Economy
Price of Rice Soars 73% in 12 Months
By Adedapo Adesanya
The price of Nigeria’s most consumed staple, rice, jumped by 73.2 per cent in 12 months, between November 2022 and November 2023, the latest Selected Food Price Watch by the National Bureau of Statistics (NBS) showed.
According to the data, the average price of 1kg of local rice increased by 5.8 per cent in November 2023 to N867.18 from N819.42 in October 2023 and rose by 73.2 per cent from N500.80 in November 2022.
Commonly cultivated in the Northern part and some parts of the South East of the country, rice is the most consumed food by Nigerians with one out of every two Nigerians eating it daily.
Other food items witnessed increases, according to the data from the bureau.
The average price of 1kg of boneless beef increased by 29.6 per cent on a year-on-year basis from N2,337.46 in November of last year (2022) to N3,029.50 in November 2023. On a month-on-month basis, the average price of this item increased by 2.76% from N2,948.03 in October 2023.
The average price of 1kg of brown beans (sold loose) rose by 44.9 per cent on a year-on-year basis from N578.55 in November 2022 to N838.85 in November 2023 while it increased by 6.2 per cent from N790.01 quoted in October 2023.
Similarly, the average price of 1kg onion bulb surged by 60.6 per cent on a year-on-year basis from N425.71 in November 2022 to N683.78 in November 2023 and grew by 15.4 per cent on a month-on-month basis.
In addition, the average price of 1kg of tomato rose by 66.7 per cent on a year-on-year basis from N455.13 in November 2022 to N758.65 in November 2023. On a month-on-month basis, it increased by 12.2 per cent from N675.91 in October 2023 to N758.65 in November 2023.
The state profile analysis in November 2023 reveals that the highest average price of 1kg of local rice sold loose was recorded in Lagos state at N1,122.42 while the lowest was recorded in Kebbi state at N688.00.
The highest average price of 1kg of boneless beef, was recorded in Anambra State with N3,850.47, while the lowest was recorded in Yobe State with N2,533.33.
In terms of the average price of 1kg of brown beans (sold loose), Imo state recorded the highest price at N 1,109.75, while Jigawa recorded the lowest price at N 575.00 and Anambra state recorded the highest average price of 1kg onion bulb sold loose with N872.23, while the lowest was reported in Gombe with N 506.41.
The highest average price of 1kg of tomato was recorded in Delta with N 1,505.16, while the lowest average price was recorded in Kano with N396.04.
Also, analysis by zone showed that the average price of 1kg local rice sold loose was highest in the South-West with N956.28, followed by the South-South with N932.47, while the North-East recorded the lowest average price with N776.12.
The average price of 1kg of boneless beef was highest in the South-East and South-West with N3,643.65 and N3,290.11, respectively, while the lowest was recorded in the North-East with N2,632.22.
The South-East recorded the highest average price of 1kg of brown beans (sold loose) with N1,034.08, followed by the South-West with N977.98, while the lowest was recorded in the North-West with N663.96.
The South-east and South-South recorded the highest average price of 1kg onion bulb with N817.11 and N775.34, respectively, while the lowest was recorded in the North-East with N529.95.
Meanwhile, the South-South had the highest average price of 1kg of tomato with N1,307.66, followed by the South-West with N1,047.18, while the lowest was recorded in the North-West with N434.80.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn