Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
Bread may cost N1000 per loaf, in the event that the Federal Government fails to revisit the issue of using Cassava flour for bread making.
The price of the product may increase further, if the government refuse to wade into the matter.
This happens, as the country faces food crises due to bad economy, poor production of agricultural products, attacks on farmers, insecurity among several problems.
Bread, which hitherto sold for N200, N350, N400 and N500 loaf, according to the association, now attracts N600,N700 and N800.
The price, according to the Finance and Business Online Publishers (FiBOD)would move up soon, if the government fails to provide alternative for bread making, as the war between Russia and Ukraine persists. Russia is one of the major producers of wheat in the world and that the war has affected the importation of wheat to Nigeria and other countries globally.
At its recent recent monthly review of the economy, the association advised Federal Government to provide alternative to bread making, due to rising cost of wheat.
The association said that break may become more expensive in Nigeria, if the government in its capacity fails to do the needful on the issue.
The body said that the development became necessary, in view of the soaring cost of bread and other food items occasioned by the ongoing Russia – Ukraine war.
Data released by the US Department of Agriculture showed that Nigeria produces about 60,000 metric tonnes of wheat, and yearly demand stands at between 4.5 and 5.0 million tonnes.
The data shows that Nigeria relies on Russia and Ukraine for 30 per cent of its wheat supply but with the raging war between the two neighbouring East European nations, grain exports have been disrupted by a lack of transportation because of port closures and international sanctions slammed on Russia.
Available statistics show that Nigeria imported $403.65 million worth of grains from Russia in 2020 and $409.23m from Ukraine within the same period.
The National Bureau of Statistics, NBS corroborated this, saying that Nigeria imported N898.2 billion worth of wheat within nine months as of September 2021.
The statistics listed USA, N194.2 billion; Canada, N136.4 billion, Russia, N124 billion, Lithuania, N122.3 billion and Latvia, N115.9 billion as the top sources of the product to Nigeria in 2021.W
Wheat Price Vs bread
Investigation by FiBOP revealed that loaves of bread which hitherto sold for N200, N350, N400 and N500 respectively have now gone up to N500, N600, N700 and N800 or more in some instances.
It also discovered that prices of the product keep increasing virtually every weekend in Lagos, for instance.
“The one we buy N800 this weekend may cost N900 next week. We are inching closer to buying a loaf of bread for N1500 at the rate things are going. And when That happens, many more will not be able to afford bread. Already, many families, especially those pretty large ones, like three children plus parents now regard bread as luxury food because of cost,” Mrs. Eunice Adebayo told FiBOP in an interview.
It was also found that a 100 kilogramme bag of wheat which sold for between N25, 000 and N26, 000 in 2021 now sells between N36, 000 and N37, 000 in some states. A 10 kilogramme bag of the product sells for N10, 000; 5 kilogrammes, N5, 000; 2 kilogrammes, N1, 200; 1 kilogramme, N600 and 50 kilogrammes, N21, 000.
We wish to recall that the Federal Institute of Industrial Research Oshodi, FIIRO, in the year 2017 drummed support for composite bread that is a mix of Cassava and Wheat flour for bread.
FiBOP is of the view that the Federal Government should revisit the issue with a view to improving on the quality of output of this combination. This measure becomes necessary when it is realized that it is going to ensure that bread as a staple food does not disappear completely from the table of the common man as a result of it’s spiraling price.
Moreover, aside from helping to conserve the nation’s foreign exchange, lt will also help in ensuring food security for the nation and Nigerians.
FiBOP also wished to use this medium to advise the Central Bank of Nigeria, CBN, to intensify support for Cassava cultivation and Cassava flour processing
“It is our view that if the CBN can give the same amount of support to Cassava cultivation and processing like it did to rice, then Nigeria would be inching towards food sufficiency and better forex earnings”, stressed the Association.
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