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Foodstuffs Prices Escalate As Ramadan Approaches – Survey

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As the Ramadan fast starts today,  the prices of foodstuffs and other essential commodities have escalated in most markets across the country, according to a national survey conducted by our correspondent.

The Tide correspondents, who monitored market prices in some state capitals, report that the prices of foodstuffs and other essential commodities, such as fruits, vegetables, eggs and beverages that are in high demand during the Ramadan fast had soared.

Traders attributed some of the reasons for the hike in price to the Ramadan fast, the increase in the minimum wage of workers, high cost of transportation and increase in the cost of diesel, amongst others.

The Tide’s source in Birnin Kebbi the Kebbi capital, who visited some markets in the town, reports that the prices of rice, beans, fruits, beverages, cooking oil had gone up.

Some traders in the market visited, attributed the rising cost of fruits to “high demand during the Ramadan fast, increase in the minimum wage of workers, in addition to personal costs incurred by retailers from suppliers”.

The survey in some markets in Kebbi showed that the prices of a bag of the various brands of imported rice had gone up to between N9,500 and N10,000 as against the former price of between N7,500 and N8,000 some days ago.

Similarly, a bag of beans, which formerly sold for between N6,500 and N7,000 had also increased to N8,000.

The price of fruits like oranges, pineapples and banana had also witnessed increases with a bag of oranges being sold for between N7,000 and N7,500 from N4,000 and N5,000 some few days ago.

A big bunch of banana is sold for between N700 and N1,000, while the price of water melon remained fairly stable at between N150 and N200.

Malam Muhammadu Bala, who deals on fruits in Kara market in Birnin Kebbi metropolis, attributed the rising cost of fruits to “the Ramadan fast, increase in the minimum wage of workers, in addition to personal costs incurred by retailers”.

The survey also showed that the price of perishable goods like tomatoes had gone up with a big basket of the commodity selling for between N9,500 and N12,000 as against the former price of between N8,500 and N9,000.

An Islamic scholar in Birnin Kebbi, Sheikh Abubakar Giro, who decried the high cost of foodstuff at the start of the Ramadan period, appealed to traders to shun the craze to make quick money during the period.

The Tide correspondent in Onitsha, Anambra, reports that prices of imported food items like rice, frozen fish, and vegetable oil moved up by 10 per cent during the last few days.

The cost of frozen fish had increased with a medium sized fish selling for between N250 and N350 as against the former price of between N130 and N180.

Ten litres of foreign vegetable oil, which formerly sold for between N2,800 and N3,000 is now selling for between N3,500 and N4,000 depending on the brand, while a bag of big brown beans is now being sold for N17, 200 as against the former price of N15,000.

The prices of fruits such as oranges, water melon and cucumber had also witnessed increases.

Like in the other states visited, the prices of foodstuffs like rice and essential commodities like eggs, milk, sugar, onions and fruits had increased in Gombe State.

Malam Muhammad Sanusi, who deals on provision in the state capital, told our source that 50 kg bag of foreign rice now cost N10,000 as against the former price of N8,500 while the price of a crate of eggs has increased from N700 to N800.

A tomato seller, Malam Buba Muhammadu, said the price of a basket of tomatoes had gone up to N7,000 as against the old price of between N6,000 and N6,500.

Sanusi attributed the hike in the cost of these items to the Ramadan fast and the N18,000 new minimum wage for workers.

Malam Abdulkarim Ahmed, Chairman, Fruit Sellers Association in Gombe, told our correspondent that the price of a bag of oranges had gone up from N5,000 to N7,000.

He said that the same apply for the other fruits such as mangoes, pineapples, water melon, banana, apple and cucumber.

Our source in Kano State reports that while the prices of fruits such as oranges, banana and water melon had slightly appreciated, the price of grains was either stable or had slightly reduced.

He said that one orange sell for between N20 and N30 as against the fornmer price of N10 to N15, while a bunch of banana sell for between N400 and N450, depending on the type and size.

However, unlike fruits, the price of grains had either remained stable or gone down in Kano. At Dawanau grains market and Kwanar Singer market in the ancient city, a measure of beans still sell for between N270 and N300, depending on the type.

The price of millet, sorghum and maize had stabilised at N150 per measure, while the price of sugar, a commodity in high demand during the fasting period, had reduced from N720 to N600 per measure and N8,000 per bag, as against N10,000.

From Uyo Akwa Ibom capital, the survey showed that the price of foodstuff had generally witnessed slight increases.

However, traders in Uyo, who spoke on the issue, said the price hike was not as a result of the Ramadan fast, but due to the introduction of the new minimum wage and increases in the cost of transportation

At Akpan Andem Entrepreneurial market in Uyo, the survey showed that the price of rice had gone up by six per cent.

Mr Udoh Obot, who deals on rice in the market, told our reporterthat the price of 50 kg bag of Stallion rice is now selling for N8,000 as against the old price of N7,500.

He said that the 100 kg bag of brown beans sell for N17,000 as against N15,500 two months ago.

Similarly, the price of beverages had escalated in Uyo with a 450g of dry peak milk selling for N700 as against the old price of between N600 and N650.

Emem Udofia, a sales girl in the market, said a tin of 450g of Bournvita sell for N550 while Ovaltine of the same quantity sell for N650 while a packet of St Louis sugar goes for N220 instead of N200 a month ago.

Udofia attributed the reasons for the price hike to the N18,000 new minimum wage for workers announced by the Federal Government.

“Since the government has increased the income of workers, we traders have no choice, but to increase the cost of our goods to meet with other expenses,” she said.

From Auchi in Edo, the survey showed that the while the price of rice and fish had gone up, those of other staple had remain relatively stable.

For instance, the price of a 50 kg bag of the various brands of rice had jumped from N6,500 to N7,500, while the price of fish also increased.

Mrs Mariamu Alasa, who sells fish in Auchi, told our source that the price of 20 kg carton of Sabina fish had increased from N4,500 last week to N5,000.

She attributed the hike to increase in the price of diesel and transportation.

“We only sell as we buy and like they told us in the cold room where we buy, the high cost of diesel is responsible for the price increase,” she said, adding that the price may increase further as the Ramadan fast approaches.

The survey also showed that the prices of tomatoes and onions had increased astronomically in Auchi and is expected to further increase as the fasting period approaches.

For instance, a basket of Hausa tomatoes had gone up by N2,000 within the last two weeks with tomatoes selling for N6,000, as against the former price of N4,000, while the price of a bag of onions had gone up to N8,000 from N7,000.

Mrs Akpete Osakwe, who sells tomatoes at Auchi market, attributed the increase to scarcity since tomatoes and onions were not harvested during the rainy season.

Meanwhile, some residents of Port Harcourt, the River capital, had expressed concern over the daily hike in the cost of foodstuffs and other essential commodities in the Garden City.

“If things continue this way, it will be extremely difficult for the unemployed to survive in Port Harcourt in the nearest future,” Mr Owus Ibinabo, one of the concerned residents, told The Tide’s source.

Mrs Ann Johnson another resident of the city, lamented that the since the introduction of the new minimum wage, the cost of food items and other commodities had sky rocketed in the city.

“The cost of commodities like sardine, maggi, onions, spices and other foodstuff have sky rocketed since traders heard of the minimum wage,” she said.

Worried by this daily increases, Mrs Ngozi Telema, who resides in the city, urged the government to intervene by setting up price control mechanism to avert “this indiscriminate hike in the prices of commodities”.

From Abakaliki in Ebonyi, the survey showed that the price of rams and other items had also increased with an average sized ram, which cost N13,000 some few weeks ago, now selling for N15,000, while the cost of a big ram jumped from N18,000 to N20,000.

Eight gallons of rice, which sold for N2, 500 had attracted additional N300, while a bag of beans had increased from N10,000 to N12, 000.

The price of a gallon of red oil has jumped from N4,400 to N5,000, while a gallon of groundnut oil increased to N4,700 from N4,400.

Mr Chukwudi Ibeh, a trader at Abakpa Main Market in Abakaliki, attributed the increase in prices of the commodities to the “harsh economic condition in the country”.

“Ebonyi like other Southern states of the country is dominated by Christians, so the Ramadan fast will not have much effect on the prices of goods in these states.

“The increases are due to the harsh economic condition in the country, which has led to inflation,” he said.

Ilorin the Kwara capital is not left out in escalating cost of food items and other essential commodities as the Ramadan fast draws nearer.

The survey showed that the cost of foodstuffs like rice, beans, semovita, yam and other ingredients had gone up in the town with a bag of Semovita selling for N1,700 instead of N1,450.

A food stuff seller, at Ipata market, Mrs Florence Adeoti, attributed the hike to the forthcoming Ramadan fast.

Mrs Memunat Yahaya-Mohammed, a house wife, who bemoaned the increases in the cost of food foodstuffs, said she could no longer maintain the food needs of her family of three.

She pleaded with the government to revive the Price Control Board to check the activities of shylock food sellers in order to make food affordable.

Unlike in most states in the country which recorded increases in the cost of foodstuffs and other commodities, the survey showed that the price of foodstuffs and other essential commodities had remained stable Damaturu, the Yobe capital.

For instance, the price of 50 kg bag of foreign rice had not changed from N8,000, millet still stands at N5,000 per a 100 kilogramme, while a bag of sugar still sell for N9,500.

Meanwhile, scarcity of tomatoes, pepper and fruits in Damaturu had led to the increase in their prices beyond the reach of the common man.

Malam Muhammadu Danfulani, a vegetable dealer on Gashua road told NAN that cost of the tomatoes and pepper sold in the state were from Plateau and Benue states.

“They (vegetables) are only scarce, but the money expended on transporting them to Yobe is very expensive,’’ he said, adding, “the multiple tax paid on these commodities have also increased their prices.”

Muhammadu expressed fears that the situation may get worse during the Ramadan fast period when the demand for the vegetables would become high.

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FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom 

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The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.
Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.
Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
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Banks Must Back Innovation, Not Just Big Corporates — Edun

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

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FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment 

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The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.

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