Business
Foodstuffs Prices Soar In Abuja
Less than three weeks after the Eid Kabir festival, the prices of essential commodities, especially foodstuffs, have soared in the Abuja metropolis.
The survey was conducted on Wednesday at Wuse, Garki, Utako and Nyanya markets in the Federal Capital Territory (FCT), as well as in Mararaba in Nasarawa State.
It showed that the prices of consumable items like yam, rice, palm oil, potato, beans and provisions have gone up by between five to eight per cent since the end of the festival.
For instance, at the Garki market, a 50kg bag of Royal Stallion brand of rice now sells for N9,000, as against the former price of N7,400.
The price of the Tomato brand of rice has also increased to N8,300 from N7,200.
The price increase also affected Mama Africa brand of rice, as its price has shot up from N7,200 to N8,100.
At Wuse market, a 50 kg bag of Gold Cap rice now sells for N9,500, as against the previous price of N9,200.
In all the markets visited, the price of yam has similarly increased, with a set of five big yams selling for N10,000, as against N6,000 some weeks ago, while a set of smaller yams now sells for N1,800, as against N1,600.
However, yam appears to be cheaper at Orange market in Mararaba, where a set of six large yams sells for N7,800, while the medium-sized variants go for N4,500.
Similarly, the price of “Garri’’, a popular staple food in the country, has also increased, with a 50kg bag being sold at N8,200, instead of N5,800.
At Utako market, the price of a 50kg bag of “Garri’’ has spiralled up to N10,000 from N7,500, its price a month ago.
A “Mudu’’(measuring bowl) of yellow “Garri’’ sells for N180, as against its former price of N150, while the price of the white variant has risen from N100 to N150.
However, the price of a 20-litre jerry can of palm oil varies at Wuse and Garki markets. At Garki market, it goes for N8,500, while at Wuse Market, it sells for N7,200, as against the previous uniform price of N6,150 a couple of months ago.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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