Business
Prices of meat, rice, garri increased in February, says NBS
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
Adelabu directs immediate overhaul of national grid
Adebayo Adelabu, the minister of power, has asked the Transmission Company of Nigeria (TCN) and other relevant agencies to immediately implement recommendations to overhaul the grid.
Adelabu spoke on Thursday, according to a statement by Bolaji Tunji, special adviser to the minister of power on strategic communications and media.
On October 22, the minister set up a committee to address the incessant grid collapses.
Tunji said the committee recommended an audit and testing of existing equipment and improvement in the maintenance of the transmission equipment and lines.
“The committee called for significant investments from the government and the private sector,” Tunji quoted the minister as saying.
“They also recommended the development of a framework and to adopt reliability-centered maintenance.
“The committee identified critical ongoing projects for speedy completion, [and] also recommended the replacement of aged and obsolete equipment, as well as enhance SCADA and telecommunication tools.
“They also advised a developing framework to attract private investment across the value chain, deploy IoT devices on generating units and transmission lines and secure firm gas contracts.
“The committee also called for the development and implementation of measures to combat vandalism and energy theft among others.”
Tunji also said the minister’s order followed the TCN’s report that the national grid had experienced a disturbance on Thursday, caused by a sudden rise in frequency from 50.33Hz to 51.44Hz.
“All relevant agencies in the ministry must brace up for the immediate implementation of the recommendations of the committee,” he said.
“The recommendations of the committee are far-reaching and will proffer lasting solutions to the incessant power grid collapses that we have embarrassingly witnessed in the country in the immediate and long term.”
Bolaji added that the TCN has assured consumers that efforts are being intensified to ensure uninterrupted power supply.
He said the company is working to ensure the full implementation of the committee’s recommendations to save Nigeria from grid collapses.
Business
Nigerians experience blackout as national grid collapses second time in 72 hours
The national grid has collapsed for the second time in 72 hours, leaving Nigerians in total blackout.
Data obtained from the Nigerian system operator’s portal showed that the grid recorded zero megawatts (MW) as of Thursday.
TheCable observed that the generation power dropped from 3,743MW at 10am to 2,709MW at 11am.
As of noon, the grid only recorded 3.70MW and 4.10MW at 1pm.
The Transmission Company of Nigeria (TCN) is yet to confirm the incident at the time of the report.
However, on its social media platform, Ikeja Electric Distribution Company (IKEDC) said it is experiencing a system outage affecting its supply.
“Please be informed that we experienced a system outage today 07 November, 2024 at 11:29Hrs affecting supply within our network,” IKEDC said.
“Restoration of supply is ongoing in collaboration with our critical stakeholders.Kindly bear with us.”
On Tuesday, the grid experienced a collapse – the ninth time in 2024.
TCN had blamed a series of lines and generator trippings as the reason for the instability of the grid and a partial disturbance.
On October 17, Adebayo Adelabu, minister of power, said the frequent system failure at the national grid is inevitable due to the outdated infrastructure.
Adelabu also said the country will continue to experience grid disturbances until there is a complete overhaul of the system.
The minister said more investment in power infrastructure will prevent future collapses.
Business
For second time in 4 months, DisCos raise meter prices by 28.03%
Electricity Distribution Companies, DisCos, have announced a rise in the price of various electricity meter models, making it the second price hike in four months.
According to the DisCos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800. This amount indicates an increase of 28.03 per cent or N32,800, depending on the distribution company and meter vendor.
The new prices posted on the official X handle of the Discos yesterday were scheduled to take effect on Tuesday, November 5, 2024. It also reflected the deregulation of meter asset providers as directed by the Nigerian Electricity Regulatory Commission, NERC.
It was learned that the upward revision followed an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.
An analysis of the documents revealed that meter prices vary across DisCos, influenced by vendors and meter models (single-phase and three-phase).
Eko DisCo pegged the price of its Single Phase Metre between N135,987.5 and N161,035, while a Three Phase Metre was pegged between N226,600 and N266,600.
Ibadan DisCo said customers will pay between a range of N130,998 and N142,548 for a single-phase meter and N226,556.25–NN232,008 for a three-phase meter.
Customers under Abuja DisCo will pay N123,130.53–NN147,812.5 for single-phase meters and N206,345.65–NN236,500 for three-phase meters.
Kano Electricity Distribution said its customers will pay N127,925–N129,999 for a single-phase metre and N223,793–NN235,425 for a three-phase meter.
In April, the Nigerian Electricity Regulatory Commission introduced a significant policy shift by announcing the deregulation of meter prices under the Metre Asset Provider, MAP, scheme for end-user customers.
The move was targeted at addressing lingering issues surrounding meter supply and pricing transparency within the electricity sector.
According to NERC’s latest order, meter prices under the MAP scheme will now be determined through competitive bidding, rather than being centralised.
This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end users.
The deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all electricity distribution companies in Nigeria.
However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.
Recall that NERC regulated meter prices, which were often subsidised across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain.
As a result, DisCos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.
With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and DisCos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.
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