Abroad Business Commodities Environment Top Story

A third of global commodity-hungry firms have no-deforestation policies – report

Reading Time: 2 minutes Image Credits: REUTERS/Vasily Fedosenko. A third of the 350 companies most exposed to commodities such as palm oil, beef and timber have no policies to ensure their products are not fuelling deforestation, a report by NGO Global Canopy showed on Thursday. Protecting the world’s forests is central to efforts to limit man-made global warming by Read More…

Business Commodities National Top Story

From Nigeria to Brazil ‘halo’ crops reap pandemic profits

Reading Time: 4 minutes Image Credits: REUTERS/Afolabi Sotunde. In picture above: Freshly washed ginger plant bulbs are seen at a market in Kaduna, Nigeria. April 30, 2021. Picture taken April 30, 2021. REUTERS/Afolabi Sotunde In a flowing cream hijab, Karima M. Imam walks through her fields in scrubland in northern Nigeria as workers harvest a gnarled brown root that Read More…

Business Commodities Metro Top Story

Lagos Commodities Exchange set to list first gold instrument

Reading Time: 3 minutes Image Credits: LCFE. The Lagos Commodities and Futures Exchange (LCFE) has concluded plans to admit Dukia Gold‘s diversified financial instruments, backed by gold as the underlying asset in a sector worth over N300 trillion. Dukia Gold Chiarman, Mr Tunde Fagbemi, said this at a media parley on Thursday in Lagos. Fagbemi said the instruments which Read More…

Business Commodities Inflation Top Story

Analysis: Food price spikes see inflation rear its head in Nigeria and emerging markets

Reading Time: 4 minutes Image Credits: Unsplash/Iñigo De la Maza, REUTERS. For Cleanne Brito Machado, like millions of people in developing countries around the world, shopping for staple foods such as rice, beans, oil or potatoes now means making hard choices. “The shopping cart is getting much smaller and we’re paying much more,” said the 41-year old, who works Read More…

Business Commodities Top Story

CBN repositions Nigerian Commodity Exchange

Reading Time: 2 minutes Emefiele commits N50 Billion to revamping the exchange The Central Bank of Nigeria (CBN) says it is committing N50 billion to reposition the Nigeria Commodity Exchange (NCX), CBN Governor, Mr Godwin Emefiele, has said. Emefiele, who disclosed this, on Thursday, at an inaugural meeting of the Steering Committee for the repositioning of the NCX, added Read More…

Business Commodities Economy Top Story

Kerosene price increases

Reading Time: < 1 minute Image Credits: Business Standard. The average price per litre paid by consumers for National Household Kerosene increased to N353.38 in November from N352.93 in October, the National Bureau of Statistics (NBS) says. The Bureau made this known in its “National Household Kerosene Price Watch (November 2020)’’ obtained from its website on Thursday in Abuja. According Read More…

Commodities Featured

NPA expects 19 ships with petroleum products, others at Lagos port

Reading Time: < 1 minute Image Credits: PIUS UTOMI EKPEI/AFP/Getty Images, Getty Images. The Nigerian Ports Authority (NPA) says it is expecting 19 ships, laden with petroleum products, food items and other goods from Sept. 23 to Oct. 3. The NPA made this known in its “Shipping Position” publication in Lagos on Wednesday. According to the publication, the ships are Read More…

Business Commodities Featured

Africa launches $14m coffee sector enhancement amid COVID-19

Reading Time: 3 minutes Image Credits: MarkSweep, Julius Schorzman. The Inter-African Coffee Organisation (IACO) said on Wednesday it has jointly launched a $14.3 million intervention programme to alleviate the impact of COVID-19 on the continent’s coffee sector. IACO said it has teamed up with the International Coffee Organisation (ICO) and the Centre for Agriculture and Biosciences International (CABI) to Read More…

Commodities Featured

Gold price continues to fly high, rises to yet another record

Reading Time: < 1 minute Image Credits: Venelova Estequena. The gold price set another new record high on Thursday, reaching $2,064.99 per troy ounce (around 31 grammes) at the London Stock Exchange, the highest price ever recorded. It already set a record on Wednesday, surpassing $2,000. The price rise has been driven largely by economic uncertainty due to the coronavirus Read More…

Business Commodities Featured Manufacturing Mining

FG plans to train Nigerians on art of making Gold Jewellery

Reading Time: 3 minutes The Federal Government says it is making plans with foreign experts to train some Nigerians in the art of Gold Jewellery making. Mr Olamilekan Adegbite, Minister of Mines and Steel Development, made this known while briefing newsmen on the recently launched Presidential Artisanal Gold Mining Development Initiative (PAGMI) on Tuesday in Abuja. PAGMI is a Read More…