Minister of Communications and Digital Economy, Bosun Tijani has announced that prices are expected to rise by 30-60 percent.

The revelation comes days after Tijani confirmed that telecom services tariffs would increase, but not by the proposed 100 percent.

Tijani says the telecommunications sector relies heavily on investment to drive Nigeria’s economic growth. He said investors in the sector must continually invest in equipment to remain relevant, despite the challenges posed by inflation.

“The sector is about investment in infrastructure; the technologies are changing, so you have to keep investing in technology. Things like 3G will be decommissioned at some point because you have higher technology, so they have to keep investing in equipment. And we all know that there is inflation. For us, as we are protecting them, we want to keep importing capital in the sector. The foreign direct investment in our sector in the first quarter of 2024, driven by telcos, was close to $199 million; this is bigger than the entire inflow in 2023. We can’t get to a $1 trillion economy if mobile network operators are investing at a snail’s pace,” he stated.

Telecommunication operators have been advocating for approval to increase service tariffs, citing the rising inflation in the country. The implementation of key policies by the present administration, such as the removal of fuel subsidies and the unification of exchange rates, has significantly contributed to the increase in economic inflation across Nigeria.

Rejecting telecom operators’ calls for a 100% hike, Dr. Tijani emphasized that a moderate increase would balance affordability and sector growth.

“The telecommunications sector contributes over 16% to our GDP, employs thousands of Nigerians, and is vital to the digital economy. However, we must ensure services remain accessible while sustaining the sector’s viability,” Dr. Tijani explained.

He highlighted that the Nigerian Communications Commission (NCC) is leading a data-driven tariff review process, prioritizing consumer interests and long-term sector sustainability.

Addressing rural connectivity, the minister announced plans to deploy 90,000 kilometers of fiber-optic cables and construct telecom towers in remote areas through Special Purpose Vehicles (SPVs). He also noted Nigeria’s leadership in managing telecommunications infrastructure resilience, particularly in mitigating submarine cable disruptions.

Dr. Tijani reaffirmed the government’s commitment to harmonizing taxes, declaring telecom infrastructure a critical national asset, and holding operators accountable for service interruptions.

The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to tour the Port Harcourt Refinery and verify its operational status.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, has responded to Obasanjo’s recent remarks about the refinery.

In a recent interview with Channels Television, the former President recalled the advice from Shell Petroleum Development Company (SPDC), suggesting the refinery would not function optimally.

He said that after approaching the company to acquire equity in the refinery, SPDC expressed concerns about corruption impeding its operations.

Obasanjo further alleged that the NNPCL had been misleading Nigerians about the facility’s functionality, calling into question the national oil firm’s recent announcement about the re-streaming of the plant.

Responding to the claims in a statement on Thursday, January 1, 2024, Soneye respectfully invited the former President to visit the refinery, stressing the company’s commitment to transparency and accountability.

“Furthermore, we extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new NNPC Limited,” he said.

The spokesman also enjoined Obasanjo to join the NNPCL in its determination to guarantee the country’s energy security.

“We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians.

“His wisdom and experience are invaluable, and we assure him that his advice will always be welcomed and appreciated,” he stated.

The NNPCL’s scribe explained that the company didn’t carry out turnaround maintenance on the plant but embarked on a complete refinery overhaul.

“As part of this transformation, NNPC Limited has gone beyond oil and gas to become an integrated energy company.

“One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery.

“This process was not merely the Turnaround Maintenance (TAM) of the past but a full-scale overhaul designed to meet world-class standards. Similarly, we are currently conducting the same comprehensive rehabilitation of the old Port Harcourt Refinery and Kaduna Refinery,” he added.

He further explained that the national oil company has evolved from being a government corporation to a private entity with limited liability, noting that the transition has transformed the company from a loss-making organisation to a profit-driven international energy firm.

According to him, the new NNPCL will ensure sustainable operation and contribute significantly to Nigeria’s energy security.

“Regarding his recent comments, we would like to respectfully clarify the current state of the NNPC.

“The NNPC has undergone a transformative journey, evolving from a government corporation into a private entity—NNPC Limited.

“This transition has marked a significant shift from being a loss-making organisation to a profit-oriented global energy company.

“We deeply respect and hold President Obasanjo in the highest regard as a distinguished statesman who has contributed significantly to the progress of our nation.

“He has every right to share his perspectives on national issues, and we value his insights and counsel.

“We remain grateful for his leadership and enduring commitment to the growth and development of Nigeria. Together, we can continue to build a brighter future for our great nation,” Soneye stated.

He also reacted to media reports suggesting that the NNPCL would stop the supply of crude oil to Dangote Refinery, saying “No need to respond to falsehood.

The National Bureau of Statistics (NBS), says prices of beans, eggs, bread, rice, yam, and other food items witnessed significant price increases in August 2024.

The NBS said this in its Selected Food Prices Watch report for August 2024 released in Abuja on Wednesday.

The report said that the average price of 1kg of brown beans increased by 271.55 percent from N692.95 recorded in August 2023 to N2,574.63 in August 2024.

“On a month-on-month basis, 1kg of brown beans increased by 5.31 percent in August from the N2,444.81 recorded in July 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 121.92 percent yearly from N1,031.55 recorded in August 2023 to N2,289.19 in August 2024.

“On a month-on-month basis, the eggs increased by 5.48 percent from the N2,170.17 recorded in July 2024.”

The report said that the average price of sliced bread increased by 113.16 percent on a year-on-year basis from N684.85 in August 2023 to N1,459.85 in August 2024.

“On a month-on-month basis, the price increased by 2.28 percent from the N1,427.25 recorded in July 2024.”

In addition, the average price of 1kg of local rice rose by 148.41 percent on a year-on-year basis from N737.11 recorded in August 2023 to N1,831.05 in August 2024
“On a month-on-month basis, it increased by 3.65 percent from N1,766.64 recorded in July 2024.”

Also, the report said that the average price of 1kg of a tuber of yam increased by 188.31 per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in August 2024.

“However, on a month-on-month basis, the price decreased by -7.82 percent from the N1,802.84 recorded in July 2024.”

The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 171.72 per cent from N554.37 recorded in August 2023 to N1,506.35 in August 2024.

“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 per cent from N1,693.83 in July 2024 to N1,506.35 in August.”

The report analyzed state profiles and showed that in August 2024, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N3,276.79, while the lowest was recorded in Adamawa at N1,710.92.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N2,996.92, while the lowest was in Jigawa at N1,786.01.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,850, while the lowest price was recorded in Yobe at N908.81.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,680.29, while Benue reported the lowest at N1,206.84.

The report said the highest price of 1kg of tomato was recorded in Abuja at N2,2206.31, while the lowest price was recorded in Kaduna at N734.94.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-south at N3,165.11, followed by the North-central at N2,900.86.

“The lowest price was recorded in the North-West at N1,982.78.”

The North-central and South-east recorded the highest average prices of medium-size agric eggs (12 pieces), at N2,789.15 and N2,438.06, respectively, while the lowest price was in the North-West, at N1,963.65.

The report said that the South-South recorded the highest average price of sliced bread at N1,785.56, followed by the South-east at N1,635.73, while the North-east recorded the lowest price at N1,163.78.

The NBS also said that the South-west and the South-south recorded the highest average price of 1kg of local rice (sold loose) at N1,960.87 and N1,886.32 respectively.

“The North-west recorded the lowest price of 1kg of local rice (sold loose) at N1,591.21.”

The News Agency of Nigeria (NAN) reports that in July, the federal government granted a 150-day duty-free import window for some food commodities in a bid to address the incessant increase in food prices and ensure food security.

The suspended duty tariffs and taxes will apply to the importation of certain food items across land and sea borders, including maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange, and transportation costs to address the soaring food prices and ensure food security.