Economy

Prices of Rice, Tomato, Beans, Garri, Others Drop in June

Published

6 years ago

22/07/2019

By Adedapo Adesanya

The prices of major food commodity declined across the states in Nigeria in the month of June 2019, compared with what was recorded in the month of May, a report released few days ago by the National Bureau of Statistics (NBS) shows.

In the report, which sampled some selected food items, it was discovered that the price of 1kg worth of tomato decreased by 9.40 percent to N226.07 in the month of June from N249.52 in May.

According to the data analysed by Business Post, prices of the various categories of rice sampled all dropped. For example, price of the medium rice suffered the heaviest drop of 2.80 percent to sell at an average N308/kg in the month of June followed by the local Rice which went down by 2.57 percent from the previous month to sell at an average of N271/kg. Other categories of the grain product, the Ofada rice saw a 1.13 percent drop to sell at N373.5 (per kg) while the agric rice fell by 1.03 percent in June to N318.25/kg.

Another major food commodity that saw a large drop in prices (per kg) was beans. The brown beans dropped by 6.16 percent to N342.62 in the month under review, while the white beans also recorded a price reduction of 5.54 percent to sell for an average of N311 per kg.

Yam, according to the NBS Data, recorded the largest fall in prices of selected food commodities in the sixth month of the year, as the price went down by a whopping 15.68 percent to go for as low as N182 per kg.

The yellow and white garri also saw double-digit decrease as both fell by 13.68 and 10.05 percent respectively to N156 and N145 per kg apiece.

Also, fish saw drop in prices between 0.91 – 3 percent on all the various types of the commodity studied. Frozen Titus fish went down by 0.91 percent to sell at N940/kg. Smoked catfish depreciated by 1.49 percent last month to N1530 per kilo. The price of frozen mackerel reduced by 1.7 percent to N925 per kg.

Bread, one of the major end products of flour, also recorded changes in both categories of the commodity studied (sliced and unsliced 500g). Sliced bread recorded a change of 1.53 percent from the price quoted in May to drop to N292.73 per loaf. Unfortunately, it wasn’t the case with the latter (unsliced) as prices went up by 0.88% percent to sell at a quoted N274.49.

Benue state, the food basket of the nation, saw the highest price range of beef (bone in) as price went as high as N1244 in the state, but the average price (per kg) for the animal produce across the nation was N1003, with an almost 2 percent change in price from the previous month. Boneless beef, on the other hand, recorded a higher drop of 2.3 percent to sell at an average price of N1240.

Dairy products like chicken, eggs, and milk were also studied and from the analysis, the price of chicken feet and wings both decreased by 4.69 percent and 3.06 percent to N693 and N905 per kilogram respectively while frozen chicken went up by 3 percent to as high as N1750/kg.

A dozen of egg also went up by 6.6 percent to go for N495 but the medium price of a single piece of the dairy product of N39 saw an 8.20 percent drop, according to the statistical report. The price of evaporated milk likewise dropped by almost 4 percent to go for almost N157 per unit.

Onions, Maize grain, oil, plantain, were also some of the food commodities that recorded various decrease in prices in the month of June 2019.

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

1 day ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

1 day ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

1 day ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.