Business

Traders, Residents Groan Over Hike In Food Prices

Published

3 years ago

July 5, 2022

Traders and residents in PortHarcourt, Rivers State, Tuesday raised an alarm over the sudden hike in prices of food items and other commodities.

There are also indications of a famine in the state as most farmers have abandoned their farms over the increasing insecurity in the area.

It was, however, gathered that the scarcity of farm produce, the high cost of petroleum products, transportation and the lack of price control have contributed to the high cost of food.

At a press briefing, the Chairman of the Mile 1, State Ultra-Modern Market, Godspower Wobo and his predecessor, Kenneth Eze Chigozie, said the hike in food items is becoming worrisome, warning that if nothing was done by the state and federal governments, food prices would skyrocket to 200 per cent.

“We have observed that traders buy their goods at high prices on account of hike in fuel, transportation and associated risks of insecurity, all these cumulatively influence the prices of foodstuffs which is borne by the final consumers.

“Farmers are deserting their farms and communities due to criminal attacks by dreaded masked bandits and unknown gunmen.

“Aside from the security challenges, the government is not doing enough to support farmers over mechanized farming to reduce rural/urban migration for white-collar jobs.

“Diversion of government agricultural loans is also a problem. Agricultural loans hardly or never get into the hands of the real rural farmers. Part of the resultant effects are famine and the high cost of farm produce looming in the country.

“Governments should, therefore, address the problems and factors affecting the cost of food and look inwards to encourage local farmers”.

Business

NNPCL Increases Fuel Price

Published

3 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

3 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

6 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.