Low Mechanisation, Weak Currency Trigger Beans Price Hike – Newstrends
Connect with us

News

Low Mechanisation, Weak Currency Trigger Beans Price Hike

Published

on

Low mechanisation in the agriculture sector as well as weak local currency to support importation have triggered over 70 per cent hike in the price of beans across the country, a LEADERSHIP Weekend investigation has revealed.

Across major markets in Lagos, Ogun, Oyo, Abuja among other parts of the country, the price of beans has increased astronomically in the last few months.

Our findings revealed that a small bag of honey and drum beans, which is previously sold at N7,500 is now sold at N45,000 while the big bag earlier sold at N15,000 now hovers between N90,000 and N100,000.

Similarly, a derica (big tomato tin) of beans sold earlier in the year at N200 now goes for N700.

Although, insecurity contributed to shortage of beans which triggered the price, low mechanisation and weak local currency were also identified as key determinants of the price surge.

Speaking on this development, the president, All Farmers Association of Nigeria (AFAN), Arch. Kabir Ibrahim, attributed it to lack of mechanisation to enhance production and weak local currency to support importation.

Ibrahim said because the demand gap is so huge, the cost had continued to rise as insecurity has forced farmers out of their farms.

Leadership

News

Libya nabs three Nigerians over drug trafficking

Published

on

Libya nabs three Nigerians over drug trafficking

The Samnu Police Department in southern Libya detained three Nigerians for drug trafficking.

According to a statement issued by Migrant Rescue Watch on X (previously Twitter) on Sunday, the suspects were apprehended carrying a quantity of hashish that officials believe was meant for sale.

The arrests were made during a targeted operation in the town of Samnu, Murzuq region, which is known for smuggling and human trafficking due to its proximity to Libya’s southern borders.

READ ALSO:

This operation is part of a larger security effort to combat drug-related crimes and cross-border trafficking of migrants.

The suspects’ identities have not yet been made public. Authorities acknowledged that the case had been turned over to the public prosecutor for further investigation and judicial action.

The statement said. “Samnu Police Dept. arrested 3 #migrants of Nigerian nationality on charges of drug trafficking. The trio were found in possession of a quantity of hashish earmarked for sale. The case was referred to public prosecution.”

 

Libya nabs three Nigerians over drug trafficking

Continue Reading

News

NIS expands contactless passport renewal to United States, others

Published

on

NIS expands contactless passport renewal to United States, others

The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.

In a recent statement by ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.

The contactless system, which enables Nigerians living abroad to renew their travel document without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.

READ ALSO:

“This expansion represents our commitment to innovative and efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.

The application system is currently available on the Google Play Store as “NIS Mobile” and allows passport renewal without in-person biometric enrollment. An iOS version for Apple devices is under development and will be released soon, alongside an enhanced version of the Android app to improve user experience and accessibility.

The NIS further confirmed that the Contactless Passport App is now operational in Canada, the USA, Mexico, Jamaica, Brazil, Europe, and Asia. Australia and Nigeria itself remain pending, with implementation dates to be announced in the future.

 

NIS expands contactless passport renewal to United States, others

Continue Reading

News

Tariff: NACCIMA warns against economic instability, job losses

Published

on

President of NACCIMA, Dele Oye

Tariff: NACCIMA warns against economic instability, job losses

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed fear that unless the Federal Government takes deliberate steps to increase Nigeria’s non-export earnings, the current global tariff war may lead to job losses, low foreign exchange inflow, and economic instability.

This was the position of the President of NACCIMA, Dele Oye, as the chairman at the Vanguard Economic Discourse 2025 with the theme, “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery”, held last week in Lagos.

Among other things, Oye who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), emphasized the need for a viable and affordable homegrown democracy.

His words: “In this pivotal moment, we must recognize and confront the significant challenges before us—challenges that have been magnified by the advent of America’s “America First” policy.

READ ALSO:

“This paradigm shift in global trade, driven by protectionism and tariffs, presents a unique and formidable array of obstacles for developing nations such as ours.

“The world we once knew, one characterized by cooperative, rules-based trading systems under the World Trade Organization, has given way to an environment fraught with uncertainty. This transformation not only disrupts global markets and supply chains but poses an acute threat to our competitive standing in international trade.

“The recent implementation of a 14% tariff on Nigerian exports to the United States directly jeopardizes what has historically been a critical market for our key goods, including crude oil, liquefied natural gas, and agricultural products. “The ripple effects of reduced demand could precipitate job losses, economic instability, and a decline in vital foreign exchange inflows, particularly for our non-oil sectors”.

“Indeed, the ramifications of current U.S. policies go beyond tariffs. We are witnessing a significant decrease in funding for initiatives that empower Africa’s burgeoning start-ups. The $51 million cut from the United States Development Fund, which affects countries like Nigeria and Kenya, exemplifies the broader challenges we face. The grants previously allotted to our SMEs are critical for nurturing innovation and entrepreneurship within our local economies”.

In the face of these challenges, Oye said Nigeria must act decisively and strategically to reshape its economic destiny where adversity can give rise to opportunity.

Tariff: NACCIMA warns against economic instability, job losses

Continue Reading

Trending