Business
FAO: 9.8 million people in FCT, 16 northern states battling hunger
An agency of the United Nations, Food and Agriculture Organisation says at least 9. 8 million people living in 15 northern Nigerian states and the Federal Capital Territory (FCT) are suffering from food insecurity.
It said the findings were the outcome of a food analysis made available on Thursday.
It specifically stated that Abuja, Borno, Adamawa, Yobe, Benue, Gombe, Taraba, Katsina, Jigawa states were struggling with food insecurity and malnutrition.
Others are “Kano, Bauchi, Plateau, Kaduna, Kebbi, Sokoto, Niger and the FCT,” it stated.
Speaking at the presentation of the analysis, the FAO Representative in Nigeria and the ECOWAS, Fred Kafeero, said the results of the analysis had exposed the need for urgent intervention by the government.
“The presentation of the results of the October/November 2020 Cadre Harmonise (CH) analysis for the 16 states and the Federal Capital Territory of Nigeria is such an important stage in determining our next actions and effective response In ensuring food security and nutrition in the country.
“The Cadre Harmonlse or CH (as is popularly called) is a regional framework for the consensual analysis of acute food and nutrition insecurity situations across West African countries through these framework areas of risk of mal-and undernourishment and the food insecure populations are identified.”
He said, “The exercise, which has now been adopted by the Nigeria Food Security stakeholders since 2015 aims at applying the outcome of the analysis in preventing food crisis by identifying the areas affected and the populations as well as proffering appropriate measures towards improved food and nutrition security and livelihoods.
“Distinguished guests, ladies and gentlemen, I am pleased to inform you that the CH analysis results in Nigeria have become the major yardstick for estimating the areas and population of vulnerable people in need of humanitarian assistance as presented in the annual Humanitarian Needs Overviews (HNOs) and the Humanitarian Response Plans (HRPs) especially in the three BAY states of NE.
“This October/November 2020 CH analysis happens to be different from the previous years, as it took Into consideration the unprecedented impact of the COVID -19 pandemic on the various outcomes of FNS and the inference of the various FNS contributing factors.
“Despite the relaxation of the COVlD-19 lockdown measures, several households are still currently experiencing difficulties in accessing their basic food and nonfood needs due to disrupted livelihoods. This has resulted in reduced HHs opportunities for income and food and nutrition security.”
The result of the analysis also projects that 13.9 million people may suffer from food insecurity from the affected states in 2021.
Kafeero explained further that “in this context, FAO and partners have adapted their programme to respond to the Increased need. For the 2020 rainy season In NE, FAO reached 63,300 HH with quality seeds and fertilizers distribution.
“Another 12,000 HH have been reached with livestock support. We are planning to reach about 19,000 HH for the upcoming dry season in collaboration with the FMARD, WFP and IFAD.
“The exercise, which has now been adopted by the Nigeria Food Security stakeholders since 2015 aims at applying the outcome of the analysis in preventing food crisis by identifying the areas affected and the populations as well as proffering appropriate measures towards improved food and nutrition security and livelihoods.”
Auto
African automakers, minister, NADDC DG for June 27 Nigeria industry summit
African automakers, minister, NADDC DG for June 27 Nigeria industry summit
A delegation of the African Association of Automotive Manufacturers (AAAM) from South Africa is expected in Nigeria on June 27 this year to attend the maiden edition of the Nigeria Auto Industry Summit (NAISU).
The team will be joined by the Nigeria Association of Automotive Manufacturers (NAMA) team and other leading stakeholders to brainstorm on the sector’s development in the country and by extension Africa.
The organisers of the event, Nigeria Auto Journalists Association (NAJA), disclosed this in a statement, adding that it would be organised in partnership with the National Automotive Design and Development Council (NADDC).
Scheduled to hold at Radisson Hotel, Ikeja, Lagos, on Thursday, June 27th, 2024, the summit is envisioned as an annual flagship event of the country’s automotive industry to rally all stakeholders together to explore the great potential in the automotive sector for national development.
It said the maiden edition of the event would be declared open by the Minister of Industries, Trade and investment, Dr Doris Uzoka-Anite, under the theme ‘Reviving Nigeria’s Economy through the Automotive Sector’ .
It would have the NADDC Director General, Mr. Joseph Osannipin, as the chief host, it stated.
Commenting on the importance of the summit for the development of the country’s automotive sector, Chairman, organizing committee of NAISU, Femi Owoeye, said, “Initiating this summit is vital, especially at this moment in history, when Nigeria is struggling to map its way out of the prevailing global economic despair.
“Being one of the drivers of the global economy, the automobile industry, if given the necessary impetus in Nigeria, is capable of transforming the country to an automotive manufacturing hub in Africa.
“To this end, Nigeria Auto Industry Summit shall annually produce significant information that would help the government to make it happen.”
On his part, Chairman of NAJA, Mike Ochonma, said, “Significantly, the summit shall bridge the information and communication gap between the nation’s auto industry stakeholders and relevant government agencies.
“Moreover, annually, the summit shall give a single and united voice for the auto industry leaders to set developmental agenda aimed at kick-starting and driving relevant government policies towards a sustainable development of the automotive industry in Nigeria and ultimately position the country as a frontline beneficiary of the African Free Trade Agreement Area.”
Business
CBN releases more dollars as naira weakens to 1,300/$
CBN releases more dollars as naira weakens to 1,300/$
The naira depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$.
This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators.
The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013 and uploaded to its website on Tuesday.
It was signed by the CBN Director, Trade and Exchange Department Dr Hassan Mahmud.
The apex bank said it was set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.
Amid the development, the naira maintained a depreciation trend against the United States dollar on Tuesday, falling to N1,300 per dollar at the Nigerian Autonomous Foreign Exchange Market.
The new rate is N66 per cent weaker than N1,234 per dollar recorded on Monday.
A summary of the forex transaction showed that the intra-day high depreciated by N22, closing at N1,317 per dollar from N1,295 per dollar. The intra-day low however gained to N1,000 from N1,051/$.
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While the total daily turnover increased slightly to $133.65m from $110.17m on Monday.
At the parallel market, currency traders sold the dollar between the rate of N1,300 and N1,320 on Tuesday from N1,260 recorded on Monday.
Earlier this month, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.
This initiative represents the second such occurrence this month and the fourth instance this year, underlining the CBN’s proactive strategy in managing currency volatility and ensuring the availability of essential foreign exchange.
The PUNCH reported on Monday that the Naira depreciated against the United States dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.
The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”
This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.
The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.
It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
CBN releases more dollars as naira weakens to 1,300/$
Business
CBN sells dollar to BDCs at N1,021/$1
CBN sells dollar to BDCs at N1,021/$1
The Central Bank of Nigeria (CBN) has announced a $10,000 sale to each licensed Bureau De Change (BDC) operator nationwide.
The apex bank has made its second intervention this month.
The CBN detailed the action in a circular issued to the President of the Association of Bureau De Change Operators (ABCON).
BDCs can purchase dollars at a rate of N1,021 per dollar.
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They are, therefore, authorized to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.
On the 8th of April 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1101 per US dollar at a spread capped at 1.5 percent above the purchase price from the CBN (approximately N1,116.15 per dollar). This limited the potential profit BDCs could make on each transaction
The latest circular has instructed all eligible BDCs to commence immediate payment of the Naira equivalent for their allocated $10,000 into designated CBN Naira Deposit Accounts.
CBN sells dollar to BDCs at N1,021/$1
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