Court Order Forces MultiChoice To Reduce Prices For DStv, GOtv Users, See Price 

MultiChoice, Nigeria’s leading satellite television provider, has adjusted its subscription rates for DStv and GOtv users following a court order.  The company had faced backlash after implementing a price hike, citing increased costs and inflation.  The Competition and Consumer Protection Tribunal (CCPT) in Abuja intervened, instructing MultiChoice to revert to previous prices pending further review.  As of June 16, 2024, the DStv Premium package now costs N29,500 (reduced from N37,000), Compact+ is N19,800 (down from N25,000), Compact Bouquet is N12,500 (from N15,700), and Confam is N7,400 (previously N9,300).  GOtv subscribers also benefit from reduced rates: Super+ is now N12,500 (was N15,700), Super is N7,600 (down from N9,600), Max is N5,700 (from N6,300), Joli is N3,950 (previously N4,500), and Jinja is N2,700 (down from N3,200).

NALDA To Crash Maize, Rice Prices Across Nigeria

*Commences Harvest From Farm Estates The National Land Development Agency (NALDA) is set to crash the price of maize and rice as it commences crop harvest from its farm estates across Nigeria. The Agency has farm estates across Nigeria has achieved tremendous success in both farms built and run solely by the agency and in collaboration with private and public institutions across the six geopolitical zones. Harvesting, bagging and storing of rice and maize are currently ongoing in Niger, Nasarawa, Benue, and Oyo states. The agency targets 150 metric tons of maize while the faro 44 and 59 rice cultivated at Nasarawa state is expected to yield over 300 metric tons of paddies. Harvesting and bagging have also ongoing in the NALDA-cultivated 150-hectare rice farm in Gboko, Benue State. According to the agency, it is anticipated that the harvests will boost Nigeria’s grain supply (rice and maize), which will have a big effect on the value chains. Evidence from states during the media tour of harvest activities at farm sites showed that the harvests will help to reduce the gap in domestic production and supply of rice and maize. Speaking with journalists, NALDA Executive Secretary, Prince Paul Ikonne, said the harvest will be released into the markets immediately as it would greatly assist in cushioning the effects of high food prices. In Bauchi State, maize harvest is ongoing at the well-equipped NALDA farm estate located at Galambi. Although the overall land area is 500 hectares, 50 hectares were cultivated due to a 15-day rain delay and a late start to activities. The farm is equipped with four tractors, two maize threshers, planters, boom sprayers, maize harvesters, and a finished grain warehouse. The Bauchi State Coordinator for NALDA is Jalaludeen Muhammad Mu’Azu. said that the NALDA farm will boost significant production in the area because no farms in the state possessed such machinery. Head, Department of Engineering, at NALDA, Engineer Owolabi Matthew Olusegun, speaking with journalists about the level of mechanisation on the farm expresses joy at the level of impact the harvest will have on the Nigeria economy. “This is what we have been preaching, and it is proof that Nigeria is capable of doing so, as you have witnessed firsthand at NALDA Farm. With this, you can see how much labour we have removed, how much drudgery has been eliminated, and how the entire process has been streamlined. “We are therefore appealing to the federal government to invest more in NALDA. We are ready to replicate this farm all over the country. With this we can increase the acreage to ensure that we get food self-sufficiency. We can do it and we are doing it,” he said. According to Mu’Azu, the crop’s success has already piqued the interest of farmers in the surrounding farming communities. He explained that the entire farm operation was entirely mechanized, from harrowing to planting to spraying fertilizer with a 400-litre capacity boom sprayer and machinery for weeding and harvesting. According to him, “we have just started our harvest and you know this is the first time we are farming here. From the stories that we heard from people, there is a particular place they showed us that since they came here 40 years ago, they have never seen maize production that can be compared to our own.”

Global commodities’ prices up 1.3% in July – FAO

Global food commodity prices rose in July, influenced by the termination of the Black Sea grain initiative and new trade restrictions on rice, the Food and Agriculture Organization of the United Nations (FAO) has stated. The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 123.9 points in July, up 1.3 percent from the previous month while 11.8 percent below its July 2022 level. The increase was driven by a sharp jump in the FAO Vegetable Oil Price Index, which rose 12.1 percent from June after seven months of consecutive declines. International sunflower oil prices rebounded by more than 15 percent in the month, due mostly to renewed uncertainties surrounding the exportable supplies after the Russian Federation’s decision to end the implementation of the Black Sea Grain Initiative. World prices for palm, soy, and rapeseed oils increased on concerns over output prospects in leading producing countries. The FAO Cereal Price Index declined by 0.5 percent from June, driven by a 4.8 percent drop in international coarse grain quotations due to increased seasonal supplies of maize from ongoing harvests in Argentina and Brazil and potentially higher-than-anticipated production in the United States of America. However, international wheat prices rose by 1.6 percent, their first monthly increase in nine months, due to uncertainty over exports from Ukraine as well as continued dry conditions in North America. The FAO All Rice Price Index increased by 2.8 percent on the month and 19.7 percent on the year to reach its highest nominal level since September 2011, as India’s 20 July prohibition of non-parboiled Indica exports fostered expectations of greater sales in other origins, amplifying upward pressure already exerted on prices by seasonally tighter supplies and Asian purchases. This upward pressure of rice prices “raises substantial food security concerns for a large swathe of the world population, especially those that are most poor and who dedicate a larger share of their incomes to purchase food,” FAO warned, adding that export restrictions can bear adverse consequences on production, consumption and prices that last beyond the duration of their implementation and risk exacerbating high food domestic inflation in many countries. The FAO Sugar Price Index declined by 3.9 percent as good progress in Brazil’s sugarcane harvest and improved rains across most growing areas in India weighed on world quotations, as did subdued demand from Indonesia and China, the world’s largest sugar importers. Persistent concerns over the potential impact of the El Niño phenomenon on sugarcane crops, along with higher international crude oil prices, mitigated the decline. The FAO Dairy Price Index declined by 0.4 percent in July to stand 20.6 percent below its July 2022 value. World cheese prices recovered slightly after steep recent declines as hot weather affected seasonally declining milk supplies in Europe. The FAO Meat Price Index declined 0.3 percent from June. Quotations for bovine, ovine and poultry meat declined on solid supply availability and in some cases lower demand from leading importers. Pig meat prices, by contrast, rose, reflecting high seasonal demand coupled with ongoing tight supplies from Western Europe and the United States of America.