Economy
Price of Rice Soars 73% in 12 Months
By Adedapo Adesanya
The price of Nigeria’s most consumed staple, rice, jumped by 73.2 per cent in 12 months, between November 2022 and November 2023, the latest Selected Food Price Watch by the National Bureau of Statistics (NBS) showed.
According to the data, the average price of 1kg of local rice increased by 5.8 per cent in November 2023 to N867.18 from N819.42 in October 2023 and rose by 73.2 per cent from N500.80 in November 2022.
Commonly cultivated in the Northern part and some parts of the South East of the country, rice is the most consumed food by Nigerians with one out of every two Nigerians eating it daily.
Other food items witnessed increases, according to the data from the bureau.
The average price of 1kg of boneless beef increased by 29.6 per cent on a year-on-year basis from N2,337.46 in November of last year (2022) to N3,029.50 in November 2023. On a month-on-month basis, the average price of this item increased by 2.76% from N2,948.03 in October 2023.
The average price of 1kg of brown beans (sold loose) rose by 44.9 per cent on a year-on-year basis from N578.55 in November 2022 to N838.85 in November 2023 while it increased by 6.2 per cent from N790.01 quoted in October 2023.
Similarly, the average price of 1kg onion bulb surged by 60.6 per cent on a year-on-year basis from N425.71 in November 2022 to N683.78 in November 2023 and grew by 15.4 per cent on a month-on-month basis.
In addition, the average price of 1kg of tomato rose by 66.7 per cent on a year-on-year basis from N455.13 in November 2022 to N758.65 in November 2023. On a month-on-month basis, it increased by 12.2 per cent from N675.91 in October 2023 to N758.65 in November 2023.
The state profile analysis in November 2023 reveals that the highest average price of 1kg of local rice sold loose was recorded in Lagos state at N1,122.42 while the lowest was recorded in Kebbi state at N688.00.
The highest average price of 1kg of boneless beef, was recorded in Anambra State with N3,850.47, while the lowest was recorded in Yobe State with N2,533.33.
In terms of the average price of 1kg of brown beans (sold loose), Imo state recorded the highest price at N 1,109.75, while Jigawa recorded the lowest price at N 575.00 and Anambra state recorded the highest average price of 1kg onion bulb sold loose with N872.23, while the lowest was reported in Gombe with N 506.41.
The highest average price of 1kg of tomato was recorded in Delta with N 1,505.16, while the lowest average price was recorded in Kano with N396.04.
Also, analysis by zone showed that the average price of 1kg local rice sold loose was highest in the South-West with N956.28, followed by the South-South with N932.47, while the North-East recorded the lowest average price with N776.12.
The average price of 1kg of boneless beef was highest in the South-East and South-West with N3,643.65 and N3,290.11, respectively, while the lowest was recorded in the North-East with N2,632.22.
The South-East recorded the highest average price of 1kg of brown beans (sold loose) with N1,034.08, followed by the South-West with N977.98, while the lowest was recorded in the North-West with N663.96.
The South-east and South-South recorded the highest average price of 1kg onion bulb with N817.11 and N775.34, respectively, while the lowest was recorded in the North-East with N529.95.
Meanwhile, the South-South had the highest average price of 1kg of tomato with N1,307.66, followed by the South-West with N1,047.18, while the lowest was recorded in the North-West with N434.80.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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