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Annual Rice Price Per Kg, Up By 81% In 2023 – NBS

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Kogi, Ogun, Cross River Propel Mining Sector’s 17.95% Growth – NBS

The average price of 1kg of local rice increased by 81.35 percent on a year-on-year basis to N917.93 in December 2023.

This was revealed by the National Bureau of Statistics (NBS) in a report on Wednesday, which indicated that the price of rice, a staple food item in Nigeria, has increased by N411.76 when compared to the corresponding price of N506.17 recorded in December 2022.

Titled, ‘the Selected Food Price Watch report for December 2023’, it shared year-on-year prices of different staple food items across Nigeria from December 2022 to December 2023.

An extract from the report stated, “Selected Food Price Watch for December 2023 shows that the average price of 1kg Rice local sold loose stood at N917.93.

“This indicates a rise of 81.35 percent in price on a year-on-year basis from N506.17 recorded in December 2022 and 5.85% rise in price on a month-on-month basis from N867.18 in November 2023.”

Similarly, the NBS reported that the average price of 1kg of Tomato rose by 77.60% on a YoY basis from N458.42 in December 2022 to N814.16 in December 2023.

“On a month-on-month basis, it increased by 7.32% from N758.65 in November 2023 to N814.16 in December 2023,” the NBS stated.

It added that the average price of 1kg of beans brown (sold loose) went up by 48.54% on a YoY basis from N586.14 in December 2022 to N870.67 in December 2023.

The report read, “On a month-on-month basis, it increased by 3.79% from N838.85 in November 2023.”

More so, the average price of 1kg of Beef boneless increased by 32.38% on a year-on-year basis from N2,377.29 in December of last year (2022) to N3,146.94 in December 2023.

On a MoM basis, the average price of this item increased by 3.88% from N3,029.50 in November 2023.

“Similarly, the average price of 1kg onion bulb rose by 122.94% on a year-on-year basis from N435.93 in December 2022 to N971.86 in December 2023, while there was an increase of 42.13% on a month-on-month basis,” the report noted.

The report showed that the Federal Capital Territory (FCT) had the highest price of N1,250, while Zamfara State had the lowest price of N696.55 per kg of rice.

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200 Jobs At Risk As Microsoft Set To Close Down Centre In Nigeria

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In a blow to Nigeria’s tech sector, Microsoft is reportedly considering shutting down its African Development Centre located in Lagos, potentially affecting around 200 jobs.

The move, if finalised, could have far-reaching consequences for the country’s tech landscape, impacting both job prospects and innovation within the sector.

Reports emerged suggesting that Microsoft notified employees of the closure plans on Monday, leaving many in uncertainty about their future.

While affected staff are said to receive salary payments until June and maintain health insurance coverage, the closure’s motives remain unclear.

Although Microsoft’s Lagos office neither confirmed nor denied the closure when approached, industry insiders speculate that Nigeria’s challenging economic climate may have influenced the decision.

Notably, the closure appears to affect only the ADC’s operations in West Africa, with its East Africa facility in Nairobi, Kenya, remaining unaffected.

Microsoft launched its African Development Centers initiative in 2019, with facilities in Lagos and Nairobi, aiming to foster tech talent and innovation on the continent.

Upon its launch in 2022, the Nigeria centre employed over 120 engineers, with plans to expand to 500 by 2023, showcasing Africa’s abundance of tech talent, according to Gafar Lawal, Managing Director of Microsoft ADC West Africa.

The Lagos Centre was established to develop technology solutions addressing challenges both locally and globally, providing engineers with opportunities to contribute meaningful work from their home countries while being part of a global engineering network.

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Reps Sets 14-Day Deadline For Dangote, BUA, Others To Attend Hearing

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The House of Representatives Joint Committee has issued a stern ultimatum to major cement industry players, including Dangote Cement, BUA, and IBETO, demanding their presence within 14 days to address soaring cement prices.

This ultimatum comes in response to their failure to attend a crucial investigative hearing on the matter on Tuesday.

The House’s Joint Committee, responsible for probing the sudden spike in cement prices, has summoned Minister of Solid Minerals Development, Dele Alake, to appear on Tuesday, May 21, following his absence from the initial hearing.

Meanwhile, major industry players, including Dangote, BUA, and IBETO, are ordered to appear before the committee on Monday, May 20, 2024, to address concerns about the price surge.

Chairman of the Joint Committee, Rep. Jonathan Gaza Gefwi, who also heads the Committee on Solid Minerals, criticized the companies for disregarding the invitation, stating that their actions demonstrate insensitivity to the challenges faced by Nigerians.

Rep. Gefwi emphasized in his opening statement that a comparative analysis of cement prices in countries such as Kenya, India, and Zambia in 2021 revealed that Nigeria had the highest cement prices when considering the official exchange rates of each nation.

He said, “Nigeria’s price of cement doubles that of India at a difference of 69%, similarily the price is 29% higher than that in Kenya and 39% higher in Zambia. Hence the need for us to come together and find out why. In order to bring succour to our citizens while protecting investors alike.

“Our concern is for all legitimate businesses especially cement production companies in Nigeria to thrive and deliver their objective and services to the people in such a manner that can foster development”.

The chairman of the Joint Committee stressed the significance of the public hearing and debunked the notion propagated by some companies involved in the investigation that parliamentary committees lack the authority to summon private entities.

He clarified, “There is no court order presented to restrain the committee from fulfilling its duties under section 88(2)(b) of the 1999 Constitution as Amended.”

He emphasized that parliamentary committees routinely conduct public hearings to gather evidence from the public, guiding their decisions on matters directly impacting citizens, such as the current inquiry.

He added “However, an entity recognised as private under the Law, does not oust in entirety the Powers of the Committee to investigate its affairs especially when the attainment of the objectives of said entity heavily relies on the Resources of the populace.

“Let me also reiterate the objectives of the Legislative Powers and Privilges Act sections 4,5,6 and 7 on the Powers of committees to invite, investigate and summon any person for the purpose of extracting evidence on any matter, whether its public or private. Most especially when the matter affects the citizens and the people for which they represent”

Chairman of the House Committee on Commerce, Rep. Ahmed Munir, expressed concern that the failure of any invited entity to attend the joint committee session would strengthen suspicions that the surge in cement prices was a deliberate move to burden Nigerians unnecessarily and hinder government efforts to alleviate the housing shortage in the nation.

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Adeleke, Sanwo-Olu Jaw-Jaw Over Lagos’ Deportation To Osun

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Osun State Governor, Senator Ademola Adeleke has been in strong conversations with his Lagos State counterpart, Babajide Sannwo-Olu over the alleged deportation of Osun indigenes from Lagos.

A statement from the government of Osun State highlighted that Sahara Reporters had on Saturday published a story about several luxury buses dropping hundreds of youth at Ilesa after allegedly rounding them up in several parts of Lagos State.

According to the statement, “The report was confirmed by an investigation team set up to confirm the veracity of the story by the Osun State Government.”

This, it was gathered has prompted strong conversations between the governors of the two states, which led to the Sanwo-Olu assuring that the matter would be thoroughly investigated.

On the authenticity of the report, Osun State, declared, “The state team reported that eye witness accounts confirmed the dropping of the youths in several luxurious buses by a team suspected to be from Lagos State.

“The state’s report showed that the youths were systematically dropped at Ilesa-Akure Express junction, Breweries; Ilesa – Ibodi – Iginla to Ife Express junction; Osun Ankara Express junction; Imelu Express junction; and Iperindo Express junction.”

It was gathered that Gov Adeleke expressed shock at the development, urging Governor Sanwoolu to look into the matter and put an end to it if the report is true.

Gov Adeleke said, “I spoke with my brother, Governor Sanwo-Olu on the matter. He too was surprised and he denied ever authorizing any such action.

“Governor Sanwo-Olu has promised immediate investigation to unravel the facts of the situation. The Lagos team will update us as quickly as possible.

“I am subsequently directing our security agencies in Osun to mount surveillance in and around Ilesa to track the deported youths and their destinations.

“I will update our people on this development. I urge residents to be calm while the security agencies carry out surveillance.”

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