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Nigeria To Increase Trade Volumes With Gambia3 minutes read

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Nigeria is pushing towards increasing trade volumes with the Gambia and strengthening bilateral relations across all spheres, a government official has said.

Minister of Foreign Affairs, Geoffrey Onyeama, disclosed this on Tuesday in Abuja when he received the Gambian delegation led by Dr Mamadou Tangara, Gambian Minister of Foreign Affairs and International Cooperation and Gambian Defence Minister, Sheikh Omar Faye.

The Gambian delegation was on a Thank You visit to Nigeria for its role in strengthening its governance, institutions and to strengthen bilateral ties.

Onyeama said that Nigeria has made enormous contributions to peace and reforms in the Gambia and how much the volume of trade made and how that has translated into something meaningful.

“The Gambia is a small country and there are quite a small number of Nigerians in the Gambia and a lot of them are doing business there.

“Some are professionals working in the Gambia and the nature of relationship we have is such that Nigerians in the Gambia feel very much at home and very welcomed.

“There are some Nigerian businesses that are very present in the Gambia, banks and we used to have one of our carriers that fly to Gambia some years back.

“There is more we can do and that is what the strengthening of the relations is all about.

“We have a framework for cooperation, bilateral commission and also we will be pushing towards increasing the volume of trade between Nigeria and Gambia,” Onyeama said.

Onyeama said Nigeria is excited with the restoration of democracy in the Gambia and will continue to engage with the rest of the ECOWAS sub region to sustain this.

“Of course we are cooperating in different areas within the West African sub region addressing the different challenges that are constantly being posed in our sub region.

“And we count very much on your government, your country as a very strong dependable friend, ally in our efforts to strengthened governance, prosperity in our sub-region.

“Your visit here will give us the opportunity to review the relationship between our two countries and also to identify areas where we can improve things and develop a roadmap going forward,” Onyeama added.

On his part, Tangara appreciated Nigeria for the tremendous support it has given to the Gambia and the pivotal role played in the entire sub-region.

Tangara further appreciated Nigeria’s support to its Armed forces and Judiciary, stating that without Nigeria’s support to the Gambian Judiciary, it would have been completely crippled.

He said to show appreciation, the Gambian President Adama Barrow has decided to posthumously honour Late Gen. Abubakar Dada, a Nigerian soldier who helped in the formation of the Gambian Armed Forces.

“The Gambia is very grateful to Nigeria because if at some point Nigeria was to withdraw from the Judiciary, our judiciary will be completely crippled.

“But with thanks to the support of Nigeria we have been able to build our judiciary with home grown lawyers, magistrates and that could not have been possible without the support of Nigeria.

“In very critical levels you helped us built the most valuable resource in our country, and that is our human resource and we are so very grateful for that.

“We cannot also talk about our Armed Forced in the Gambia without mentioning Nigeria. You have been key in the setting up of the armed Forces of the Gambia.

“And today in the Gambia, people like the Late General Abubakar Dada is a household name in the Gambia.

“Everybody knows about him and we have decided to honour him posthumous and that is the best way we can say Thank you to Nigeria and his family,” Tangara said.

Minister of State for Foreign Affairs, Amb. Zubairu Dada, who happens to be brother to the late General Dada appreciated the Gambian government for honouring his brother.

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Food Prices In Nigeria Went Up In September – Nigeria Bureau of Statistics

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Food prices in Nigeria increased in September according to data from the National Bureau of Statistics (NBS).

NBS made the assertion in a report titled ‘Selected food price watch data’ for the month of September 2020.

The report said the average price of one dozen of eggs medium size increased year-on-year by 5.245% and month-on-month by 0.37% to N480.76 in September 2020 from N478.97 in August 2020.

It stated that the average price of eggs medium size (price of one) increased year-on-year by 3.87 % and month-on-month by 0.28 % to N42.90 in September from N42.78 in August.

The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 39.07% and month-on-month by 2.87% to N516.13 in September 2020 from N501.71 in August.

Meanwhile, the average price of 1kg of tomato increased year-on-year by 26.12% and decreased month-on-month by -1.01% to N286.92 in September from N289.86 in August.

Similarly, it added, the average price of 1kg of yam tuber increased year-on-year by 29.11% and decreased month on month by -4.08% to N245.62 in September 2020 from N256.06 in August 2020.

Incidentally, as the 24hour curfew across many states in Nigeria last, after the resent spat of violent attacks in some cities it has impacted on current prices. And cause more increase. Now, a piece of egg now sells for N70 to N100 each.

The prices of other food items have increased and could further spiked if movement restrictions are not relaxed very soon.

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UACN Tops Gainers’ Table As Nigeria’s Bourse Rebounds By N59M

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The Nigeria Stock Exchange (NSE), on Thursday, rebounded with a growth of N59 billion in spite of social unrest and curfew in major cities of the country.

Specifically, the market capitalisation which opened at N14.870 trillion rose by N59 billion or 0.40 per cent to close at N14.929 trillion.

Also, the All-Share Index increased by 114.38 points or 0.40 per cent to close at 28,563.87 compared with 28,449.49 achieved on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, UACN, Lafarge Africa and Dangote Sugar Refinery.

Market sentiment measured by the market breadth was positive with 21 stocks gainers against 12 losers.

UACN drove the gainers’ table in percentage table, growing by 8.33 per cent to close at N7.15 per share.

Union Diagnostic followed with eight per cent to close at 27k, while FCMB Group rose by 7.96 per cent to close at N2.44 per share.

United Capital increased by 6.44 per cent to close at N3.80, while Neimeth appreciated by 5.26 per cent to close at N1.80 per share.

Conversely, Wapic Insurance led the losers’ chart in percentage terms dropping by 9.09 per cent to close at 40k per share.

UACN Property Development trailed with 3.66 per cent to close at 79k, while GlaxoSmithKline shed 3.57 per cent to close at N5.40 per share.

International Breweries dipped 2.95 per cent to close at N6.25, while Fidelity Bank depreciated by 2.50 per cent to close at N1.95 per share.

However, the total volume traded decreased by 4.67 per cent with an exchange of 311.33 million shares worth N4.69 billion traded in 3,375 deals.

This was in contrast with a total of 326.58 million shares valued at N4.22 billion transacted in 4,367 deals on Wednesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 77.84 million shares worth N2.34 billion.

Access Bank followed with 57.66 million shares valued at N442.78 million, while Zenith Bank traded 39.58 million shares worth N813.77 million.

FBN Holdings sold 21.75 million shares valued at N131.58 million, while United Bank for Africa transacted 18.16 million shares worth N122.81 million

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South Africa’s Pick n Pay To Open Store In Nigeria

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Pick n Pay, the second largest supermarket chain store in South Africa, plans to open its first store in Nigeria.

The retailer – which has stores in Botswana, Zambia, Zimbabwe, Lesotho, Namibia, and Swaziland will enter a market that rivals like Shoprite and Mister Price are withdrawing from.

Pick n Pay’s Nigeria venture will be a partnership with A G Leventis, a group with investments in West Africa ranging from agricultural equipment to property management.

The South African supermarket chain believes it can overcome problems that have hit competitors, like currency devaluations and logistical challenges, as well as barriers to repatriating profits.

Pick n Pay’s strategy in Nigeria will focus on opening small neighbourhood stores, whereas other foreign retailers have established flagship stores in large shopping centres.

On Tuesday the company reported a 56% drop in profits for the first half of the financial year, following constraints caused by South Africa’s strict lockdown, with reduced trading hours, a ban on sales of alcohol and tobacco, plus restrictions on sales of clothing.

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