Economy

Prices of Oil, Foodstuffs Escalate as Border Closure Bites Harder

Published

6 years ago

27/01/2020

By Adedapo Adesanya

Nigeria’s inflation rose to 11.98 percent in December 2019, driven by increases recorded in food prices as a result of the border closure. Not too long ago, the National Bureau of Statistics (NBS) released a report on selected food price watch for the month.

From the report, Business Post gathered that rice, one of the major commodities consumed in the country, which was once of the reasons for the closure of the land borders due to smuggling into Nigeria, recorded a 3.2 percent increase in price from N445 (per kg) in November 2019 to N460 in December, while it saw a 24.1 percent increase year-on-year.

It was stated that the locally produced variant equally recorded an increase of 0.84 percent month-on-month to N382/kg from N379/kg recorded in the previous month, while there was 20 percent rise year-on-year.

Titus frozen fish, according to the stats office, increased in the period under review by 0.6 percent to N981 per kilo, which showed a year-on-year increase of 5.9 percent. Also, mackerel fish went up by 0.2 percent to N953 per kg, while year-on-year, prices rose 2.0 percent.

For tomato, there was an increase by 5.1 percent to N264 per kg in December compared to N251/kg in November 2019, while on a year-to-year basis, it went down by 2.8 percent.

At the dairy session, with the country’s restriction on frozen birds from neighbouring countries, the price of frozen chicken dropped by 0.64 percent in the month of December to N1996 per kg, despite a 22.8 percent year-on-year increase. Chicken feet recorded a 1.80 percent rise to N699 per kg on average while it saw a 5.3 decrease in price in the same period of 2018. The price of chicken wings also rose by 2.5 percent in December to N916 per kg, while on a year-on-year, it dropped by 3.0 percent.

The average price of one dozen of Agric eggs medium size decreased month-on month by 1.32 percent to N457.80 in December 2019 from N463.91 in November and year-on-year by 1.96 percent, while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by 4.37 percent and month-on-month by 1.13 percent to N40.72 in December 2019 from N41.18 in November 2019.

Brown beans dropped 2.5 percent month-on-month to N299 per kilo and on year-on-year basis, it decreased by 23 percent in price, while white beans dropped by 1.1 percent to N281 per kg and 18.3 percent year-on-year.

The price of beef – with bones rose in the month of December by 1.91 percent to N1,046, and by 4.8 percent year-on-year, while the boneless variety dropped by 0.04 percent in December to N1293 per kg, but recorded a 1.71 percent increase year-on-year.

For the price of white gaari at the market, it dropped by 0.41 percent in December to average of N159 per kg, which is a 4.4 percent year-on-year decrease, while on the other hand, the yellow gaari increased by 1.1 percent to N183 per kg in December, but dropped 6.5 percent year-on-year.

Yam recorded a 1.8 percent rise to average N207 per kilo month-on-month in December 2019 and 2.7 percent year-on-year.

The price of groundnut oil rose by 0.07 percent month-on-month in December to N580 for a litre, while it dropped 0.87 percent year-on-year. Also, the price of vegetable oil rose by 0.7 percent in December to N516 per litre and increased by 1.67 percent year-on-year. For the price of palm oil, it increased by 0.5 percent month-on-month to N469, but decreased by 1.1 percent year-on-year.

Economy

TotalEnergies Sells 10% Stake in Renaissance JV to Vaaris

Published

2 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.

In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.

Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.

The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.

Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.

“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.

The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

11 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.

Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.

The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.

“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.

Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.

However, with the latest development, the firm is no longer authorised to perform this function.

Economy

NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months

Published

11 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.

In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.

According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.

The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.

The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.

The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.

“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.

“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.

NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.

It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.

This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.