Connect with us

News

Ginger prices soar in Lagos amid supply shortages, transportation cost

info

Published

on

IMG 3100.jpeg

Traders and consumers in Lagos have lamented the sharp rise in ginger prices, attributing the development to insecurity in major producing communities, dwindling supply, and rising transportation costs.

The respondents, who spoke with journalists on Sunday, said the situation had made the popular spice increasingly unaffordable for many households.

Ginger is widely used in Nigerian homes for cooking, beverages, and traditional remedies because of its distinctive flavour and perceived health benefits.

The spice is produced mainly in Kaduna, Nasarawa, Niger, and Plateau states before being transported to markets across the country.

However, traders said supplies reaching Lagos markets had declined significantly in recent months, resulting in steep price increases.

Data from the National Bureau of Statistics showed that Nigeria’s ginger exports dropped by 74 per cent to N6.28 billion in the first nine months of 2024, compared with N23.76 billion recorded during the corresponding period of 2023.

Industry stakeholders have linked the decline partly to disease outbreaks that affected ginger farms in key producing states, including Kaduna and Kano.

The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, noted that ginger farmers have lost over N12 billion to the epidemic since 2023.

Speaking with journalists, the Public Relations Officer of Oyingbo Market, Ademola Oduyemi, said insecurity in some farming communities had disrupted cultivation and harvesting activities.

According to him, information from suppliers indicates that many farmers can no longer access their farms due to security concerns.

“Some farmers are unable to harvest their crops, while others are reluctant to plant. This has reduced the volume of ginger coming into the market and contributed to the scarcity we are witnessing,” he said.

Mr Oduyemi said the shortage had pushed prices to unprecedented levels.

“A paint bucket of ginger now sells for between N40,000 and N46,000, depending on size and quality.

“Half a paint bucket costs between N22,500 and N23,000, while a derica measure sells for about N12,000.

“Many retail buyers who cannot afford larger quantities now purchase individual pieces, which sell for about N500 each,” he said.

He added that rising transport costs and growing demand had compounded the supply challenge.

“If farmers can safely return to their farms and production improves, supply will increase and prices may stabilise,” he said.

Also speaking, Florence Akinfolubi, a ginger trader at Oyingbo Market, said reduced supplies from producing states had continued to affect availability.

“We receive far less ginger than before. Whenever supply drops, prices inevitably rise.

“Transportation costs have also increased considerably. Moving produce from the North to Lagos is more expensive, and that reflects in market prices,” she said.

Another trader, Abdullahi Musa, said growing consumer demand was exerting additional pressure on available supplies.

“More people now buy ginger regularly because of its health benefits.

“Demand keeps increasing, but supply is not keeping pace, and that is driving prices higher,” he said.

At Lawanson Market, a spice dealer, Iyabo Daleko, said traders were finding it increasingly difficult to sustain their businesses.

“We spend more on purchasing and transporting ginger, yet customers complain whenever prices go up.

“Many buyers now settle for smaller quantities because they can no longer afford what they used to buy,” she said.

Consumers also expressed concern over the persistent increase.

Janet Madueke described the situation as frustrating.

“A tiny piece of ginger now sells for about N1,000 in the market near my residence in Surulere.

“The price is outrageous, and despite the cost, the quality does not appear to be as good as before,” she said.

Similarly, another consumer, Funmilayo Ogunleye, said the rising cost of ginger was stretching household budgets.

“I use ginger regularly for cooking and preparing drinks.

“The price has almost doubled compared to what I paid earlier this year, so I now buy less and use it more sparingly,” she said.

Adewale Balogun said he had also reduced his purchases because of the escalating cost.

“Ginger is a staple in my home, especially for tea and other drinks.

“These days, what N1,000 used to buy can no longer go far. It is becoming difficult for average families,” he said.

Some residents warned that continued increases in the prices of food items and spices could further worsen the cost-of-living challenges facing many households.

They urged government authorities to strengthen security in farming communities, improve agricultural production, address transportation bottlenecks, and enhance food distribution systems to stabilise prices.

According to them, ginger remains an essential household commodity whose availability and affordability should be prioritised. 

(NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NPFL: VAR Is Not A Luxury, Technology Is Taking Over – Avonda Richard

info

Published

on

WhatsApp Image 2026 11 06 at 8.02.51 PM.jpeg

Avonda Richard, an ardent supporter of the Nigerian Premier Football League (NPFL) based in Ogba, Lagos State, has called for the introduction of Video Assistant Referee (VAR) technology in the domestic league, insisting that Nigeria must embrace modern football technology to improve officiating and strengthen the credibility of its football competitions.

READ ALSO: NPFL: VAR, Improved Referee Officiating Needed To Restore League Integrity – Ezekiel | Sports247 Nigeria

Speaking during Sports247’s Let’s The Fans Talk programme, Richard expressed concerns over the standard of refereeing in Nigerian football, acknowledging the efforts of match officials while pointing out the challenges affecting their performance, particularly inadequate training and facilities.

“To be honest, the Nigerian officiating sometimes is really, really poor. But I must also give it to them; they are trying their best,” Richard said.

He argued that some referees lack the necessary professional training and access to adequate facilities to prepare them for the demands of the game, stressing that officiating should be treated as a serious profession that requires proper development and continuous education.

Richard maintained that introducing VAR into the NPFL would help reduce officiating errors and bring Nigerian football closer to the standards of other competitive leagues.

“VAR is not a luxury because technology is taking over. So VAR is something that Nigeria needs to introduce in the Nigerian Premier League,” he stated.

Beyond the introduction of technology, Richard also called for improved television coverage of the domestic league, noting that Nigerian football deserves greater visibility and should be accessible to supporters in the same way they follow major European competitions.

“We should be having a Nigerian professional league that people can watch, just like when we watch Premier League, Italy and Germany on the screen,” he added.

He believes that increased broadcast coverage would attract more attention to the NPFL, create greater awareness among football supporters and encourage accountability within the league.

Richard’s comments highlight the growing conversation around the need for improved refereeing standards, investment in modern technology and greater visibility for Nigerian football as the NPFL continues to seek stronger recognition within African football.

Continue Reading

Business

CBN issues regulations for non-security virtual assets, effective November 5,

info

Published

on

BY NKECHI NAECHE-ESEZOBOR—The apex regulator, the Central Bank of Nigeria (CBN) on Friday  issued regulations for the Operations of Non-Security Virtual Assets in Nigeria, setting out a framework for licensing, regulating and supervising stablecoins, virtual asset service providers and related activities.

According to a circular to virtual asset service providers and stakeholders in the financial services industry, the apex bank said the regulations are meant to promote responsible innovation, strengthen the integrity of the Nigerian financial system and provide an appropriate framework for emerging digital payment instruments.

The CBN said the regulations are issued under the CBN Act, 2007, the Banks and Other Financial Institutions Act, 2020, and other applicable laws. It described them as a comprehensive, risk-based framework covering the licensing, authorisation, regulation, supervision and oversight of non-security virtual assets in Nigeria.

The framework covers stablecoins, Deposit Money Tokens, virtual asset service providers, virtual asset payment services, platform-facilitated peer-to-peer services, and custody, transfer, remittance, clearing and settlement activities.

The regulations also set requirements on the classification and designation of regulated tokens and activities, and on the licensing of issuers and providers of non-security virtual asset services. Other areas covered include capital, reserve-backing, liquidity and redemption; corporate governance, risk management and internal controls; and technology risk, cybersecurity and operational resilience.

They further address the safeguarding of reserve and customer assets; customer protection, disclosures and complaints management; and anti-money laundering, counter-terrorist financing and counter-proliferation financing obligations. Sanctions screening, transaction monitoring, blockchain analytics, Travel Rule compliance, counterparty due diligence, regulatory reporting, supervisory access, information sharing, enforcement, administrative sanctions and orderly wind-down arrangements are also included.

The CBN said the regulations apply to persons carrying out regulated activities in or from Nigeria, those directing such activities at persons in Nigeria, and those whose activities may materially affect the country’s payments system, financial system, foreign exchange market or financial stability. They may apply whether or not the person has a physical presence in Nigeria.

The apex bank said the regulations do not displace the statutory mandate of the Securities and Exchange Commission or any other competent authority. Activities involving security virtual assets, securities, investment contracts or other capital-market products remain subject to the capital-market regulatory framework. Where an activity involves both non-security virtual assets and matters under another authority’s mandate, approvals must be obtained from each competent authority.

All affected institutions, issuers, service providers, operators, promoters and other stakeholders are required to familiarise themselves with the regulations and comply fully with the applicable requirements.

The regulations take effect from November 5, 2026. The circular was issued by the CBN’s Payments System Policy Department.

The post CBN issues regulations for non-security virtual assets, effective November 5, appeared first on Business Today NG.

Continue Reading

Trending