BUA Foods has said its revenue rose by 20.2 per cent to N289.8bn as of the end of the first nine months of 2022.
Despite the challenges in the economy, the fast-moving consumer goods company’s revenue rose from N221.7bn recorded in the corresponding period of 2021 as shown in its unaudited financial result for September 2022.
According to a statement, the impressive result was due to17.0 per cent year-on-year improvement in revenue from sugar to N180.9bn as of 30 September 2022, from N154.7bn in the corresponding year of 2021.
Revenue from flour also increased by 37 per cent to N66.2bn as of September 2022 from N48.1bn in the corresponding period of 2021; Pasta’s revenue surged by12.0 per cent per cent to N42.7 on 30 September 2022 ending against N38.2bn in the corresponding period of 2021.
While speaking on the results, the Managing Director, BUA Foods, Ayodele Abioye, said, “We continue to navigate the high input cost environment to deliver double-digit growth within the period. We grew revenue by 20.2 per cent, profit before tax by 16.9 per cent, and earnings per share by 17.2 per cent”.
“We are making progress with the recommencement of the rice business before the year-end of 2022 to diversify our revenue base further. In addition, we are progressing with the backward integration plans for the sugar business and our capacity expansion plans for the flour, rice, and pasta divisions”, Stated the MD.
Food prices continue to rise in November – NBS
The National Bureau of Statistics (NBS), said that prices of selected food items increased in November.
This is, according to the NBS Selected Food Prices Watch Report for November 2022, released in Abuja on Monday.
The report said that the average price of 1kg boneless beef on a year-on-year basis, increased by 29.00 per cent from N1,812.03 recorded in November 2021 to N2,337.46 in November 2022.
“While on a month-on-month basis, 1kg boneless beef increased by 3.14 per cent from N2,266.24 recorded in October 2022.”
It showed that the average price of 1kg rice (local) increased on a year-on-year basis by 18.95 per cent from N421.02 in November 2021 to N500.80 in November 2022.
“On a month-on-month basis, the average price of this item increased by 2.73 per cent from N487.47 recorded in October 2022. ”
The report said the average price of 1kg of tomato on a year-on-year basis rose by 30.18 per cent from N350.15 in November 2021 to N455.13 in November 2022.
“Also, on a month-on-month basis, 1 kg of tomato increased by 0.15 per cent from N454.46 recorded in October 2022.”
Also, the report showed that the average price of 1kg brown beans (sold loose) rose by 18.03 per cent on a year-on-year basis from N490.19 recorded in November 2021 to N578.55 in November 2022.
“While on a month-on-month basis, the price rose by 2.45 per cent from N564.69 recorded in October 2022.”
The NBS said the average price of Palm oil (1 bottle) increased by 29.87 per cent from N775.11 in November 2021 to N1,006.64 in November 2022.
“On a month-on-month basis, the item grew by 3.91 per cent from the N968.76 recorded in October 2022.”
Also, it said the average price of Vegetable oil (1 bottle) stood at N1,142.99 in November 2022, showing an increase of 30.41 per cent from N876.47 in November 2021.
“On a month-on-month basis, it rose by 3.34 per cent from N1,106.08 recorded in October 2022.”
The report said the average price of a yam tuber stood at N421.08 in November 2022, showing an increase of 29.25 per cent from N325.78 in November 2021.
“On a month-on-month basis, 1 tuber of yam increased by 2.74 per cent from N409.86 recorded in October 2022.”
The NBS said the average price of white garri (sold loose) stood at N325.82 in November 2022, showing an increase of 7.79 per cent from N302.28 in November 2021.
“On a month-on-month basis, the item increased by 2.49 per cent from N317.90 recorded in October 2022.”
The report said at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N632.05, while the lowest price was recorded in Jigawa at N378.81.
It said Ebonyi state recorded the highest average price of beans (brown, sold loose) at N868.33, while the lowest was recorded in Kebbi state at N365.71.
Also, the report said Ekiti recorded the highest price of Vegetable oil (1 bottle) at N1,584.31, while Kwara recorded the lowest price at N693.08.
It said analysis by zone showed that the average price of 1kg boneless beef was higher in the South-East and South-South at N2,851.51 and N2,570.87, respectively, while the lowest price of the item was recorded in the North-East at N1,971.83.”
The report said the South-South recorded the highest average price of 1kg rice (local, sold loose) at N555.80, followed by the South-West at N526.41, while the lowest price was recorded in the North-West at N457.16.
Also, it said the South-West recorded the highest average price of Palm oil (1 bottle) with N1,174.30, followed by the North-West at N1,129.63, while the North-East recorded the lowest price at N765.04.
FG distributes inputs to boost rice farming in Plateau
The Federal Government, through the Federal Ministry of Agriculture and Rural Development, has distributed inputs to smallholder rice farmers in the North Central zone to boost rice farming.
The distribution was done in Jos on Thursday in a one- day training programme for selected rice farmers in North Central Zone.
The Minister of Agriculture, Dr. Mohammad Abubakar, who was represented by Sylvester Bayei, the Regional Director FMARD, Plateau State, said that the purpose of the intervention was to boost rice production in the country.
Abubakar said that the beneficiaries were drawn from Plateau, Kogi, Kwara, Benue, Niger, Nasarawa, Niger and the FCT.
“Each beneficiary is to receive inputs including 25kg certified rice seeds of FARO 44 variety.” Abubakar said.
The minister said that the country could not afford to rely on importation of rice as a staple food consumed in virtually all homes across the country.
He said the intervention was to encourage more cultivation and also to empower farmers in rice production.
“The intervention does not stop at production but continues to other stages of parboiling, de-stoning, polishing and grading to make us self-sufficient in rice production for export,” he said.
He said the ministry was also involved in the distribution of flood-tolerant certified seeds to farmers along the riverine areas, to mitigate the effect of flood and other natural disasters witnessed recently.
The minister said that there were upgrade in the milling process as new rice mills were springing up in the process of reestablishing integrated rice mills in strategic rice production cluster.
NAN spoke with some of the beneficiaries who commended the effort of the ministry.
Mr. Isah Mohamed from Niger State, said that with intervention of this kind, rice farmers would produce to capacity.
Mr. Joshua Jonathan from Nasarawa State, said it was only natural for farmers to record good yield with the support from the government.
The state Coordinator, Federal Ministry of Agriculture, Stephen Dowoh, said rice farmers would use the intervention to their benefits to increase rice production in the state.
UNESCO to consider Nigeria cuisines as intangible heritage
UNESCO has called on Nigeria to forward a list of its traditional cuisines for consideration for inscription as intangible heritage.
Dr Tawfik Jelassi, the Assistant Director-General Communication and Information UNESCO, made the call at a dinner on Monday night in Abuja to welcome participants to the Global Media and Information Literacy Week
It was reported that the week-long event with the theme: “Nurturing Trust: A Media and Information Literacy Imperative’’ is being attended by 193 UNESCO member countries physically and virtually.
Speaking at the dinner, Jelassi said he was wowed by the amazing cuisines, particularly the traditional menu and enthralled by the traditional dances that complement it.
According to him, some Nigerian traditional cuisines are qualified for inscription into UNESCO list of intangible heritage and a step should be taken in achieving that.
Though not on the menu list, Jelassi particularly referred to a traditional Itsekiri soup, “Egbele Koko miyo’’, adding that he was made to understand that it was an irresistible delicacy prepared to stop a man from cheating on his wife.
“Egbele Koko miyo’’ in Itsekiri language means “A cock can never reject maize seeds”.
Jelassi called on Nigeria Permanent Representative to UNESCO, Hajia Hajo Sanni to take a step in submitting some of the traditional cuisines for consideration for listing as intangible cultural heritage.
On his view about Nigeria, Jelassi said just a day in the country, he had seen Nigeria at its best and “its diversity is the source of its enrichment’’.
Intangible cultural heritage according to UNESCO is a practice, representation, expression, knowledge, or skill considered to be part of a place’s cultural heritage.
Examples include community gatherings, oral traditions, songs, knowledge of natural spaces, healing traditions, and foods.
Others are holidays, beliefs, cultural practices, and skills of making handicrafts, methods of agriculture and cattle breeding, traditional navigation skills, as well as cooking skills.
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