Economy
How Prices of Rice, Beans, Garri, Yam, Others Rose in February
By Adedapo Adesanya
The cost of buying rice, beans, beef, garri, yam, and bread as well as other food items increased in February 2024, showing that Nigerians continue to face rising food inflation, according to the latest data by the National Bureau of Statistics (NBS).
It said this in its Selected Food Prices Watch report for February 2024 released in Abuja over the weekend.
The report said that the average price of 1kg of local rice increased by 134.81 per cent on a year-on-year basis from N520.84 recorded in February 2023 to N1,222.97 in February 2024.
“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the N1,021.79 recorded in January 2024,” the agency stated.
The data also showed that the average price of 1kg of brown beans increased by 98.25 per cent on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024.
“On a month-on-month basis, the price increased by 20.62 per cent from the N976.58 recorded in January 2024,” it further said.
For the average price of 1kg of boneless beef increased by 49.41 per cent from N2,445.96 recorded in February 2023 to N3,654.56 in February 2024.
“On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the N3,315.78 recorded in January 2024,’’ the report said.
The NBS said the average price of 1kg of onion bulb rose by 103.44 per cent on a year-on-year basis from N450.07 in February 2023 to 915.61 in February 2024.
On a month-on-month basis, the price increased by 3.91 per cent from N881.20 recorded in January 2024.’
The report said that the average price of 1kg of white garri increased by 109.16 per cent on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024, and on a month-on-month basis, 1kg of white garri increased by 20.44 per cent from N600.69 recorded in January 2024 to N723.45 in February 2024.
In addition, the average price of 1kg of yam tuber rose by 131.33 per cent on a year-on-year basis from N436.41 recorded in February 2023 to N1009.56 in February 2024, while on a month-on-month basis, it increased by 11.93 per cent from N901.94 recorded in January 2024 to N1009.56 in February 2024.
The report said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from the N553.03 recorded in February 2023 to N1,047.86 in February 2024.
On a month-on-month basis, 500g sliced bread increased by 15.91 per cent from the N904.02 recorded in January 2024.
The report showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia State at N4,595.69, while the lowest was recorded in Kogi State at N2,680.03.
It said that Niger State recorded the highest average price of 1kg of local rice at N1,670.96, while the lowest was recorded in Borno State at N936.14.
The NBS said that the highest average price of 1kg of brown beans was recorded in Nasarawa State at N 1,500.17, while the lowest price was recorded in Sokoto State at N734.48
It said the highest average price of 1kg of onion bulb was recorded in Akwa Ibom State at N1,391.41 while the lowest was recorded in Zamfara State at N446.67.
According to the report, Ogun State recorded the highest average price of 1kg of white garri at N821.48, while the lowest was reported in Benue State at N480.32.
It said Bayelsa State recorded the highest average price of 1kg of yam tuber at N1,452.95, while the lowest average price was recorded in Borno State at N 626.59.
The NBS said Rivers State recorded the highest average price of 500g sliced bread at N1,562.5, while the lowest price was recorded in Borno State at N655.53.
Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-east at N4,483.78, followed by the South-west at N3,740.72 while the lowest price was recorded in the North-west at N3,315.50.
The South-west and North-central recorded the highest average price of 1kg of local rice at N1,336.79 and N1,319.95 respectively, while the lowest price was in the North-West at N1,073.92.
The report said that the South-south recorded the highest average price of 1kg of brown beans at N1,395.23, followed by the South-east at N1,384.72, while the North-central recorded the lowest price at N638.88.
It said that the South-south and South-west recorded the highest average price of 1kg of onion bulb at N1,363.66 and N1,047.61, respectively, while the lowest was recorded in the North-west at N546.79
The NBS also said that the South-east and South-south recorded the highest average price of 1kg of white garri at N788.28 and N760.23 and the North-central recorded the lowest price of 1kg of white garri at N638.88.”
The report said the South-south recorded the highest average price of 500g sliced bread, followed by the North-central and the North-east recorded the lowest average price of 500g sliced bread at N867.31.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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