National Agency for Food and Drug Administration and Control (NAFDAC) boss, Paul Orhii as called on bread production companies to substitute wheat flour for cassava flour in the production of bread and pastries.
Orhii speaking at the launching of UTC’s high quality cassava bread in Lagos on Thursday decried the astronomical level of food imports to Nigeria.
He said, “We must reduce our reliance on raw materials from abroad, especially if we have it in Nigeria. We will save N300bn if we start manufacturing cassava- based bread. In 2010 alone, Nigeria imported wheat worth more than N636bn, rice worth more than N356bn and refined sugar worth more than N217bn.
The EFCC has taken into custody an oil bunkering vessel and its crew. The arrest was made by the Nigerian Navy and forwarded to EFCC officials yesterday.
Head of Media and Publicity, Mr. Wilson Uwujaren, said in a statement, “The vessel, MT Takoradi, bearing one million litres of suspected Automotive Gas Oil, and 11 crew members were handed over to the Commission at a brief ceremony at NNS Beecroft, Apapa, Lagos by the Commanding Officer, Navy Commodore, M. J. O. Njoku.
The Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo Iweala has said that there is no financial crisis in the country.
The minister disclosed this to a delegation of members of the House Committee on Finance who visited the ministry yesterday in furtherance of their oversight function.
The minister blamed the current fiscal situation of delayed salaries, allowances and FAAC disbursements on the delay in inflow of government revenue.
She said, “There is no such thing as a financial crisis in the country. We have been having some issues with delay in money being disbursed on time for the Federation Account Allocation Committee’s meeting to hold.
The Ogun State government has shortlisted 30 reputable investors from over 400 who signified their intention to invest in the economy of the state.
Bimbo Ashiru, the Commissioner for Commerce and Industry disclosed this whilst speaking at activities to mark the 1st anniversary of Governor Ibikunle Amosun’s administration.
He said, “As a fallout of the forum, a total number of 30 genuine investing companies have expressed interest in committing resources to invest in Ogun State.’’
He also disclosed that the investors would anchor their funds in projects in the retail shopping, steel manufacturing, cement manufacturing, agriculture and food processing sectors.
Nigeria’s most effective public official, Lagos State governor, Babatunde Fashola has said the Federal Government cannot be trusted to manage judiciously the monies saved in the Sovereign Wealth Fund. He cited this as the reason it is difficult for the Governors to give the project their backing.
Babatunde Fashola disclosed this at the 3rd Annual Pan African Investor Conference organized by Renaissance Capital.
According to Fashola, “These really are the issues. It is not that the governors are up in arms against the idea of savings. But we are asking what the rules of engagement are and do those rules of engagement work within the rules that bind all of us?”
Nigeria’s naira depreciated to the weakest in two months against the dollar after the country’s inflation accelerated.
The currency of Africa’s largest oil producer declined 0.1 percent to 158.125 per dollar as of 5:01 p.m. in Lagos yesterday, its weakest since March 12, according to data compiled by Bloomberg.
Inflation accelerated to 12.9 percent in April, the fastest since October 2010, from 12.1 percent in March, the National Bureau of Statistics said today. The Central Bank of Nigeria, which raised its policy rate to a record 12 percent in October, forecast inflation will peak at 14.5 percent in the third quarter before gradually slowing to below 10 percent by the end of 2013.
Internally recognized Investment Advisor, Ed Butowsky, challenges you to ask your financial advisor these 4 critical questions that will reveal how competent they are to manage your investment portfolio. If they score less than 100%, you might think twice before trusting them to manage your hard-earned money.
Question 1. If I had a portfolio that has a historical rate of return of 10 percent, what should my standard deviation be? In addition, what is my portfolio’s historical rate of return and standard deviation?
We often hear discussions about risk but there is no one better to explain it in detail than Ed Butowsky, a 25 year veteran of the financial services business. Butowsky says he shocked at how limited the conversation about risk really is. Most people take on the surface that risk is loss of principal. However, there are many other risks you need to evaluate when organizing an investment portfolio, he says. Below are three examples of various risks.
