General
SBM Intelligence’s Jollof Index Sees 153% Surge in Two Years
By Adedapo Adesanya
The cost of cooking a pot of Jollof Rice has surged by 153 per cent over the last two years, the latest Jollof Index released by SBM Intelligence has showed.
The report, titled From Pot to Poverty, reveals that the national average cost of preparing a single pot of Jollof Rice, a staple in many Nigerian homes has jumped from N10,864 in March 2023 to N27,527.85 by June 2025.
The rise in the cost shows how inflation has worsened the consumption ability of people, with the focus on Nigeria and Ghana, two West African counties where the delicacy is very common.
SBM Intelligence tracks the cost of Jollof Rice ingredients including rice, tomatoes, pepper, onions, oil, and seasoning for nearly a decade as a relatable metric for food affordability across Nigeria and Ghana.
The latest findings, however, highlight a sharp divergence between food inflation and the broader Consumer Price Index (CPI), signalling that rising food costs are now being driven by more entrenched structural issues.
According to the report, “Food inflation has decoupled from broader Consumer Price Index (CPI) trends, exposing entrenched supply-side challenges,” it said.
The index reveals wide regional disparities. In Bauchi State, for instance, the cost of Jollof ingredients has increased by over 400 per cent due to bandit attacks, farmer displacement, and drought conditions. The Northeast region recorded some of the steepest inflationary pressures, further exacerbated by insecurity that disrupts agricultural activities and inter-state food movement.
Meanwhile, urban centres such as Lagos and Abuja saw significant increases in food prices tied to the removal of petrol subsidies in 2023, which pushed up transportation costs. In turn, traders have passed these costs on to consumers, further straining already stretched household budgets.
Drawing comparison with Ghana, the report stated that the cost of preparing Jollof Rice rose to GH₵420 during the same period. However, Ghana’s inflation trajectory appears to be moderating. As of June 2025, Ghana’s headline inflation fell to 16.3 per cent, aided by currency stability and consistent macroeconomic policy efforts.
“In Ghana, the Jollof Index closely tracks the national CPI, suggesting a more responsive and effective economic environment,” SBM noted. “Nigeria’s disconnect highlights deeper structural dysfunction.”
It noted that Nigerian families are adapting through bulk buying, reducing meal frequency, and substituting ingredients, adding that for many low-income households, jollof rice is fast becoming a luxury.
The report added that food processors, retailers, and logistics providers face higher costs, lower consumer demand, and operational uncertainties.
The report urged companies to explore regional sourcing, build resilient supply chains, and hedge against further currency shocks.
To address the crisis, SBM called for urgent interventions: restore security in farming regions, fix transport infrastructure, and increase investment in local agriculture. It warns that without coordinated policy responses, Nigeria risks deeper food insecurity and social discontent.
“This report offers a granular analysis of food inflation’s drivers and impacts, providing actionable insights for stakeholders. Prioritising security, infrastructure, agricultural support, and resilient supply chains is paramount to safeguarding food security and ensuring sustainable economic stability across West Africa,” SBM said.
General
TCN Confirms Destruction of Six Transmission Towers in Nasarawa
By Adedapo Adesanya
The Transmission Company of Nigeria (TCN) has confirmed the destruction of six transmission towers along the Apir–Lafia 330kV line in Nasarawa State, causing significant disruption to electricity supply in parts of the country.
In a statement issued on Wednesday, TCN spokesperson, Mrs Ndidi Mbah, said the incident occurred on May 30 at about 1:15 a.m. during a heavy downpour.
She explained that the transmission line initially tripped, prompting operators to attempt a trial reclosure of Line II at about 2:08 a.m., but the effort failed.
A subsequent inspection of the transmission corridor, however, revealed extensive damage to key components of towers T125 to T130, confirming that the infrastructure had been vandalised.
“The tripping of the lines prompted a physical line trace to determine the fault, which revealed damage to critical components of towers T125 to T130, confirming vandalism on the affected sections of the transmission corridor,” Mbah said.
The incident has forced both Apir–Lafia 330kV Transmission Lines I and II out of service pending the reconstruction of the damaged towers.
TCN said its engineers have been deployed to the site to assess the extent of the damage and determine the materials required to restore normal transmission along the corridor.
As an interim measure, the Lafia 330kV Transmission Station is being supplied through an alternative line to minimise the impact on electricity consumers within the franchise areas of Abuja Electricity Distribution Company (AEDC) and Jos Electricity Distribution Company (JEDC).
The company condemned the persistent vandalism of power infrastructure, warning that such acts undermine investments in the electricity sector and threaten the stability of the national grid.
It also urged residents and host communities to remain vigilant and report suspicious activities around transmission installations to security agencies or the nearest TCN office.
TCN stressed that safeguarding critical national infrastructure requires collective responsibility to ensure a reliable and uninterrupted electricity supply nationwide.
General
IFC, NGX Group, LCCI Unveil Nigeria Gender Country Programme
By Aduragbemi Omiyale
A Nigeria Gender Country Programme (NGCP) to advance private sector action on gender equality and inclusive economic growth has been unveiled at a high-level virtual CEO Roundtable convened by the International Finance Corporation (IFC), Nigerian Exchange (NGX) Group Plc, and the Lagos Chamber of Commerce and Industry (LCCI).
The NGCP builds on the momentum of Nigeria2Equal and other initiatives that have advanced workplace inclusion, women’s leadership, entrepreneurship, and sustainable finance across Nigeria’s private sector.
Designed as a more integrated and collaborative platform, the programme seeks to scale impact through coordinated action among development institutions, business leaders, regulators, and the organised private sector.
Anchored on three strategic priorities, the programme aims to increase women’s representation in leadership, improve access to quality employment, and expand access to productive assets—including finance, technology, and markets—for women and women-led businesses.
The partners are expected to formally launch the Nigeria Gender Country Program at a physical event scheduled for July 9, 2026, where stakeholders will further advance implementation of the programme’s strategic priorities.
At the virtual event, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said, “Gender inclusion is fundamentally an economic growth imperative. Closing gender gaps can unlock billions of dollars in value for Nigeria while strengthening business performance and national competitiveness. We must therefore move beyond viewing inclusion as a corporate social responsibility initiative or compliance exercise, and instead recognise it as a strategic driver of productivity, innovation, and sustainable economic growth.”
Commenting on the initiative, the chief executive of NGX Group, Mr Temi Popoola, said the initiative “presents a significant opportunity to deepen impact and accelerate progress across corporate Nigeria. By expanding women’s access to leadership opportunities, quality employment, finance, technology, and markets, we can unlock substantial economic value while building a more competitive, inclusive, and resilient private sector. At NGX Group, we believe the capital market has a critical role to play in advancing these outcomes through stronger governance, transparency, and stakeholder engagement.”
On his part, the IFC Head of Office in Lagos, Mr Christian Mulamula, said, “Closing the gender gap is one of the most significant opportunities to strengthen competitiveness and productivity. Across Africa, gender inequality is estimated to cost up to $2.5 trillion. Through the Nigeria Gender Country Program, IFC is working with the private sector to expand women’s leadership, improve access to better jobs, and increase opportunities for women-led businesses. Building on Nigeria2Equal, this initiative focuses on practical, measurable solutions that help businesses grow while advancing inclusive growth.”
In her remarks, the DG of LCCI, Ms Chinyere Almona, noted that the programme’s success would depend on leadership accountability and sustained commitment from business leaders, particularly in embedding gender inclusion into organisational strategy and execution.
General
VDR, ECDIS Data Retrieved as NSIB Probes Maersk Vessel Collision at Bonny Anchorage
By Adedapo Adesanya
The Nigerian Safety Investigation Bureau (NSIB) has commenced a forensic investigation into the collision between the container vessel MV Maersk Valparaiso and the oil tanker MT Lady Martina at Bonny Anchorage in Rivers State, following the download of Voyage Data Recorder (VDR) and Electronic Chart Display and Information System (ECDIS) data from the vessel for navigational analysis.
The bureau’s Director of Public Affairs and Family Assistance, Mrs Funke Adebayo Arowojobe, explained that in line with the International Maritime Organisation (IMO) Casualty Investigation Code and international obligations, NSIB had formally notified the Transport Safety Investigation Bureau (TSIB) of Singapore as a substantially interested State.
The incident, which occurred on May 20, 2026, has been classified by the bureau as a Very Serious Marine Casualty (VSMC).
She also said that NSIB activated its marine occurrence response protocols immediately after receiving notification of the incident, noting that the investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.
The bureau disclosed that investigators boarded both vessels and conducted interviews with their masters and key crew members, while operational records and navigational data linked to the incident were secured.
Also, the director stressed that the bureau had commenced collaborative engagement with relevant local and international stakeholders as part of the investigation process, assuring the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and thoroughness, stressing that the objective was to determine the causal and contributory factors of the occurrence and enhance maritime safety.
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