Just another News Updates
Economists caution that despite the recent appreciation of the naira against the dollar, Nigerians shouldn’t expect an immediate drop in food prices. They explain that there’s typically a delay between currency fluctuations and changes in commodity prices. The reason behind this delay lies in the existing stock purchased at higher prices, which businesses need to […]
Amidst a surge in food prices, Ukraine has extended a helping hand to Nigeria by donating 25,000 tonnes of wheat as emergency food aid. This assistance aims to support 1.3 million vulnerable individuals affected by crises in northeastern Nigeria. The donation, facilitated through the United Nations World Food Program (WFP), is part of Ukraine’s “Grain […]
In response to concerns over food security, Premier Feed Mills Ltd and Olam Nigeria have temporarily ceased the procurement of maize and sorghum, leading to notable price drops across various states. Market reports indicate a significant decrease of over 10% in maize and sorghum prices in major markets such as Taraba, Plateau, Kaduna, Kano, and […]
Residents of Zamfara State are raising alarm bells due to the unprecedented surge in foodstuff prices. A recent survey conducted by journalists in various major markets in Gusau, the state capital, has revealed an alarming increase of more than 100 percent in the prices of essential food items within the past month. This surge in […]
The Nigerian Government has threatened to sanction members of trade associations across the country over what it described as indiscriminate and irrational hikes in food prices and anti-competitive practices. Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, made this known on Tuesday during a forum organised by the commission […]
President Bola Ahmed Tinubu will create and support a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items. Tinubu’s Special Adviser on Special Duties, Communications and Strategy, Mr. Dele […]
President Bola Tinubu, on Thursday, declared a state of emergency on food security. Tinubu also approved that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, disclosed […]
Phrank Shaibu, an aide to the 2023 Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, says more Nigerians have become poorer since President Bola Tinubbu took over office forty days ago. The Atiku spokesperson blamed the situation of “an unplanned” petrol subsidy removal by President Tinubu. According to Shaibu, food has become a luxury for […]
Nigeria’s annual inflation rate rose to 22.41 per cent in May from 22.22 per cent in the previous month, the National Bureau of Statistics (NBS) said Thursday. The statistics office said the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. The NBS said […]