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Lagos Residents Struggle With Surging Bean Prices

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Lagos Residents Struggle With Surging Bean PricesLagos State residents are increasingly worried about the relentless rise in the price of beans, a staple food and major protein source in the region. The consistent price hikes have made beans unaffordable for many, raising concerns about malnutrition and prompting calls for government intervention.

In recent months, the price of beans has soared dramatically. A 40kg bag, which sold for N26,000 in January, now costs N115,000. Similarly, a 100kg bag has risen from N55,000 to N230,000, making this essential food item difficult for residents to afford.....KINDLY READ THE FULL STORY HERE▶

Beans are a crucial part of the diet for many Lagosians, providing an affordable protein source. However, the rapid price increase has forced families to reduce their consumption or seek alternative protein sources. Residents are urging the government to address the situation, as the price hike is significantly impacting their livelihoods.

Mrs. Uloma Chigozirim, a housewife and mother of four, expressed her concerns: “Beans used to be the cheapest food, but now we don’t even understand what’s going on. Every other week, the price keeps going up, and even traders can’t explain the reason for the hike. We really need government intervention, or else many of us will be malnourished.”

Beans farmers attribute the price increase to the seasonal nature of the crop and the impact of cattle grazing on bean farms. Mr. Uche Ikenga, a beans farmer in Abuja, explained that beans are not an all-season crop, and the peak harvest period is usually at the end of the year. However, last year’s harvest was affected by cattle grazing, resulting in a low yield and scarcity this year.

The scarcity has led to a significant price increase, making it difficult for traders to stock beans. Mr. Ahmed Yusuf, a beans trader at the Dry Foodstuff Section of Ile-Epo Market, Agege, noted: “We sold a small bucket of beans for N6,500 last two weeks, but now the same quantity sells for N8,000. The price keeps soaring every day, and we sell as we buy. We no longer keep it because of the price unpredictability.”

Mrs. Bunmi Arowolo, a jewelry seller, appealed to the federal and Lagos State governments to tackle insecurity and empower farmers. “Early in May, I bought a small bucket of beans for N7,500 as against N3,000 previously. As a common form of protein, I now manage a small quantity for my family. I want to appeal to the governments to tackle insecurity so that farmers can go to their farms again and make the produce available and affordable.”

Ms. Adaeze Oparaku, a nutritionist at the Lagos Teaching Hospital, emphasized the nutritional importance of beans, highlighting their role as an essential source of protein, carbohydrates, dietary fiber, and micronutrients. She advised that beans should be a regular part of children’s diets but can be substituted with other protein sources if the price continues to rise.

Traders and residents are calling on the government to address food inflation and ensure affordable protein sources. Mrs. Eugenia Uloma, a trader at Kotangora Market in Abule-Egba, stressed the importance of beans in the Nigerian diet: “Beans have been a major part of our diet and are important to every Nigerian. The produce is so expensive, but we still buy the quantity we can afford because it is our major source of protein. Other protein sources are even more expensive. We don’t need much from the government; if it can address this growing food inflation, we will be grateful.”

Additionally, residents are advocating for increased local production of beans through strategic cultivation to prevent scarcity and high prices. Mrs. Barinedum Legbara, a vegetable farmer, emphasized the need for proper planning to ensure adequate bean supply.

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Nigerian Government and Dangote Refinery Continue Talks on Naira-for-Crude Policy Renewal

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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.

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Cement Prices Surge: Dangote, BUA, and Lafarge Rates This Week

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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▶

  1. 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.

  2. 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.

  3. 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.

  4. 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.

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Cooking Gas Prices Drop Significantly Across Nigeria: Relief for Households and Businesses

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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:

  • 1 kg of Cooking Gas: ₦1,020

  • 3 kg of Cooking Gas: ₦3,060

  • 5 kg of Cooking Gas: ₦5,100

  • 10 kg of Cooking Gas: ₦10,200

  • 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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