Business

Prices Of Food Stuffs Rise In Benin

Published

10 years ago

December 13, 2015

Prices of food stuffs have risen at the various markets in Benin, barely three weeks to Christmas, correspondent reports.
Our check in Benin food stuff markets on Thursday showed that a 50-kg bag of rice which sold for between N8,000 and N8,500 in November had risen to between N10,000 and N11,000.
Small and big baskets of tomatoes that hitherto sold N4,000 and N7,500 respectively now sold for N8,000 and N15,000.
A bag of onion at N35,000 has gone to between N25,000 and N28,000 while four litres of palm oil and vegetable oil have also skyrocketed from N1,100 and N1,000 to N1, 500 and N1,400 respectively.
A small bag of fresh pepper now sells for N7,500 as against N2,500 few months ago.
In the same vein, different brands of tin tomatoes now sold for between N1,800 and N2,800 compared to between N1,200 and N1,500 they were sold few months ago.
A carton of fish now sells for N10,000 as against N7,000 while a measure of “Ogbono” also goes for N4,500, against N4,000.
Prices of garri, beef, beans and melon are on the high side but prices of plantains and yams are relatively cheap because this is their season.
A pepper and tomatoes seller at Ikpoba Hill Market, Mrs Mary Osasu, attributed the rise in food prices to hike in transportation fares.
“The hike in transport fare is as a result of scarcity of fuel; wholesalers now pay more to transport their goods from one place to another.
‘’They have to increase the prices of their goods so that they can make profit, so when we buy at high prices, we have to sell at high prices so that we can make gains,’’ she said.
Another trader, selling imported food items, Mr Solomon Idehen, traced the price hike to less money in circulation and devaluation of the naira.
‘’Workers are owed salaries, pensioners are owed their pension, how will there be money in circulation to invest in businesses.
‘’When people buy more from us, we have enough money to buy and supply more goods to the market.
‘’When we don’t have enough money to buy these goods, which are now very expensive due to devaluation of the naira; things will also be expensive in the local market,’’ he said.
A consumer, Mrs Eseohe Odigie, expressed concern about the price hike the area, saying that the situation might go unabated if the current fuel scarcity was not tackled.
She added that the current economic situation was not favourable to the rich and poor, private and public sector businesses and civil servants in the country.
She called on government at all levels to formulate strategies to bring the country’s economy out of its current poor state.

Business

Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC

Published

8 hours ago

October 24, 2025

The Tide

The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.

This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.

Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.

Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.

“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.

“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.

He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.

“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.

NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.

It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.

The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.

Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.

At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.

Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.

The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.

“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.

“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”

The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.

“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.

“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.

Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.

According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.

The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.

A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.

In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.

According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.

“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”

The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.

Business

NIMASA Marks 2025 Customer Week, Pledges Service Excellence

Published

2 weeks ago

October 13, 2025

The Tide

The Nigerian Maritime Administration and Safety Agency, NIMASA has officially launched its 2025 Customer Service Week celebrations under the inspiring global theme, “Mission: Possible.”

The Agency is leveraging this annual celebration to reaffirm its commitment to transforming customer challenges into opportunities and consistently delivering exceptional service to grow the Nigerian Maritime sector.

In his remarks, the Director General/Chief Executive Officer (CEO) NIMASA, Dr. Dayo Mobereola, noted that effective service delivery remains central to the Agency’s mandate, stressing that excellence must begin internally before extending to external stakeholders.

“Providing service is paramount, both internally and externally. We must remain prepared, committed, and available to solve problems together as a team. Excellence in service delivery defines who we are and what we represent,” . Mobereola stated.

He highlighted teamwork, accountability, and continuous improvement as essential drivers of institutional growth and public confidence.

The Head, SERVICOM Unit, Hajiya Rakiyyah Lammai, appreciated the Director General for his continued support in strengthening customer service structures within NIMASA.

She noted that this year’s theme aptly reflects the dedication and resilience of the Agency’s staff in upholding service quality.

The 2025 Customer Service Week was commemorated across NIMASA offices nationwide with recognition programmes, engagement activities, and customer feedback sessions aimed at promoting a culture of responsiveness and efficiency.

As NIMASA continues to promote safety, security, and sustainability within Nigeria’s maritime domain, the 2025 Customer Service Week reinforces that service excellence remains the cornerstone of effective public service.

By: Nkpemenyie Mcdominic, Lagos

Business

SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband

Published

2 weeks ago

October 13, 2025

The Tide

The Seme Area Command of the Nigeria Customs Service (NCS) has intercepted five trucks conveying 10,000 bags of expired flour valued at N1.2billion.

The Command Controller, Comptroller Wale Adenuga, who disclosed this during his Maiden Press Briefing, at the Seme Krake border, last Thursday, said the consignment, which originated from Egypt and came through the Benin Republic border, was seized in a joint operation with the National Agency for Food and Drug Administration and Control (NAFDAC).

According to him, the interception was achieved through credible intelligence shared by the Comptroller General of Customs, Adewale Adeniyi and the NAFDAC Director General, Moji Adeyeye.

Displaying the seized goods, Adenuga said the flour, produced in March 2024, had expired in November, 2024, posing serious public health risk.

He said, “If these things find their way into the country, they change the bag, and it goes into the markets… the health risks associated with consuming such expired products could have led to severe infections, food poisoning, and long-term health complications.

“Beyond health implications, such unwholesome goods undermine local industries and erode consumer trust.”

Speaking on the command’s revenue performance and strides in trade facilitation, Adenuga said a total of N1.5billion was generated in the month of September 2025 alone.

The figure, he said represent an exceptional increase of over 182% compared to the N531.4million generated in August 2025, the month before his assumption of duty.

“This outstanding performance

reflects the effectiveness of the Comptroller General’s reform agenda, which emphasizes compliance, transparency, and data-driven monitoring of goods, as well as dedication of officers and men who continue to embody his vision of a modern, efficient and accountable Customs Service,” he said.

Adenuga said the command guided by the Comptroller General of Customs commitment to transparency and modernization has intensified effort to simplify procedures and ensure that legitimate traders enjoy the full benefits of Customs modernization and regional integration along the Lagos–Abidjan corridor.

“Upon assumption of duty, and in line with the CGC’s strategic vision anchored on the policy thrust of Consolidation, Collaboration and Innovation, I declared trade facilitation as the hallmark of our administration. We believe that when trade is facilitated, processes are streamlined, costs are reduced and more revenue is generated, ” he said.

Beyond the expired flour, Adenuga also showcased other contraband goods seized by the command within the month of September.

The items include 1,104 parcels of cannabis sativa, 98 parcels of 120mg Tramadol, with two suspects handed over to the NDLEA, 2,043 bags of foreign parboiled rice, 150 bales of second-hand clothing and 169 bottles of DSP cough syrup with codeine and five used vehicles with a total Duty Paid Value at N1,999billion.

“Under the guidance of the CGC’s zero-tolerance stance on smuggling, Seme Command remains unwavering in its commitment to suppress smuggling and protect national security, public health and economic stability.

“Our position is clear along the Lagos-Abidjan that any economic resource diverted into smuggling will be a colossal waste; it will be better to channel such resources into legitimate business that could empower thousands of Small and Medium Scale Enterprises (SMEs) and create jobs, ” Adenuga said.

The Customs boss also commended the Nigerian Navy, particularly the Forward Operating Base ( FOB) in Badagry for its support in the fight against smuggling, and handing over seized foreign parboiled rice intercepted on the waterways.

“We shall continue to enhance our operational efficiency through technology, stakeholder collaboration and proactive intelligence. Our collective mission is to ensure that the Seme-Krake border remains a gateway of prosperity not criminality.

“Together with our partners and stakeholders, we are building a smarter, safer and more prosperous border corridor in full alignment with the CGC’s modernization blueprint, ” he said.

By: Nkpemenyie Mcdominic, Lagos