Business
Traders Bemoan High Cost Of Grains
Traders have blamed the high cost of grain in the market on the restriction of the import of the commodities into the country by operatives of the Nigeria Customs Service.
Some traders made this observation last week in an exclusive interview with The Tide in Port Harcourt.
One of the traders, Mrs Alice Mkpa noted that the upsurge of grain price is due to the restriction of such products at the borders.
She revealed that about 68 per cent importation of the product was only allowed by the customs as to enable them regulate grains movement into the country.
According to her, the check on the product added more money to its original wholesale price, thereby, adding 20 per cent to the local price.
Another grain dealer, Mr Collins Ibe who lamented the current prices of grains in the market, said that it had negatively affected their business.
He hinted that if such trend was not regulated, it would affect the interest of upcoming dealers.
Ibe pointed out that some grains like rice and beans which sold at N15,000 and N7,000 respectively before 2017 had now soared above the prices, adding that the increment was more than 40 per cent.
Others stressed that the current prices of grains in the market is not favourable to them, and urged concerned authorities to do the needful before the year runs off.
They further appealed to the Federal Government to prevail on customs and its agents on the need to release their grip on the importation of grains and other products into the country.
Their were particular about the high cost of the products in Port Harcourt, saying that something urgent most be done, towards its regularities, so as to restore buyers confidence.
However, there are fears that the prices may sky-rocket during this year’s yuletide celebration as there are no plans yet to encourage importation by the federal government.
Jane Chibundu & Ezemonye Stephen
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The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
