Business
Real reasons the cost of food items is still high – Federal Government reveals
The Federal Government says despite the revolution witnessed in the agricultural sector, the cost of food items is still high because of infrastructural deficit and export demands.
The Minister of Information and Culture, Alhaji Lai Mohammed, said this on Tuesday when he featured in a Current Affairs programme “Focus Nigeria” of a Lagos-based Television station.
“Despite the fact that the production of staples like rice, grains, yam has increased with the agricultural revolution of the government, food items are still on the high side.
“There are many reasons why the prices are still up there but principally, I think it is an infrastructural deficit.
“By this, I mean what it takes to bring the produce from the farms to the farm gates and from the farm gates to the city centres and this may not improve until various road and rail projects are completed.
“The good news, however, is that from October this year, the General Electric, which has the concession for the 3,500 narrow gauge rail routes will commence work.
“The Lagos to Kano standard gauge rail project and the Lagos to Calabar rail lines which will crisscross all the South Eastern States are priority projects of the government.
“That will help in the transportation of goods and services including agricultural produce at a far cheaper fare and that will percolate to the common man,” he said.
The minister said that the government would leave no stone unturned to ensure that the Lagos to Ibadan, Kano to Maiduguri and other critical roads across the country were completed.
Mohammed also explained that “there is so much demand for our grains and cereals from other parts of Africa.
“You cannot stop the farmers especially with the ECOWAS Protocols that allows for free movement of goods and services.
“There is also a lot of demand for our grains from other parts of the world and as a matter of fact, we got over N30 billion from agricultural export in the second quarter of this year.
“I believe that with the economy picking up and the various infrastructural development coming up, Nigeria will very soon start to feel some relief.
“Also the Presidential initiative to employ 10,000 people from each state in the agricultural sector will bring succour and a lot of relief,” he said.
Speaking of his hopes and fears for the country, the minister said that, 57 years after independence, he was very confident and optimistic that Nigeria will be great.
“Living together for 57 years as an independent country with all the ups and downs and challenges and we are going stronger in all ramification.
“The present administration is getting its priorities right and focused on the economy, good governance, security and improving the quality of life of Nigerians,” he said.
The minister reiterated the position of President Muhammadu Buhari that with Nigeria exiting recession, the administration would not rest on its oars until the impact is felt by all Nigerians.
He said it was on record that since January, the country had recorded monthly steady reduction in headline inflation.
“Capital inflow has improved from 902 million dollars in the first quarter to 1.792 billion dollars in the second quarter.
“We have been able to add additional 8 billion dollars to our foreign reserve which was 23.7 billion dollars last year, but now 33.5 billion dollars this year.
“Our Balance of Trade has increased, farmers today get fertiliser at N5,500 as opposed to N13,000 before and we were able to deliver the fertilisers to farmers before the planting season.
“These are incremental gains and if we remain focused on our reforms, all these will improve,” he said.
For those criticising the president on his Independence Address to the nation, the minister said that Buhari addressed issues that were Germaine to national development.
He said Buhari’s speech touched on national security, economy, corruption, unity and development as well as the achievements recorded by the administration despite constraints.
The minister said that, though the government had made its position clear on the agitation for restructuring, “the greatest threat we have today is not restructuring but it is about corruption”.
“I make bold to say that corruption is the bane of the country and the biggest threat to our existence.
“Year in year out, huge sums of money are voted for and released for projects that will touch the lives of Nigerians but they are stolen and these projects are left abandoned.
“It is interesting that those people who are vociferous about restructuring are the same people that were in power for 16 years and they did not do anything about restructuring,” he said.
The minister commended the ruling APC for creating the platform to get the aggregate of the views of Nigerians as to what they meant by restructuring.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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