BUSINESS
Umuahia Residents Decry Soaring Food Prices and Economic Hardship
Residents of Umuahia have raised alarm over the rising cost of foodstuffs in local markets, describing the situation as increasingly unbearable for many households.
There is no doubt that the current economic downturn in Nigeria has significantly impacted market prices, particularly food items. While food products remain available, many residents say the major challenge is the lack of purchasing power due to widespread hardship.
Our correspondent, Jeremiah Chukwujindu who visited several markets in Umuahia, gathered reactions from both traders and consumers. Many decried the worsening economic conditions and called on government authorities to intervene urgently.
Some residents attributed the increase in food prices to the high cost of fuel and the closure of borders, which they say has reduced the inflow of goods. Traders, on their part, explained that after incurring high transportation and operational costs, they are compelled to increase prices in order to make a profit.
Respondents further appealed to both the federal and state governments to take immediate steps to ease the burden on citizens. They also urged traders and sellers of foodstuffs and other essential commodities to adopt measures that could help cushion the effects of the economic hardship.
Many residents emphasized that the current hardship is taking a severe toll on the nation, with families struggling daily to meet basic needs.
The Nigerian National Petroleum Corporation (NNPC) Limited has requested dedicated office space for around 10 of its employees at theย Dangote Refineryย as part of an agreement involving the supply of crude oil.
During a X Space event hosted by Nairametrics titled โUnlocking How Dangote Refinery Shapes Price,โ Vice President of Oil & Gas at Dangote Group, Devakumar V.G. Edwin, disclosed this development.
He explained that NNPC made the request since it would be responsible for supplying the crude oil, monitoring the production process, and repurchasing the refined products in Naira.
Edwin revealed: โNNPC has informed us that they intend to station a team of 6 to 10 people permanently at our refinery.
โTheyโve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira.โ
This arrangement involves the refinery purchasing crude from the government in Naira and selling Premium Motor Spirit (PMS) in the same currency rather than in dollars.
Edwin emphasized that negotiations with the government are ongoing, particularly regarding the pricing structure for crude oil, the pricing mechanism, and the exchange rate to be used for the Naira.
He noted that no final agreement had been reached yet, with several details still being discussed.
Speaking on behalf of Dangote, Edwin mentioned that Aliko Dangote had agreed to a proposal from the Federal Government to sell NNPCโs products back to the government in Naira, even though this might result in financial losses.
According to Edwin, Dangote recognized the potential losses due to fluctuations in the exchange rate but expressed his willingness to bear the cost for the benefit of the country.
โDangote said we are going to accept this because the country desperately needs foreign exchange, and the value of the Naira is deteriorating every day.
โI understand that I am going to take a loss because by the time we sell the product and convert it to dollars, the exchange rate may have worsened.
โI am willing to take this loss in the interest of the country. I donโt mind.
โThe country is in bad shape. Someone has to take certain risks, and I am ready to face this loss, no matter how significant it may be,โ Edwin quoted Dangote to have said.
Kwankwaso Denies Exit from ADC, Confirms Ongoing Talks with PRP, NDC
ADC Dismisses 2027 Election Rumours, Vows to Field Credible Candidates Against APC Government
Obi, Kwankwaso Set to Announce New Political Platform on Monday, Says NNPP Chieftain Buba Galadima
RADIO SHOUT-OUT STEALS HEART: RUBYBILLIONS CELEBRATES MARYFIAT NWANOSIKE’S BIRTHDAY IN STYLE
HRH EZE CHARLES UKATTAH DEFENDS GOVERNOR OTTI, DESCRIBES MEDIA EXCHANGE AS MISUNDERSTANDING
WHEN LEADERSHIP IS WORKING, SYMBOLISM SHOULD NEVER BE ALLOWED TO OVERSHADOW SUBSTANCE. – HON STANLEY NWABUISI
-
ENTERTAINMENT3 months agoRADIO SHOUT-OUT STEALS HEART: RUBYBILLIONS CELEBRATES MARYFIAT NWANOSIKE’S BIRTHDAY IN STYLE
-
NEWS2 months agoHRH EZE CHARLES UKATTAH DEFENDS GOVERNOR OTTI, DESCRIBES MEDIA EXCHANGE AS MISUNDERSTANDING
-
POLITICS4 months agoWHEN LEADERSHIP IS WORKING, SYMBOLISM SHOULD NEVER BE ALLOWED TO OVERSHADOW SUBSTANCE. – HON STANLEY NWABUISI
-
NEWS2 months agoHRH EZE SIR CHARLES ONORCHIE UKATTAH COMMENDS GOVERNOR ALEX OTTI’S PERFORMANCE, BACKS 2027 RE-ELECTION
-
NEWS2 months agoABIA MUST REMAIN NIGERIA’S NEATEST STATE โ CATECHIST AMBROSE
-
INTERVIEW4 months agoIT BRINGS ME GREAT JOY TO CELEBRATE MY BIRTHDAY SURROUNDED BY MY FAMILY AND FRIENDS. โ HIGH CHIEF DENNIS OKORIE
-
NEWS2 months agoPASTOR IROZIRI HAILS BARR. MONDAY UBANI (SAN) FOR COMMUNITY DEVELOPMENT INITIATIVES
-
INTERVIEW4 months agoEVANG. VICTOR EMMANUEL’S NEW YEAR MESSAGE