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.
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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