Economy
Prices of Beans, Tomatoes, Yam Soar Over 200% as Inflation Bites
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.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
