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Food Inflation: Beans Now Out Of Reach, Says Rewane

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The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, says while the prices of other food commodities have recorded a minimal drop in the last few days, market prices of beans have significantly gone up.

Rewane stated this on Channels Television’s Business Morning segment of Sunrise Daily breakfast programme on Thursday.

“We’ve seen onions come down sharply to N115,000, and rice has also come down to N110,000; it was as high as N120,000. The commodity that is surprising to everybody is beans; beans has gone out of storage and out of reach,” he said.

According to market checks by our correspondent, traders sold a paint rubber of beans for N13,000 and a derica of the commodity for N3,000 while a bag of beans goes for as high as N180,000.

The economist attributed the hike in beans’ prices to recent flooding which ravaged food-producing states like Borno, Bauchi, and Sokoto, amongst others.

“Flooding has destroyed a lot of goods,” Rewane said, adding that the costs of moving agricultural produce from farms to the markets have also gone up due to a recent hike in petrol prices — from around N600 to about N1,000 per litre.

The economist predicted that food inflation would increase in the coming weeks but was optimistic that duty waivers on expected imported commodities would moderate prices.

“For now, despite everything, we think that inflation will still increase. Food inflation in particular will increase; headline inflation will increase to 34% but this is only temporary. When the imported commodities that we are going to enjoy the duty waivers come into the country, those prices will start to reduce,” Rewane said.

On October 1, 2024. President Bola Tinubu said his administration is focused on restoring peace to the troubled parts of the North so that farmers displaced by bandits and kidnapping can return to their farmlands and increase food production.

“We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” Tinubu said on Tuesday during his 2024 Anniversary Broadcast on the occasion of Nigeria’s 64th Independence Day Anniversary.

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Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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Business & Economy

Okonjo-Iweala Hails Tinubu’s Reforms, Urges Focus on Growth and Hardship Relief

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President Bola Ahmed Tinubu and WTO DG, Dr. Ngozi Okonjo-Iweala,
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Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms as steps in the right direction, while urging the administration to now prioritise economic growth and measures to ease hardship for Nigerians.

Speaking to journalists after a meeting with the President in Abuja on Thursday, Okonjo-Iweala commended the government’s efforts to stabilise the economy, describing stability as the necessary foundation for long-term progress.

“We think the President and his team have worked hard to stabilise the economy. You cannot really improve an economy unless it is stable. So he has to be given the credit for the stability of the economy,” she said.

While acknowledging the positive impact of ongoing reforms, she stressed that stability alone was insufficient.

“The reforms have been in the right direction. What is needed next is growth. We now need to grow the economy and put in place social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship,” she noted.

Okonjo-Iweala said discussions with the President focused on balancing structural reforms with relief measures for vulnerable citizens, as well as strategies for job creation and boosting disposable income.

“The next step is: how do we build social safety nets to help Nigerians cushion the hardship they are feeling, and then how do we grow the economy so we can put out more jobs and more money in people’s pockets?” she asked.

The WTO chief emphasised that without job creation and increased incomes, the benefits of reform would not fully reach ordinary Nigerians.

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Dangote Refinery Fires Back at Shutdown Rumours, Flaunts 40m-Litre Petrol Output

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Aliko Dangote
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The management of Dangote Petroleum Refinery has moved to quash speculation about an operational shutdown, insisting that the multibillion-dollar facility remains in full swing.

In a statement on Friday, the refinery dismissed reports of fuel shortages as “baseless” and “misleading,” declaring that it continues to churn out over 40 million litres of petrol and 15 million litres of diesel every single day.

Far from winding down, operations at the giant plant in Lagos are, according to the company, running at full capacity with truck loading activities in constant motion. The sale of Residual Catalytic Oil (RCO) in recent days, it explained, is a normal part of refining operations—not an indication of trouble.

Throwing down the gauntlet to sceptics, the refinery invited fuel marketers to place orders for its daily production for the next 90 days, saying the offer underscored both its transparency and its determination to safeguard Nigeria’s energy security.

The company also used the opportunity to reaffirm its stance against the importation of substandard petroleum products, vowing to maintain quality and reliability in the domestic market.

 

 

 

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