Business
Rising Commodity Prices: Exploring Alternatives Amidst President Tinubu’s Policy Changes
Rising Commodity Prices: Exploring Alternatives Amidst President Tinubu’s Policy Changes....KINDLY READ THE FULL STORY HERE▶
The recent removal of fuel subsidy and other policy shifts under President Bola Tinubu’s administration have led to a surge in commodity prices across Nigeria. This increase not only affects transportation costs but also raises the prices of basic food items, exacerbating the financial strain on households…….CONTINUE READING
As the cost of a bag of rice skyrockets to an unprecedented N80,000, many families are turning to alternative food sources that offer both affordability and nutritional value. Diversifying diets and exploring alternative staples has become imperative in these challenging times.
Here’s a comprehensive guide on affordable and nutritious food alternatives to rice:
- Cassava and its Derivatives: Versatile and adaptable, cassava can be processed into garri, fufu, and tapioca, offering diverse meal options.
- Maize/Corn: Boil or roast maize for a snack, or grind it into flour for dishes like ‘tuwo’ or ‘ogi,’ popular breakfast choices.
- Yams: A Nigerian staple, yams can be boiled, fried, or pounded into pounded yam, complementing various soups.
- Beans: Rich in protein, beans can be cooked as porridge, moi moi, or akara, providing essential nutrients and dietary fiber.
- Sweet Potatoes: Boil, bake, or fry sweet potatoes for a nutritious and filling alternative to rice.
- Plantains: Enjoy plantains boiled, fried, or roasted, offering vitamins A and C and serving as a versatile meal component.
- Millet and Sorghum: Ground into flour for porridge or ‘tuwo,’ these grains are known for their health benefits and popularity in Northern Nigeria.
- Wheat: Used for bread, pasta, and Nigerian ‘wheat meal,’ wheat flour is a versatile staple in Nigerian cuisine.
- Quinoa: Though less common and more expensive, quinoa offers high protein and essential amino acids as a rice alternative.
- Barley: With cholesterol-lowering properties and high fiber content, barley can be cooked similarly to rice, providing health benefits in every meal.
As Nigerians navigate economic challenges, exploring these food alternatives can mitigate the impact of rising commodity prices and contribute to healthier diets nationwide.”
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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