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Food Blockade: Price of Onions Crashes in Kano

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onions at Lagos Markets

By Ahmed Rahma

Following the blockade of food items from the northern part of Nigeria to its southern counterpart, the price of onions has crashed in one of Nigeria’s biggest cities, Kano State on Wednesday, The Cable is reporting.

Sellers of the food item lamented about the significant decline in the price as a bag of onions, which used to be sold at N35,000, was now selling for N7,000 and there are only fewer buyers in the city.

Recently, the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN) demanded the payment of N4.7 billion as compensation to them by the government for the losses incurred during the Shasha market crisis in Oyo State as well as the 2020 violence that erupted during the October 2020 #EndSARS protest.

Also, the Miyetti Allah Cattle Breeders Association threatened to sustain the food besiegement until the safety of its members in the south was guaranteed.

According to Mr Aliyu Mohammed, the coordinator of the Kwara State chapter of Miyetti Allah, the beleaguerment is a ‘’warning shot’’ to safeguard their business interest.”

“Except those who may decide to take other routes to get to the state or those who may act in defiance to the directive, the traders would not come from the north and those who come may be stopped or sanctioned,” Mr Mohammed added.

It was reported at the weekend that the north is diverting food items to Niger Republic and Cameroon, and that trade routes to the south have been besieged.

Trucks containing food items were stopped from moving south at Jebba in Niger State by some irate youths though the Nigerian Defence Headquarters said the military intervened and cleared the path.

Speaking on the matter, the national president of the Northern Consensus Movement, Mr Abdullahi Aliu, confirmed the diversion of food items from the north to neighbouring countries.

“As I speak to you, my people are already shipping their goods, onions, tomatoes and what have you to Niger (Republic), Cameroon, and other neighbouring countries through Illela border.

“Our people have already found a way of not wasting their goods. They will not be wasted. They will be sold just like the way they were being moved to the south-west, south-east or south-south. So, my people will end up not losing anything,” he had said.

On Tuesday, the President of AUFCDN, Mr Mohammed Tahir, was detained by the Department of State Services as beef scarcity hit Ibadan, Oyo state, according to The Nation.

The General-Secretary of the union, Mr Ahmed Alaramma, at a news conference in Abuja, confirmed that the DSS had in the morning invited the union leadership to a meeting, which ended 3.30 pm on Tuesday.

He, however, did not say if Mr Tahir was arrested before or after the meeting with the secret service personnel.

“Our president is at present with DSS right now. They came to invite us this morning because of this protest we are doing. Up till now, our President has not come out from that DSS office. So, this is the first day they are inviting us,” he said. The news conference ended 5 pm.

But the DSS, in a terse response to the invitation, was silent on the alleged arrest of the union leader.

“They attended a meeting at the headquarters as part of the service’s interventions to resolve issues. The meeting which started about 1:30 pm and ended at 3.30 pm today held in an atmosphere of peace,” said the DSS spokesman, Mr Peter Afunanya.

Meanwhile, the blockade of the food items from north to south has been removed after the aggrieved union suspended the action.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Economy

Meta Contributes $820m Annually to Nigerian Economy—Research

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Meta $820m Nigerian Economy

By Aduragbemi Omiyale

New independent research has revealed that the parent company of Facebook, WhatsApp, and Instagram, Meta, contributes about $820 million to the Nigerian economy every year.

In the new report titled Nigeria’s Digital Economy, conducted by Public First, it was discovered that about 14 million Nigerian small and medium enterprises (SMEs) used Meta’s apps like Facebook, Instagram, WhatsApp, Messenger, Meta AI, and Threads, to start and grow their businesses in 2025, contributing $2 billion to the country’s gross domestic product (GDP) and delivering an estimated $640 million in productivity gains through more efficient instant messaging.

Business Post gathered from the study released in Abuja on Thursday that the adoption of artificial intelligence (AI) is set to add about $22 billion to Nigeria’s DGP by 2035.

It was observed that virtually all Nigerian businesses surveyed confessed that Meta’s platforms have expanded their customer reach, with the company’s platforms functioning as essential digital infrastructure connecting Nigerian entrepreneurs to customers, markets, and new economic opportunities.

WhatsApp is Nigeria’s gateway to AI

WhatsApp is playing a central role in connecting Nigerians to AI and new economic opportunities across the region. The platform serves as Nigerians’ primary AI surface — reflecting the wider regional pattern where 93 per cent of Meta AI prompts in Sub-Saharan Africa are made via WhatsApp — demonstrating how AI adoption in Nigeria is happening through the tools people already use every day.

“Nigeria is one of the most dynamic, entrepreneurial and digitally engaged markets in the world — and this research makes clear the scale of what is possible when Nigerian ambition meets the right digital tools.

“From a tailor in Lagos reaching customers across the country through Instagram, to a small business owner in Kano taking orders on WhatsApp, to a creator in Abuja building a global audience on Facebook — Meta’s platforms are removing the traditional barriers to growth and unlocking real economic opportunity,” the Director of Public Policy for Sub-Saharan Africa at Meta, Balkissa Ide Siddo, said.

The fact that 80 per cent of Nigerians say access to reliable internet has improved compared to a decade ago speaks to the progress already made, and with continued investment in connectivity, smart policy that supports innovation, and the rise of open-source AI built for and by Africans, Nigeria is exceptionally well positioned to lead the continent’s next decade of digital growth. We are proud to be a long-term partner in that journey,” Ide Siddo added.

AI and Nigeria’s next growth frontier

The research highlights the transformative potential of artificial intelligence for Nigeria’s economy and innovation ecosystem.

SMEs are reaching new customers across Nigeria

For Nigerian small businesses, Meta’s platforms have become a primary sales and discovery channel. 81 per cent of online businesses surveyed said Facebook, Instagram, and WhatsApp have expanded their customer base beyond their local geography — reducing customer acquisition costs and giving a business in Kano access to the same advertising and commerce tools available to businesses in Lagos, London or New York.

“Nigeria’s digital transformation is creating new opportunities for businesses, creators and consumers alike. The findings show that Meta’s platforms are helping Nigerian firms grow across formal and informal sectors, supporting entrepreneurship and strengthening participation in one of the world’s most rapidly expanding digital economies.

“With the right combination of infrastructure, platform access and open-source AI, the upside for Nigeria is significant,” a Director at Public First, Alison Neyle, stated.

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Economy

Oando Reports Windfall as Buyers Shift from Middle East Oil

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oando stocks

By Adedapo Adesanya

Nigerian energy giant, Oando Plc, says it is reporting rising revenues as global crude buyers increasingly turn away from the volatile Middle East in search of safer supply sources.

According to the chief executive of Oando, Mr Wale Tinubu, the crisis around the Strait of Hormuz has damaged the Gulf region’s long-standing reputation as the world’s safest and most reliable oil-producing hub, leading to demand elsewhere.

Speaking in a recent interview on the sidelines of the Africa CEO Forum in Kigali, Rwanda, Mr Tinubu disclosed that Oando is already benefiting financially from the geopolitical tensions.

“We are certainly getting a windfall increase in our revenues,” Mr Tinubu said.

According to him, mounting security concerns around the Strait of Hormuz have forced buyers to reconsider their dependence on Middle Eastern crude. The waterway accounts for around 20 per cent of global crude and liquified natural gas (LNG) flows, mostly to Asian markets.

“The Middle Eastern premium you got from being a stable environment to produce hydrocarbons has been shattered,” he added.

The conflict is rapidly reshaping global energy trade flows, with African producers, particularly Nigeria, emerging as alternative suppliers at a time of heightened uncertainty in the Gulf.

Indonesia recently took in some Nigeria crude to cushion against the impact that disruptions are having on fuel supplies.

Mr Tinubu said Oando is rolling out a seven-well drilling campaign aiming to add 10,000 barrels per day by the end of the year.

Oando is also looking to raise up to $750 million to execute a 100-well onshore drilling campaign, aiming to triple its oil and gas output from 32,000 barrels of oil equivalent per day to nearly 100,000 barrels of oil equivalent per day.

According to Mr Tinubu, global supply shocks have created highly favourable conditions for securing financing and expanding operations to meet supply gaps.

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Economy

Otedola Plans $100m Stake in Dangote Refinery Private Placement

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otedola dangote

By Adedapo Adesanya

Nigerian billionaire investor, Mr Femi Otedola, has announced plans to invest $100 million in the Dangote Refinery, which plans to list later this year.

Mr Otedola disclosed this on Wednesday after leading a delegation of top executives from First HoldCo on a visit to the Dangote refinery.

“On a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” the billionaire said.

Mr Otedola had previously denied that he had any stake or funded the construction of a 650,000 barrels per day facility.

The announcement marks his next big move after increasing his stake in First Holdco as well as buying a $10 million property in London.

Mr Dangote last year said the refinery could sell up to 10 per cent stake in the listing, which is valued at about $5 billion. It is aiming for a valuation of up to $50 billion for Dangote refinery.

The billionaire is planning to make the IPO a cross-border listing to enable the refinery to draw investments from domestic and international investors.

Mr Dangote, this week, said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.

On his part, Mr Dangote, president of the Dangote Group, says the company is targeting a private placement of about $2 billion for the refinery.

While the actual date for the IPO is yet to be announced, Mr Otedola’s early investment indicates value and could spur other high-net-worth individuals to show interest.

Mr Otedola, an ally of Mr Dangote, led top executives of First HoldCo on a tour of the refinery and the fertiliser plants in the Lekki free trade zone area.

The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.

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