BUSINESS
FCT Residents Struggle with Low Purchasing Power in spite Drop in Food Prices
In spite of the decline in food inflation across Nigeria, many residents of the Federal Capital Territory (FCT) have decried their inability to purchase staple food items.
The residents, who spoke on Sunday in Abuja attributed the development to low purchasing power and income.
“Although, some food items have slightly reduced in price, the difference is not yet significant enough due to limited income,’’ they said.
According to the data released by the National Bureau of Statistics (NBS), the country’s annual food inflation rate dropped to 16.87 per cent in September 2025, down from 21.87 per cent in August.
The report said that the reduction was largely due to the seasonal harvest of grains such as maize and millet.
At the Apo market, a bag of local rice formerly sold at N75,000 is now N57,000, while a foreign brand which was sold between N90,000 and N100,000 is now N70,000.
A bag of iron beans goes for N108,000, while brown beans cost N118,000, slightly lower than the N135,000 and 145, 000 recorded earlier in the year.
A bag of white garri sold for N65,000, now sells for N60,000, while a 25-litre jerrycan of groundnut oil and red oil cost N75,000 and N77,000 respectively.
A dustbin basket of pepper is sold for between N2,000 and N2,300, while a similar basket of tomatoes ranged from N5,000 to N6,500 as against N7,500 sold in September.
Onions are presently being sold for N90,000 per bag, with a dustbin basket selling for N4,000 to N4,800.
A kilo of frozen chicken remained at N4,800, while beef and goat meat sold for N7,500 per kilogram.
In Orange Market, the survey revealed that prices of some food items increased while others dropped in the past two months.
A dustbin basket of big red Tomato is being sold at N6,000 as against between N5,000 to N7,500 as the price keeps fluctuating.
A dust bin basket of tatashe is being sold at N5,500 as against N3,500 while onions witnessed a slight increase as a dustbin basket is sold at N4,500 as against N3,500 and N4,000.
However, the price of pepper dropped significantly; a dustbin basket is being sold at N1,500 as against N3,000.
Also, the price of Irish Potato dropped significantly. A dustbin basket is sold at N3,700 as against N7,000 to N8,000.
In Wuse market, a dustbin basket of tomatoes sold for N9,000, while onions of the same measure cost N6,500. Beans sold for N2,500 per measure, and a plate of pepper (rodo) was sold at N2,000.
At Lugbe market, a 50kg bag of Big Bull rice that previously sold for N95,000 now costs N55,000, while Optimum rice dropped from N65,000 to N56,000.
Five tubers of yam that previously sold for N15,000 are now sold for about N8,000, while a mudu of beans dropped from N2,500 to N1,800.
In Nyanya market, a basket of onions sold between N3,500 and N4,500 as against N6,000 sold in August while tomatoes went for N3,500 to N5,000, depending on the type.
At Lugbe market, sweet potatoes sold for between N2,500 and N3,000, down from N3,500 to N4,000 last season.
The survey revealed that in spite of the reduction in food prices, many households are struggling to feed and make ends meet due to low per capital income.
John Okeke, a civil servant, said the price reduction had not translated into affordability for the average Nigerian.
“If food prices have dropped, are they affordable to the common man? Has transport been reduced? Has fuel reduced? We must consider all these before claiming that the economy is improving,” he said.
Agnes Edoh, a nurse and mother of three also decried the pressure she faced in maintaining her home due to limited funds.
Edoh, who acknowledged reduction in some staple food prices, appealed to the government to do more and increase workers’ salaries to boost their purchasing power.
“Even with this reduction many people are singing. The money is still not there to purchase these items.
“After paying rent, school fees, transportation and other miscellaneous, you will discover you have little or nothing left for household care.
“The government and other relevant bodies should please come to our rescue and improve the economy further for the good of Nigerians,” she said.
Meanwhile, the Minister of State for Agriculture and Food Security, Aliyu Sabi, attributed the decline in prices to improved local production and government intervention programmes.
He said the administration’s National Agricultural Growth Scheme (NAGS) Agro-Pocket Programme injected more than 500,000 metric tonnes of wheat and similar volumes of maize, cassava, and other crops into the market, which helped moderate food prices.
Nigeria Sugar Coy, Group Partner Taraba Govt on Sugar Project
The National Sugar Development Council (NSDC), and Lee Group are partnering to establish a multi-million-dollar sugar production project in Taraba.
The gesture is part of Nigeria’s drive toward self-sufficiency in sugar production.
The Executive-Secretary of NSDC, Kamar Bakrin, said this in a statement on Sunday.
Bakrin, led a high-powered delegation comprising officials of the Council and representatives of the Lee Group to Jalingo to seek the support and collaboration of Gov. Agbu Kefas for the project’s take-off.
He said the project was part of the Council’s strategic efforts to expand sugar production across the country as well as strengthen Nigeria’s industrial base.
The executive-secretary said that the NSDC was established to regulate and promote the development of the sugar industry.
According to him, the council plays a key role in supporting investors through technical guidance, feasibility studies, land access, and policy coordination.
Bakrin commended Lee Group, describing it as a credible partner with both the financial strength and technical expertise required to execute the project successfully through its subsidiary, GNAAL Sugar.
The Project Director of Lee Group, Lam Wilkins, expressed the group’s readiness to establish a world-class sugar production facility in the state.
Wilkins said that Lee Group had been operating in Nigeria for more than six decades, with notable investments in manufacturing, training, and agriculture.
He said that the Taraba sugar project would become a model of successful public–private collaboration for the country.
Responding, the Taraba governor commended the NSDC and Lee Group for choosing Taraba as an investment destination, assuring them of the state government’s full support for the project’s success.
Kefas described Taraba as “nature’s gift to the nation,” blessed with vast arable land and favourable climatic conditions for large-scale agricultural production.
Kefas identified Kurmi, Lau, and Ibi Local Government Areas as suitable for large-scale sugar cultivation and pledged to provide the necessary land and other logistics to facilitate the project’s take-off.
He also proposed the establishment of a tripartite committee comprising officials of the state government, NSDC, and Lee Group to fast-track implementation processes and monitor progress.
The governor expressed optimism that the collaboration would boost sugar production in the country.
He said it would also create jobs, stimulate industrial growth, and contribute to the Federal Government’s goal of achieving sugar self-sufficiency under the Nigeria Sugar Master Plan.
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
The Federal Government has proposed a total allocation of N87.31bn for the Ministry of Aviation and Aerospace Development and its agencies in the 2026 Appropriation Bill, with the bulk of the funding directed towards capital expenditure.
Details of the budget proposal show that N70.
19bn, representing more than 80 per cent of the total allocation, is earmarked for capital projects. At the same time, N14. 78bn is set aside for personnel costs and N2.34bn for overheads.The document contained no provisions for retained independent revenue or aid and grant funding.
The Federal Ministry of Aviation and Aerospace Development received the highest allocation of N50.65bn, with N48.
55bn for capital projects. Personnel and overhead costs were budgeted at N1.35bn and N745.74 million, respectively.The Nigerian Meteorological Agency was allocated N11.84bn, with personnel costs accounting for N9.15bn, overheads N393.73m, and capital expenditure N2.29bn, highlighting the agency’s labour-intensive operations.
Similarly, the Nigerian College of Aviation Technology, Zaria, is to receive N11.28bn, comprising N4.28bn for personnel, N464.44m for overheads, and N6.54bn for capital projects.
The Nigeria Airspace Management Agency was allocated N6.3bn, entirely for capital expenditure, with no provision for personnel or overhead costs in the budget breakdown.
Also, the Nigerian Safety Investigation Bureau is expected to receive N7.24bn, with N734.09m for overheads and N6.51bn for capital projects, again with no allocation for personnel costs.
The strong tilt towards capital spending aligns with the position of the Minister of Aviation and Aerospace Development, Festus Keyamo, who has consistently argued that infrastructure renewal remains critical to improving safety, efficiency and service delivery in the aviation sector.
On 22 January 2025, the ministry formally presented its 2025 budget to the Joint National Assembly Committee on Aviation and Aviation Technology at the National Assembly Complex. During the presentation, Keyamo emphasised the ministry’s commitment to transparency and accountability in the management of public resources.
He provided a breakdown of the ministry’s 2024 budget performance, noting that capital appropriation achieved an utilisation rate of 30.9 per cent, personnel costs were fully utilised at 100 per cent, while overhead expenditure recorded a near-complete utilisation rate of 99.97 per cent.
The minister told lawmakers that the proposed 2025 budget of N71.12bn for the ministry reflects its strategic priorities in advancing the aviation and aerospace sectors. The proposal comprised N69.22bn for capital expenditure, N1.16bn for personnel costs and N745.74m for overheads.
According to Keyamo, the capital-heavy structure of the budget is designed to support infrastructure upgrades, enhance service delivery and strengthen safety oversight across the sector.
The Securities and Exchange Commission’s revised minimum capital requirement for capital market operators is expected to trigger mergers and acquisitions in Nigeria, with smaller players likely to exit the market, experts say.
In an interview on Monday, the Chief Economist and Managing Editor of Proshare, Teslim Shitta-Bey, explained that fund managers and asset managers operate differently from banks.
“Fund managers take money from third parties. They don’t invest their own money. If I’m managing assets that are in excess of N500 bn, but it’s not my money, why should I be capitalised at N2 bn or N3 bn?” he asked.Shitta-Bey stressed that capitalisation requirements designed for banks may not be appropriate for capital market operators.
“Banks lend money to third parties, so they need a capital buffer in case loans go bad. Fund managers manage assets on behalf of clients; most of the money they use is not their own. It is intended to purchase assets with a market value that are tradable. So, the nature of capitalisation is different,” he said.He noted that many top-tier operators have already exceeded the required capital thresholds. “Many of them already have skin in the game. They have traded on their own accounts. If you value the assets under management, their own assets are far in excess of N2 bn. These are fairly liquid assets that are tradable on an exchange. So, I’ve already met the requirements,” Shitta-Bey said.
Warning about the potential market impact of overcapitalisation, he added: “If you have N2bn and you don’t know what to do, you could decide to buy equities. Now, if everybody is buying equities at the same time, you are likely to push up the value of any particular stock. And once the stock becomes overvalued, you are generating a potential for market correction.”
Shitta-Bey also highlighted the implications for smaller operators. “For marginal players, yes, there might be some challenges. Well-run smaller ones may merge to meet the capital requirement. Others will gradually exit the system. You will see a lot of mergers and acquisitions going on, but the lesser, smaller ones will just melt out of the system,” he said.
The SEC recently issued a circular revising minimum capital requirements across all regulated capital market entities. The move targets core and non-core operators, market infrastructure institutions, fintechs, virtual asset providers, and commodity market intermediaries. For instance, full-scope portfolio managers are now required to maintain a minimum capital of N5bn, while brokers handling client execution only must hold N600m. Compliance is expected by 30 June 2027, with transitional arrangements considered on a case-by-case basis.
Also commenting, the National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, criticised the policy, saying it risks concentrating market power and excluding ordinary investors. “Stockbrokers do not lend money and therefore do not require massive capital buffers. They receive money from investors to buy shares and manage custody. That is their job,” he said.
Igbrude questioned the rationale behind requiring N1bn for stockbrokers. “Why do we need people to come and buy penny stocks or small amounts when I have N2bn at my disposal to trade, pay staff, and run operations efficiently?” he asked.
He warned that the new requirements could create an elitist market. “You are creating an elitist investment, cutting off a group of people. If you want to grow an economy of over 270 million people, you don’t cut off your people from the system,” Igbrude said.
He argued that the policy appears to concentrate business in the hands of a few. “The Commission is deliberately forcing consolidation. They are trying to remove some categories of investors from the system. It’s only for the big money holders. The Nigerian economy is not only made for the big boys. It’s made for everybody,” he said.
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