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Prices of Beans, Tomatoes, Yam Soar Over 200% as Inflation Bites

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By Adedapo Adesanya

Nigerians paid quadruple to purchase beans, tomatoes, Irish potatoes, garri, yam, and other food items at the markets in one year due to inflation, the latest data from the National Bureau of Statistics (NBS) showed.

The NBS in its Selected Food Prices Watch report for June 2024 said that the average price of 1kg of brown beans increased by 252.13 per cent from N651.12 in June 2023 to N2,292.76 in June 2024.

“On a month-on-month basis, 1kg of brown beans increased by 14.11 per cent in June from the N2,009.23 recorded in May 2024,” the agency said, adding that the average price of 1kg of tomatoes rose by 320.67 per cent on a year-on-year basis from N547.28 recorded in June 2023 to N2,302.26 in June 2024.

“On a month-on-month basis, 1kg of tomatoes increased by 55.97 per cent from the N1,479.69 recorded in May 2024.”

The report said that the average price of Irish potatoes increased by 288.50 per cent year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024, while on a month-on-month basis, it jumped by 51.92 per cent from N1,595.07 recorded in May 2024.

The NBS said that the average price of 1kg of white garri rose by 181.66 per cent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024, with a month-on-month rise of 1.86 per cent from N1,114.72 recorded in May 2024.

In addition, the average price of 1kg of yam tuber rose by 295.79 per cent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024.

“On a month-on-month basis, it increased by 52.87 per cent from N1, 322.36 recorded in May 2024 to 2,021.55 in June 2024.”

On state profile analysis, the report showed that in June 2024, the highest average price of 1kg of brown beans was recorded in Kogi at N 3,006.43, while the lowest was recorded in Adamawa at N 1,336.11.

It said that Abuja recorded the highest average price of 1kg of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200.

The NBS said that the highest average price of 1kg of yam tuber was recorded in Lagos at N3,376.54, while the lowest price was recorded in Adamawa at N1,100.

According to the report, Gombe recorded the highest average price of 1kg of white garri at N1,619.27, while the lowest was reported in Taraba at N900.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03.

“The lowest price was recorded in the North-West at N1,647.03.”

The South-West and South-East recorded the highest average price of 1kg of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.

The report said that the South-West recorded the highest average price of 1kg of yam tuber a tN2,745.80, followed by the North-Central at N 2,440.35, while the North-West recorded the lowest price at N1,238.49.

The NBS said also that the South-West and the Northeast recorded the highest average price of 1kg of white garri at N1,199.62 and N1,155.63, respectively.

“The North-Central recorded the lowest price of 1kg of white garri at N1,055.87.”

Nigeria’s inflation has continued to tell on food prices, with food inflation hitting 40.87 per cent year-on-year compared to 40.66 per cent recorded in May 2024, 15.62 per cent higher than the 25.25 per cent recorded in June 2023.

The President Bola Tinunu-led government in a bid to address the incessant increase in food prices and ensure food security recently granted a 150-day duty-free import window for food commodities. This move, if successful, will crash the prices of food.

Yesterday, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, tasked the FG not to exceed the deadline, so as not to weaken local growth.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

NGX Index Down 0.15% as eTranzact Ends as Worst-Performing Stock

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By Dipo Olowookere

The first trading day of the new week at the Nigerian Exchange (NGX) Limited ended on a negative note on Monday with a 0.15 per cent loss.

This was influenced by a decline in the appetite for Nigerian stocks by investors, as market participants chose to trade cautiously.

The profit-taking put most of the sectors under pressure, with the insurance index crumbling by 1.70 per cent at the close of transactions.

Further, the consumer goods space declined by 0.38 per cent, the banking counter shrank by 0.20 per cent, and the energy industry depreciated by 0.19 per cent, while the industrial goods and commodity sectors closed flat.

Consequently, the All-Share Index (ASI) gave up 155.96 points to settle at 105,799.17 points compared with last Friday’s 105,955.13 points, and the market capitalisation tumbled by N8 billion to close at N66.344 trillion versus N66.352 trillion.

The worst-performing stock yesterday was eTranzact after it lost 10.00 per cent to trade at N5.85, Sunu Assurances depleted by 9.92 per cent to N4.63, Prestige Assurance fell by 8.26 per cent to N1.00, Sovereign Trust Insurance crashed by 7.77 per cent to 95 Kobo, and Red Star Express stumbled by 7.76 per cent to N5.35.

The best-performing stock for the session was Academy Press as it chalked up 9.92 per cent to sell for N2.88, Neimeth appreciated by 8.43 per cent to N2.70, Tantalizers rose by 6.83 per cent to N3.13, Dangote Sugar jumped by 4.71 per cent to N36.70, and Stanbic IBTC grew by 4.24 per cent to N61.50.

Business Post reports that there were 18 price gainers and 35 price losers on Monday, representing a negative market breadth index and weak investor sentiment.

During the trading day, investors traded 477.5 million shares valued at N7.1 billion in 13,520 deals compared with the 750.6 million shares worth N11.1 billion transacted in 10,584 deals in the preceding session, indicating a growth in the number of deals by 27.74 per cent, and a slump in the trading volume and value by 36.38 per cent and 36.04 per cent, respectively.

Jaiz Bank topped the activity chart after selling 197.4 million stocks for N606.2 million, Zenith Bank transacted 26.0 million shares for N1.2 billion, Sovereign Trust Insurance traded 19.3 million equities worth N18.5 million, Prestige Assurance exchanged 18.5 million shares valued at N19.0 million, and Fidelity Bank sold 15.9 million equities worth N270.5 million.

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Economy

Inflation in Nigeria Cools to 23.18% in February 2025

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By Modupe Gbadeyanka

In February 2025, inflation in Nigeria moderated to 23.18 per cent from the 24.48 per cent recorded in January 2025, data from the National Bureau of Statistics (NBS) on Monday revealed.

The agency disclosed in the report yesterday that on a year-on-year basis, the average prices of goods and services eased by 8.52 per cent from the 31.70 per cent achieved in February 2024.

In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.

It stated that housing, water, electricity, gas, and other fuels accounted for 1.95 per cent of inflationary concerns, which education services contributed 1.44 per  cent, with health accounting for 1.40 per cent.

It added that clothing and footwear accounted for 1.17 per cent, information and communication contributed 0.76 per cent, and personal care, social protection, miscellaneous goods and services accounted for 0.76 per cent.

Further, furnishing, household equipment, and routine household maintenance contributed 0.69 per cent; insurance and financial services accounted for 0.11 per cent; and alcoholic beverages, tobacco, recreation, sport, and culture, sport, and culture contributed 0.07 per cent.

Also, food and non-alcoholic beverages accounted for 9.28 per cent, restaurants and accommodation services contributed 2.99 per cent; and transport accounted for 2.47 per cent.

The agency also revealed that last month, food inflation went down on a year-on-year basis by 14.41 per cent to 23.51 per cent from 37.92 per cent in the same period of last year.

On a month-on-month basis, food inflation was 1.67 per cent, with the average annual rate for the 12 months ending February 2025 over the previous 12-month average at 34.74 per cent, in contrast to 30.07 per cent in February 2024.

It stated that core inflation, which excludes the prices of volatile agricultural produces and energy, also declined by 2.12 per cent to 23.01 per cent, year-on-year in February 2025, compared to the 25.13 per cent in February 2024.

On a month-on-month basis, the core index stood at 2.52 per cent in February while the average 12-month annual inflation rate was 25.33 per cent for the 12 months ending February 2025, higher than 21.72 per cent in February 2024.

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Economy

SEC Suspends Centurion Registrars for Capital Market Infractions

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Centurion Registrars Limited

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals from the capital market.

The suspension was announced by the commission in a statement titled Additional Enforcement Measures on Erring Capital Market Operators.

The SEC stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for guidance.”

This is not the first time Centurion Registrars has had issues with the Nigerian government as it was convicted in 2022 by a Special Offences Court in Lagos over fraud involving N206.5 million stocks after it was arraigned by the Economic and Financial Crimes Commission (EFCC).

The latest action of the SEC on the company is part of the agency’s broader efforts in 2025 to crack down on capital market operators it deems illegal to sanitise the investment environment in Nigeria.

Recall that the regulator revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory non-compliance and outstanding complaints against the company.

In a related development, the commission also said it would publish the names of Capital Market Operators who violate market regulations in its Name and Shame journal.

The SEC said the decision reflects a zero-tolerance policy for infractions in the capital market and aligns with newly revised enforcement strategies.

According to the notice, “The publication will be in addition to the sanctions and penalties for the respective infractions prescribed in the ISA 2007 and the SEC rules and regulations.”

Business Post had reported that the SEC listed mainstreaming the Nigerian capital market into the economy as its top priority in 2025.

Mr Emomotimi Agama, the Director General of SEC, said this in his New Year 2025 message to the capital market community on Monday.

He also said the commission would intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

He said that protecting investors remained a cornerstone of the commission’s mission.

Mr Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.

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