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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

SEC Suspends Centurion Registrars for Capital Market Infractions

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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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Economy

MTN Anticipates Higher Earnings from Nigerian Operations After Tariff Hike

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By Adedapo Adesanya

The MTN Group expects its Nigerian subsidiary, MTN Nigeria Plc, to witness a significant increase in revenue after the federal government, through the Nigerian Communications Commission (NCC), approved a 50 per cent hike in tariffs for data, voice, and SMS.

In a statement on Monday, the telecommunications group said it experienced increases across its service revenue, earnings, cash flow and leverage all improved in the second half of last year.

However, across the entire Africa spread, it reported a loss after tax of 11.2 billion Rand for its 2024 financial year, a significant decline from the 4 billion Rand profit in 2023, attributing this to the devaluation of the Naira and impairments relating to the conflict in Sudan.

Meanwhile, service revenue rose by 14 per cent in constant-currency terms but was down 15 per cent in reported Rand terms.

According to the numbers, MTN Nigeria’s service revenue was up by 35.6 per cent and is expected to increase in 2025 after tariff adjustments were implemented in February 2025.

Recall that following the approval granted by the Nigerian Communications Commission (NCC) in January, MTN revised prices last month, even going beyond the approved 50 per cent in some of its increments.

For internet data, MTN’s 1.8GB monthly plan is now 50 per cent higher than the previous rate at N1,500. Before now, the package was 1.5GB priced at N1,000.

In addition, the company has raised its 15GB plan to N6,500 from N4,500, while its 20GB plan has been adjusted to N7,500, up from N5,500.

Customers who use larger bundles will pay more comparatively as the 365-day 1.5TB plan jumped by 60 per cent from N150,000 to N240,000, and the 600GB 90-day plan also increased by 60 per cent from N75,000 to N120,000.

In Nigeria, the group said it renegotiated tower lease contracts, which allowed MTN Nigeria to better manage adverse macroeconomic impacts on the business.

“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” the MTN Group President and CEO, Mr Ralph Mupita said.

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Economy

NECA Kicks Against Hike in Private Firms Levies

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By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has condemned the Financial Reporting Council of Nigeria over the imposition of high annual dues on private and non-quoted companies.

According to a statement, NECA warned that the move could cripple businesses and stifle economic growth, noting that the new policy significantly increased the annual dues of private firms from N1 million to as high as N100 million, depending on their turnover.

“This outcry follows the implementation of the Financial Reporting Council Amendment Act 2023 (FRC Act), which expanded the scope of companies under the FRC’s regulatory oversight,” the statement said.

Business Post reports that publicly listed companies’ dues remain capped at N25 million.

In a statement, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, denounced the move as unjust and contradictory to the federal government’s efforts to enhance Nigeria’s business environment, attract investment, and create jobs.

He warned that the increased financial burden on private firms, already struggling with multiple taxation, regulatory bottlenecks, and rising operational costs, could force many to shut down or downsize.

“This policy is a direct contradiction to the Ease of Doing Business agenda and sends a negative signal to investors,” Mr Oyerinde stated.

“Many companies, especially in manufacturing, trading, and essential services, operate on thin margins. Adding such arbitrary financial demands increases the risk of layoffs, business closures, and an economic downturn,” he added.

Mr Oyerinde further noted that regulatory unpredictability discourages both local and foreign investments, weakening Nigeria’s global competitiveness.

“If regulatory agencies can impose arbitrary levies without due consultation, it erodes investor confidence and pushes businesses to the brink,” he added.

NECA urged the federal government and the National Assembly to immediately suspend the enforcement of the new levies and revert to the previous N1 million fee structure pending a comprehensive review.

Mr Oyerinde also called for an urgent legislative amendment to the FRC Act to eliminate ambiguities and ensure fair and transparent oversight.

He called for dialogue between the federal government, the Ministry of Industry, Trade and Investment, and key stakeholders, including NECA, the Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), to establish a more sustainable and justifiable compliance framework.

“The private sector is the backbone of our economy, and policies that hinder its growth will ultimately harm national development. The government must prioritize economic sustainability over excessive regulation.

“With growing discontent from businesses over multiple taxation and excessive levies, pressure is mounting on the federal government to reconsider the FRC’s new financial demands to avoid worsening Nigeria’s already fragile economic climate,” Mr Oyerinde warned.

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