imports 65,809 tons of processed tomato paste valued at N11.7 billion annually.”
He said that it was on this premise that the CBN intervene with programme such as the N200 billion Commercial Agricultural Lending —NIRSAL, to support the federal government of Nigeria’s Agricultural Transformation Agenda—ATA.
According to the governor, the initiatives were implemented to improve access to finance by the agri-business at single digit interest rate and as part of commitment towards revolutionizing the sector.
The N200 billion Commercial Agricultural Credit Scheme has disbursed a total sum of N199.25 billion to 270 projects since inception, including 30 state governments’ projects, the SME Restructuring and Refinancing Fund—SMERRF disbursed, N235.00 billion to 535 projects also,’’ he noted.
According to him, in building a competitive tomato industry in Nigeria, developing successful and effective partnership among stakeholders had become very essential element.
He stressed that the forum was therefore organised to focus on strengthening Nigeria’s tomato industry through partnership.
He charged the forum to forge effective partnerships to address the constraints militating against Nigeria’s full exploitation of the gains of the tomato industry such as poor quality seedlings, low productivity, inadequate infrastructure, lack of effective information and communication flow across the value chain among others.
In her address to the forum, the Coordinating Minister for the Economy and Minister of Finance, Dr. (Mrs.) Ngozi Okonjo-Iweala said that the ministry was ready to work with the CBN and other stakeholders for the transformation of the sector.
Represented by Dr. Ismael Igwe at the occasion, the minister stated that her ministry was already working in collaboration with the Ministry of Agriculture to ensure that farmers were supported to increase tomato production in Nigeria for local consumption and for exports. – GUARDIAN
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
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His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
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