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Economy

Sallah Struggles: Rams Reach Nearly N1m As Food Prices Soar

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2 years ago

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Sallah Struggles: Rams Reach Nearly N1m As Food Prices SoarAs the Eid-el-Kabir celebration approaches, the cost of essential items, particularly food, is casting a shadow over the festivities for many ordinary individuals.....KINDLY READ THE FULL STORY HERE▶

Recent months have witnessed a significant surge in basic food prices, causing frustration among the average populace, excluding those engaged in political or fraudulent activities.

Reports from major markets in Lagos and Ogun states paint a grim picture, with people facing challenges in affording food items essential for the Sallah celebration, while traders bemoan dwindling sales.

Numerous women interviewed at local markets in Iyana-Iba, Agbara, and Oyingbo expressed a sense of helplessness and despair as food prices continue to soar beyond their financial means.

Staple food items such as rice, beans, eggs, beef, fish, tomatoes, and pepper have become prohibitively expensive, exacerbating the plight of ordinary citizens.

For instance, the cost of a crate of eggs, which stood at N2,600 six months ago, has now surged to N4,800. Similarly, fresh tomatoes and pepper command prices comparable to contraband items, making them unaffordable for many.

Inflation has driven up the price of long-grain rice from around N52,000 per bag in December to almost N90,000, resulting in a significant increase in the cost of living.

While some traders manage to offer slightly lower prices by sourcing directly from Seme in Cotonou, the overall trend remains one of rising food costs, putting a strain on household budgets.

Individuals like Yemisi Aina, who frequent the market to purchase essential food items, are grappling with the reality of diminishing purchasing power. The escalating prices compel them to make difficult choices, often sacrificing certain items due to budget constraints.

The pervasive fear of food inflation discourages many, like Oladoyin Samuel, from venturing into the market, where price fluctuations can render yesterday’s purchases unaffordable today.

The situation in markets like Iyanoba Market mirrors this sense of hopelessness, with both traders and buyers lamenting the adverse effects of inflation on their economic well-being.

Meanwhile, the high cost of rams, a traditional feature of Eid celebrations, further compounds the financial strain on households. Sellers attribute poor sales to the exorbitant prices, driven by factors such as transportation costs and insecurity in the northern regions.

As Nigerians grapple with the economic challenges posed by inflation and soaring prices, fewer people are opting to travel for the holiday, deterred by the exorbitant cost of transportation. Instead, many are resorting to sending gifts to loved ones as a more affordable alternative.

 

Published by Sediq Mutari

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Economy

THE COST OF COOKING: Inside The Brutal Market Surge Pushing Everyday Gas Beyond The Reach Of Millions!.

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6 hours ago

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May 25, 2026

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The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has raised a major alarm over chaotic supply drops and skyrocketing cooking gas prices, warning that the crisis could trigger a massive public backlash against gas station owners. A new statement signed by National President Edu Inyang and Executive Secretary Bassey Essien reveals that cooking gas has officially shattered the ₦1,500 per kg mark in multiple regions, with some dealers hiking prices up to ₦2,000. Marketers are currently being forced to shell out a staggering ₦25.2 million to ₦26.2 million just to secure a single 20-metric-tonne truck.....KINDLY READ THE FULL STORY HERE▶

NALPGAM labeled the economic squeeze “pathetic,” warning that persistent shortages, soaring depot rates, and logistics bottlenecks are completely destroying Nigeria’s clean energy gains. With millions of households and small businesses priced out, vulnerable families are rapidly abandoning gas cylinders and reverting to unhealthy firewood and charcoal. The association is making a passionate appeal to the Federal Government, NNPC, and regulatory bodies to intervene immediately before the market completely collapses and triggers severe food inflation and job losses.

Option 2: Sensational & Punchy (Best for Social Media/Bulletins)

KITCHEN EMERGENCIES: 5 Shocking Bombshells From Gas Marketers as Prices Explode Past ₦1,500/Kg

  • The Rebellion Warning: NALPGAM warns that if the government fails to check the crazy price hikes immediately, frustrated citizens might turn their anger against gas station owners.

  • The ₦2,000 Extreme: While the official average price has blown past ₦1,500 per kg, field checks reveal desperate retailers are selling the product for as high as ₦1,600 to ₦2,000 in certain locations.

  • The Depot Nightmare: Marketers expose the crushing operational costs behind the surge, revealing they now pay up to ₦26.2 million for a 20-metric-tonne supply.

  • The Environmental Setback: Years of clean energy progress are officially under threat as low-income families ditch their cylinders for deforestation-heavy firewood and charcoal.

  • The SOS to Government: Marketers are calling for an emergency intervention from the Ministry of Petroleum Resources and the NNPC to boost domestic allocation and crash the retail rates.

Option 3: Editorial & Analytical (Best for a Feature Column)

The Collapse of the Clean Energy Dream: Why the Cooking Gas Price Surge is a National Security Threat

Nigeria’s decades-long transition toward sustainable, clean cooking energy is on the verge of a total systemic collapse. A severe joint warning issued by the leadership of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) details a grim macroeconomic reality: cooking gas, once positioned as an affordable social item, has transformed into an elitist luxury selling for well over ₦1,500 per kilogram.

The logistics and supply chain crisis is hitting both ends of the market. While terminal and depot costs force marketers to risk millions on single shipments, the end consumers are simply voting with their wallets by returning to primitive biomass fuels like charcoal and firewood. NALPGAM’s warning that citizens may turn on retail infrastructure highlights the volatile undercurrents of the current economic hardship. For the Federal Government and regulatory bodies like NMDPRA, this is a clear call to eliminate importation bottlenecks and structurally overhaul domestic storage infrastructure before inflation completely decimates small-scale retail industries.

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Economy

World Bank Upgrades Nigeria Growth Forecast As Reforms Boost Investor Confidence.

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4 months ago

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January 15, 2026

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According to Nivo News, the World Bank has projected that Nigeria’s economy will grow by 4.4 percent in 2026 and 2027, driven by new tax legislation, prudent monetary policies, and ongoing economic reforms. The announcement was made in the bank’s January 2026 Global Economic Prospects report, which described the anticipated growth rate as the fastest for Nigeria in over a decade.....KINDLY READ THE FULL STORY HERE▶

This latest projection represents an upgrade from the World Bank’s previous forecast of 3.7 percent published in June 2025. The bank highlighted that reforms in the tax system, combined with continued monetary prudence, are expected to stimulate economic activity, improve investor confidence, and reduce inflation. It also noted that increased oil production is likely to offset lower global oil prices, boosting fiscal revenue and strengthening Nigeria’s external balance.

The projection comes against the backdrop of Nigeria’s Gross Domestic Product (GDP) growth of 3.98 percent year-on-year in real terms during the third quarter of 2025, as reported by the National Bureau of Statistics.

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Economy

Nigeria’s Inflation Eases Sharply To 14.45% As Consumer Prices Stabilize.

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5 months ago

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December 15, 2025

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Nigeria’s headline inflation rate eased to 14.45 per cent year on year in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The report showed that while consumer prices continued to rise on a monthly basis, annual inflation moderated significantly under the revised base year.....KINDLY READ THE FULL STORY HERE▶

The CPI increased to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month rise. Despite this, the headline inflation rate declined from 16.05 per cent recorded in October. The NBS highlighted that the November 2025 figure represents a 1.6 percentage point decrease compared with the previous month.

Monthly inflation, however, rose to 1.22 per cent in November from 0.93 per cent in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation. Headline inflation for November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise that reset the base year to 2024 from 2009.

Over the twelve months ending November 2025, the average CPI increased by 20.41 per cent, down sharply from 32.77 per cent in the corresponding period of 2024. Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points, and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, while education and health contributed 0.90 and 0.88 percentage points, respectively. On a month-on-month basis, food and non-alcoholic beverages drove price increases with a contribution of 0.49 percentage points.

Urban inflation declined sharply to 13.61 per cent year on year in November, down 23.49 percentage points from November 2024, while rural inflation remained higher at 15.15 per cent but fell 17.12 percentage points from the previous year. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent.

Food inflation moderated annually to 11.08 per cent in November 2025 from 39.93 per cent in November 2024. Monthly food inflation rose to 1.13 per cent, driven by price increases in items such as dried tomatoes, cassava tubers, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. Core inflation, which excludes volatile agricultural and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.

State-level data showed Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent. The NBS cautioned that interstate comparisons should be interpreted carefully due to differing consumption patterns and CPI weights across states.

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