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Food and commodity price increases push Nigeria’s inflation rate to 19.64%.

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Food and commodity price increases push Nigeria's inflation rate to 19.64%.

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and services in Nigeria increased to 19.64 percent in July, compared to the 1percent cent it was the previous month, the National Bureau of Statistics (NBS) disclosed yesterday.

However, on a year-on-year comparison, the CPI stood at 17.38 percent in the corresponding month of 2021.

The NBS attributed the 2.27 percent rise in the headline index to the uptick in the food and core indexes.

Food inflation rose by 0.99 percent to 22.02 percent year-on-year in July compared to 21.03 per cent in 2021.

According to the CPI report for July which was posted on the statistical agency’s website, the rise in food inflation was caused by increases in prices of bread and cereals, food products potatoes, yam and other tubers, meat, fish, oil, and fat.

On a month-on-month basis, food inflation declined by 0.01 per cent to 2.04 per cent in July, which was an insignificant reduction compared to 2.05 per cent.

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The NBS however attributed the decline to a reduction in the prices of some food items namely tubers, maize, garri, and vegetables.

The average annual rate of food inflation for the 12-month period ending July 2022, over the previous 12-month average was 18.75 per cent, which was a 1.42 per cent decline from the 20.16 per cent average annual rate of change recorded in July 2021.

Similarly, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce increased by 2.54 per cent to 16.26 per cent year-on-year compared to 13.72 per cent in 2021.

On a month-on-month basis, core inflation rose by 0.20 per cent to 1.75 per cent in July compared to 1.56 per cent recorded in June.

According to the statistical agency, the highest increases in core inflation were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road, air, garments, cleaning, repair and hire of clothing.

Meanwhile, year-on-year, food inflation was most severe in Kwara (29.28 per cent), Akwa Ibom (27.22 per cent), and Kogi (26.08 per cent), while Kaduna (17.16 per cent), Jigawa (17.46 per cent) and Anambra (19.25 per cent) recorded the slowest rise.

On a month-on-month basis, food inflation was highest in Kwara (3.90 per cent), Delta (3.61 per cent), and Benue (2.94 per cent), while Taraba (0.14 per cent), Gombe (0.94 per cent), and Niger (1.13 per cent) recorded the slowest rise.

On the other hand, core inflation year-on-year basis was highest in Akwa Ibom (22.88 per cent), Ebonyi (22.51 per cent), Kogi (22.08 per cent), while Jigawa (16.62 per cent), Kaduna (17.04 per cent) and Borno (18.04 per cent) recorded the slowest rise in the headline index.

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Agriculture

VCDP distributes tricycles to rural farmers in Kogi

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VCDP distributes tricycles to rural farmers in Kogi

The FGN/IFAD Value Chain Development Programme (VCDP-AF) has distributed tricycles worth millions of naira to rural farmers in Kogi to enhance their livelihoods and ensure food sufficiency in the state.

The state Commissioner for Agriculture and Food Security, Mr Timothy Ojomah, at the flag-off on Wednesday in Lokoja, said the gesture was part of government’s efforts toward empowering its citizens, especially rural farmers.

Ojomah expressed confidence in the Gov. Ahmed Ododo-led administration to continue to assist the rural farmers through the VCDP activities for maximum agricultural production in the state.

Ojomah, represented by the ministry’s Permanent Secretary, Abdulsalam Segir, said that government would not rest on its oars to provide farmers with inputs to boost their production.

According to him, the farmers will consistently be provided with farm equipment, fertilisers, chemicals and other machines that will assist them in their farming activities.

The commissioner, who reaffirmed government’s commitment to enhancing the well-being of the people of the state, advised the beneficiaries to be meticulous in handling the tricycles to serve them better.

He commended the achievements of Kogi VCDP, under the leadership of Dr Stella Adejoh, assuring that government would continue to give necessary support to the programme.

Earlier, Adejoh, the State Programme Coordinator (SPC) of IFAD-VCDP, said that the initiative was to boost the general wellbeing of farmers as well as ensuring beneficiaries’ full commitment along the production, processing and marketing value chain.

Adejoh expressed optimism that Kogi government would continue to take proactive measures to support and create enabling environment for the programme to thrive in the state.

The state programme coordinator urged the beneficiaries to make proper use of the tricycles to improve their well-being, stating that the gesture was targeted toward their good and that of their families.

“No one should think of selling his/her tricycle because the programme has put in place monitoring mechanism to forestall such,” she said.

Speaking on behalf of the beneficiaries, the Chairman, Gaskiya Cluster, Mr Bala Musa, appreciated IFAD/ VCDP, Kogi government as well as Federal Government for always supporting farmers in the state.

Musa promised that the beneficiaries would use the tricycles for intended purposes, adding that they would not take the opportunity for granted.

“We assure you that all our efforts will be channelled into the proper maintenance of the machines for our own benefits,” he said.

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Agriculture

Minister pledges sustained investment in agricultural production in FCT

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Minister pledges sustained investment in agricultural production in FCT

Minister pledges sustained investment in agricultural production in FCT

Dr Mariya Mahmoud,  Minister of State for the Federal Capital Territory (FCT), has pledged the FCT administration’s commitment to sustaining investment in agricultural production in the territory.

Mahamoud said this at the inauguration of the disbursement of grants to beneficiaries of the 4th batch of the FCT Fadama Covid-19 Action Recovery and Economic Stimulus (CARES) Programme, on Thursday in Gwagwalada.

She said the initiative is aimed at reducing poverty and improving livelihoods for the poor and vulnerable agricultural households in the territory.

The minister said the FCT Fadama CARES Programme would increase food security and the safe functioning of the food supply chain in the FCT.

She said the programme was designed to support the recovery of livelihood activities of the poor and vulnerable persons engaged in the agricultural value chain, with consideration to women and youths.

According to her, it is gratifying to note that within the first year of the current administration in the FCT, the Fadama CARES programme has disbursed grants to 3,150 beneficiaries under the third batch.

Mahmoud said the programme would provide grants to an additional 6,020 new beneficiaries under the fourth batch.

She said that 9,170 beneficiaries would benefit from the programme during the first year of the current FCT administration.

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Agriculture

I earn N7m annually from growing tomatoes, pepper — Gombe farmer

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I earn N7m annually from growing tomatoes, pepper — Gombe farmer

Mr Saleh Maikudi, a 35-year-old farmer from the Bula community in Akko Local Government Area of Gombe State, says he earns over N7 million annually from growing tomatoes and pepper.

Maikudi, in an interview with the News Agency of Nigeria (NAN) on Monday in the Bula community, said he became a millionaire from growing vegetables.

He said that investing in tomato and pepper farming yielded good returns.

Maikudi said he spent over N1.5 million on 30 hectares of farmland which he cultivated in 2023.

“In 2023, I made N7 million from cultivating tomatoes and pepper.

“I only spent N1.5 million as the total cost of preparing and planting the vegetables.

“I cultivated tomato, bell pepper (Tatashe), chilli pepper, Cayenne pepper (shombo) and Scotch bonnet (hot pepper) on my farmland.”

Maikudi, who is also the chairman of Vegetables Farmers’ Association in the community, said he cultivated 30 hectares of the vegetables annually.

He said that it took 10 weeks after cultivating the vegetables to start harvesting the commodities for another period of 10 weeks.

The farmer said that in the present wet season, farmers had started harvesting and off-takers had been coming to their community to buy the commodities for supply to various states of the country.

He said that the year’s rainfall, which he described as moderate, was good enough for his vegetables to grow and that his tomato and pepper did well.

“If the market is good this year, I am expecting nothing less than N10 million because my vegetables really did well.’’

Maikudi advised the government to build a modern market in the community.

According to him, the facility will help standardise the marketing of vegetables and other agricultural produce as well as provide farmers with the platform to centralise the selling of the commodity.

“Also, the government can establish mini-processing factories to help farmers cut post-harvest losses, boost food security and provide more jobs for youths in the state,” he said.

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