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More pressures on pockets as food inflation rises to 40%

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More pressures on pockets as food inflation rises to 40%
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•High electricity tariff to drive further rise — Analysts

•It’s bad for businesses – NACCIMA •Small businesses to lose capital base— ASBON

At the backdrop of sustained rise in prices of staple food items in the market, Nigeria has recorded an unprecedented food inflation rate of 40 percent in March 2024.

Economists and financial analysts explained that the development would put more pressure on the purchasing power of average Nigerian and they also predict that the trend will continue for some months before stabilising.

The food inflation drove the headline inflation rate to 33.2 percent, up from 31.7 percent recorded in the month of February.

The figures released yesterday by National Bureau of Statistics, NBS, in its Consumer Price Index, CPI, report for March 2024, represented a 2.09 and 1.5 percentage percentage points increases month-on-month.

But the analysts see a wider headline inflationary rise in this month to 34.6 percent, representing a 2.4 percentage month-on-month rise resulting from the recent hike in electricity tariff.

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Electricity tariff hike to drive further inflation – CardinalStone

Analysts at CardinalStone Finance Limited, a Lagos based investment house, indicated that further inflationary upswing should be expected following the recent drastic hike in electricity tariff.

They stated: ‘’The inflation outlook is biased to the upside, a consequence of the recent implementation of a new electricity tariff. For context, the Nigerian Electricity Regulatory Commission (NERC) have hiked price for Band A customer from N68 to N225 per kilowatt hour.

‘’Nevertheless, we see some downside risk from the recent currency sustainability. ‘’Overall, we project inflation to print 34.6% in April 2024.’’

Further rise will be slower – Alpha Morgan

In the meantime, analysts at Alpha Morgan Capital said: “From our analysis, we project that inflation will further increase but at a continuously slower rate. We tie this prediction primarily to the recent monetary interventions by the Central Bank of Nigeria in mopping up excess liquidity, curbing volatile exchange rate movement through various aggressive currency interventions, government fiscal policies, such as agricultural interventions, among others.”

Devpt is bad for businesses – NACCIMA

Meanwhile, OPS said that the persistent rising inflation could sound the death knell for small businesses in the country, with consequential loss of jobs and worsened insecurity.

Commenting, Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Sola Obadimu, said: “Persistent rising inflation is bad for business as well as for individuals.

“It erodes income in value terms and purchasing power becomes weaker for both individuals and businesses. Inventories will continue to grow.

“It is bad for planning purposes and breeds growing uncertainty. Cost of doing business continues to grow leading to higher cost of goods. It’s cyclical.

“Even when businesses or individuals tend to earn higher income, the value (in real terms) becomes lower.”

In his reaction, President of Association of Small Business Owners of Nigeria (ASBON), Dr Femi Egbesola, said the development will worsen survival of small businesses.

He stated: “The new and rising inflation rate, affecting largely food, essential commodities, raw materials, electricity and alternative power generation, transportation among others, will continue to worsen the survival and growth of SMEs.

It will, no doubt, squeeze out the meager working capital of SMEs and make us more vulnerable to extinction.

“Not all costs can be passed to the consumers but even at that, certain costs will be passed onto them, and since they also have had their disposable income eroded by inflation, sales of goods and services of SMEs will drastically drop. For an average citizen, their standard of living and welfare will significantly drop too.

“More Nigerians will suffer from hunger, and lack of access to basic necessities and amenities, worse of it is health and medical needs.

“Overall, the implications of this on SMEs is that many more businesses will die off and become ailing, job losses will increase as many more businesses will lay off workers.

“There will be an increase in bad loans as more SMEs will be unable to fulfill their loan obligations leading to decreased access to funding from banks that will be more averse to lending to SMEs particularly with the increased interest rate, now coupled with inflation.

“More insecurity will prevail in the land for many will look for alternative illegal ways of survival. More will migrate in the name of Japa.

“The extinction of more businesses will open doors for imported products to take their space which eventually will also stress the Naira exchange rate.”

In its CPI report NBS stated: “In March 2024, the headline inflation rate increased to 33.2 percent relative to the February 2024  headline inflation rate which was 31.7 percent .

“On a YoY basis, the headline inflation rate was 11.16 percentage points higher compared to  the rate recorded in March 2023, which was 22.04 percent.

On food inflation the bureau said: “The food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percentage points higher compared to the rate recorded in March 2023 (24.45 percent).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items garri, millet, akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sadine, mudfish dried (under Fish class), palm oil, vegetable oil (under Oil and Fat), beef feet, beef head, liver (under Meat class), coconut, water melon (under Fruit Class), Lipton tea, Bournvita, Milo (under coffee, tea and cocoa class).” (Vanguard)

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ACCEPTANCE SPEECH BY MR. PETER OBI FOLLOWING HIS NOMINATION AS THE PRESIDENTIAL CANDIDATE OF THE NIGERIAN DEMOCRATIC COALITION (NDC) – MAY 30, 2026

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Peter Obi donates ₦10 million to Nursing College
Peter Obi
Peter Obi, NDC Presidential Candidate
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Protocols,

Esteemed citizens of Nigeria,

It is with deep humility that I accept the role of presidential candidate for our party.
I express my profound gratitude to the leaders of our party. His Excellency Seriake Dickson, the National Chairman, National Secretary and the National Working Committee, NWC members and members of our relentless supporters, and the Nigerian populace who have steadfastly kept the spirit of hope alive. I commend those who have made the journey from every region of our nation to convene here in Abuja.

I wish to assert unequivocally: a New Nigeria is Possible. This conviction has united us; it must serve as our compass on the challenging road ahead and sustain us through all trials we may face. This pivotal moment transcends the individual ambitions of Peter Obi; it concerns the essence of our nation and the future of our children. It is about rekindling hope for millions who have faced adversity yet remain committed to Nigeria.

Today, our nation finds itself at a crucial juncture, enveloped in uncertainty. Families are anxious about their safety; parents are concerned for their children’s futures; and talented youth increasingly question their prospects in their homeland.

Businesses are struggling, communities are suffering, and an alarming number of citizens have lost faith in the very concept of governance. Yet, I stand before you filled with optimism and strong faith in the resilience of our people, for I firmly believe that a New Nigeria is possible.

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UNITY
To realise this New Nigeria, we must first mend the foundational elements essential for the success of any nation.

Nigeria cannot advance while fragmented by ethnic, religious, regional, or narrow political divides. We may communicate in different languages and practise diverse faiths, but we share a singular destiny under one flag. Our diversity should not be a source of division; rather, it is among our greatest strengths.

We should build bridges where others erect barriers, replace mistrust with confidence, division with understanding, and resentment with a collective purpose. A united Nigeria is indispensable. As Will Durant wisely pointed out, “A great civilisation is not conquered from without until it has destroyed itself from within.” We must never self-destruct. We must heal, unify, and progress together.

INSECURITY
In terms of security, the situation in Nigeria has considerably worsened. The global terrorism impact assessments ranked Nigeria as the 8th most affected nation in 2022, 6th in 2024, and 4th in 2026.
Yet, for many years, Nigeria garnered global recognition as a reliable contributor to peacekeeping, regional stabilisation, and conflict resolution. Our troops have not only displayed bravery but have also shown professionalism, discipline, resilience, and empathy in the most challenging operational contexts. Our officers and personnel have successfully commanded multiple international forces, safeguarded vulnerable civilian populations, monitored ceasefires, reinstated constitutional order, and contributed to rebuilding efforts.

Nigeria became one of the leading contributors of troops from Africa to UN peacekeeping missions and earned widespread admiration for operational effectiveness and leadership in various countries, including Rwanda, Sudan, Liberia, Sierra Leone, Mali, Western Sahara, Congo, Lebanon, Cambodia, Haiti, and Kuwait. At one point, a Nigeria, Lt. General Isaac Obiakor (retd) even led global peacekeeping initiatives.

We must address insecurity with resolve and urgency, for no nation can thrive while its citizens live in trepidation. The primary responsibility of government is to ensure the safeguarding of lives and property. Farmers must be able to return to their fields securely; students must be able to learn without fear; communities must be able to rest peacefully; and investors must regain their confidence in Nigeria.

Our strategy will be intelligence-driven, technology-enhanced, proactive, and community-focused. We will fortify our security institutions, enhance operational coordination, support our courageous personnel, and tackle the underlying causes of insecurity—namely poverty, unemployment, and marginalisation.

HEALTHCARE
Regarding health, Nigeria is currently ranked 157th globally, placing it in the lower echelon of healthcare worldwide. Primary healthcare, the cornerstone of our medical system, remains severely not functional with only 10% to 20% of approximately 30,000 primary healthcare centres operational.

As a result, Nigeria suffers from one of the highest infant mortality rates in the world. Furthermore, health insurance coverage in Nigeria hovers around a mere 10%, in stark contrast to countries like Indonesia, which boast over 90% coverage. This situation is regrettable.

I pledge that within four years, our health insurance coverage will more than double to over 20%.
Within these four years, we will increase our healthcare budget to a minimum of 10% of our GDP, up from the current level of below 5%. We will invest heavily in and support our healthcare institutions to ensure the massive training of our healthcare workers, including nurses and other professionals. We shall also adequately staff our medical facilities.

In four years, there will be a fully functional and properly managed primary healthcare centre in all 8,809 wards across the nation. By the conclusion of our term, Nigeria will ensure that at least 50% of its 30,000 primary healthcare centres are fully functional, properly manned, and dedicated to serving the populace.

EDUCATION
Education will remain at the forefront of our national revival, as no country can grow beyond its educational system. Nations that have transformed successfully have done so through sustained investment in human capital. Our children are not burdens; they represent our most valuable assets. We will invest heavily in schools, teachers, technology, and vocational training, ensuring that education equips our youth not only to seek employment but also to generate it. We must pivot Nigeria from a cycle of shared poverty to one of collective prosperity through knowledge, innovation, and productivity.

HUNGER AND AGRICULTURE
In 2023, when the present government took office, Nigeria ranked 109 out of 150 nations on the Global Hunger Index.

And by 2025, our ranking further plunged to 115th, placing us among the hungriest nations globally. Currently, the World Food Programme estimates that over 35 million Nigerians will face acute hunger and food insecurity this year. This is unconscionable, given our vast expanses of uncultivated land.

Rice remains the most consumed food in Nigeria. To illustrate our level of unproductivity, let us compare our capabilities with those of leading rice-producing nations. India is the largest producer of rice, yielding approximately 200 million tonnes of unmilled rice.
Bangladesh is the third largest producer, produces around 60 million tonnes of unskilled Rice, while Vietnam is the 5th, produces about 42 million tonnes.

Let us consider the land-to-population ratios:
India has a landmass of 3,287,263 square kilometres. Distributed across its population of 1.4 billion people, this equals roughly 2. 34 Square meter per person.

Bangladesh, with a landmass of around 148,460 square kilometres and a population of 170 million, has less than 1 square metres per person.

Vietnam’s landmass covers 331,000 square kilometres. Divided by a population of 102 million, it yields about 3.25 square metres per person.

Nigeria has a massive landmass of 923,768 square kilometres. Divided by our population of approximately 230 million, this results in about 4.00 square metres per person.

The foregoing clearly illustrates that we have absolutely no justification for being among the world’s hungriest nations.

Transitioning our nation from a state of consumption to one of production, through significant investments in agriculture, is the sole dependable strategy to escape the current depths of hunger and poverty. As I often emphasise, the uncultivated lands in our northern region represent our most substantial tangible assets. Transforming this sector is our direct pathway to prosperity.

ENERGY SECTOR
Nigeria today is the nation with the highest number of citizens lacking access to electricity globally. We currently generate and distribute a mere 4,000 megawatts (MW) of electricity for a population exceeding 200 million. In contrast, comparable nations worldwide – including several African peers such as South Africa and Egypt – each generate and distribute over 40,000 MW, despite both countries having less than half of our population. This considerable power shortfall continues to cripple businesses, choke industries, and stall overall economic growth.

Over the next four years, I commit to ensuring a minimum of 10,000 MW power increase generation and distribution.

UNEMPLOYMENT AND UNDEREMPLOYMENT
Our large pool of talented youth remains largely unemployed. The current official unemployment rate of 4% grossly misrepresents the true situation; actual underemployment and unemployment in Nigeria exceeds 30%, with youth unemployment sitting at over 40% – among the highest globally, necessitating urgent intervention. We will address this by aggressively supporting the growth of micro, small, and medium enterprises (MSMEs) through targeted tax incentives, special interest rates, and accessible funding in sectors such as agriculture, manufacturing, entertainment, sports, and distribution. These improvements will be both measurable and verifiable.

CORRUPTION AND GOVERNANCE COSTS
Nigerians will witness a tangible and verifiable reduction in corruption and the baseline costs associated with governance. Public resources will be managed with absolute transparency, prudence, and accountability to ensure that every naira spent yields demonstrable value for the citizenry.

RULE OF LAW
The rule of law will be fiercely upheld, and adherence to it will be sacrosanct for both government officials and citizens alike, strictly in accordance with our constitutional frameworks.

DEMOCRACY
Our democracy will exemplify true governance of the people, by the people, and for the people, completely free from interference by the ruling party. Instead, we will institutionalise deep respect for opposition parties and foster constructive engagement in governance.

Under my leadership, democracy will be pursued with integrity, fairness, and transparency.

May God bless you all, and may God bless the Federal Republic of Nigeria.

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Kachi Aghasili Clinches Labour Party Ticket for Awka North/South Federal Constituency

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AWKA: Legal practitioner and cultural advocate, Kachi Aghasili, has officially emerged as the Labour Party (LP) flag bearer for the Awka North and South Federal Constituency ahead of the upcoming National Assembly elections.

​Aghasili secured the ticket following a closely monitored primary election held in the Anambra State capital, positioning her at the forefront of the party’s drive to capture the strategic federal seat.

​The declaration has sent waves of optimism through her camp, with supporters describing her victory as a turning point for grassroots representation in the constituency.

​In a strongly worded press statement released immediately after her victory, Aghasili described the outcome of the primary as more than just a political win, framing it instead as the continuation of a populist movement.

​”Today marks more than the outcome of a primary election. It marks the continuation of a growing movement built on service, integrity, competence, and the collective hope of the people of Awka North and Awka South,” she declared.

​Expressing deep humility at the confidence reposed in her by the party members, the legal practitioner noted that the ticket represents a mandate given by the people, for the people.

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​”I am deeply honored and humbled to emerge as the flag bearer of the Labour Party for the House of Representatives, Awka North and South Federal Constituency,” Aghasili said.

​She quickly dedicated the primary victory to ordinary citizens, particularly the youth and women within the constituency who she said are yearning for inclusive governance and socioeconomic opportunities.

​”This victory is not mine alone,” Aghasili emphasized. “It belongs to every young person yearning for opportunity, every woman whose voice deserves representation, every community seeking responsive leadership, and every citizen who still believes that politics can be anchored on principle, sincerity, and genuine service.”

​The LP candidate extended her appreciation to the party hierarchy, delegates, and volunteers whose tireless efforts and logistics coordination ensured a smooth primary process.

​”I extend my heartfelt gratitude to the leadership of the Labour Party, the delegates, party faithful, supporters, volunteers, and every stakeholder who placed their confidence in this vision and candidacy,” she stated, adding that the trust is a responsibility she does not take lightly.

​Reflecting on her professional background, Aghasili noted that her career as a lawyer and her passion as a cultural advocate have adequately prepared her for the rigorous task of lawmaking and community development.

​”As a legal practitioner and cultural advocate, my journey has always been centered on preserving our heritage, empowering communities, and building institutions that outlive individuals,” she noted.

​She promised to transition these core values into federal legislative duties, promising a departure from transactional politics to a more institutionalized, people-oriented representation at the National Assembly.

​Looking forward to the general election, Aghasili outlined her legislative blueprint, which hinges on economic empowerment, infrastructural lobbying, and educational advancement.

​”Our campaign will remain focused on practical representation, youth and women empowerment, education, infrastructure advocacy, economic opportunities, cultural preservation, transparency, and accessible governance,” she affirmed.

​She called on the electorate of Awka North and Awka South to unite behind her candidacy, promising a clean, issue-based campaign driven by constructive dialogue and direct community engagement.

​”This moment is proof that a new generation of leadership is rising in Anambra State and across Nigeria. A leadership that listens. A leadership that serves. A leadership that understands that public office is a responsibility to the people, not a privilege above them,” Aghasili concluded.

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Erosion cuts-off Umudim Imezi-Owa community from the rest of Ezeagu LGA

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The devastating erosion site in the communy
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…As PG begs for urgent govt, publicspirited individuals intervention

Years of ravaging soil erosion at the popular UBA Junction along Enugu-Onitsha expressway near Orie-Owa junction, has cut-off the Umudim community of Imezi-Owa, EzeaguLGA, Enugu State from the rest of the local government and other parts of the state.

The junction, which provides the only access point to the Umudim community, also serves part of Ezema community, particularly those living around the Ugwu-Ezema axis.

But, following intense rainfalls, which swept off the double culvert erected by the community several years ago, through solely community efforts and engagement of youths of the community, they no longer have access to their homes.

The community folks have for more than 30 years, managed to channel the large volumes of water off the Enugu-Onitsha expressway from the MOPOL Junction up to the Umuaji junction, through manual labour and community efforts, now has finally given way due to heavy rainfallon Wednesday.

As at now, the double culvert, earth embankments and other remedial measured put in place by the community to channel rain water successfully through the community, have been washed away.

Collapsed portions of the culvert at UBA Junction, off Enugu-Onitsha expressway, washed away by heavy rainfall (Photo credit: Umudim Youths Assembly)

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As of filing this report, the Umudim community has been totally cut-off from the rest of the communities in Imezi-Owa and other parts of Ezeagu Local Government Area, making movement to and from Umudim impossible due to the wash-off of their only access road.

The community folks who returned to either visit their elderly ones or those who commute from Umudim to Enugu daily to eke out a living, have been forced to either abandon their vehicles or motorcycles along the expressway to criminals or other hoodlums or have to navigate through very dangerous but narrow road paths in adjourning communities.

The Umudim community is in dire need of government intervention from the menace of erosion, which occurred following a torrential rainfall that left the community in a state of hopelessness, Barr. Chidi Onuorah, the President-General, Umudim Development Association, stated.

Similarly, Mr. John Nebeife, a Youth Leader, explained how the youths have been working on failed portions of the community roads, carrying laterite, mixing sand and cement to erect several culverts and clearing weeds from the gutters every raining season for over 30 years to ensure that rain water finds easy access after every rainfall.

He lamented that all their efforts “have been laid waste by the last rainfall, which totally damaged everything we have been doing all these years”.

Our reporters observed that the community is yet to benefit from government infrastructure, as every developmental stride ranging from roads, to provision of water (borehole), schools and church building, were shouldered through communal efforts.

Meanwhile, the only primary school in the community, Community Primary School,Umudim, Imezi-Owa, since taken over by government, is totally dilapidated and not fit for learning any longer as it resembles an abandoned school after the civil war without any physical infrastructure in place.

According to the community folks, efforts to get the Chairman of Ezeagu Local Government, Dr. Vitalis Ndu, to assist put up stronger remedial support on the road have met brick walls, the same with the Enugu State government.

We are calling on relevant government machinery at the Local and State levels, including the ecology office to rescue the community from this dire situation.

Communal efforts have been ongoing in the maintenance of the road, but the current level of devastation has gone beyond us,” the community leaders pleaded.

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