Tag Archives: September

World Food Prices Rise To Highest In 18 Months In September- UN

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World food prices rose in September to their highest since March 2015, led mainly by sugar, the United Nations food agency said on Thursday.

Except for a small dip in July, the Food and Agriculture Organization’s (FAO) food price index has been increasing steadily since January, when it hit a seven-year low.

The index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 170.9 points in September, 2.9 percent above the month before and 10 percent higher than the same month last year.

Sugar prices surged 6.7 percent in September from the previous month, largely because of bad weather in Brazil, the world’s biggest sugar producer and exporter, FAO said.

While cereal prices declined slightly, meat edged up and dairy and vegetable oil prices increased.

“A lot of the September increase has to do with sugar, so if sugar were to stop increasing, the index would be more or less flat,” said FAO senior economist Abdolreza Abbassian. “But the scope for big declines is not there.”

FAO raised slightly its forecast for world cereal production in the 2016-17 season rose to 2.569 billion tonnes, which would be a new record high and a 1.5 percent increase on the previous season. World wheat output is seen at 742.4 million tonnes, up slightly from the previous forecast of 740.7 million tonnes.

Credit: reuters

Nigerian Stock Exchange Dips N27.4 Bn In September

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The Nigerian stock exchange market declined by N274 billion in the month of September to N9.733 trillion from N9.760 trillion.

Investment in the market has dropped by 1.1 percent Year to Date, YtD, while the gauge of the market declined by 0.3 percent to close at 28,335.40 points from 28,419.92 points at the beginning of the trading month.

Mr. Mustapha Chike-Obi, former boss of Asset Management Corporation of Nigeria, AMCON said it is a liquidity issue that the market currently trades about ten million dollars’ worth of securities daily but has the capacity to do more.

He further stated that the issue of liquidity must be addressed to record substantial growth in the Capital market.

“There is need to look inward and that the Government must begin to address those things that impede growth,” he added.

Accordingly, the bond market closed on a bearish note last week as profit taking along the yield curve pulled yields lower.

However, some traders have said the increase in demand for blue chip companies will likely boost the attractiveness of the market this week.

“This week we expect to see mixed signals with positive sentiments driven by a rally in oil prices, while other investors book profits in order to bid at the PMA on Wednesday.”

“The economy is going through recession, it is normal for the stock exchange market to respond likewise, but as soon as a series of measures put in place by the CBN and FG crystallized, and OPEC go through with the proposed production cut in November. The economy should record some progress and ease up,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

Aregbesola Promises To Pay Outstanding Wages Before September End

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Osun State Governor, Rauf Aregbesola, on Tuesday assured civil servants that they will be paid their outstanding salary arrears before the end of the month.

?Aregbesola made the disclosure while speaking at the National flag off ceremony for the distribution of FGN/UBEC plastic chairs and tables to all the states in the country, in Osogbo, the Osun state capital.

He explained that his administration is committed to the welfare of its workers, and reassured that the eight months salaries owed them will be settled before the end of September.

Read More: channelstv

Appointments Will Be Balanced By September, Buhari Defends Appointments

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President Muhammadu Buhari yesterday defended the appointment of the Secretary to the Government of the Federation (SGF), Babachir David Lawal and five others.

The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, yesterday assured Nigerians that President Muhammadu Buhari’s political appointments will balance out soon. Adesina spoke on a radio programme, Political Platform, on RayPower 100.5FM.

Adesina said the President was aware of federal character and expressed the belief that there will be balance by the time he makes more appointments in September.

While admitting that appointments are Buhari’s prerogative, the presidential spokesman also said that nobody can fault the fact that those that have been named so far were appointed on merits.

Adesina said: “Nobody can fault the fact that the persons appointed were appointed on merits.

“In terms of the spread, the President has prerogative to appoint and he knows there is federal character. I am sure that there will be balance in the future.

“These are still early days. At the end of the day, we will have a balance.

“By the time more appointments are made, it will balance out. The President is trying to get the very best of Nigerians. The issue of key positions and no key positions should not be the issue.

“He gave a deadline of September for the appointment of ministers, and he will keep to it.”

Read More: thenationonlineng

INEC To Conduct Voter Registration In Kogi, Bayelsa On September 2 & 7

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The Independent National Electoral Commission (INEC) has said it will commence Continuous Voter Registration in Kogi and Bayelsa States on September 2 through September 7, ahead of the governorship elections in both states.

According to the commission’s daily bulletin issued and obtained by the News Agency of Nigeria (NAN) monday in Abuja, the exercise will take place at the local government areas in the states from 8a.m. to 4p.m. daily.

It stated that the five-day exercise would afford opportunity for three groups of eligible persons to be registered.

The groups, the commission said, were those who were eligible but did not register before the 2015 general election and who were registered but their names were not in the voters’ register.

“The other is those who have attained the age of 18 since the last registration exercise,’’ it added.

Read More: thisdaylive