Economy
Prices of Onions Decrease at Lagos Markets
By Ahmed Rahma
The prices of onions, which drastically increased after the lockdown a few months ago, have dropped in major markets in Lagos State and others.
Based on the information gathered by Business Post from sellers of the new gold at the Igando market on Tuesday, the price has dropped by 60 per cent to 50 per cent at the Mile 12 Market in Lagos. It was gathered that a bag of onions, which used to sell for N70,000, now goes for N35,000.
Another trader at the same market informed us that when the commodity became very scarce a few months ago, the bag went for N68,000 but the same bad of onions now goes for N40,000.
However, the onion seller, who identified himself as Adamu, disclosed that some retail sellers still sell the commodity at a high price so as to recover the loss they incurred when it was scarce.
“Although the price has dropped, I’m still selling at the normal price because I need to recover the loss of selling when the price increased.
“The onions I was selling for four pieces at N200 are still being sold at the same price; it is just a little bigger,” he told Business Post.
Another seller of onions at the Olugbede Model Market in Egbeda, Lagos identified as Abubakar Sanusi, explained to us that the prices of onions and other food items from the northern part of the country reduced because of the ease in the restriction of movement by the federal government.
However, he warned that prices may skyrocket again if the government impose another lockdown or fails to address the insecurity in the north.
“Government should protect farmers because Boko Haram and bandits are disturbing the farmers a lot. Also, they should not do another lockdown because things will be worse,” Mr Sanusi said.
Recall that last week, the News Agency of Nigeria (NAN) conducted a market survey in Enugu and it was observed that a bag of onions now sells for between N58,000 and N65, 000 as against N70,000 and N80,500 some months back.
A seller of the commodity, at the New Akwata in Garki Market, Mr Joe Ilora, had informed the news firm that the reduction in prices was due to an increased number of stored onions brought from the northern part of the country.
“Due to the increased number of onions brought in from the north, the scarcity of onions is now a thing of the past.
“Places like Sokoto, Kano and Jos, where we buy them from are now experiencing surplus,’’ Mr Ilora said.
Another onions trader, Mrs Clara Eze, at Garki market, said that the price of onions would further drop as its season of abundance was gradually getting closer.
Mr Dan Ugwu, who also sells onions, also blamed the high costs of months back to increased logistics charges like land charges, transportation and money paid to truck pushers.
He urged the government to build storage facilities for traders to preserve perishable items such as onions so that it would be available all year.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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