Economy
Latest news and analysis about Economy from FoodPrices.ng.
Iran War, Rising Oil, and the Coming Food Crisis in Nigeria
Three weeks after the US-Israel war on Iran shut down global oil supply, prices at Lagos markets are already moving. Tomatoes are up 25%. Beans …
EXCLUSIVE: Jollof Rice Now Costs ₦9,710 for Family of 6 — That's ₦1,618 Per Plate in Lagos
Cooking Nigeria's iconic Jollof Rice for 6 people costs ₦9,710 at Oyingbo Market — ₦1,618 per serving. Rice accounts for 31% of total cost at …
Federal Government Partners with NAICOM to Reform Agricultural Insurance and Strengthen Cooperative Systems
The Federal Ministry of Agriculture has pledged to partner with Nigeria's National Insurance Commission on agricultural insurance reform and cooperative modernisation, calling the initiative essential …
World Bank Set to Approve $500 Million Agriculture Loan for Nigeria — Largest Single Agri-Investment in Country's History
The World Bank plans to approve a $500 million IDA loan for Nigeria's AGROW project by March 30, 2026, targeting smallholder productivity, value chain integration, …
American Tariffs Are Rewriting Global Food Trade. Developing Countries Like Nigeria Are Caught in the Crossfire.
The US now imposes tariffs on 52% of its food imports — worth $116 billion. The disruption is reshaping grain flows, raising fertiliser costs, and …
The Emir of Kano Says Nigeria’s ₦5.27 Trillion Food Import Bill Is Destroying the Farmers Who Feed the Country
Emir Muhammadu Sanusi II has urged the Federal Government to halt food imports that are undercutting Nigerian farmers. With ₦5.27 trillion spent on food imports …
Nigeria Is Building Its Largest Cattle Ranch. Can It Finally Reduce a ₦1.3 Billion Daily Beef Import Bill?
Ogun State plans to build Nigeria's largest dairy and cattle ranch in Ipokia and Yewa South LGAs, starting with 5,000 cattle. The project targets a …
Your Grocery Bill Dropped — But the Relief May Not Last. Here's Why
Food prices across Nigerian markets have fallen to levels not seen in over a decade. But economists warn the decline is driven by temporary factors …
The Missing Bill That Could Reshape Nigeria's ₦500 Billion Cocoa Sector
A presidential bill to establish a Nigerian Cocoa Board was transmitted to the National Assembly in November 2025 — then vanished. Farmers across Ondo, Osun, …
Why Nigeria's Farmers Lost Money While Consumers Celebrated Falling Food Prices
At the LCCI 2026 Agribusiness Outlook, experts revealed how the federal government's import waiver policy crashed farm-gate prices while consumers cheered cheaper rice and maize. …
The World Is Sitting on the Biggest Grain Stockpile in 25 Years. Here's What That Means for Nigerian Food Prices.
The FAO Food Price Index has fallen for five straight months, and global cereal stocks are heading for the highest level since 2001. For Nigeria …
India Is Flooding the World With Cheap Rice. Nigeria Is Buying. Nigerian Farmers Are Paying the Price.
India produced a record 150 million tonnes of rice and scrapped its export restrictions, sending global prices down 35%. Nigerian consumers are benefiting from cheaper …
CPPE Demands National Farm Price Stabilisation Framework, Warns Import-Driven Price Crash Could Destroy Nigerian Agriculture
CPPE urges FG to establish a Farm Price Stabilisation Framework, warning that collapsing commodity prices are inflicting heavy losses on farmers and threatening Nigeria's long-term …
CBN Set to Decide on Interest Rates Next Week — Analysts Predict First Major Cut as Inflation Eases and 65% of Nigerians Demand Lower Rates
The Central Bank of Nigeria's 304th MPC meeting on February 23–24 could deliver a significant rate cut, with leading economist Bismarck Rewane predicting a 100bps …
Nigeria's Food Inflation Drops to 8.89% — First Single-Digit Reading in Over 14 Years as Staple Prices Crash
NBS data shows food inflation fell to 8.89% in January 2026, the lowest in 174 months. Month-on-month food prices deflated by 6.02%, driven by falling …
Agriculture Expert Warns Government Food Import Policy Could Hurt Local Farmers and Long-Term Food Security
Dr Fatai Afolabi warns that while food imports ease consumer prices short-term, they risk undermining Nigerian farmers if not paired with input subsidies and price …
The Central Bank of Nigeria forecasts headline inflation will ease to 12.94% in 2026, down from 21.26% in 2025, citing improved agricultural output, better security in food-producing regions, and declining fuel prices from Dangote Refinery competition.
The Central Bank of Nigeria forecasts headline inflation will ease to 12.94% in 2026, down from 21.26% in 2025, citing improved agricultural output, better security …
AfDB Approves $200 Million Loan to Boost Climate-Smart Agriculture and Food Production in Nigeria
The African Development Bank has approved a $200 million loan to support climate-smart farming in Nigeria, targeting a fivefold increase in wheat output and a …
Nigeria Needs 150,000 Tractors. The Government Bought 2,000 Eight Months Ago. They're Still Parked in Abuja
"Lawmakers grilled the agriculture minister: where are the 2,000 tractors launched 8 months ago? Still parked in Abuja. Nigeria has fewer than 5,000 functional tractors …
Plateau Farmers and Herders Sign Peace Deal — But a Collapsed Truce in Katsina Shows What's Really at Stake for Food Prices
Beans surged 48% in February while every other staple crashed. The supply source? Northern and Middle Belt states — the same regions where farmer-herder violence …