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

Customs Seek Support To Curb Smuggling In Ogun

Published

12 hours ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

13 hours ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

14 hours ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.