Economy
New Survey Details Nigeria’s Struggles with Soaring Prices
The economic landscape in Nigeria is undergoing significant strain as the cost of living skyrockets, impacting millions across the nation, according to a recent report titled The Price of Everything, an elaborate price survey by SBM Intelligence, an Africa-focused market intel gathering and strategic consulting firm.
The report sheds light on the alarming trend of escalating prices for essential goods and commodities, breaking down the picture of the country’s economic woes.
Over the past year, prices for everyday items have more than doubled, severely eroding the purchasing power of the middle class. The survey, conducted between Q1 2023 and Q1 2024, reveals staggering price hikes across a wide range of consumer goods, from food and drinks to personal care products.
One of the most striking findings of the report is the exponential increase in the prices of key items. For instance, Dudu Osun, a popular black soap, witnessed a jaw-dropping 180% price surge, while Premium Motor Spirit (PMS), commonly known as petrol, experienced a 160.9% hike, attributed to the removal of fuel subsidies. These price spikes have had a cascading effect on other goods and services, exacerbating the already dire situation.
The impact of inflation is felt acutely in the food sector, where staple items like rice, noodles, and tomatoes have seen triple-digit increases, with a 50kg bag of foreign rice skyrocketing from N42,000 to N77,000 within a year, marking an 83% increase. Similarly, the price of Indomie Super Pack noodles surged by over 100%. A loaf of bread went from N800 in Q1 2023 to N1,450 in Q1 2024. Even a 50cl PET bottle of Coca-Cola has doubled from N200 in Q1 2023 to N400 in Q1 2024.
Enjoying a drink with friends over a Super Sunday clash is slowly becoming a luxury. A bottle of Guinness Stout has increased from N700 to N1,500, marking a massive 114% increase. Similarly, a bottle of Star beer, which was priced at N700 last year, now sells for N1,200, representing a 71% increase. Even the electricity sector has not been spared, seeing a 160% increase over the period of Q1 2023 to Q1 2024.
Despite the current situation, it appears that price increases in the entertainment industry have lagged behind those in other segments of the economy.
Cable TV providers, such as DStv, for example, have only seen a price hike of approximately 39.95%, compared to that of other essential commodities.
Discussing these insights in an interview with CNBC Africa, Ikemesit Effiong, Partner at SBM Intelligence, highlighted the impact of various factors on inflation trends in Nigeria.
“With entertainment, what you see is that growth has generally lagged. The greatest increase we saw when we put together this report was the 45.1% increase in the price of a Startimes package. A lot of the DStv and GOtv Bouquets have been within 30%. The story is of a slower increment which, when you overlay that on top of all the other pending priorities that consumers have, it probably is a bit of a comfort chain,” he said.
Still, the economic challenges are dire, and calls for government intervention have grown. Stabilising the exchange rate and implementing holistic strategies to address the root causes of inflation are seen as crucial steps to alleviate the economic burden on Nigerians and foster long-term growth.
As the nation navigates through these turbulent times, the need for decisive action to tackle soaring prices and mitigate the adverse effects on livelihoods has never been more pressing.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 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 exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
