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NACCIMA Warns of Third Recession in Seven Years 

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By Joseph Amah, Abuja

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Federal Government to urgently implement policies to prevent Nigeria falling into a third recession by the end of 2022, noting that the declining trend in the nation’s economic growth is worrisome.


National President, NACCIMA, Ide J.
C. Udeagbala, gave the warning in Lagos, at a press briefing to review the state of the economy and NACCIMA’s position on issues and policies.
Nigeria recorded a recession in 2016, followed by a second recession in 2020 occasioned by the COVID-19 pandemic, which caused a significant decline in oil revenues as global economic activities stalled for months.

A recession occurs upon two consecutive quarterly negative growth of Gross Domestic Product (GDP).
Udeagbala noted that the Nigerian economy grew by 3.98 per cent  in the fourth quarter of 2021, a drop from 4.03 per cent in the third quarter, and 5.01 per cent  in the second quarter of 2021.
According to him, “We emphasize this slight but continuous drop in growth rate even as we acknowledge that the Nigerian economy bounced back from the COVID-19 pandemic in the fourth quarter of the year 2020 to reach the peak growth rate for the period, of 5.01% by mid-2021.
“This declining trend is most concerning to us, as we consider that statistics on GDP is three or four months behind the present day, therefore, we estimate that the growth rate of National Output for the first three months of 2022 has decreased further considering the state of conflict in Europe which has had a negative impact on energy and food prices.
“It is the position of our Association that there is a very urgent need for policy implementation to avert a third recession of this decade by the end of 2022, even as the World Bank projects that the Nigerian economy will grow by 4.1per cent this year.”
The NACCIMA president further stated: “The Nigerian economy is operating below its productive capacity, as reflected in the high unemployment rates; we are struggling to meet our economic development objectives; as the growth of national output falls below our population growth; the economy is still heavily import dependent for consumption and production; and dependent on crude oil for government revenues and foreign exchange.
“As crude oil can no longer meet government demands for revenue, we are falling into a dependency on foreign debt to run. We need to turn around and reposition the National direction.”
He called on the legislative and executive arms of government to work together by taking urgent steps to reverse the current trend of increasing public debt and declining economic growth.
“The strategy of funding increasing government recurrent expenditure through public debt and the introduction of new taxes only provide short-term benefits in exchange for long-term negative impact,” he added.

Agriculture

Residents Groan Under Rising Tomato Prices, Seek Alternatives

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Some residents in Lagos State have expressed concern over the recent surge in the price of tomatoes, forcing many households to adopt alternatives.

The residents made their views known in separate interviews on Wednesday in Lagos.

A market survey showed that a 50kg basket of tomatoes now sells between N115,000 and N125,000, compared to between N35,000 and N40,000 recorded last month.

Olachi Igwe, a resident of Ago Palace, said the scarcity and high cost of tomatoes had disrupted her household’s meal plans.

“I contacted my usual vendor, but she said tomatoes were scarce and difficult to source.

“A small bowl we used to buy for between N3,500 and N4,000 now sells for as high as N6,000 to N7,000, when available.

“For now, my family will resort to palm nut stew (ofe akwu) until prices stabilise,” she said.

Another resident, Mercy Okeleye of FESTAC, said although her family prefers fresh tomatoes, rising prices have forced her to consider cheaper options.

“I cannot do without fresh tomatoes because of the taste, but I may have to buy broken ones, popularly called ‘esha’, which are relatively cheaper.

“I do not consider tomato paste a suitable substitute because it is not purely made from tomatoes,” she said.

Also speaking, Tope Babalola from Dopemu, said she might adjust her cooking methods if prices remain high.

“I have not bought tomatoes in over a month, but if the price is still high, I will use more onions and peppers.

“I will not resort to artificial additives; I prefer natural ingredients for my meals,” she said.

Joan Ogugua, another resident, said she had already switched to tomato paste to cope with the situation.

“I asked my son to buy tomato paste for our meals. I cannot justify spending excessively on fresh tomatoes when other basic needs must be met,” she said.

Also, Oge Ugwu, a civil servant at Lekki, said she would resort to cucumber stew with the recent price hike.

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Agriculture

Tomato Farmers Predict Steady Price Hike from May

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The Tomatoes Growers and Processors Association of Nigeria (TOPAN) has predicted a steady increase in the price of the produce between May and June 2026.

The Kaduna State Chairman TOPAN, Rabiu Zuntu, disclosed this in an interview recently in Lagos.

Zuntu noted that although there is no particular time for tomatoes planting season up north, seasonal weather variations can affect the production of the produce.

“Although we can plant tomatoes all-year-round, we cannot assure quality harvest all-year-round.

“Some farmers are harvesting now, while others are transplanting, and others are harvesting.

“Tomatoes are still available for sale but the price of the produce is gradually on the increase.

“Come May/June, the prices of tomatoes will be very expensive, so now is a good time to stock up the produce. There’s always a scarcity within that period.

“This is because of the nature of the weather in the north around that period, the weather is usually very hot and tomatoes cannot resist such hot temperature,” he said.

Zuntu said the price of tomatoes have started rising up in the north.

“A 50kg rafia basket of tomatoes sells from N20,000 as against N7,000 to N10,000 that was sold earlier in the year.

“While a crate of tomatoes up north is sold between N10,000 and N15,000 as against N5,000 to N6,500 sold earlier in the year.

“In most part of Kano State, where there is bumper harvest, they are rounding off their harvest. So, tomato is not that available there and most buyers have turned to where they can find it now, mostly within Kaduna State and some parts of Plateau State.

“So, that’s why the supply has decreased and the tomato supply and cost is determined by the law of demand and supply,” he said.

A 50kg basket of tomatoes in Lagos, at the moment, sells between N40,000 and N60,000 depending on the size and quality.

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Agriculture

Lack of Irrigation Facilities Crippling Dry Season Farming in Oyo

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The Smallholder Women Farmers Organisation in Nigeria (SWOFON), Oyo State chapter, has said that the lack of irrigation facilities had become a major obstacle to dry season farming in the state.

The Chairperson of SWOFON in Oyo State, Atinuke Akinbade, said this in an interview in Ibadan on Monday.

Akinbade, who shared the experiences of women farmers in the state during the 2025 dry season, said that inadequate access to water for irrigation significantly affected the performance of many farmers during the period.

“It hindered many older farmers from participating in dry season farming and also prevented younger farmers from doing as much as they could in cultivating large acres of land,” she said.

Akinbade explained that farmers who managed to plant during the season struggled to access sufficient water to irrigate their farms, a situation worsened by the effects of climate change.

“Many farmers who depended on streams and wells to water their crops suffered major setbacks because those sources could not provide enough water for irrigation.

“Some farmers had to resort to buying water from commercial water tankers, which increased the cost of production, while at times it was even difficult to get water from the tankers,” she said.

The SWOFON chairperson warned that failure to address the problem could worsen food insecurity in the coming months.

“Even now, rainy season farming has not fully commenced because of the irregular rainfall pattern.

“This is a double burden, and if nothing is done, it may lead to serious hunger later,” she said.

Akinbade, however, acknowledged that the government had organised training for members of the association on home gardening.

She, however, said that little support was provided to address the challenges of dry season farming.

The chairman said that the home garden support package given to members consisted mainly of seedlings and one sprayer.

“They gave us two packs each of maize and pepper seeds, with six seeds in each pack, as well as one sprayer, so that we can grow food for household consumption,” she said.

Earlier, Oluwatoyin Oyedeji, SWOFON Coordinator in Oyo East, explained the severe hardship members of the organisation experienced in sourcing water for irrigation.

“Many farmers are already counting their losses because water was not available to irrigate their farms.

“Those who depended on streams and brooks were badly affected because many of them dried up, while the few that still had water had so little that farmers had to dig deeper into the ground in search of more,” Oyedeji said.

In the same vein, the Women Leader for farmers in Saki East, Musiliu Ashiru, said the absence of irrigation facilities also hampered dry season farming in her area.

According to her, many farmers still engaged in dry season farming have had to pay for water to keep their crops alive.

“Many of them buy water from the dam here to irrigate their crops. It has not been easy for them this year,” Ashiru said.

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