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The Federal Government says it has banned foreigners from buying agricultural commodities and produce directly from Nigerian farmers. The ban which was approved by the Federal Executive Council (FEC), presided over by Vice President Yemi Osinbajo, is to ensure that the farmers are no longer cheated in the purchase of their farm produce. The Minister of Trade and Investment, Chief Niyi Adebayo, who briefed State House correspondents on the approval, noted that foreigners will now have to go through licensed local buying agents to do business with the farmers. Adebayo disclosed that he presented two memos on behalf of his ministry before FEC, one of which was the promotion of agribusiness in Nigeria through the right farm gate pricing, and ban on foreigners and their representatives from purchasing agricultural commodities at the farm gates. He said the council approved the establishment of an appropriate mechanism that would not only protect the indigenous farmers in terms of achieving the right prices for their goods and commodities, but also ensure that they have the appropriate incentives and the needed encouragement to guarantee their continued participation in the farming business.

MELBOURNE (Reuters) – Oil prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his country favoured a bigger increase.

Oil edged higher after the biggest drop since November as the fallout from Russia’s invasion of Ukraine continued to rattle financial and commodity markets.

Department of Labor and Employment (DOLE) Secretary Silvestre Bello III has ordered the review of the country’s minimum wage amid the surging prices of oi petroleum products that is aggravated by the ongoing conflict between Russia and Ukraine. In a statement, Bello said that he had directed the Regional Tripartite Wages and Productivity Boards (RTWPBs) nationwide to expedite the review of the minimum wages to help workers and their families cope with the current crisis. “The skyrocketing prices of oil products caused by the ongoing conflict between Russia and Ukraine may be a compelling ground for the wage boards to recommend adjustments in the minimum wages of workers,” Bello said on Wednesday, March 9. Moreover, he said that the current daily minimum wage in the National Capital Region (NCR), which is P537, may no longer be enough to cope with the price of basic commodities and bills. He added that the RTWPBs nationwide had received petitions for minimum wage increases in their respective areas. “Setting and adjusting the wage level is one of the most challenging part of minimum wage fixing.

Oil is but one plot point. Ukraine and Russia are both major players in the world''s supply of wheat, and combined, provide almost 30% of global wheat exports, according to one estimate. Here''s what one expert had to say about world food markets.

Oil is but one plot point. Ukraine and Russia are both major players in the world''s supply of wheat, and combined, provide almost 30% of global wheat exports, according to one estimate. Here''s what one expert had to say about world food markets.

Granholm: "We need oil and gas production to rise," "We are on a war footing," The Biden administration is trying to lower the oil price, and in turn gasoline prices to consumers. Granholm getting serious.

With Russia’s invasion of Ukraine into its second week, the economic fallout is gradually coming into focus.

A top official says Russia may close its gas lines to Germany if the West halts oil imports.

LVIV/IRPIN — A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on Ukraine hardly advanced amid efforts to agree on civilian safe passage. Russia’s invasion, the biggest attack on a […]

Jesse Watters blasts the Biden administration for buying Russian oil while also giving military aid to Ukraine.

EUR/NZD downtrend lost steam on Monday as oil prices retreated from highs as the United States and Europe considered banning Russian crude. Oil prices hit 14-year highs after the United States and European allies…

Russia warned that oil prices could surge to $300 a barrel and it might close the main gas pipeline to Germany if the West halts oil imports over the invasion… Read more » The post Russia Warns West Over Oil Import Ban appeared first on Hamodia . In related news: Syrian Troops Seize Main Square in Rebel-Held Southern Town A Woman Threw Coins at Her Plane for Luck. One Landed in the Engine and Caused a 5-Hour Delay. U.N. Adds 32 Items to List of Prohibited Goods for North Korea Tourist Bus Crashes in Bulgaria; 16 People Reported Killed VP Harris Says U.S. Will ‘Speak Up’ on South China Sea

A sharp rise in crude oil prices also affects the markets through its adverse effects on the exchange rate