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FG Contemplates Commodity Board To Address Food Security Challenges
FG Contemplates Commodity Board To Address Food Security Challenges....KINDLY READ THE FULL STORY HERE▶
The Federal Government is considering the establishment of a National Commodity Board as part of its strategies to tackle rising food inflation and ensure food security across the nation….CONTINUE READING
Vice President Kashim Shettima disclosed this during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization held at the Presidential Villa in Abuja.
Shettima emphasized that the proposed board would be tasked with evaluating and regulating food prices while maintaining a strategic food reserve to stabilize the prices of essential grains and other food items. This initiative aims to mitigate price volatility and ensure the availability and affordability of food for Nigerians.
He highlighted the significance of addressing food security concerns, which was declared one of the eight priority areas by President Bola Ahmed Tinubu as part of the Renewed Hope Agenda. This led to the declaration of a state of emergency on food security and ongoing policy reforms to enhance food and water availability and affordability.
The short-term strategy includes interventions such as the distribution of fertilizers and grains to farmers and households, fostering collaboration between the Ministry of Agriculture and the Ministry of Water Resources for efficient farmland irrigation, and establishing a National Commodity Board to regulate food prices and maintain strategic food reserves.
Shettima also underscored efforts to restore degraded lands, with plans to restore four million hectares of degraded lands within Nigeria’s borders as part of the AFR100 Initiative.
Regarding security challenges hindering farmers from cultivating their lands, Shettima assured that security forces would be deployed to protect farms and farmers, enabling them to return to their farmlands without fear of attacks. Additionally, plans are underway to activate land banks, providing additional arable land for farming to boost food production.
Furthermore, the government is collaborating with mechanization companies to clear more forests for farming purposes. The Central Bank of Nigeria will continue to play a significant role in funding the agricultural value chain, providing concessionary capital to support various agricultural activities.
These efforts align with the federal government’s commitment to achieving the UN Agenda 2030 on Sustainable Development Goals, particularly Goal 2 of “Zero Hunger,” and the African Union Agenda 2063. The government aims to strengthen smallholder farmers, who account for a significant portion of food production in Nigeria, to ensure food security and transform Africa into a global powerhouse.
The high-level engagement brought together various stakeholders, including development partners, private investors, and the diplomatic community, to address food security challenges and mobilize resources to support smallholder farmers in Nigeria and Africa.
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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