News

Seasonal fluctuations jack up price of fresh tomato basket to N150,000 in Lagos

Published

7 months ago

May 26, 2024

By Kayode Sanni-Arewa

Muslims gearing up for the Eid El-Kabir celebrations will need to reconsider their choice of delicacy as the price of fresh tomatoes in markets across Lagos has risen by over 100% in the month of May alone.

Traders have attributed the spike to regular seasonal fluctuations in the quantity of tomatoes produced. They say the harvest period for the current species of tomatoes being sold is almost over with the coming of the wet season across the country.

Umar Tanko, a tomato seller at the popular Mile 12 Market in Lagos, told Nairametrics that a basket of premium quality fresh tomatoes, which sold for between N50,000 and N80,000 in April, now sells for between N140,000 and N150,000

On the other hand, lower-quality tomatoes, damaged during the journey from the North to the South, currently sell for around N60,000 to N100,000, depending on the severity of the damage. Last month, a basket of similar quality went for N30,000.

While tomatoes usually take the spotlight, fresh pepper, another important ingredient in the popular Jollof rice delicacy, has also seen a nearly 100% increase over the past month.

According to Umar, “This custard bucket of pepper sold for N3,000 or N4,000 last month, now it sells for N8,000.”

Additionally, Shefiu, a tomato seller at the Flour Food Market in Ikorodu, Lagos, said the cause of the spike in tomato prices can be attributed to the reduced supply following the outset of the rainy season.

According to him, the rains have started in the North, signalling the end of the current species of tomatoes being consumed. He also noted that the importation of tomatoes from Cameroon and Ghana could help support the supply deficiency.

On prices, Shefiu said, “We sold the custard bucket of tomatoes last month for N4,000 and N5,000. But now, I sell it for N10,000. Mine is cheap because I have someone supplying me directly from Kano. I don’t buy from Mile 12.”

Price of tomatoes in other Nigerian cities
Furthermore, checks by Nairametrics on the prices of tomatoes across Lagos, Edo, Abuja, and Delta in the month of May showed a similar pattern of increase.

Residents in Effurun and Warri in Delta State complained that the least amount of tomatoes anyone can buy is N500, and a basket of fresh quality tomatoes sells for about N120,000 to N140,000.

In Onitsha, Anambra State, the price of a basket of tomatoes ranges from N110,000 to N140,000.

More woes for Nigerians

The spike in the prices of fresh tomatoes adds to the inflation crisis currently being witnessed by Nigerians. In April, year-on-year inflation rose for the 16th consecutive month, dating back to December 2022 when inflation last declined.

Food inflation, however, showed tepid growth in April, reaching 40.53%.

According to the NBS Food Price Watch in April, the price of 1kg of tomatoes has risen year-on-year by 131.58% between April 2023 and April 2024. However, between March and April 2024, the average price of 1kg of tomatoes increased by 17.06%.

A recent SBM Intelligence Jollof Rice Index noted that the average cost of cooking Jollof rice across major cities in the country hit N17,000 in March 2024 from N13,106 in October 2023.

The increase in the prices of jollof rice’s primary ingredients (tomatoes and fresh pepper) could further exacerbate the amount Nigerians spend on their cherished delicacy as Eid El-Kabir approaches. This could portend, as the SBM Intelligence report states, a “crisis at the tabl

News

Arewa Christians Association Salutes Nigerians At Christmas

Published

56 minutes ago

December 26, 2024

Gloria Ikibah

…urge President Tinubu, governors to be more humane in their policies

By Gloria Ikibah

The Arewa Christians and Indigenous Pastors Association (ACIPA) has congratulated Nigerians as they mark the birth of Jesus Christ, Saviour of the world.

In a statement by ACIPA Chairman, Rev. (Dr) Luke Shehu, on Wednesday, he urged President Bola Tinubu and state governors to be more compassionate and humane in their policies, decisions and utterances.

The statement reads: “Ours is a faith beyond hope or religion. A faith for fulfilled individual and corporate destiny fulfillment. Therefore, with the audacity of our faith we wish ALL a Merry Christmas and prosperous New year.

“As we celebrate Christmas and mark the New year with an audacious faith working to make Nigeria greater, we call on Mr. President, Bola Ahmed Tinubu and our governors to be more compassionate and humane in their policies, decisions and utterance.

“ACIPA is aware that the removal of subsidy was a necessity that was long overdue in view of the corruption surrounding the oil industry in Nigeria.

“While appreciating the President, that for the first time in years, Nigerians have not experienced the hardships associated to petroleum scarcity associated to Christmas and the Muslim Sallah celebrations. We therefore commend the President and call on him to sustain the tempo while maintaining the momentum at the war against corruption and total annihilation of terrorist so that our soldiers can go back to their barracks.

“As we journey in the path to fulfillment of our destiny, we wish to draw attention of Mr President and all governors as captains of the ship to be aware of many Jonahs that may lead to the capsizing of the nation or states ship. If the Jonahs’ in our ship(s) can not recuse themselves or asked to be thrown out, then certainly the captains, crew and passengers need to take a lot and throw the Jonahs out.

“In the years ahead as we journey along our path to destiny as a great nation on earth, we can not afford backlog of liabilities who are often political croonies in governance as a result of personal allegiances or family ties. This is unacceptable especially where such croonies are counter productive or a cog in the the wheel of our nation and states. Leadership requires courage and audacious pragmatism.

“Once more, ACIPA wishes ALL Nigerians a secured, blessed Merry Christmas and a prosperous New year”, he added.

News

Access Bank Becomes First to Meet CBN’s Minimum Capital Requirement with N351bn Rights Issue

Published

2 hours ago

December 26, 2024

Gloria Ikibah

By Gloria Ikibah

Access Holdings Plc has announced the successful completion of its Rights Issue, raising N351,009,103,017.25 through the issuance of 17,772,612,811 ordinary shares at N19.75 per share.

This achievement follows full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, is the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline. The bank’s share capital now stands at N600 billion, exceeding the regulatory threshold by N100 billion.

This marks a significant achievement as Access Holdings is the first CBN-licensed financial holding company to execute a fully digital Rights Issue. The process utilised the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience, enhancing accessibility and participation.

Speaker on the development, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, highlighted the innovation and leadership demonstrated by the institution. Further details from the statement emphasize the bank’s commitment to leveraging technology to drive growth and improve shareholder value.

He said: “The Access brand has always resonated strongly with local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitaliation directives. We are pleased that this time, we are the first to cross the finish line.

“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our company.

“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.

“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering. As we enter the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

Access Holdings Plc operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers.

The company serves its markets through four subsidiaries in banking, payment, pension administration, and insurance sectors: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.

Access Bank Plc serves its markets through three business segments—Corporate and Investment, Commercial, and Retail—and has enjoyed Africa’s most successful banking growth trajectory in the last 22 years.

Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.

News

I’m optimistic about Nigeria’s future, says Shettima

Published

2 hours ago

December 26, 2024

Kayode Sanni-Arewa

Vice President Kashim Shettima has expressed optimism about Nigeria’s future, reaffirming the commitment of the Federal Government to national security, economic transformation, and the well-being of all citizens.

In a Christmas message on Wednesday, Shettima assured Nigerians that the administration of President Bola Tinubu is resolute in its efforts to tackle critical issues such as security and economic challenges, as the country prepares for the coming year.

“As we approach a new year, I want to reassure you that President Tinubu’s administration remains fully dedicated to improving the lives of all Nigerians. We are committed to tackling economic transformation and enhancing the welfare of every citizen,” Shettima said.

Highlighting Nigeria’s diversity as a strength, the Vice President called on Nigerians to use the festive period to strengthen unity across all regions and faiths, fostering a spirit of togetherness.

“Our nation’s greatest strength lies in its diversity. This holiday season offers us the perfect opportunity to strengthen the bonds of brotherhood that unite us,” he stated.

Shettima also assured Nigerians of the continued vigilance of the nation’s security forces, emphasising that security personnel would remain on high alert during the holiday period to ensure safety.

“Our brave security personnel will continue to work tirelessly to protect us. Enhanced security measures are in place to safeguard citizens during the festive season,” he said, urging travelers to stay vigilant.

Looking to the future, Shettima expressed hope and confidence in the country’s trajectory.

“I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation,” he said.

Addressing the nation’s youth, Shettima emphasised their crucial role in Nigeria’s development and outlined the government’s initiatives aimed at creating opportunities for them.

“To our young people, you are the backbone of our nation. The Renewed Hope administration is rolling out various initiatives to empower you, enabling you to thrive and contribute to Nigeria’s growth,” Shettima said.