Business

Lagosians laments high cost of food items

Published

3 years ago

December 24, 2021 10:24 am

BodexNG

Residents of Lagos state expressed mixed feelings as the prices of goods escalated ahead of Christmas celebrations.

This is according to a market survey conducted by newsmen on major food markets in Lagos and how the increase affected both consumers and sellers alike.

The survey covered major popular markets such as Oyingbo market, Mile 12 market (the food hub of Lagos), Ile-Epo market, Ikeja market and Ikotun market.

Muritala Muhammed, a trader and one of the coordinators at the Mile 12 market, told newsmen that prices of food items are on the increase this year compared to last year — but with little difference.

According to him, the prices vary per food item and are still determined by the bargaining power of the buyer.

“The market prices haven’t changed much, compared to last year, but I know that the prices have gone high. The prices didn’t just increase all of a sudden but have gradually increased since the beginning of the year due to the insecurity, the especially northern part, where items like tomatoes, beans and rice came from,” Muhammed said.

FOOD PRICES SCARE BUYERS

Yinka Felejaiye, a resident of Ikotun, expressed dissatisfaction with the state of the economy.

Felejaiye said she still expects prices to go higher as Christmas and the new year draws closer.

“Everything in this country has gone up. The cost of moving from one place to another is something to also to be considered. I am yet to even do my Christmas shopping, but even the prices of foodstuffs scare me because I know when it is closer to Christmas, people add up to their prices,” she laments.

Pepper sellers at Mile 12 market

Yetunde Abayomi, an oil trader at Ile-Epo market, also said the prices of items have doubled and complained about low patronage.

“As at last year, we were already having many people trooping into the market. A lot of people had come to the market to buy, unlike this year when the patronage is slow and low,” Abayomi said.

“Compared to last year, 25 litres of vegetable oil were about N18,000, but today it is N28,000. You could get 5 litres for N1800, but now it is N4600. We hope that next year things become better because the prices aren’t affecting consumers alone but sellers as well.”

Grace Akah, a resident of Ile-Epo, expressed optimism about the prices of food items.

Akah said the prices of some food items dropped this year, unlike last year when they were sold at higher prices.

“I believe last year price for rice is more than this year. Last year, I bought for N33,000, but today I bought for N27,000. Although not much difference it’s Nigeria, things rarely go down.”

WHAT TO EXPECT ACROSS MAJOR LAGOS MARKETS THIS YULETIDE

At the markets visited by newsmen, a bag of foreign rice sells between N28,000 and N32000 ranging from large to small markets — while local rice is between N24,000 and N27,000.

A paint bucket of foreign rice is sold for N2,300, while local is sold for N2,200, depending on the brand.

A 25-litre gallon of vegetable oil goes for N27,000, 10-litre for N13,000 and a 5-litre is N4,500.

The price of a basket of fresh tomatoes is N13,000, and a crate for N5,000.

A bag of pepper (Rodo) sells between N13,000 and N11,000, and smaller baskets go for as low as N500 to N2000.

Also, Bell pepper (tatashe) sells between N8,000 to N5000.

A bag of big onions sells between N60,000 and N40,000, depending on the size.

Baskets of onions (big size) range from N22,000 to N27,000, while a medium basket is either N13,000 or N15,000, and the small basket goes between N2,000 and N5,000.

Lastly, live chicken goes for N3,000 for layers, and broilers sell between N7,000 and N10,000. Turkey is sold between N25,000 and N30,000, depending on the size.

A carton of frozen chicken is between N21,000 and N23,000, while frozen Turkey goes for N24,000.

A kilogram of frozen chicken is N3,000.

Business

UBA to raise N239bn through rights issue to expand lending capacity

Published

17 hours ago

November 16, 2024 2:23 pm

BodexNG

The United Bank for Africa (UBA) says it will raise N239.4 billion through a rights issue to existing shareholders.

According to a statement on Thursday, the bank is offering a rights issue of 6.83 billion ordinary shares of 50 kobo each at N35 per share.

The financial institution said the offering, opened on November 15, gives existing shareholders the opportunity to buy additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 5.

Speaking to shareholders, Tony Elumelu, group chairman of UBA, said the rights issue is the first step in its broader capital-raising programme.

“UBA’s rights issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders,” Elumelu said.

“The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry.”

Elumelu said beyond regulatory compliance, the funds would expand UBA’s lending capacity, investment in digital infrastructure, support sustainable business practices, and expand its African operations.

The group chairman also highlighted how UBA is driving economic growth across Africa.

“Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development,” he added.

The businessman also said the issuance complies with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria — the Central Bank of Nigeria (CBN) earlier this year.

In April, UBA sought shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.

The development followed the CBN’s directive to commercial banks with international licences to raise their capital base to N500 billion, pegging the capital requirement for national and regional financial institutions at N200 billion and N50 billion, respectively.

Business

FBN Holdings to change brand name to First Holdco

Published

23 hours ago

November 16, 2024 7:54 am

BodexNG

First Bank of Nigeria (FBN) Holdings Plc says shareholders have approved its plan to change the company’s name to First Holdco Plc.

In a notice on Friday, Adewale Arogundade, the company secretary, said the decision was approved by shareholders at its 12th annual general meeting held virtually on Thursday.

According to the company, the change will be extended to all subsidiaries.

“That there should be a change of the legal and brand names of the Company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively,” FBN Holdings said.

“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc

“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives of any regulatory authority.

“That upon completion of the processes for the change of name, Increase of the Company’s share capital and allotment of the new ordinary shares in accordance with the resolutions above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the Company’s new legal name and Issued share capital.”

Business

Nigeria’s inflation rate rises to 33.8% as food prices’ surge persists

Published

2 days ago

November 15, 2024 2:10 pm

BodexNG

The National Bureau of Statistics says Nigeria’s inflation rate was 33.88 percent in October — up from 32.7 percent in September.

The data is captured in the NBS’ latest consumer price index (CPI) report for October published on Friday.

The CPI measures the rate of change in prices of goods and services.

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”.

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” NBS said.

“This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.

The statistics firm also said the month-on-month food inflation rate in October was 2.94 percent, showing a rise of 0.3 percent compared to the 2.64 percent recorded in September.

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mut-ton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class),” the NBS said.

“The average annual rate of food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others