Nigerian Foodstuff Market
Highlight

Escalating food prices: FG to inaugurate commodity board soon

759

With the steady rise in the prices of staple foods in Nigeria, the Federal Government says it will soon establish a National Commodity Board.

The board, according to Vice President Kashim Shettima, is expected to arrest escalating food inflation in the country.

Shettima made this known on Tuesday during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization held at the Banquet Hall of the Presidential Villa, Abuja.

He said the board will be tasked with the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

Persecondnews reports that over the past two months, prices of basic food items in Nigeria have surged by at least 40 percent.

As of Monday, February 11, 2024, staple foods such as rice, beans, garri, groundnut oil, tomatoes, and bread have experienced a dramatic spike in prices, soaring by over 40 percent from December 2023 to February 2024.

A market survey revealed frightening figures: a 50kg bag of rice escalated to N65,000 from N35,000; beans surged to N1,600 per mudu measurement from N800; and a 50kg bag of garri skyrocketed to N39,500 from N22,000.

Additionally, the cost of a carton of Super Pack-sized noodles surged to N11,140 from N6,000, while 25 litres of groundnut oil shot to N57,000 from N34,000.

Similarly, the price of a crate of eggs surged to N3,700 from N2,500, and the price of a 50-kg bag of sugar jumped to N85,000 from N40,000.

The cost of a 900-gramme loaf of bread surged to N1,200 from N600, while a 1-kg pack of semovita rose to N1,400 from N900.

Even tomatoes, measured in small dustbin baskets, surged to N4,000 from N1,500, among other significant increases.

Leave a comment

Related Articles

Horror as loverboy lures girl to his house, slaughters her for money rituals in Ogun

A young man and suspected ritualist, who specializes in luring beautiful girls...

Death toll climbs to 22 in Anambra palliative distribution tragedy

Death toll from the devastating stampede incident in Okija in the Ihiala...

Updated: Stampede at Anambra rice giveaway leaves 12 dead, 32 injured

At least, 12 people lost their lives and 32 others were injured...

Ogun Information Ministry Vows to Intensify Mobilisation Efforts, Justifies N2bln 2025 Budget Proposal

The Ogun State Ministry of Information has assured the public of its...

No Shutdown: NNPC Ltd. Denies Report on Old Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports that...

Court Slaps MTN with N15m fine for disturbing customer me with unsolicited messages, caller tunes

In a landmark decision, the Court of Appeal in Abuja has slapped...

Bitter rivalry between Pasuma and Taye Currency shows no signs of abating

…There was no reason for Taye to be at Pasuma’s 40 years...

Update: Ekiti court grants Dele Farotimi N30m bail

Magistrate Abayomi Adeosun of an Ado Ekiti Magistrate’s Court has granted human...

Just in: Imprisoned Dele Farotimi appears in Ekiti Court amid tight security for ruling on bail application

Dele Farotimi, a prominent Human Rights lawyer and activist, arrived at the...

Just in: Imprisoned Dele Farotimi appears in Ekiti Court amid tight security for ruling on bail application

Dele Farotimi, a prominent Human Rights lawyer and activist, arrived at the...

Just in: National Sports Festival now to hold May 16- 30, 2025 – NSC

Following the postponement of the National Sports Festival, tagged “Gateway Games, Ogun...

Domestic Crude Oil Sale Initiative: Tinubu’s Strategic Move Pays Off

President Bola Tinubu’s directive to sell crude oil and refined products in...

Saudi Arabia Eyes Hosting 2036 Olympics, Gains Backing from IOC Presidential Hopeful

Saudi Arabia is throwing its hat into the ring to host the...

Reps’ Pledge N704.91m for Vulnerable Nigerians, Presentation Set for Dec 31

The House of Representatives is set to present a significant donation of...

Alleged N110bln money laundering charge: Court admits Yahaya Bello to another N500m bail

Yahaya Bello, the immediate past Governor of Kogi State, has been granted...

Port Harcourt Refinery Rehabilitation a “Masterstroke,” Says Former NNPC Boss

In spite of the criticism and cynicism trailing the feat, former chief...

Updated: 32 feared dead in Ibadan funfair tragedy: Ooni’s ex-wife, others arrested

At least, 32 children were feared killed during a stampede at a...

Rugby: Tunisia Triumphs Over Nigeria with 34-10 Win in Africa Cup Qualifiers

The Nigerian senior men’s national rugby team, the Stallions, suffered a 34-10...

SanDisk Teases Forthcoming Launch of Next-Generation Storage Device

Sandisk previews new corporate branding defined by a ‘Mindset of Motion’ Creative...

2025 FG’s budget: Full text of President Bola Tinubu

My Fellow Nigerians, 1. In fulfilment of one of my constitutional duties...