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Nigerians to pay more for bread over Russia-Ukraine war
The price of bread is set to rise if the current Russian-Ukrainian war persists.
Russia is the world’s largest exporter of wheat, accounting for more than 18 per cent of international exports.
The downside to the war is that if supply from Russia is distorted for whatever reason, Nigeria could be faced with further surging wheat prices in its local market as a result of the supply gap, which could lead to an increase in the price of some other by-products of wheat, such as bread, wheat meal amongst others.
The price of bread was increased by more than 80 per cent between 2020 and 2021.
In 2020, the Association of Master Bakers and Caterers of Nigeria (AMBCN) had hinted at a 50 per cent increase in the price of bread citing the surging cost of raw materials and COVID-19 impact.
According to the Central Bank of Nigeria (CBN), wheat is the third most widely consumed grain in the country, with its local production only accounting for just one per cent of the five to six million metric tons consumed annually, with the country relying on importation to meet local demands.
The demand-supply gap has necessitated the spending of over $2 billion on wheat importation annually, representing the second-highest contributor to the country’s food import bill.
The National Bureau of Statistics (NBS) says Nigeria imported goods valued at N813.19 billion (over $2bn annually) between January and September 2021, representing 3.7% of Nigeria’s total import in the same period.
A further look at the data shows that Nigeria imported durum wheat worth over N128.1 billion in the nine-month period of 2021, while it recorded a N144.14 billion durum wheat import in the previous year.
Also, Nigeria imports different types of seafood from Russia, some of which include mackerel, meat, herrings, blue whiting, other fish, all in frozen form.
It is also worth noting that Nigeria imported vaccines for human medicine from Russia in Q4 2020.
In 2019, Russia and Ukraine together exported more than a quarter (25.4 per cent) of the world’s wheat, according to the Observatory of Economic Complexity (OEC).
In the event of outright aggression, the flow of wheat and grain could be disrupted. Economic sanctions or military action could have a significant effect on the cost of food as importers seek to find alternatives.
Ukraine is the fifth largest exporter of wheat, accounting for seven per cent of sales globally in 2019.
Daily Trust reported President of Association of Master Bakers & Caterers of Nigeria (AMBCN), Mansur Umar, as saying the current situation will definitely lead to an increase in the prices of flour.
He said, “Flour millers are happy to hear of things like this because they will capitalise on it to increase prices by hoarding the product to induce artificial scarcity.
“We are in trouble. I wish we were ready with the cassava flour at least, we can substitute with up to 10 per cent and that will save this country billions of naira.
“As we speak, a major distributor of one of the brands has announced a N100 increase from Monday.”
metro
Suspected IPOB members kill two soldiers in Imo
Suspected IPOB members kill two soldiers in Imo
The Nigerian Army has confirmed the death of two soldiers and the theft of their weapons by operatives of the Eastern Security Network (ESN), the militant arm of the Indigenous People of Biafra (IPOB).
IPOB is a separatist group advocating for the creation of the Republic of Biafra, citing longstanding grievances over the marginalization of Nigeria’s South-East region since the Biafra-Nigeria civil war.
In a statement released on Saturday, the Nigerian Army explained that the incident occurred in Osina, Ideator North Local Government Area of Imo State, when troops from the 34 Artillery Brigade, returning from a routine patrol, responded to an emergency call about an attack on Osina Community by IPOB/ESN forces.
The statement revealed that upon arrival, the troops engaged the “terrorists” with overwhelming firepower, resulting in casualties among the attackers. However, the Army did not provide specific numbers, only noting that the “dissidents” eventually withdrew in disarray.
“Unfortunately, two security agents had been killed in action and one other missing in action, with their weapons—a AK-47 rifle and a tear gas launcher—being seized by the terrorists,” the statement said.
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The Army confirmed that the bodies of the fallen soldiers had been recovered, and the troops pursued the fleeing militants.
“Contact was again made with the criminal IPOB/ESN elements at Nkwachi Community, and in the firefight that ensued, one of the dissidents was neutralized while others, unable to withstand the troop’s firepower, retreated into the nearby forest. One AK-47 rifle with a fully loaded magazine was recovered, ” the statement said, adding that the troops continued their pursuit into Umalouma forest, where another intense exchange of fire took place.
“The dissidents eventually abandoned their weapons due to the troops’ superior firepower and scattered into the dense forest with severe gunshot wounds. An additional four AK-47 rifles, one Fabrique Nationale rifle, and two magazines were recovered,” the statement added.
The Army assured the public that operations would continue, with efforts to track down and eliminate the remaining criminals. “Further exploitation is ongoing as troops continue to track down the injured terrorists and flush them out of their hideouts and treatment locations,” the statement stated. “We urge all IPOB/ESN elements and other criminals hiding in the bushes to surrender to the nearest troops or face defeat, as the Brigade will ensure that the people of Imo celebrate the Yuletide season in peace, free from fear or intimidation.”
The Nigerian Army also called on the people of Imo State to continue providing timely intelligence to assist in the fight against criminal elements and help rid the state of lawlessness.
Suspected IPOB members kill two soldiers in Imo
metro
13 passengers burnt to death in Ondo auto crash
13 passengers burnt to death in Ondo auto crash
The Federal Road Safety Corps, Ondo State Sector Command, says no fewer than 13 people were burnt to death along Ikare-Akoko/ Owo Road on Saturday in the state.
Dr Samuel Ibitoye, FRSC State Sector Commander made this known in a statement made available to the News Agency of Nigeria on Saturday in Akure.
“FRSC regrets to inform the public about a road traffic crash that occurred today 28 December, 2024 at Abule Panu before Ose Bridge, on Owo-Ikare highway, Ondo State.
“The fatal crash which occurred at about 10:14 AM claimed 13 lives of commuters in two buses.
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“A total of 14 people were involved, out of which 13 were burnt beyond recognition, while only one was rescued alive with serious injuries.
“Eyewitness account indicates that the bus coming from Ikare axis had a tyre burst which led to loss of control.
“This was resultant in a head-on collision with the bus loaded with fabric coming from Owo axis.
“Immediately after the collision, the two buses went up in flames. The men of FRSC, Police and Fire Service were swiftly at the crash scene for rescue,” he said.
The FRSC boss said that the injured victim was taken to Federal Medical Centre, Owo, while the deceased were deposited at the morgue of the same hospital.
He, therefore, advised drivers to exercise patience on the roads and passionately maintain their vehicles.
“Passengers are also encouraged to speak out against dangerous driving because road safety is a concern of all,” Ibitoye said.
13 passengers burnt to death in Ondo auto crash
NAN
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NDDC empowers Niger Delta young entrepreneurs with N30bn
NDDC empowers Niger Delta young entrepreneurs with N30bn
The Niger Delta Development Commission (NDDC) has pledged to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) by releasing N30 billion counterpart fund for the development of young entrepreneurs.
The NDDC Managing Director, Dr Samuel Ogbuku who disclosed this in Port Harcourt, restated the Commission’s commitment to empowering the people of the region through economic programmes.
He highlighted the NDCCITMA’s role in training youths, supporting SMEs, and designing industry-friendly skill development programmes.
He said, “We are providing N30 billion to fund projects and support businesses to ensure the sustainability of our youth development initiatives.
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“We will release the matching funds so the entrepreneurs can access them to boost their businesses. In our 2024 budget, we have provision for N30 billion which we are to use as matching funds for the chamber of commerce. We are working towards releasing this fund so that the chamber of commerce can start work in earnest.
“The Niger Delta Chamber of Commerce will strengthen young entrepreneurs in the region. It is no longer acceptable for our youths to be contented with receiving stipends while at home doing nothing.
Ogbuku remarked that the Commission was collaborating with the Bank of Industry, BOI, to ensure the success of NDDC’s youth development programmes.
“The current NDDC Board and Management choose to look at sustainable options in designing youth programmes. In the past, we did a lot in supporting entrepreneurs in the Niger Delta but these activities were not properly documented and backed with verifiable data.
“Our new strategy is to support genuine entrepreneurs rather than people who are just portfolio entrepreneurs because we know that the government alone cannot employ everybody. Many university graduates are coming out, and the government cannot employ all of them. However, we can empower them by creating an environment where they can engage other persons to expand their businesses.”
NDDC empowers Niger Delta young entrepreneurs with N30bn
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