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.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
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.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
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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