Business

Traders lament as fuel scarcity causes inflation in prices of Perishable goods

Published

9 years ago

December 7, 2015

The persistent fuel scarcity, insecurity and foreign exchange restriction may have forced the prices of tomatoes, fresh pepper and chili pepper and other food items up by about 30 percent. Prices of the items had soared by 30 per cent in most markets in Lagos on Monday. The survey showed that a big basket of tomatoes which previously sold for N9, 100 at the Mile 12, Iddo and Whitesand markets now sells for N13, 000.

A medium-size basket of fresh pepper now sells for N8, 000.00, from N5,600, while a basket of chili pepper goes for N12, 000 as against N8,500 it sold the preceding weeks. A jute bag of onions goes for N33, 000 from N25, 000, while a 25-litre keg of vegetable oil goes for N8,800 as against N8,200 previously.

At the Daleko Market, Isolo, the prices of the various brands of a 50-kilogramme bag of rice, which previously sold at N9, 500 now sells for ‎N12,000. Traders attributed the lingering fuel scarcity, insecurity, foreign exchange restriction and lack of storage facility as reasons for the increase in the prices of food items.

Mr Femi Odusanya, spokesman for Mile 12 Perishable Food Traders Association, said fuel scarcity had affected the movement and prices of goods to the Lagos market. “The number of trucks that bring goods to the market has reduced. “We get less than 10 trucks from the 40 trucks that usually bring goods to the market daily because there is no fuel to transport the goods to Lagos.

“The delay affects the goods as most of them rot before they get to the market. Traders usually add the expected margin to minimise their losses,’’ he said. Odusanya urged the government to address the issue of recurring fuel scarcity, post harvest storage of goods and improved mechanised farming to sustain food security.

Alhaji Tajudeen Saka, a butcher, attributed the increase in the price of livestocks to the insecurity in the north-east and cost of transporting cows to the southern parts of the country. He said: “The Boko Haram insurgency in the North-East, the clash between Fulani herdsmen and some communities are factors that have affected the rearing of livestocks’’.

Mrs Iyabo Adebowale, a cloth seller at Docemo market, said sales had dropped. “We pray and hope that business activities will improve in the few days preceding Christmas celebration.’’

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

11 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

18 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.