Economy
Drought Pushing Food Prices up Sharply in East Africa
By Dipo Olowookere
Drought throughout East Africa has sharply curbed harvests and pushed the prices of cereals and other staple foods to unusually high levels, posing a heavy burden to households and special risks for pastoralists in the region.
Local prices of maize, sorghum and other cereals are near or at record levels in swathes of Ethiopia, Kenya, Somalia, South Sudan, Uganda and the United Republic of Tanzania, according to the latest Food Price Monitoring and Analysis Bulletin (FPMA).
Inadequate rainfall in most areas of the sub-region has put enormous strain on livestock and their keepers. Poor livestock body conditions due to pasture and water shortages and forcible culls mean animals command lower prices, leaving pastoralists with even less income to purchase basic foodstuffs.
“Sharply increasing prices are severely constraining food access for large numbers of households with alarming consequences in terms of food insecurity,” said Mario Zappacosta, FAO senior economist and coordinator of the Global Information and Early Warning System.
The trends in East Africa, where prices of staple cereals have doubled in some town markets, stand in marked contrast to the stable trend of FAO’s Food Price Index, which measures the monthly change in international prices of a basket of traded food commodities.
The difference is due to the drought that is hammering the sub-region, where food stocks were already depleted by the strong El Niño weather event that ended only last year. Poor and erratic rainfall in recent months, crucial for local growing seasons, are denting farm output.
Somalia’s maize and sorghum harvests are estimated to be 75 percent down from their usual level, and some 6.2 million people, more than half of the country’s total population, now face acute food insecurity, with the majority of those most affected living in rural areas.
Soaring prices
The FPMA Bulletin tracks food price trends on a granular level and in local terms, with an eye to flagging instances where the prices of essential food commodities increase sharply or are abnormally high.
In Mogadishu, prices of maize increased by 23 percent in January, and. the increase was even sharper in the main maize producing region of Lower Shabelle. Overall, in key market towns of central and southern Somalia, coarse grain prices in January have doubled from a year earlier.With an earlier than usual depletion of household stocks during the coming lean season and preliminary weather forecasts raising concerns for the performance of the next rainy season, prices are likely to further escalate in the coming months.
Maize prices in Arusha, United Republic of Tanzania, have almost doubled since early 2016, while they are 25 percent higher than 12 months earlier in the country’s largest city, Dar Es Salaam.
In South Sudan, food prices are now two to four times above their levels of a year earlier, exacerbated by ongoing insecurity and the significant depreciation of the local currency.
In Kenya, where eastern and coastal lowlands as well as some western areas of the Rift Valley all suffered below-average rainfall, maize prices are up by around 30 percent, with the increase somewhat contained somewhat thanks to sustained imports from Uganda.
Cereal prices aren’t the only ones rising. Beans now cost 40 percent more in Kenya than a year earlier, while in Uganda – where maize prices are now up to 75 percent higher than a year earlier – and increasing around the key border trading hub of Busia, the prices of beans and cassava flour are both about 25 percent higher than a year ago in the capital city, Kampala.
Double jeopardy for pastoralists
Drought-affected pastoral areas in the region face even harsher conditions.
In Somalia, goat prices are up to 60 percent lower than a year ago, while in pastoralist areas of Kenya the prices of goats declined by up to 30 percent over the last twelve months.
Shortages of pasture and water caused livestock deaths and reduced body mass, prompting herders to sell animals while they can, as is also occurring in drought-wracked southern Ethiopia. This also pushes up the prices of milk, which is, for instance, up 40 percent on the year in Somalia’s Gedo region.
Lower income from livestock collides with higher prices for cereals and other staple foods in a wrenching shock to terms of trade for pastoralist households. A medium-sized goat in Somalia’s Buale market was worth 114 kilograms of maize in January 2016, but at today’s prices can be traded for only 30 kilograms of the grain.
FAO uses its proprietary FPMA Tool, accessible to the public online, to monitor local markets and gather data for more than 1350 domestic price series in 91 countries around the globe in order to produce its Indicator of Food Price Anomalies.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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