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Tag: Food

  • Food export to U.S. attracts higher inspection costs

    Food export to U.S. attracts higher inspection costs

    Nigeria’s food exports to the United States may attract high costs in the next five years as the U.S.’s Department of Agriculture (USDA) Animal Plant Health Inspection Service (APHIS) is seeking to raise fees for its agricultural inspection programme.

     This is to ensure imports do not contain pests or diseases that could harm the food industry.

    APHIS is proposing to hike fees beginning from next January 1. By 2027, fees will be more than double for cargo entering the U.S. by truck, rail and ship.

    The agency said it is struggling to make enough revenue to cover the cost of ensuring cargo is free of pests or diseases that could disrupt the U.S. food system.

    U.S. food imports from Nigeria are still less than $150 million yearly, according to data from the United Nations COMTRADE and other agencies.

    Director-General of African Centre for Supply Chain, Obiora Madu noted that the increase in inspection costs  would affect new entrants into U.S. agricultural exports.

    According to him, the increase in inspection costs would be new health and food safety rules, which result in huge losses as export revenue.

    He indicated that the nation’s food exports volume may be reduced with increased inspection that may tighten the rule on contamination.

    His concern was that the value of food exports to the U.S. has not made much headway because of a slew of non-tariff measures, specifically, the plant and animal safety measures (technically known as sanitary and phytosanitary measures) that affect exports of agro commodities. 

    With new rules expected to come in, in addition to higher inspection costs, Madu noted that there was no huge scope for Nigerian food exporters to expand their footprint in the U.S. market.

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    He however, urged exporters planning to foray into the U.S. market need to prove their competitiveness against others.

    The APHIS has struggled to keep up with administration costs as agricultural imports have substantially grown over the past decade.The agency said higher fees are needed “so that the program can be sufficiently funded to prevent service interruptions”.

    Nigeria has failed to grow pesticide-free food exports to Europe and has been paying a heavy price for it.

    Earlier, the Director-General, National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, expressed dismay over the alarming rate of rejections of food exports from Nigeria due to non-involvement of the agency in the screening and certification of such goods.She said that agricultural commodities that Nigeria exported within the first nine months of 2022 generated N427.6 billion ($1.02billion).

    However, Mrs Adeyeye said about 82 per cent of Nigeria’s agricultural products exported illegally were seized by European Union countries.

    NAFDACS’s concern came just as pre-shipment inspection agents pledged to collaborate with regulatory agencies to eliminate the rejection of Nigerians’ food exports through unified exportation procedure. To find lasting solutions to the challenge of rejecting non-oil exports from the country, the NAFDAC DG said the agency decided to, once again, extend hands of collaboration to critical stakeholders in the nation’s ports.

    The NAFDAC boss noted that the agency acknowledges the importance of having broader and deeper interactions and collaborations with sister agencies such as Standards Organisation of Nigeria (SON), Nigeria Agricultural Quarantine Service (NAQS), Nigeria Export Promotion Council (NEPC), and Nigeria Custom Service (NCS)

    Mrs Adeyeye also emphasised the position of export as a key factor in every economy, adding that the reason for regulation of the sector was to ensure that products that leave a country’s shores were of good quality, safe and meet international best practices, among others.

    “For Nigeria, trade is critical to the national economic makeup, adding that in 2021, Nigeria exported $57.7 billion of goods, making it the world’s 52nd most exporting country,” she said.

    Adeyeye said cocoa beans, sesame seeds, cashew and seven other products top the list of agricultural commodities Nigeria exported within the first nine months of last year, generating N427.6 billion or $1.02billion.

    The DG NAFDAC listed reasons for export rejection to include technical barrier issues, defective packaging and inadequate labelling, non-documentation, unauthorised transition, illegal importation and non-compliance to destination markets standards.

    She said authorities of the EU would reject consignments containing food that do not comply with EU maximum residue limits (MRLs) for Vet Medicine and Pesticides, and maximum limits (MLs) for contaminants in foods.

  • Governors get Fed Govt push on mass food production

    Governors get Fed Govt push on mass food production

    Governors have been given a marching order to boost food security by embarking on mass production.

    The order, according to Niger State Governor Mohammed Umar Bago, was given by President Bola Ahmed Tinubu.

    Bago said yesterday that his administration earmarked about 550,000 hectares of land for farming in the state in compliance with the presidential directive.

    According to him, 300,000 hectares of the farmland were ready for cultivation while the government plans to clear another 250,000 hectares across the state.

    Bago dropped the hint while interacting with reporters in the state house reporters on a day the World Food Programme (WFP) pledged a $2.5 billion lifeline to the Federal Government’s Zero Hunger Programme.

    He said his administration was not unmindful of the fact that the state does not have the Blue Economy being developed by the government.

    The Northcentral state, the governor noted relies on its vast land and green vegetation to shore up its economy.

    Speaking on climate change, the governor said: “It is very very clear that climate change has been a topic of discussion in the world. This morning I watched with so much pain how Libya has been overtaken by flood unprecedented.

    Read Also: Why Tinubu gave marching order to governors on food security, by Bago

    “As a country and as a state, that is 10 per cent the total size of Nigeria with bodies of water for hydropower dams, it is high time we start to pluck excess water during rainy season as a national plan, so that we can plough them back when we have drought.

    “As the world is evolving, we cannot be doing otherwise. So, as a state we are already poised and positioned for the next level. Mr. President, Senator Bola Ahmed Tinubu has given a marching order for food insecurity and Niger State wants to have 10 per cent of the total landmass of Nigeria.

    “So, we have to collaborate with our neighboring states with the Federal Government in the SABC initiative of the AfDB and also with the Livestock Investment Programme of Government of Nigeria. So, these are the benefits.”

    On insecurity in his domain, the governor said those willing to invest in the state has no reason to be afraid anymore as the government has taken proactive measures.

    He spoke of plans to dislodge bandits and put the lands being inhabited by them into economic use.

    He said mining activities (including those with licenses from the Federal Government) have been banned in the state and that arrangements concluded to create cattle ranches, adding that in the next six months, the state plans to plant about 10 million trees.

    He claimed that cattle breeders often use rearing as cover to perpetrate in illegal mining.

    On the pact with some states in the South of the Niger, the governor said: “We have agreed that cattle will no longer be transported to the South. They will stop at Mokwa where we are setting up a processing plant which will process them before they are transported to the south.”

    WFP pledges $2.5b

    Through its Country Director in Nigeria, David Stevenson, the WFP announced a $2.5 billion support for the Zero Hunger Programme.

    Stevenson announced the WFP package when he led a team of the United Nations (UN) agency to the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu.

    The pledged covers humanitarian and poverty intervention efforts, including the food security agenda and the Zero Hunger Programme, among others.

    Stevenson, who disclosed that 2.1 million Nigerians have already been captured as beneficiaries and expressed hope to expand the working relationship with the Humanitarian Affairs ministry, commended President Tinubu for his commitment to eradicating poverty and reducing humanitarian crises.

    In a statement by the minister’s media aide, Rasheed Zubair, the Country representative “I have been very impressed in such a short time to hear about the minister’s leadership, putting together the strategy for the ministry.

    “We talked about zero hunger, we talked about the humanitarian hubs in every local government area in the country, we talked about the world food programmes, the potential to support those hubs through buying food locally and also assisting in the cash transfer and food.  These are very impressive.

    “Let me announce here that the World Food Programme is committed to spending $2.5billion to fight hunger in Nigeria in the next five years.”

    Dr. Edu told her guests that more than 133 million Nigerians have been affected by multidimensional poverty. She noted that WFP’s intervention of $2.5 billion for five years “will go a long way to address some of the biggest challenges the country is facing, which is hunger.

    According to her, “Zero Hunger” is one of the projects her ministry has initiated as part of poverty and humanitarian response efforts, and appealed to the WFP to key into it by working with the ministry to achieve results.

    She said: “We have over 80,000 persons as refugees presently, in Nigeria. In the state I come from alone, there are over 40,000 refugees and these are just those who are registered.

    “Part of the innovation which we are bringing on board is what we call humanitarian hub because we want to create 774 of these humanitarian hubs in each local government across Nigeria.”

  • Food, energy prices push inflation to highest level in 18 years

    Food, energy prices push inflation to highest level in 18 years

    Rising costs of foodstuffs, energy logistics and other living items have further eroded Nigerians’ disposable incomes, thus pushing headline inflation rate to its highest level in 18 years.

    Economic intelligence reports by many finance and economic firms surveyed by The Nation yesterday indicated that inflation may rise by more than 100 basis points to above 25 per cent, the eighth consecutive monthly increase and the highest since August 2005.

    Ahead of the release of the official inflation report by the National Bureau of Statistics (NBS), independent consumer surveys and econometric models indicated that inflation remained on an upward trend.

    Analysts were unanimous that  inflation rate remains elevated, although the projections differ slightly. On average, inflation is expected to increase from 24.08 per cent in July to about 25.5 per cent in August.

    Financial Derivatives Company (FDC), a leading independent economic and finance research firm, stated that its independent market surveys showed that headline inflation may rise to 25.47 per cent.

    Cordros Capital said it expected inflation to rise by about 150 basis points to 25.7 per cent in August 2023, as “existing factors stoking upward price pressures” are expected to “remain intact over the short term”.

    Experts at Cordros Capital said the lean season in food-producing states would also likely widen the food demand-supply gap further.

    United Capital said consumer prices will remain under substantial pressure in the second half of 2023, with inflation projected to average 25.1 per cent for the entire year, marking the highest annual rate since the 1990s.

    “The contributory factors to inflation in Nigeria remain basically the same. Prominent among these factors are naira depreciation, higher logistics costs, money supply growth, and cost-push variables,” FDC stated.

    According to the Bismarck Rewane-led FDC, the pass-through effect of a weak currency on domestic prices remains potent, with notable commodities such as wheat, sugar, rice, and dairy products with high import content.

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    FDC, however, noted that rising inflation was not peculiar to Nigeria. It pointed out that some of the sub-Saharan African (SSA) countries also recorded higher inflation rates, owing primarily to currency weakness and increasing energy costs.

    In August, the Zambian Kwacha depreciated by 6.69 per cent to K20.26 per dollar, pushing inflation to a 17-month high of 10.8 per cent. Angola’s inflation also increased for the third consecutive month to 12.12 per cent in July, largely due to the reduction in fuel subsidies. 

    United Capital explained that the elevated inflation could be attributed to heightened price levels across all components of the inflation basket, driven by various structural anomalies and policy shocks.

    According to analysts, these shocks include the closure of borders, which limited the supply of certain goods, insecurity in the food-producing regions of the country, devaluation of the naira, imported inflation, high fuel pump prices and the increase in electricity tariffs.

    These factors, said the analysts, have collectively contributed to the continuous increase in consumer prices and overall inflationary pressures in the country.

    United Capital said: “In the second half 2023, several price triggers, including the increase in premium motor spirit (PMS) prices, currency pressure from the unification of exchange rates, and the potential electricity tariff increase, are expected to drive inflation higher.

    “Additionally, policy measures such as the implementation of importation duties on selected goods and new taxes from the Finance Act are likely to contribute significantly to the rise in headline inflation during this period. “These factors combined pose challenges to inflation control and warrant close monitoring by policymakers to ensure economic stability,”

    Cordros Capital outlined that the primary factors driving inflation were “the trifecta impact of elevated PMS prices induced by the PMS subsidy removal, lingering currency depreciation that accompanied the Central Bank of Nigeria (CBN)’s forex reform, and dry spell season in the northern region as the rainfall was insufficient in the period”.

    “We expect the impact of the existing factors stoking upward price pressures to remain intact over the short term. In addition, the ongoing lean season in food-producing states will likely widen the food demand-supply gap further,” Cordros Capital stated.

    Meanwhile, the Federal Government has said it was in the process of removing all other major macroeconomic impediments to the stability of the foreign exchange (forex) rate, inflation, interest rates, liquidity and access to adequate finance.

    In a new acceleration of President Bola Tinubu’s monetary and fiscal reforms, the government stated that it was finalising key initiatives aimed at freeing up the macroeconomic environment from legacy constraints with a view to enhancing Nigeria’s attractiveness as a global destination for investments.

  • ‘Release seeds, agro-input to boost food production’

    ‘Release seeds, agro-input to boost food production’

    Seed Entrepreneurs Association of Nigeria (SEEDAN) has appealed to the Federal Government to revive and speedily implement the supply of seeds and other agro-inputs as approved by President Bola Tinubu.

    It would be recalled President Tinubu in July declared a state of emergency on food security to tackle high cost of food prices.

    The association also called on the government to patronise seed companies accredited by the National Agricultural Seeds Council (NASC) as well as those with evidence of seed lots that have passed minimum field certification and seed laboratory standards in order to ensure that farmers get quality and viable seeds for the production of food.

    President of the association, Otunba Richard Olafare made the appeal at SEDAN’S annual general meeting in Abuja.

    Olafare, who was  represented Represented by Sir George zangir, appealed to the Federal Ministry of Agriculture and Food Security, and all relevant agencies such as the Central Bank of Nigeria (CBN), commercial banks, insurance companies among others to further intensify the support to seed businesses which will enable most companies to expand production and modernise their seed processing activities.

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    He noted that the association has over 400 seed businesses accredited by the National Agricultural Seed Council which is an evidence of the viability and potentials of the seed industry.

    He added that the achievements made by the association in the past would not make meaningful impact unless the use of improved seeds in Nigeria is increased from the current level which is less than 20 percent relative to countries especially in East and Southern Africa that record well above 60 percent.

    This low adoption rate, widespread poverty and the small size of farm holdings, he said, make support to farmers necessary if they are to optimally produce enough food to feed the country.

    He said: “The use of improved seeds and other novel farm tools in today’s world, where population growth, climate change, and resource scarcity pose significant challenges are pointers to the importance of agricultural productivity per unit area.

    “It must be noted that the availability of quality seeds is a fundamental pillar in achieving this productivity, and it serves as the cornerstone of sustainable agricultural practices and policies. Seed business is, however, capital intensive hence, sustained access to low-cost finance is the primed driver for growth and commitment to quality at every stage”.

    The Acting Director-general, Dr. Ishiak Khalid, commended  SEEDAN for its commitment towards promoting best practices through research and advocacy in the seed industry.

    He said, over the years, SEEDAN has played a pivotal role in advancing the seed industry in Nigeria by fostering innovation, collaboration, and excellence.

    “Your dedication to ensuring that high-quality seeds are accessible to farmers has significantly contributed to the growth of our agricultural sector and prosperity as a nation.

    “Your efforts have not only strengthened the capacity of entrepreneurs but also empowered farmers across Nigeria. With a total of over 450 seed entrepreneurs in the docket and over 120 in different stages of accreditation”, Khalid added.

  • Ifelodun lifts residents with food packs

    Ifelodun lifts residents with food packs

    Ifelodun Local Council Development Area (LCDA) has cushioned the effect of fuel subsidy removal by giving food packs to its residents.

    Its Chairman, Mayor Olufemi Akanbi Okeowo lifted over 5,000 widows, the vulnerable and some residents of the area.

     The event, which took place on Wednesday, at the Council Secretariat witnessed a crowd  of people from Wards A, B, C and D.

      “Government is very much aware of the effects of the fuel subsidy removal , hence the need to mitigate the effects,” Okeowo said.

     Fuel subsidywas being enjoyed by a cartel in the past, who were  few and super rich, he said..

     “This palliatives, which contain Vegetable oil, Semovita, Garri, Rice, Salt and ,Beans will go far for more people ,who could not have ever enjoyed or benefited from the subsidy in the past,”

      “Our children and wives go to the Markets, they buy fuel. We live amongst you, therefore we feel what you feel,we equally remember that you voted for us out of love,” he said.

  • ‘113m people face food insecurity’

    No fewer than 113 million people are experiencing high levels of food insecurity in the world, The Companion, an association of Muslim in Business and Professions National President, Alhaji Wale Sonaike, said on Wednesday.

    Quoting the Global Report on last year’s Food Crisis, Sonaike said Nigeria was named as one of the eight countries most affected in the world.

    “These eight countries accounted for two-thirds of the total number of people facing acute food insecurity, amounting to nearly 72 million people,” he quoted the report.

    He spoke at a briefing on the forthcoming 4th National Discourse scheduled for Sunday at University of Lagos Main Auditorium now named J.F. Ade-Ajayi auditorium.

    Vice President Prof Yemi Osinbajo will lead immediate past Governor of Osun State Ogbeni Rauf Aregbesola, a renowned expert in Agricultural-Engineering and former University of Uyo Vice Chancellor Prof Fola Lasisi, Prof Lateef Sanni of Federal University of Agriculture, Abeokuta, Coordinator, All Farmers Association of Nigeria, Otunba Femi Oke as well as an expert in Animal Production from the University of Ilorin, Dr Hameed Badmos, among others dignitaries to the event.

    Speaking on the theme: Food security: Unleashing Nigeria’s natural potential for self-sufficiency, Alhaji Sonaike said it is regrettable that Nigeria despite ranked as the highest producer of yam and cassava worldwide, is categorised as a food insecure nation with heavy reliance on importation of grains, livestock products and fish. “With a projected population of over 233 million by 2025, the concern for food security in the nearest future is palpable and calls for concern and immediate action by the populace and the government at all levels,” he said.

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    He said the association focus on food security for this year’s discourse “because food undoubtedly is the most basic of all human survival needs and the starting chain of the economy as well as the base for daily life.”

    Food and agriculture by extension, he added, is also a fundamental pillar for economic growth and development as a nation can hardly achieve and sustain its economic growth without a strong agricultural base and the reasons are obvious.

    “Nigeria has correctly identified food and agricultural production among others as one of the areas to focus on the growth and diversification of the economy. This has started to yield results to the extent that Nigeria has become the largest economy in Africa, yet ironically, the country is still categorised as one of the few countries with high incidents of extreme poverty. This is paradoxical and calls for an expert investigation. In the light of these, we felt that experts should be called together to engage in a meaningful discourse to proffer solutions,” he said.

    Sonaike urged the federal government to take more drastic measures towards combating insecurity in the country, adding that incidents of community invasion, banditry, kidnapping, armed robbery, among others have become so rampant that lives and property are no longer safe.

    “Millions of farmers have either been displaced from their farmlands or dispossessed of their farmland. All of these have a negative impact on food production and constitute a major threat to food security no matter the beauty of agricultural policy put in place.

    “While we commend the government on the decision to recruit 10,000 police men , in a bit to combat this menace, it is unfortunate, however, that many years after this pronouncement; the recruitment is still in progress. What does it really take to recruit 10,000 policemen in the midst of millions of unemployed youth in the country? Those concerned should be called to order,” he said.

  • FOBTOB institutes empowerment scheme for members’ children

    The Food, Beverage and Tobacco Senior Staff Association (FOBTOB) has introduced N1million empowerment scheme for children of its members who graduate with first class.

    The union’s President, Quadri Olaleye, who revealed this at a luncheon in Lagos in honour of the media for their support for the union’s activities, explained that award of N1million to brilliant youths was aimed at promoting academic excellence.

    He said: “We decided to initiate a scholarship award on yearly basis but exclusive to children of our members. It is a merit award of one million Naira for students that graduate with a First Class degree.

    “Just last week Friday, we were at Nestle Nigeria Plc. to celebrate one of our children that got a first class in Electrical Electronics from Federal University of Technology, Akure (FUTA). The bank draft of N1 million was delivered to him in the presence of the management representatives.

    “If we cannot assist the world at large, at least let us do something within our circle. We want to make ourselves more relevant, our members have high expectations from us, and we cannot afford to disappoint them.”

    According to him, the decline of student performance in universities spurred the association to come up with a merit award initiative.

    Olaleye said the admittance of directors and senior managers as members of the union made FOBTOB a unique amongst the comity of industrial trade unions in Nigeria.

    “In the past, our managers thought the union was for senior staff only, but as we speak, we have more managers in our midst. Between 2016 till date, one of our priorities is to continue to increase membership. We make sure every year our target is minimum of five companies joining our fold,” he added.

    He also restated the commitment of the leadership of the union to continue to be prudent and exhibit high professionalism in the operations of the union.

    Olaleye said things have changed since the inception of the current administration different from what it used to be.

    “Before now, we used to have different offices within a building, but now we have an open office which is part of our journey towards excellence. It makes us work faster, respond to issues faster and it also builds our inter relationship.

    “We are a union and we want to be different in the comity of unions even with the way we do things. The reason is because we belong to the private sector and the way we do things in our sector, especially in the food and beverages, we want people to recognise us as totally different from others.”

    He explained that while the union is desirous of expansion of its membership base, managing directors and human resources directors would not be admitted into the union.

    He said: “By our constitution and agreement, the only people that are exempted from being our member is the Managing Director and the human resources directors, all other directors are our members. In a union that a Director belongs to, you will see that its makes the union different from the common one, which is guiding us in our journey towards excellence.

    “When the present executive came on board, there were no funds to carryout activities, we were asking our employers to donate for us but now things have changed.”

  • Family of three, unborn baby, die of food poisoning

    A tragedy occurred in Swali, Yenagoa at the weekend following the death of a husband, his pregnant wife and a 10-year-old boy after consuming suspected poisonous food.

    It was gathered that the food, which they consumed, was prepared by the 35-year-old woman identified as Mrs. Nkem Igwenta.

    All members of the family including the 35-year-old husband, Orji Igwenta and a 10-year-old boy, Obinna Ogbani, said to be the cousin of Igwenta, were found lifeless after the poisoned dinner.

    Eyewitnesses said two rats, which reportedly ate crumbs of the food, were also found dead in the apartment.

    It was gathered that the neighbours, who were thrown into mourning after discovering the incident on Saturday afternoon, alerted the police.

    A source who spoke in confidence said: “A great tragedy has occurred at winners Road Swali, it was a black afternoon for us as a complete family is wiped out by food poison, 

    “Father, pregnant mother and a 10-year old  boy that is living with them all died. How their food was poison is still mysterious up till now after they ate their night dinner cooked by the wife. Even two rats that ate the remnants also died. Vengeance belongs to Lord if is done by human enemies”.

    The Police Public Relations Officer (PPRO), Asinim Butswat, confirmed the tragedy describing their death as sudden and unnatural.

    He said: “The  landlord of the deceased reported that the deceased one Orji Igwenta ‘m’ 35yrs a native of Ozallah community in Nkanu West LGA of Enugu State  and a keke rider was found dead with the wife Mrs Nkem Igwenta ‘f’ 34yrs wife and Obinna Ogbani ‘m’ 10yrs, a brother to Orji Igwenta in their room at the same address. 

    “Also found dead by their side is a rat which is suspected to have eaten the same poison food with the family”.

  • World food prices down 3.7% in July – FAO

    World food prices fell 3.7 per cent in July from the month before with declines seen across all crop types, the United Nations food agency said on Thursday.

    The Food and Agriculture Organisation (FAO) said in Rome that the drop was the sharpest monthly drop since last December.

    FAO’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar averaged 168.8 points in July against an upwardly revised 175.3 in June.

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    “The decline in July was driven by weaker export quotations for wheat, maize and rice,” FAO said.

    “International wheat prices were generally weaker during the first half of the month, but concerns over production prospects in the EU and

    the Russian Federation started to push export values higher towards the end of the month,” it added.

    The sharpest individual falls were registered in the dairy price index and the sugar price index.

    FAO did not provide any new forecast for cereal output in 2018. The next new forecast will come on Sept. 6.

  • Fuel price hike fear pushes up food, other prices

    Prices of consumables and building materials have increased in anticipation of a possible hike in the price of petrol, it was learnt at the weekend.

    It was gathered that many distributors and retailers have adjusted their prices on the assumption that the Federal Government might increase the official pump price from N145 per litre to N200 per litre.

    Though the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has denied the hike, prices of goods have gone up.

    Prices of rice, wheat, yam and others have increased by more than 100 per cent.

    For building materials, it was gathered that white slates, which  sold for N1400 per unit now goes for N1700 per unit, while colour slates that was N1560 per unit sells for N1730 per unit.

    However, a sales representative with Paa gu and Sons Limited in Ikorodu, Lagos, Mr Olu Fred, attributed the increase to rising production costs and transportation.

    Olu, whose firm is a distributor with Nigerite, said the increase in the price was a reflection of the economy.

    He said: ‘’Our prices were the lowest in Igbogbo area of Ikorodu and its environs. But due to the rising cost of production, coupled with the rumours that the government was planning to increase the price of fuel, the firm decided to move the price upward. We are acting in line with the demand of market forces.’’

    Also, it was gathered that prices of rice, beans and other basic food items have increased in  markets within the Lagos metropolis. While some people sell a 50kg bag of rice for between N1,700 and N1,759, others sell it for N1,600.

    TheNigerian Bureau of Statistics (NBS) had projected the rate of inflation to drop to 13.49 per cent last month, from 14.33 per cent recorded in the previous month. Also, the agency said core inflation dropped from 15.33 per cent in January to 14.33 per cent last month, while it puts the country’s foreign reserves at $47billion.