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

NGX RegCo Revokes Trading Licence of Monument Securities

Published

5 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

5 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.

Economy

World Bank Upwardly Reviews Nigeria’s 2026 Growth Forecast to 4.4%

Published

6 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.

In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.

As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.

It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.

In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.

As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.

“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.

“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.

World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.

“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”