Economy

Full List As Prices Of Onions, Beans, Others Crash In FCT Markets, Environs

Published

19 hours ago

March 16, 2025

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Full List As Prices Of Onions, Beans, Others Crash In FCT Markets, Environs

Full List as prices of onions, beans, others crash in FCT markets, environs. Correspondents who visited various markets in FCT and its environs reported that the prices vary depending on the market and its location.

Prices of food items are gradually dropping in the Federal Capital Territory (FCT) markets and environs, a News Agency of Nigeria (NAN) survey reveals.

Correspondents who visited various markets in FCT and its environs reported that the prices vary depending on the market and its location.
Food prices tend to be higher in markets in the city centres than those in the satellite towns.

At the Kado market, a 50kg bag of rice, which sold between N97,000 and N100,000 in January, is now being sold for N87,000, while a 25kg bag formally sold between N45,000 and N50,000 was now being sold for N43,500 depending on the brand.

In Garki market located at the city centre, a bag of 50 kg rice was now being sold between N81,000 to N83,000 as against N92,000 in January, while a 25kg bag now sells for between N42,000 and N43,000 as against N45,000 sold in January.

In Nyanya market, located in the satellite town, a 50 kg bag of rice was formally sold between N90,000 and N93,000 in January, and it was now being sold between N70,000 and N83,000, depending on the brand.
A 50 kg bag of rice sold for N105,000 at Apo fish market had crashed to N93,000.

At the popular Orange market on the Abuja-Keffi expressway, a bag of onions sold between N90,000 and N100,000 as of January was now being sold between N50,000 and N55,000.

In Garki market, a bag of onions sold between N180,000 and N200,000 as of January now goes for between N55,000 and N60,000.

In Karu market, located in FCT satellite town, a bag of Bendel (yellow) garri was sold at N55,000 against N57,000 to N60,000 in January.

For red oil, a 25-litre keg sold between N75,000 and N83,000 in January was sold between N55,000 and N50,000 in the Nyanya market.

In Apo fish market, a 25-litre Terra groundnut oil formerly sold for N88,000 now goes for N84,000.

A four-litre keg of groundnut oil was now being sold for N15,500, which was against its former price of between N17,500 and N20,000, depending on the brand.

Also, a big bag of white beans initially sold between N200,000 and N150,000 now sells between N115,000 and N120,000 at Kado market.
A module of white beans formally sold between N2,100 and N2,300 in January was sold between N1,700 and N1,800, respectively.

At Orozo market, a module of brown beans formally sold between N2,200 and N2,800 was now sold for between N1,800 and N2,000.
However, food items like yams, pepper, combo and plantain had increased compared to their prices in January.

At the Wuse market, five pieces of medium-sized yams sold between N8,000 and N10,000 were now being sold for N15,000.

FCT Markets

At Lugbe and Orozo markets, the same size of yams formally sold for between N6,000 and N7,000 were now sold for N10,000.
Also, a bunch of plantain sold for N6,000 was now being sold for between N8,000 and N9,000.

A big bag of pepper was now being sold for N73,000 as against N31,000 in January.
A big basket of shombo was sold at N36,000 against N30,000 in January.

Amina Suleiman, a mother of four, said that although prices of some food items in the market were dropping, the decrease was insignificant.

“The government needs to do more in the area of security to enable farmers to farm more, improve infrastructure and ensure incentives to farmers.

“All these will reduce the cost of production and, in turn, further reduce the cost of food prices for the good of all Nigerians,” Ms Suleiman said.

Albert Okoro, a rice wholesaler in the Garki market, attributed the price drop to the slight reduction in fuel prices.

Economy

MTN Nigeria’s Revenue Surges By 35.6% In March After Tariff Adjustments

Published

52 minutes ago

March 17, 2025

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MTN Nigeria’s Revenue Surges By 35.6% In March After Tariff Adjustments

MTN Nigeria’s revenue surges by 35.6% in March after tariff adjustments. MTN Nigeria’s service revenue surged by 35.6% in March following tariff adjustments implemented in February.

A report by its group office in South Africa on Monday, also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.

This is as the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan.

It reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.

“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President & Chief Executive Officer, Ralph Mupita expressed optimism about the future.

He noted signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria. “In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.

MTN Nigeria

“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.

Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.

Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).

Economy

TAJBank Ready To Issue N20bn Mudarabah Sukuk, Eyes N100bn Programme

Published

1 hour ago

March 17, 2025

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TAJBank Ready To Issue N20bn Mudarabah Sukuk, Eyes N100bn Programme

TAJBank ready to issue N20bn Mudarabah Sukuk, eyes N100bn programme. TAJBank, Nigeria’s leading non-interest bank, is set to issue a ₦20 billion Mudarabah Sukuk bond as part of its strategy to strengthen its Additional Tier 1 capital and support its business expansion.

The bond issuance is part of the bank’s ₦100 billion Sukuk programme and follows the successful launch of Nigeria’s first-ever ₦10 billion Sukuk bond on the Nigerian Exchange (NGX) in 2023.

The latest offering provides individuals and institutions with a unique opportunity to invest in an ethical financial instrument with an attractive 20.5% annual return.

The Mudarabah Sukuk is structured to provide a stable and ethical investment avenue, allowing investors to participate in profit-sharing ventures while reinforcing TAJBank’s commitment to financial inclusion and innovative financial solutions.

According to the bank’s management, the terms and conditions of the Sukuk are undergoing final regulatory approvals and will be accessible to both individual and corporate investors. The initiative aims to offer a convenient and reliable income source, easily accessible online.

Speaking on the upcoming ₦20 billion Sukuk listing on the NGX, TAJBank’s Founder/CEO, Mr. Hamid Joda, expressed excitement about the investment opportunity, stating:

“We are thrilled to bring this Mudarabah Sukuk to the market, providing investors with a compelling ethical investment option.

TAJBank

Listing on the NGX will broaden investor participation and enable them to benefit from our profit-sharing model.”

Interested investors are encouraged to consult their financial advisors or visit www.tajbank.com for more details on the Sukuk issuance and listing process.

Economy

President Trump Initiates Mass Layoffs At Voice Of America

Published

1 hour ago

March 17, 2025

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President Trump Initiates Mass Layoffs At Voice Of America

President Trump initiates mass layoffs at Voice of America. The Trump administration has begun mass layoffs at Voice of America (VOA) and other US-funded media outlets, signaling plans to significantly downsize platforms long considered key to US global influence.

On Sunday, contractors at VOA received emails notifying them of their termination by the end of March, instructing them to immediately cease work and refrain from accessing agency buildings or systems. These contractors, many of whom are non-US citizens, face job losses that could affect their visa status.

Meanwhile, full-time VOA employees—who have greater legal protections—were placed on administrative leave and instructed not to work.

VOA, established during World War II, broadcasts in 49 languages to audiences in countries with restricted media freedoms.

However, Trump’s executive order signed on Friday targeted its parent organization, the US Agency for Global Media (USAGM), as part of broader federal spending cuts.

The layoffs have left VOA in limbo, forcing some services to resort to playing music due to a lack of new programming.

The cuts also affected other US-backed broadcasters, including:
Radio Free Europe/Radio Liberty, established during the Cold War.
Radio Free Asia, which provides news to China, North Korea, and other restricted regions.
Radio Farda, a Persian-language station blocked in Iran.
Alhurra, an Arabic-language network launched after the Iraq invasion.

Voice Of America

The White House defended the move, stating that “taxpayers are no longer funding radical propaganda”—a claim rarely associated with VOA before Trump.

The former president has often criticized the media and questioned VOA’s editorial independence, despite its traditional role in countering authoritarian narratives.

The layoffs come at a time when China and Russia are heavily investing in their state-run media to compete with Western outlets.

China’s Global Times, commenting on VOA’s decline, claimed that Western media’s monopoly on information is crumbling and suggested that VOA’s “demonizing narratives” against China would soon become irrelevant.