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Prices of meat, rice, garri increased in February, says NBS

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The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, white garri, yam, and bread, increased in February.

The bureau disclosed this in a report, titled, ‘Selected Food Prices Watch (February 2024)’, released on Saturday.

According to the report, the average price of 1kg local rice stood at N1,222.97 last month, signifying a 134.81 percent rise in price on a year-on-year basis — from N520.84 recorded in February 2023.

NBS said it also signifies a 19.69 percent increase in price compared to N1,021.79 recorded in January 2024.

“The average price of 1kg of Beef boneless increased by 49.41% on a year-on-year basis from N2,445.96 in February of last year (2023) to N3,654.56 in February 2024,” the bureau said.

“On a month-on-month basis, the average price of this item increased by 10.22% from N3,315.78 in January 2024. The average price of 1kg of Beans brown (sold loose) rose by 98.25% on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024.

“On a month-on-month basis, it increased by 20.62% from N976.58 in January 2024.

“Similarly, the average price of 1kg of Garri white, sold loose rose by 109.16% on a yearon-year basis from N345.88 in February 2023 to N723.45 in February 2024, while there was an increase of 20.44% on a month-on-month basis.”

‘AVERAGE PRICE OF 1KG OF YAM TUBER ROSE BY 131.33%’

In addition, the average price of 1kg of yam tuber rose by 131.33 percent on a year-on-year basis — up from N436.41 in February 2023 to N1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93% from N901.94 in January 2024 to N1009.56 in February 2024,” NBS said.

“The state profile analysis in February 2024 reveals that the highest average price of 1kg of Rice local sold loose was recorded in Niger state at N1,670.96 while the lowest was recorded in Borno state at N936.14.

“The highest average price of 1kg of Beef boneless, was recorded in Abia at N4,595.69 while the lowest was recorded in Kogi State at N2,680.03.

“In terms of the average price of 1kg of Beans brown (sold loose), Nasarawa state recorded the highest price at N 1,500.17, while Sokoto recorded the least price at N734.48.”

According to the bureau, Ogun state recorded the highest average price of 1kg of white garri at N821.48 while the lowest was reported in Benue at N480.32.

“The highest average price of 1kg of Yam tuber was recorded in Bayelsa at N 1,452.95, while the least average price was recorded in Borno at N 626.59,” NBS said.

“Also, analysis by zone showed that the average price of 1kg Rice local sold loose was highest in the South-west at N1,336.79, followed by the North-Central at N1,319.95, while the North-West record-ed the lowest average price at N1,073.92.

“The average price of 1kg of Beef boneless was highest in the South-East and the South-West at N4,483.78 and N3,740.72, respectively, while the lowest was recorded in the North-West with N3,315.50.

“The South-South recorded the highest average price of 1kg of Beans brown (sold loose) at N1,395.23, followed by the South-East at N1,384.72, while the lowest was recorded in the North-East with N885.86.”

The south-east and the south-south, according to the bureau, recorded the highest average price of 1kg of white garri at N788.28 and N760.23, respectively, while the product was priced the lowest in the north-central at N638.88.

Business

Japa: Six tips for Nigerians to boost their chances of securing US visa

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The United States (US) visa, is undisputably, the most sought-after in the world for relocation because of the exceptional life opportunities attached to it.

A US visa is a permit issued by the US government that grants Nigerians and other non-citizens entry into the country for certain purposes, such as work, study, or travel.

This document must be attached to the applicant’s passport before gaining access to enter as an immigrant or non-immigrant to the US.

An immigrant visa is for those who plan to stay in the US permanently, while a non-immigrant visa is for those who intend to visit the US temporarily.

Non-immigrant visas allow people to work or study in the US for up to 180 days, while an immigrant visa allows you to stay indefinitely and work without restrictions.

As a Nigerian, whether you are applying as an immigrant or a non-immigrant, you must master some tips to boost your chances of getting a visa at the US embassy.

In this article, there are six tips to help you increase your chances of securing a US visa.

1. Research your visa category 

As a US visa applicant, you must thoroughly research the visa category that best suits your purpose of travel and gather all the necessary documents accordingly.

2. Begin early

As thousands apply for US visas daily, you must start the application process well in advance to give you enough time for any unprepared delays.

3. Get ready for questions

You must prepare for the visa interview by engaging and familiarising yourself with potential and unexpected questions and practising concise, confident responses.

4. Honesty

Be honest and transparent during the interview, because offering false information can lead to serious consequences and future visa rejections.

5. Prepare all documents

Present your supporting documents in an organised manner, making it easier for the consular officer to review and verify the information.

6. Show commitment to Nigeria 

You need to demonstrate strong ties to your home country, such as stable employment, family, or property, to assure the consular officer that you will return after your authorised stay (if applicable).

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Business

Adesola Adeduntan steps down as First Bank CEO

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Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.

According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.

However, he voluntarily decided to step down on April 20.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016.

Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).

Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).

Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

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Business

Customs adjust FX rate for import duties to N1,147/$

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The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar.

This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18.

The rate adopted by customs was observed on Friday.

It fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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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

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