Tag: price

  • Union promises to end illegal price fixing

    Union promises to end illegal price fixing

    The National Union of Market Traders Employers of Nigeria (NUMTEN) has promised to end illegal price fixing and exploitation in Nigerian markets.

    NUMTEN President James Chukwuma made the pledge while receiving the union’s Certificate of Registration from the Nigeria Labour Congress (NLC) in Abuja.

    NUMTEN is the newest affiliate of the NLC.

    Chukwuma said the unstable market prices were worrisome to Nigerians, stressing that one of the objectives of the union is to ensure market reform.

    He said: “We are going to work with the market traders, distributors, manufacturers and even the government to ensure that prices are regulated.”

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    Chukwuma said NUMTEN would protect traders from persistent exploitation and victimisation by those he called unscrupulous elements hiding under the garb of the government.

    The union leader said NUMTEN was registered to liberate helpless market traders from persistent intimidation and extortion in the hands of illegal market associations.

    He added: “This unlawful act perpetrated by these illegal impostors has caused grievous bodily harm to the market traders with people losing their lives daily on the account of the encounters.

    “The idea is to tackle all the identified challenges, including non-conducive trading environment, unrealistic business profit, unstable market prices, incessant loss of properties in the market from fire outbreak.”

  • Price of imported rice drops in March – NBS

    The National Bureau of Statistics (NBS) said average price of one kilogramme (kg) of rice (imported high quality sold loose) decreased month-on-month in March.

    The NBS said this in its “Selected Food Price Watch (March 2019)’’ report released on its website.

    The bureau said rice price decreased year-on-year by -0.39 per cent and decreased month-on-month by -0.68 per cent to N361.90 in March from N364.38 in February.

    Similarly, the bureau said average price of one kg of yam tuber decreased year-on-year by -21.07 per cent and month-on month by -2.71 per cent to N200.88 in March from N206.48 in February.

    Also, it said average price of one dozen of Agric eggs medium size decreased year-on-year by -12.80 per cent and month-on-month by -0.96 per cent to N459.80 in March from N464.26 in February.

    In addition, it said average price of piece of Agric eggs medium size (price of one) increased year-on-year by 1.73 per cent and decrease month-on-month by -0.74 per cent to N41.91 in March from N42.23 in February.

    According to the report, the average price of one kg of tomato decreased year-on-year by -10.03 per cent and month-on-month by -6.32 per cent to N240.29 in March from N256.50 in February.

    The NBS said field work for the report was done by over 700 NBS staff in all states of the federation supported by supervisors who were monitored by internal and external observers.

    Prices were collected across all the 774 local governments of the federation and the FCT from over 10,000 respondents and locations; they reflected actual prices households stated they actually bought those items.

    The average of all these prices was then reported for each state and average for the country was the average for the state.

    I Will Not be in the Senate to Warm the Bench – Niger Senator-elect

  • ‘Price, quality our competitive edge in Nigeria’

    Indian mobile brand, Lava, the latest entrant into the Nigerian mobile phone market, said it was banking on the price and quality of its range of products to maintain a competitive edge in the Nigerian market.

    Making this known on Monday, in Lagos, at the official launch of its operations in Nigeria, the firm said despite coming relatively late into the Nigerian market, it was poised to ride on the back of its quality and affordable mobile technology to stay ahead of the competition.

    The multinational mobile phone manufacturer headquartered in India said it was already in partnership with Raya for the distribution of its phones. Under the partnership, Raya will use both online and offline channels to help Lava penetrate the market in Nigeria against incumbents in the market.

    The company came into the market with feature phones for the mass market through Champion Series (C1, A1, N1) and smartphones through Z series (Z81 2GB, Z81 3GB) and Iris 51. All the products are backed by top-notch and unmatched after sales services.

    Speaking at the launch, CEO of Lava, Vikram Singh Parmar, said “The company’s vision was to make valuable technology accessible to people and empower them to do more and be more….

    “In the last nine years, we have travelled this journey of making this possible and today, we can promise the most trustworthy products and the most reliable user experience to our customers.”

     

  • Religion: The price of ignorance

    Preamble

    This article is not new. It was first published in 2012. But it is being repeated here today because of passionate demand for it by many readers who feel it is very relevant to the current Nigerian situation in which religion has become the biggest commercial venture and some so called religious leaders are provocatively dishing out hate speeches in torrents from their pulpits as a form of advertisement to their ignorant congregations.

    Definition of History

    History is an invisible object with two invisible wings flying across generations in time and space. One wing is positive, the other is negative. With history, the present becomes the heritage of the past even as the future awaits the baton of continuity or otherwise from the present. No living nation or tribe or even individual can dream of a realizable future without a veritable present based on the experience of the past. The web of life is like a magnet which no iron element can bypass on its way to ornamental glory.

    Against what ought to be a valuable heritage, Nigeria is, today, passing through a fabric of uncertainty as she rolls back the fibres of the future into those of the present and weaves both into the vestiges of the past. Such is a sign of a dead nation waiting to be interned. What war is not ravaging Nigeria today in spite of Allah’s abundant bounties? The forces of the present seem to have connived with those of the past to wrestle down the future with a determination to deprive the generations yet unborn of any hope of decent existence. From all indications, Nigerians live in a country that is evidently enslaved to her so-called leaders who are politicians.

    For decades, Nigeria had been forced by those so-called leaders to fight wars ranging from political to economic, to social and to ethnic conflicts without winning any. Now, a religious dimension is being added.

    Like a billow vigorously storming around at the instance of an invisible tempest, a melee of religious hullabaloo engendered by a vicious political Pandora has virtually turned Nigeria into a land of curses.

    Youths for peace  

    To avoid the scourge of such a melee or prevent its spread and intensity in Nigeria, some foresighted Nigerian youths (Muslims and Christians) of Yoruba descent bravely took the bull by the horn in 2012. Those youths, led by a versatile Journalist, Adewale Adeoye (a Christian) and a brilliant Lawyer, Shenge Abdur-Rahman (a Muslim) formed an organization named ‘Yoruba Muslim-Christian Dialogue Group’ and organized an interfaith in Lagos on February 23, 2012. The core objective of the group was to foster a stronger peaceful co-existence between the Muslims and the Christians in Nigeria with a view to precluding the growth and spread of Boko Haram carnage in Nigeria.

    The summit which attracted a number of Muslim and Christian organizations as well as some prominent individuals made the gathering to look expressly meaningful. Yours sincerely was one of the guest speakers invited to that occasion. Below is an excerpt from the speech I delivered:

    Purpose of religion

    “….By its design and intent, religion is supposed to be not only a panacea for all human psychological ailments but also a soothing balm for any spiritual ache. Ironically, however, it has been turned into a poison in our society which seemingly has no provision for any antidote. And through our attitudes, we seem to be bent on swallowing the pill of that poison without minding its consequences.

    The factors that culminated in what we now variously call religious militancy, extremism, fanaticism and terrorism emanated only from the yoke of ignorance which bad governance has come to incubate. And could anything have influenced bad governance as much as ignorance? Yet ignorance would not have had a role to play in our religious or political lives if we had demonstrated the will to genuinely follow the tenets of our religions and learn from the lessons of history without banking on mere assumption and rumour.

    History as a teacher

    History as a teacher always has a lesson to teach those who are ready to learn. But unfortunately, most human beings especially Nigerians refuse to learn any lesson from history and the price is what we are paying today.

    In 1962, Nigeria’s Governor General, Dr. Nnamdi Azikiwe (who later became Nigeria’s first President), paid a three day official courtesy visit to the Premier of Northern Region, Sir Ahmadu Bello in Kaduna. Dr Azikiwe was accompanied by his wife, Flora. The host Premier mobilized all the paraphernalia of office in honour of his guests whom he gave an unprecedentedly flamboyant hospitality. The visit enabled their wives to become so familiar with each other that Flora also invited the Bellos to the East on a similar visit. By the end of the visit, Dr. Azikiwe had become so much impressed that at the point of departure he held Ahmadu Bello’s hands and gently told him to “Let us forget our differences”.

    In response to that emotional but infatuating gesture, Sir Ahmadu Bello said in an equally gentle but emotional baritone voice: “No sir! Rather than forgetting our differences, let us understand them. I am a Muslim and a Northerner. You are a Christian and a Southerner. It is only by identifying and understanding those differences that our friendliness can truly endure”. There and then, Dr. Azikiwe nodded in agreement with his host’s logic accepting the fact that one could not forget what has not been identified. The lesson to learn from this experience is that of mutual understanding without pretentiously sweeping anything under the carpet. That is the principle upon which the marriage of political strange fellows who find themselves in the same political party is often based in Nigeria. It is also the principle upon which the partnership of many Nigerian businessmen and women is based despite their cultural incompatibility.But that principle is not applied to Religion in Nigeria because of the dubious access to cheap Wealth by the so called religious leaders.

    Ignorance from primordial times

    For thousands of years, peoples of all races and tribes across the world thrived vaingloriously on cultural ignorance attributing their calamities to mysterious forces and blaming such mysteries on what they called witchcraft. In the past, here in Africa, millions of children were forced to die in infancy by their own parents out of sheer ignorance while the same parents turned round to blame what they called ‘ABIKU’ or ‘OGBANJE’ for the mass infanticide. With time, however, education and knowledge of science brought about the invention of various vaccines with which children are now immunized against all diseases thereby giving them the opportunity to survive. And this has enabled us to know today that the mystery once called ‘ABIKU’ or ‘OGBANJE’ is a euphemism for ignorance in African mythology of those days.

    Now that the days of cultural ignorance seem to be over, Nigerians have devised another means of restiveness by shifting to religious ignorance which enables them to replace the infanticide of the yore with modern day genocide and this in the name of religion. It is hoped that one day,   knowledge will also help us to overcome the spectre of religious ignorance by the grace of Allah.

    If it had pleased the Almighty Allah to make all human beings one single race with one colour, one tongue and one religion, He would have done so without receiving any query from anybody. But as the Omnipresent and Omnipotent, His decision to diversify His creatures cannot be faulted as it is from that diversity that all creatures have consistently derived benefits. In the world today, there are different races and tribes of human beings with different colours, languages and cultures each functioning as predestined and yet they all interact positively with one another to the benefit of all and sundry.  This is in accordance with the words of Allah in Chapter 49 verse 13 of the Qur’an thus: “Oh mankind! We have created you from a male and a female and classified you into races and tribes that you may interact with one another (and thereby draw from the advantages therein). Verily, the most honourable of you before Allah is the most pious among you. Allah is All-knower and most acquainted with all things”.

    Nature of creatures

    What is true of human beings here is equally true of other creatures. For instance we can all see that on a single arable plot of land, a variety of plants may grow to form an orchard but each with different foliages and fruits. Some of those fruits may be sweet, some may be bitter and some may be sour. Some may be fruitful, some may be fruitless. Some may be trees of gargantuan posture while others may be ordinary legumes. Yet they are all fed by the same soil, watered by the same rain and photosynthesized by the same sun. Their different foliages, sizes, heights and tastes notwithstanding, they all function effectively and advantageously according to the purpose for which they are created. In the ecosystem, no tree in an orchard will ever accuse another of bearing fruits different from its own and no animal will blame another for carrying a different feature or wearing a different colour. Neither will a whale denigrate even a fingerling in the ocean for sharing the same water with it. Ditto the world of birds, reptiles, and that of insects.  Even as plants, animals, aquatics, birds and insects, they know that for everything Allah does He has a purpose which may not be known to them as creatures. It is only among human beings that discrimination and segregation exist based on ignorance.

    Parable of religion

    We can also compare the above analogy to a situation inside a football stadium where there is a variety of sections such as State Box for the upper class, State Box Extension for the Middle Class and popular side for the lower class. At the entrance of the stadium, each person obtains a ticket according to his or her financial ability. And that qualifies him for a seat in any of those sections according to the status of the ticket obtained. Without prejudice to the categories of the tickets they obtain, all the spectators in the stadium are authorised to watch the match for which they have paid. If at the end of the match however, a spectator who was privileged to sit in the State Box turns round to say that another who sat at the popular side of the stadium did not watch the match others around them will sarcastically conclude that something might have gone wrong with the psyche of the accuser. The positions from which those spectators watched the match might be different but the fact remains that they all watched the same match. That is the parable of religion in the lives of individual human beings.

    A famous German dramatist and critic Gotthold Ephraim Lessing (1729-1781) once made a related axiomatic statement in a stanza thus:

    “There are good men in every land; The tree of life has many branches and roots; Let not the topmost twig presume to think that it alone has sprung from the mother earth; We did not choose our races by ourselves; Jews, Muslims, Christians-all alike are men. Let me hope I have found in you a man”.

     The mission of religion

    In Islam, revealed religions are like an embassy established by a nation in another nation to strengthen her relationship with the host country. The Ambassadors appointed to manage such embassy, can be changed from time to time just like the foreign policy which guides those ambassadors but the embassy remains intact barring any unforeseen circumstances. So is the case with the Prophets of Allah. They might have come at different times and from different lands and tribes. They might have brought different books and spoken different languages but their mission was one and the same. Muslims believe that all the Prophets and Messengers who have come into the world to guide mankind were from one and the same God who created the universe. Thus, Prophets Ibrahim (Abraham), Ismail (Ishmael) Ishaq (Isaac), Musa (Moses), Daud (David), Isa (Jesus) and Muhammad (SAW) as well as others who preceded them or came in-between them brought the same message of monotheism through which mankind was counselled to worship one God and be upright in conduct.

    In Qur’an Chapter 2 verse 285, Allah admonishes Muslims against discriminating among His Apostles thus: “The Apostle of Allah, Muhammad, (SAW) believes in what has been revealed to him by his Lord, and so do the (Muslim) faithful. They all believe in Allah and His Angels, His Books as well as His Apostles. We do not discriminate against any of His Apostles. They say ‘We hear and obey. Grant us your forgiveness oh Lord! To you we shall all return”.

    Religious rivalry

    As a Muslim, you cannot believe one of those Apostles and disbelieve others. Neither can you believe in one of the revealed Books while disbelieving in others. That is why no true adherent of Islam will ever express foul language against the person of Jesus or blame the misdemeanour of a Christian on Christianity as some Nigerian Christians do against the person of Prophet Muhammed(SAW) and Islam as a religion. Were Nigerian Muslims also to bring such a disgruntled rivalry into religion, the country called Nigeria would have long been forgotten especially in their preachings.

    Unity of God

    Though the modalities for worship may differ from faith to faith and from sanctuary to sanctuary this does not change the course of their faith in only one God. Thus, the rivalry between Muslims and Christians especially in Nigeria over who is spiritually right or wrong is a product of ignorance.

    As taught by Christianity and Islam through their respective revealed Books, the areas of life that need our cooperation are by far more comprehensive than those in which we differ. For instance, both the Bible and the Qur’an counsel humanity to worship one God. They preach good deeds to neighbours and other fellow human beings publicly and privately irrespective of religious lineage. They advocate good care of our parents, our children, the aged ones amongst us and the handicapped. They urge kindness to our wives and leniency with our adversaries. They admonish us against cheating and any form of corruption. They forbid theft, adultery, fornication, homosexuality, lesbianism and above all the killing of fellow human beings extra-judicially for whatever reason. They also warn us against provocation, aggression, exploitation and transgression even as they emphasize the ephemerality of this world and the eventuality of the hereafter. In all these, we have a common affinity to jointly guard.

    The few areas in which we differ are abstract and quite personal. They are not areas in which human beings are given the power to pass judgement. Only the Almighty God can judge on them. Such are the areas which we believe will pave our ways into Paradise. But since paradise is for individuals and not for religious blocks why are we fighting each other? After all, the journey to Paradise or Hell is a matter of choice for every individual. And no one can tell with precision who will go to Paradise or go to Hell. Such is the prerogative of God which He has not assigned to any human being and which no human being can and should arrogate to himself or herself except one who wants to play God.

    As an adherent of a religion, you can only perceive your God according to your faith and that should not cause any rancour between you and adherents of any other religion. As Nigerians, we dwell in the same country, eat the same foods, drink the same water, wear similar dresses, trade in the same markets and spend the same money. Our children attend the same schools, write the same examinations and obtain the same certificates. We intermarry across tribes and ethnicities as well as religions. All these form a stronger bond that ought to unite us much more than the abstract ones which often threaten to divide us. In a situation where the factors of life that unite us grossly surpass those that divide us will it not be stupid to sacrifice unity and cooperation?

    Conclusion

    With the formation of this interfaith group (Yoruba Muslim-Christian Youth Dialogue Group), I am beginning to see a future of harmony in Nigeria not only in the sphere of religion but also in the social and political spheres as well. This is the time for change. We cannot wait any longer. Let the Christians amongst you engage in Crusade and the Muslims in Jihad against all vices in the society which the two revealed Books (Bible and Qur’an) abhor. Let all of you jointly cooperate in upholding the values of life as contained in the Bible and the Qur’an. And with this, in the very near future, we shall find ourselves in a new world of peace and harmony.

    God bless you all”.

  • Fuel price war rages

    Fuel price war rages

    PETROL price may go up – to at least N180 per litre, it was learnt yesterday.

    Minister of State for Petroleum Resources Dr. Ibe Kachikwu, who dropped the hint in Abuja, said N145 per litre could no longer be sustained.

    In a presentation he made to a joint committee on Petroluem (Downstream) of the Senate and the House of Representatives, the Minister put the landing cost of petrol at N171 per litre.

    According to him, the Federal Government, through the Nigerian National Petroleum Corporation (NNPC), has been bearing the cost of N26 per litre, representing the difference between N171 and N145 per litre.

    Independent marketers, Kachikwu said, would not be able to import Premium Motor Spirit (PMS) at the current foreign exchange rate. They were able to sell for N145 per litre when the exchange rate was N285 per dollar. The naira exchanges for  N365 to dollar.

    Kachikwu said the NNPC had incurred a cumulative loss of N85.5 billion importing petrol and selling at the current retail price of N145 per litre within three months.

    He said N145 per litre was fixed in the first quarter of 2016 when crude oil was selling for $49. With crude price rising to $67 a barrel ($68 yesterday), the pump price is no longer sustainable, he claimed.

    Kachikwu said the landing cost of PMS, which was N133.28 per litre in 2016, is now N171 per litre.

    This forced independent marketers to stop importing petrol.

    The NNPC has been the sole importer since October.

    “We now have to go back and find solution to this problem to ease supply gaps and ensure availability of the product at all times,” the Minister said.

    Kachikwu, however, proffered three alternative solutions to pump price increase:

    • getting the Central Bank of Nigeria (CBN) to introduce a modulated foreign exchange rate specifically for importers of the product;
    • giving the marketers significant tax adjustments to enable them absorb the high cost; and
    • a plural pricing system whereby the NNPC would continue to sell at N145 through its numerous outlets while the marketers are allowed to fix their own price.

    The Minister identified causes of the last fuel scarcity to include diversion of products, logistic constraints, bottleneck associated with clearance, bad road network, insufficient product reserves, smuggling through land borders, supply gaps and enforcement challenges.

    Marketers stopped importing fuel in October, 2017, as a result of their inability to access foreign exchange from the CBN, leaving only the NNPC to import the product. This has left a wide gap between demand and supply, Kachikwu said.

    He said the price of petrol rises when the price of crude oil goes up in the international market, stressing that in such instances, Nigeria spends more to import refined products.

    To address the situation, the Minister canvassed the opening up of production lines, specifically the refineries, which he said would address supply gaps that usually lead to incessant scarcity.

    He said: “Rising prices in international market affecting domestic prices. What the country needs is to have the refineries working. It’s a shame that after 40 years, Nigeria cannot produce its domestic consumption.

    “It would take 18 months to address problems of scarcity, price stability and other issues relating to supply of petroleum products

    The pipelines should be concessioned to allow private participation.

    “There is huge infrastructure deficit in the system because the NNPC ought to be distributing products through their pipes but most of the pipes are damaged. This has necessitated the use of trucks to distribute the product across the country.

    “Most importantly, fixing the refineries should be the lasting solution.

    To discuss and address the issues, we have to seek approval from the President,” the Minister said.

    NNPC Group Managing Director Dr. Maikanti Baru said the last scarcity was caused by rumours of price increase in the media that led marketers into hoarding the product in anticipation of higher prices.

    Said he: “So there was a frenzy in movement of products to the hinterland and diversion of products going to the hinterland in anticipation of increase in price.

    “The NNPC, or the Petroleum Products Pricing and Regulatory Authority (PPPRA) had no mandate to increase pump price.”

    The GMD said the strike  by PENGASAN in December was partly responsible for the scarcity, adding that the issues raised by the association for going on strike had nothing to do with the NNPC.

    According to him, the strike triggered panic buying by members of the public, leading to scarcity of the product. He added that although PENGASAN called off the strike on December 18, the damage had already been done.

    Baru identified other factors responsible for the last scarcity to be the higher price at which petrol is sold in neighbouring African countries, citing Cameroun where he said petrol sells for N300-N400 per litre.

    Stating that the NNPC had enough product to bridge supply gaps, Baru insisted the corporation had sufficient stock to go round even without importation.

    The GMD alleged that about 4500 distribution trucks failed to return to depot to complete their distribution formalities during the scarcity period, meaning that the trucks were diverted.

    “There was no supply gap because we have Direct Sale Direct Purchase (DSDP) agreement with 10 consortia involved. Three of them rejected their cargoes, which were reallocated to others”.

    The GMD also hinted that the refineries in Kaduna and Port Harcourt were being reactivated and restreamed and that they have been producing three million litres daily.

    Baru also cited disagreements among the various private operators in the sector as part of the problems that threw up the scarcity, adding that the marketers were busy trading allegations of sharp practices.

    Said he: “For instance, IPMAN said MOMAN and DAPPMA were charging over N133.28/litre, but when we asked them to provide evidence of over charging, they could not provide any. If proven, NNPC would have withdrawn the licences of the errant bodies.”

    The Executive Secretary of the Department of Petroleum Resources (DPR), Mordecai Baba Ladan, told the committee that at the onset of scarcity, the DPR rolled out its machinery across the country, with a directive from the minister that defaulters be dealt with.

    “Almost every marketer/filling station across the country are defaulters. And if all defaulting filing stations were to be shut down, there may not be any one left.

    “They hoard, sell above official price and also divert products. But we have stepped up our monitoring process now that the NNPC is the sole importer but the corporation cannot do it alone.”

    Virtually all the independent marketers that attended the hearing alleged multiple charges by the Nigerian Ports Authority (NPA), NIMASA and some state governments charging 3 kobo per litre wharf landing fee.

    The Executive Secretary of MOMAN, Mr. Obafemi Olawore, said the N800 billion owed marketers by the Federal Government has made it difficult for them to obtain credit from the banks to import petrol.

    He urged the government to give key players major roles in importation, adding that shutting down errant filling stations would not solve the scarcity problem but rather aggravate it.

    Olawore called for total deregulation of the sector to allow more participants from the private sector.

    Curiously, however, the chairman of the joint committee, Senator Kabiru Marafa, who had vowed to grill the Minister and the GMD over secret subsidy payment by the government.

    Briefing reporters at the National Assembly yesterday, Marafa had raised questions on who pays the difference of the N26 in the landing cost of N171 against the pump price of N145.

    The lawmaker said there were indications that a subsidy of N26 was being paid on every litre of petrol sold and wondered who had been paying the subsidy.

    Marafa said, “If there is subsidy payment, then who approved it and how much has been paid out as subsidy so far. If you want to provide subsidy, it should come through the National Assembly but we have not received any request for subsidy payment from the Executive arm”.

    Stating that about N10 trillion had been paid out as subsidy, Marafa lamented that stakeholders in the Petroluem industry, particularly the NNPC, had not been transparent in the running of the sector.

  • Fuel: marketers reduce price in Ekiti

    Fuel: marketers reduce price in Ekiti

    Marketers have reduced petrol prices in Ekiti.

    The marketers, who had been hoarding the commodity in anticipation of a hike in price, are now selling the products.

    The marketers have been selling at prices  below N200 per litre, barely two days after Governor Ayo Fayose commenced the sale of fuel from the Government House dump at Alade Filling Station, Ado-Ekiti at government approved N145 per litre.

    Phenrose Oil and Gas, Irona in Ado-Ekiti, the state capital was selling the fuel at N180 per litre yesterday.

    NIPCO Filling Station on Adebayo Road and Akinbami Filling Station in Ureje sold at N190 per litre. This was against between N200 and N250 some outlets were selling the commodity before Christmas/Boxing Day break.

    The price was between N400  and N500 per litre it at the black market on Monday,

    A manager in one of the filling stations who craved anonymity, said the latest scarcity was triggered by the purchase of the commodity at  N150 from source.

    He said: “Truth of the matter and root cause of this fuel palaver is that the independent marketers have been getting fuel litre at N150 from source.

    These marketers have a dilemma of selling above official pump price of N145 and gain but incur the wrath of the public or sell at either N145 or below, and lose in the transaction.

    “But some of them are wise; instead of selling all the content they receive, they rather divert bigger amount of it to smaller filling stations who sell to members at N200 or N250 and above.

    “This is why the major marketers do not have much fuel to sell to members of the public who queue at their stations for days.

    “I do not think you would blame them for doing this because no one wants to do business and fail.”

  • Buhari directs end to petrol price hike, hoarding

    Buhari directs end to petrol price hike, hoarding

    President Muhammadu Buhari has directed government officials to end the arbitrary increase in price of petrol and hoarding of products across the country.

    Expressing sympathy with Nigerians for their suffering due to the lingering petrol scarcity, the President, in a  statement posted on his twitter handle, described the petrol scarcity as “regrettable”.

    He said going by the briefings he was getting, the Nigerian National Petroleum Corporation (NNPC) was on top of the situation.

    Buhari said: “The fuel scarcity being experienced nationwide is regrettable. I sympathise with all Nigerians on having to endure needless fuel queues.

    “I’m being regularly briefed, especially on the NNPC’s interventions to ensure that there is enough petrol available during this period & beyond.

    “I have the NNPC’s assurance that the situation will improve significantly over the next few days, as new shipments and supplies are distributed across the country.

    ”I have also directed the regulators to step up their surveillance and bring an end to hoarding and price inflation by marketers,

    ”Let me also assure that the relevant agencies will continue to provide updates on the situation. I thank you all for your patience and understanding.”

  • NSE plans new derivatives to stem price fluctuations

    NSE plans new derivatives to stem price fluctuations

    The Nigerian Stock Exchange (NSE) plans to introduce the Exchange Traded Derivatives (ETDs) into the stock market as part of efforts to widen investment instruments and to address some underlying causes of volatile price fluctuations.

    The NSE at the weekend released draft rules and guidelines that will serve as the main regulatory framework for the planned ETDs.

    The General Counsel and Head of Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, said the proposed introduction of the ETDs is in line with the strategic objective of the Exchange to increase the number of asset classes traded on its platform.

    According to her, the introduction of the ETDs is also in recognition of the need and appetite for these risk management and investment products in order to facilitate hedging of investment risks and diversification of asset portfolios.

    She noted that in the cash markets, investors are typically exposed to asset price risk and in the absence of short selling and the supportive securities lending options, investors are highly susceptible to significant diminution in portfolio values once there is a reversal of a bull trend.

    “Thus, investors engage in aggressive efforts to lock-in unrealised profits, thereby resulting in a self-reinforcing market downturn, which negatively impacts investor confidence, and trading volumes. Derivative instruments enable investors to hedge their portfolios against adverse price movements which can result in unexpected losses,” Awe said.

    She pointed out that the absence of derivative products contributes to persistent problems of inability of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices and lacklustre activity in the underlying cash market, particularly in times of stressed economic and market conditions.

    She added that the absence of derivative products also leads to lack of confident market participants as well as volatility in Exchange revenues.

    “Derivative instruments are financial contracts that are critically dependent on a regulatory framework which supports their enforceability. However, The Exchange does not currently have the requisite framework for the creation, listing, and trading of derivatives products. Accordingly, the draft derivatives rules seek to create a regulatory framework for the aforementioned purposes. The framework will also regulate the activities of the trading members and other market participants in the Exchange Traded Derivatives market,” Awe said.

    She said the Exchange is involving relevant stakeholders in the rule-making for the ETDs in order to provide an avenue for the exchange of ideas and opinions regarding a new area within the exchange space in Nigeria.

    Meanwhile, the draft derivatives rules are subject to the approval of the National Council of the Exchange and the Securities and Exchange Commission (SEC).

  • Nigeria loses N30tr to oil price crash, says Awolowo

    Nigeria loses N30tr to oil price crash, says Awolowo

    The Executive Director, Nigeria Export Promotion Council (NEPC) Olusegun Awolowo yesterday lamented that Nigeria has lost over N30trillion of export revenue to the crash in oil prices.

    Awolowo  spoke at a one day NEPC, RVO, CBI Export Roundtable and Exhibition on Export Competency Development programme in Abuja, said the loss was between 2015-2017.

    He said last month, the national economic management team established the national committee on export promotion to ensure effective coordination of the zero oil plan in the 36 states of the federation.

    He said the recent recession was due to a $30billion annual deficit in Nigeria’s foreign exchange earnings due to low oil prices.

    He said: “Nigeria must replace these lost export revenues in order to sustain economic growth, stabilise the naira, sustain federal and state government income and boost employment.

    “There is an urgency to ramp up non-oil exports, as our future earnings from crude oil which is facing significant headwinds. This is elevated as the financial outlook on crude oil weakens day by day and poses increasing threat on oil dependent economy just like Nigeria. We are at a critical point in Nigeria’s history which requires bold and decisive action to restructure and reposition our economy to survive without oil.

    “The council’s goal is to grow Nigeria’s non-oil export revenue from N1.5trillion per annum to N5trillion within three to four years, and over N10trillion over the longer term. The economic consequences are dire for our country to keep crude oil as its primary source of export revenue. There is too much oil supply and shrinking demand.

    “The zero plan has been included as a central part of Nigeria economic recovery plan. The three products under the export competency development pilot scheme are among the 22 in the zero oil plan.

    “Our export outlook in 2017 shows some positive developments. A lot of cashew plantation with jumbo varieties are springing up, from a raw cashew production of about 150,000tons to 15,000 tons are processed ii Nigeria which is just 10 per cent. We see enormous potential in processing.”

    Awolowo added that the cocoa sector has suffered a setback since 2017 but the longer term prospects are positive and we need to be in position to take advantage of that opportunity.

  • Price of garri drops by 60 per cent in Enugu

    Price of garri drops by 60 per cent in Enugu

    The price of garri, the nation’s major staple, has dropped by more than 60 per cent in Enugu in the last four months.

    A correspondent of the News Agency of Nigeria (NAN), who conducted a market survey on the staple yesterday, observed that the price had gone down from N1,250 to between N450 and N500 per paint bucket.

    The paint bucket of four-litre is usually the standard measure for cereals in Southeast.

    Many buyers, who bought the staple in markets in Enugu, said they were happy as they could get white garri for N450 and yellow garri for N500.

    A buyer, who spoke to NAN, said she prayed the price could crash further, while another said it should continue at its current price.

    The traders attributed the price crash to the current bumper harvest of cassava after many Nigerians had yielded the call to return to the farm.

    A garri seller at Garki Market, Mrs Obioma Ukoh, said that many people went into cassava farming since last year and for that its price had drastically dropped.

    “I pray people will continue to plant cassava. This way, there will be no reason to buy it as high as N1,250 again,” she said.

    Mr James Ugwu, a teacher in one of the secondary schools in Enugu, also said the low price was the result of bumper harvests of cassava this year.

    Ugwu, who NAN met at Kenyatta Market, said the price would not get higher anymore as everyone had learnt a lesson and many had gone back to farming.

    A National Youth Service Corps (NYSC) member, Miss Ifeoma Ogbologu, who came for shopping at Akwata Market, said she was happy buying garri at N450 per paint bucket.

    She added that it was not easy when the price was N1,250.