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Food prices rise in August 2024- NBS

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The National Bureau of Statistics (NBS), says prices of beans, eggs, bread, rice, yam, and other food items witnessed significant price increases in August 2024.

The NBS said this in its Selected Food Prices Watch report for August 2024 released in Abuja, yesterday.

The report said that the average price of 1kg of brown beans increased by 271.55 per cent from N692.95 recorded in August 2023 to N2,574.63 in August 2024.

“On a month-on-month basis, 1kg of brown beans increased by 5.31 per cent in August from the N2,444.81 recorded in July 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 121.92 per cent on a year-on-year basis from N1,031.55 recorded in August 2023 to N2,289.19 in August 2024.

“On a month-on-month basis, the eggs increased by 5.48 per cent from the N2,170.17 recorded in July 2024.”

The report said that the average price of sliced bread increased by 113.16 per cent on a year-on-year basis from N684.85 in August 2023 to N1,459.85 in August 2024.

“On a month-on-month basis, the price increased by 2.28 per cent from the N1,427.25 recorded in July 2024.”

In addition, the average price of 1kg of local rice rose by 148.41 per cent on a year-on-year basis from N737.11 recorded in August 2023 to N1,831.05 in August 2024

“On a month-on-month basis, it increased by 3.65 per cent from N1,766.64 recorded in July 2024.”

Also, the report said that the average price of 1kg of a tuber of yam increased by 188.31 per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in August 2024.

“However, on a month-on-month basis, the price decreased by -7.82 per cent from the N1,802.84 recorded in July 2024.”

The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 171.72 per cent from N554.37 recorded in August 2023 to N1,506.35 in August 2024.

“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 per cent from N1,693.83 in July 2024 to N1,506.35 in August .”

On state profile analysis, the report showed that in August 2024, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N3,276.79, while the lowest was recorded in Adamawa at N1,710.92.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N2,996.92, while the lowest was in Jigawa at N1,786.01.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,850, while the lowest price was recorded in Yobe at N908.81.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,680.29, while the lowest was reported in Benue at N1,206.84.

The report said the highest price of 1kg of tomato was recorded in Abuja at N2,2206.31, while the lowest price was recorded in Kaduna at N734.94.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at N3,165.11, followed by the North-Central at N2,900.86.

“The lowest price was recorded in the North-West at N1,982.78.”

The North-Central and South-East recorded the highest average price of medium size agric eggs(12 pieces) at N2,789.15 and N2,438.06, respectively, while the lowest price was in the North-West at N1,963.65.

The report said that the South-South recorded the highest average price of sliced bread at N1,785.56, followed by the South-East at N1,635.73, while the North-East recorded the lowest price at N1,163.78.

The NBS said also that the South-West and the South-South recorded the highest average price of 1kg of local rice (sold loose) at N1,960.87 and N1,886.32 respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,591.21.”

The Tide source reports that in July, the Federal Government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for some food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security.

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TINUBU APPLAUDS NIM On National Dev

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President Bola Ahmed Tinubu says he appreciates the invaluable contribution of the Nigerian Institute of Management (Chartered) to our Nigerian development.

President Bola Ahmed Tinubu stated this at the 2024 Annual National Management Conference of Nigerian Institute of Management (Chartered) at the Obi Wali International Conference Centre in Port Harcourt, last Monday.

Represented by the Head of the Civil Service of the Federation (HoCSF) Dame Didi Esther Walson-Jack President Tinubu said with many professional managers and decision makers in the public and private sectors in attendance, the conference remains a gathering of brilliant minds dedicated to the advancement of good management practices in Nigeria.

President Tinubu disclosed that NIM’s commitment to excellence in management is vital because it is through good management that we can translate the potentials of our resources and human capital to development.

He said the theme of the conference, “Economic Stability & National Security: The Contending Issues and the Way Forward” is appropriate in charting a new course and a natural rebirth of our country which is in line with the Federal Government’s eight-point agenda aimed at turning around the economy and making life easier for the citizenry.

According to him the agenda includes food security, ending poverty, economic growth and job creation, access to capital, improving security, the rule of law, and fighting corruption.

He said “our nation stands at a cross road where the interplay between economic health and national security cannot be overstated”, noting that our strategies must reflect reality because these two factors are intrinsically linked.

The President opined that by choosing this theme as the focus of this year’s conference, NIM has further demonstrated that it is committed to supporting the Federal Government in achieving its objective of turning around the nation’s economy and setting it on the path of development and Progress.

In his remarks the Chief Host and Rivers State Governor Sir Siminalayi Fubara who was represented by his Deputy, Prof. Ngozi Nma Odu commended the Institute of Management for the laudable workshop they have put together, noting that as a State, we look forward to partnering with NIM(C)for trainings and reforms of the Civil Service of Rivers State.

Governor Fubara said “as we navigate the complex challenges facing our beloved Nigeria, it is crucial that we, as leaders and managers, engage in thoughtful dialogue and strategic planning to secure a prosperous and safe future for all Nigerians”.

According to the State Chief Executive, Nigeria has always been a nation of resilient and resourceful people, adding that our diversity is our strength, and our challenges are opportunities for innovation and growth.

“As we leave this conference, let us carry with us not just ideas, but a renewed commitment to action. Whether you are a public servant, a business leader, or a civil society advocate, you have a role to play in building a stable, secure, and prosperous Nigeria”. Governor Fubara further said.

In her keynote address Dr. (Mrs) Ajoritsedere Awosika said it is the responsibility of all stake holders to pave the way for a new era of prosperity for Nigeria, stressing that if not for ourselves it should be done for our children who are our hope and our future.

The President and Chairman of Council, Nigerian Institute of Management Dr. (Mrs) Christiana Atako had earlier welcomed participants where she said the Nigerian Institute of Management (Chartered) Annual Management Conference is the flagship of its many programmes and activities, which provides a platform to discuss contemporary burning issues of national interest with a view of proffering solutions.

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Nigeria, UK reaffirm commitment to deepening trade links

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The Federal Government and the United Kingdom (UK) have reaffirmed their commitment to strengthening and deepening trade relations.

Amb. Nura Rimi, the Permanent Secretary in the Federal Ministry of Industry, Trade and Investment, said this at the Inaugural Nigeria-UK Business Dialogue in Abuja.

The Tide source reports that both countries signed a Memorandum of Understanding (MoU) to enhance the nation’s trade and investment.

The permanent secretary added that the country is pleased to host the first edition of the Nigeria-UK Business Dialogue, a key event under the Enhanced Trade and Investment Partnership Memorandum of Understanding (MoU).

Rimi said the dialogue would allow stakeholders from both countries to participate in meaningful talks, share best practices, and explore joint opportunities in important areas such as agriculture, energy, technology, and manufacturing.

“Historically, Nigeria and the UK have enjoyed robust bilateral trade and investment relations.

“In the four quarters leading up to the first quarter of 2024, Nigeria was the UK’s 39th largest trading partner.

“During this period, Nigeria’s exports to the UK amounted to 2.4 billion pounds, while UK imports to Nigeria stood at 4.1 billion pounds in the 4th quarter of 2023.

“The Nigeria-UK Business Dialogue is an excellent event that marks a significant step towards developing trade relations and increasing economic collaboration between the two countries,” he said.

Rimi said by encouraging investments in important sectors such as agriculture, manufacturing, and infrastructure, both countries could boost growth and generate chances for joint ventures and increased relationships.

According to him, the Enhanced Trade and Investment Partnership MoU encourages UK investors to explore Nigeria’s most promising sectors.

“It is expected that both countries will work towards increasing reciprocal Foreign Direct Investment (FDI), recognising the potential of such investments to support sustainable economic growth and development.

“Through cooperative investment promotion and facilitation, infrastructure development, technology, and manufacturing can spur economic growth.

“Under the leadership of President Bola Tinubu, Nigeria has implemented several reforms to ensure a conducive investment climate that spurs growth and job creation across all sectors of the economy.

” These concerted efforts have positioned Nigeria as one of the most important destinations for Foreign Direct Investment (FDI) in Africa.

He expressed the hope that the dialogue would focus on building on the successes and progress made so far by reducing barriers to trade in goods and increasing opportunities for services.

He hoped that the dialogue would ensure investment promotion, and regulatory cooperation, that would pave the way for promising and concrete commitments.

Responding, the British Deputy High Commissioner, Jonny Baxter, said the event was built on the first of its kind partnership for the UK in Africa.

“This new platform enables us to build on successes from the UK-Nigeria Economic Development Forum to resolve more market access barriers.

“It will foster our joint commitment to develop novel systems for businesses to efficiently raise issues, and work towards practical solutions.

“The overall deepening of our cooperation underscores our shared efforts to enhance trade across current and new sectors, support businesses and boost economic growth between our two countries,” Baxter said.

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FUBARA RESTATES PRIMACY OF PEACE TO DRIVE GOVERNANCE, DEV

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Rivers State Governor, Sir Siminalayi Fubara, has advocated the need for peace to propel conducive environment to deliver good governance and greater development of the State and the nation.

Accordingly, he has assured of his administration’s readiness to continue to promote peace in the State for the overall benefit of all living and doing business in the State.

Governor Fubara made the assertion when he received members of the International Association of World Peace Advocates, Eminent Peace Ambassadors, Rivers State Chapter on a Road Walk to commemorate the 2024 International Day of Peace at the Government House, Port Harcourt, last Saturday.

Represented by the Head of Service, Rivers State Civil Service, Dr George Nwaeke, Governor Fubara, emphasized the need for residents to continue to preach the message of peace in the State and Nigeria at large, particularly at this time when the nation is at crossroads.

He thanked members of the association for embarking on the road walk to mark the International Day of Peace, and also identifying with the peaceful disposition of the present administration under his leadership.

He said, “Thank you for identifying with the Governor and the special qualities he possesses. Like you said, he has the capacity, but he refuses to fight back. That shows innermost strength, and that’s a very important ingredient for peace. Our Governor possesses it in exceeding volume.

“So, I want to thank you for marking today: the International Day of Peace. We need to preach peace to all corners of our State. We need to preach peace in our families, especially in this season that we find ourselves as Rivers people and as Nigerians'”, he asserted.

He assured that, “Our administration will continue to act in a way that will bring peace to the State, and at the end of the day, we will all be beneficiaries of the outcome of that peace advocacy.”

Earlier, Director, International Association of World Peace Advocates, Eminent Peace Ambassadors, Rivers State Chapter, Juliet Wokocha, had said that the road walk is part of activities by the United Nations body to mark the 2024 International Day of Peace with the theme: “Cultivating a Culture of Peace.”

Wokocha, who noted that peace cannot be kept by force, but can only be achieved by understanding, stated that they were in Government House to show solidarity with the Governor for his peaceful disposition, pledge their support, and also urge him to sustain the peace so far achieved in the State.

She said, “We have notified the Governor through our letter that we will be undertaking a road walk to mark the day of peace, because we want to let people know that the answer to every situation is peace.”

According to her, “Our Governor is the best Governor as far as peace is concerned in the world, not Nigeria. His tolerance level is too much. Anybody with his capacity would have taken powers into his hands, and caused situations that would trigger unrest and affect the citizens. But he is not like that. He is saying, let us maintain peace, whether justice is done or not, let us maintain peace.

“And so, this association that is affiliated with the United Nations has come to say, we are supporting him. We have come here to tell him that we are pledging our support. We will keep supporting him, and we are also urging him to keep maintaining peace” for the good of the State.

She added, “Right now, as we are commemorating here in Rivers State, different parts of the world as far as you are UN affiliated in this association, are commemorating the peace in their areas. But we decided to do road walk so that people will see us and key in.

“So, please, let us maintain peace in this State. We need peace to survive, as peace promotes development, allows for growth, and every good thing the citizens would want from our present Governor, His Excellency, Sir Siminalayi Fubara,” she noted.

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