Business
Protest: Prices of perishable food items crash in Lagos
Protest: Prices of perishable food items crash in Lagos
Some perishable food prices have crashed by about 50 per cent as a result of the ongoing nationwide hunger protest, the News Agency of Nigeria (NAN) reports.
The #EndBadGovernanceinNigeria protest, which stated on Thursday, is planned to end on August 10.
It is aimed at calling the Federal Government’s attention to the economic hardship facing Nigerians.
Some traders and buyers at Ile-epo food market at Alimosho/Agege area of Lagos State, confirmed the development in separate interviews with NAN.
NAN also reports that local food markets across the area witnessed less patronage.
A tomato trader at Ile-Epo market, Agege area, Mr Rabiu Aliu, said the price of some perishable food items ranging from tomatoes to chilli pepper and others dropped to minimise loss due to low patronage caused by the protest.
“A 50kg basket of tomatoes now sells for between N40,000 and N50,000 as against N80,000 to N100,000 two weeks ago.
“A 25kg basket sells between N18,000 and N19,000 as against N30,000 to N40,000 two weeks ago.
“We have no choice but to sell off because few customers are available to buy the produce. The purchasing power is actually low at the moment,” Aliu said.
Also speaking, another trader, Mrs Mukit Afolabi, said that the price of perishable items had dropped in the market as a result of the hunger protest.
“On Day 1 of the protest, tomatoes were even cheaper because there was no one to buy.
“I bought a 5kg basket of tomatoes at N4,000. As of two weeks ago, it sold for N12,000. So, I think the protest is contributing to the drop in price.
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“However, rodo (scotch bonnet pepper) is still expensive. On Monday, a bag was sold for N40,000 but today, a bag sells at N84,000 because it is currently unavailable in the market.
“No produce truck has delivered any pepper since Wednesday, the day before the protest began,” Afolabi said.
A foodstuff trader, Mr Ibrahim Ahmed, also affirmed a drop in the price of rice and beans.
“A 50kg bag of short grain rice now sells for N73,000 as against N83,000 last month. While the long grain sells for N78,000 per 50 kg bag as against N87,000 to N88,000.
“A paint bucket of honey beans now sells for N10,000 as against N12,000 it was sold in July.
Other varieties now sell for between N8,000 and N9,000,” he said.
NAN reports that other items such as groundnut oil and palm oil recorded tremendous increase in price.
Mrs Hope Osagie, a trader of the produce at the Agege Market, said that the price of the produce had increased in the last couple of days.
“A 25 litre of groundnut oil now sells at N60,000 as against N38,000 that was sold a month ago.
“While a 25 litre of palm oil now sells for N36,000 as against N27,000 in July.
“We really do not know the reason for the hike but generally food stuff prices have been rather unpredictable,” Osagie said.
However, a buyer, Mrs Anuoluwa Olayinka, expressed excitement over the drop in the price of tomatoes and other perishable items.
“I bought as much as I could afford as I saw the price had dropped.
“Well, there are just few people in the market, which is quite unusual for a Friday. So, I guess traders just want to sell off to minimise loss,” Olayinka said.
Another buyer, Mrs Ada Uzor, said that “foodstuff prices are unpredictable but I think the protest contributed to the slight price drop of some items.”
(NAN)
Aviation
Black box of crashed helicopter in P’Harcourt found, two passengers still missing
Black box of crashed helicopter in P’Harcourt found, two passengers still missing
A flight data recorder otherwise called back box of the helicopter that crashed in Rivers State two weeks ago has been recovered.
The Nigerian Safety Investigation Bureau (NSIB) confirmed this in a statement.
The helicopter operated by East Wind Aviation and hired by the Nigerian National Petroleum Company (NNPC) Limited crashed on October 24 while travelling from the Nigerian Air Force (NAF) base in Port Harcourt.
The aircraft, carrying six passengers and two crew members, went down in the Atlantic Ocean near Bonny Finima, off the coast of Calabar, around 11:22am.
A week later, the NSIB reported that a fifth body was recovered from the site of the crash.
In a statement on Friday, Bimbo Oladeji, NSIB director, public affairs and consumer protection, confirmed that the flight data recorder (FDR) and cockpit voice recorder (CVR), the black box, were retrieved from the site.
Oladeji said the bureau, in collaboration with Nigerian Maritime Administration and Safety Agency (NIMASA), and other search and recovery partners, coordinated efforts with both local and international teams to locate and retrieve the bodies of the deceased and essential components necessary for a full investigation.
“The FDR and CVR, commonly referred to as the aircraft’s ‘black box,’ was retrieved early this morning,” Oladeji said.
Business
Naira drops to N1,678/$ at official market
Naira drops to N1,678/$ at official market
The Naira weakened further at the official market on Friday, closing the week at N1,678.87 to the dollar, reflecting a 2.4% decline compared to the previous trading session.
According to data from the FMDQ Exchange’s official trading platform, the Naira lost N39.37 against the U.S. dollar, down from N1,639.50 on Thursday.
This marks a continuation of the currency’s volatility in the official market.
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Despite the depreciation, the total daily turnover surged significantly, reaching $1.40 billion on Friday, a notable increase from the $244.96 million recorded on Thursday.
This rise in turnover indicates a higher volume of transactions in the market, even as the Naira continues to face downward pressure.
At the Investor and Exporter (I&E) window, the Naira traded within a range of N1,698.50 to N1,609.00 to the dollar, reflecting fluctuations in demand and supply.
The recent depreciation of the Naira has raised concerns among investors and analysts, with many calling for more proactive measures to stabilize the currency and restore investor confidence in the official market.
The Central Bank of Nigeria (CBN) is expected to continue monitoring the situation closely as efforts to manage the currency market proceed.
Naira drops to N1,678/$ at official market
(NAN)
Business
Petrol: Marketers insist on importation to crash price
Petrol: Marketers insist on importation to crash price
Petroleum marketers in the country say there is no going back in their plan to import fuel from outside the country to crash the price of the product.
Newstrends reports that the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria last week insisted on fuel importation after accusing the Dangote refinery of selling fuel to Nigerians at an exorbitant price.
The marketers are now awaiting approvals from the Central Bank of Nigeria (CBN) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to facilitate these imports, which they argue would offer relief to consumers facing financial strain following the removal of fuel subsidies.
To proceed with the imports, the marketers have requested access to foreign exchange from the CBN and regulatory permits from NMDPRA to ensure compliance with quality and standards for the fuel they plan to bring into the country.
However, the NMDPRA has denied claims that it has granted IPMAN and PETROAN permission to import petrol as associations. According to an NMDPRA official, who spoke on condition of anonymity, only individual marketers—not associations—can apply for import licenses. The source emphasized that individual applications are mandated by law.
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“The truth of the matter is that they can’t apply for petrol import license as a body or association. Individual marketers have to apply by themselves before they can be granted that license. They have to apply by themselves. We are not going to give the permit jointly so they can’t apply as an association,” the source said.
Responding to the development, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, disclosed that the association had applied for an import license about a month ago through its newly established trading wing. He described Dangote as an “aggressive competitor” with intentions to dominate the market.
“You should know that Dangote is just out to close all the doors and windows so that no person enters the market. He is determined to ensure that nobody enters the market as a competitor. We assure Nigerians that as soon as the regulatory agency approves our authority to import, this price of PMS that is causing pain to Nigerians right now will crash to the barest minimum,” Obele stated.
Dr. Obele further argued that the product PETROAN aims to import would be of high quality, potentially surpassing the standards of the Dangote refinery. He urged Nigerians to support efforts to dismantle market monopolies.
“We call on Nigerians to support the call for dismantling monopolies so that we can liberate the market; otherwise, we will remain in the trap we are. We are trapped at the moment; we are trapped with exploitation, and the only way out of the trap is to dismantle every dimension of monopoly and we are calling on Nigerians to support us,” he said.
Petrol: Marketers insist on importation to crash price
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