This sharp rise, which pushed the farm produce price index from 110.5 in January to 142.53 in May, signals growing distress in the agricultural sector and worsening pressure on food affordability across the country.

While the price index crept up gradually in the first few months of the year, it spiked dramatically in May. January to February saw a mild 1.77% increase, followed by a 2.65% rise in March. April’s growth slowed to 0.88%. But in a sudden and alarming jump, May recorded a 22.28% increase, exposing the deep cracks in Nigeria’s food supply chain.

Analysts blame the crisis on widespread insecurity that has disrupted farming in many rural areas, especially in Benue State, the country’s main food-producing belt. Ongoing violence in these communities has made cultivation and distribution risky or impossible.

NBS figures reveal that food inflation in Benue had soared to 51.8% year-on-year by April 2025, while month-on-month food prices rose by 25.6%. Overall inflation in the state also jumped to 34.3% during the same period. By May, however, food inflation in Benue appeared to cool significantly, dropping to 22%. Still, month-on-month food prices edged up again by 4.1%, proving that the relief may be short-lived amid continued instability.

Despite the volatility in local farm produce, imported food prices have shown more stability. The Imported Food Price Index moved from 111.5 in January to 113.4 in February—a 1.3% increase. March saw a smaller rise of 0.44%, followed by a 1.23% increase in April. But by May, the trend reversed slightly as the index slipped to 113.7—a 1.39% drop.

Between January and March 2025, Nigerians spent ₦1.67 trillion on imported food and beverages, slightly higher than the ₦1.59 trillion recorded in the same period of 2024. The marginal increase of 5% shows that, in spite of the high cost of imports, many still rely on foreign food to bridge the gap created by domestic production shortfalls.

The latest figures paint a worrying picture for food security in Nigeria. As insecurity hampers farming and inflation tightens its grip, millions of Nigerians are feeling the pinch at the market facing higher prices for even the most basic staples.

The post Farmers Under Siege as Food Prices Soar 29% Nationwide appeared first on Housing TV Africa.

The farm produce price index, which stood at 110.5 in January, spiked to 142.53 by May, with the most significant jump—22.28%—recorded between April and May. This rapid escalation signals intensifying inflationary pressure, largely linked to worsening insecurity disrupting agricultural production, particularly in Nigeria’s food-producing regions.

The NBS noted that insecurity in states such as Benue, a key player in the nation’s food supply chain, continues to hinder farming activities. Despite a brief improvement in Benue’s food inflation figures—from 51.8% year-on-year in April to 22.0% in May—local prices remain volatile. The state still recorded a 4.1% monthly increase in food costs in May, alongside a 3.1% rise in general consumer prices.

Nationally, the gradual climb in farm produce prices was initially moderate:

January to February: up 1.77%

February to March: up 2.65%

March to April: up 0.88%

April to May: up 22.28%

This trend underscores the fragile state of domestic food supply, worsened by frequent attacks on farmers, displacement, and abandoned farmlands.

In contrast, imported food prices showed more stability. The Imported Food Price Index rose modestly from 111.5 in January to a peak of 115.3 in April before dropping slightly to 113.7 in May. Nigerians imported ₦1.67 trillion worth of food and beverages between January and March 2025—5% higher than the ₦1.59 trillion recorded in the same period of 2024.

While imported food prices remain relatively steady, the NBS data suggests Nigeria’s dependence on external supply chains may be cushioning domestic shortfalls—but not without cost implications.

Analysts warn that unless urgent action is taken to restore security in agricultural regions and strengthen domestic food production, food inflation could worsen, deepening hunger and economic hardship across the country.

The post Farm Produce Prices Surge Nearly 29% Amid Rising Insecurity – NBS appeared first on Housing TV Africa.

Food Still the Biggest Problem
The top cause of inflation remains food and non-alcoholic drinks. These made up 9.20% of the rise. Restaurants and hotels added 2.97%, and transport costs contributed 2.45%. On the other hand, areas like entertainment, alcohol, and insurance had little impact.

Monthly Changes in Prices
On a month-by-month basis, general inflation in May was 1.53%. This is lower than the 1.86% recorded in April. However, food prices went up. The monthly food inflation rose to 2.19%, compared to 2.06% in April. Items like yam, ogbono, cassava, maize flour, pepper, and sweet potatoes were among the main causes.

Core Inflation Falls Slightly
Core inflation, which excludes food and energy, was 22.28% in May. This is the yearly figure. On a monthly basis, core inflation dropped to 1.10%, from 1.34% in April.

Farm Produce, Goods, and Services
New data from NBS showed farm produce inflation at 22.38%, while goods inflation was 9.39%. Services stood at 1.79%, and energy costs actually went down by -0.43%.

Urban vs Rural Inflation
In cities, the inflation rate was 23.14% over the past year. From April to May, prices in urban areas went up by 1.40%. In rural areas, inflation was 22.70% year-on-year. However, monthly rural inflation dropped sharply to 1.83% from 3.56%.

Changes in State Figures
Some states had their April inflation numbers updated. These updates did not change the national figure. Only Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, and the FCT were not affected by this revision.

Where Inflation Hits Hardest
Borno had the highest inflation in May at 38.93%, followed by Niger and Plateau. The lowest rates were in Katsina, Adamawa, and Delta. Bayelsa, Bauchi, and Borno saw the biggest monthly increases, while Kaduna, Jigawa, and Edo recorded drops.

Food Inflation by State
Borno also had the highest food inflation, with a huge 64.36% increase. Bayelsa and Taraba were next. States with the smallest food price increases were Katsina, Rivers, and Kwara. On a monthly basis, food inflation rose fastest in Bayelsa, Cross River, and Anambra, while it fell in Katsina, Jigawa, and Kaduna.

The post Inflation Drops to 22.97%, But Food Prices Still Rising appeared first on Housing TV Africa.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), outlined the pressing issues at the 55th annual conference of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) held in Abuja. Among the concerns he raised were overlapping tax regimes, insufficient property data, poor compliance, and inconsistencies in valuation practices.

Delivering a keynote on “Tax Administration and the Real Estate Sector,” Dr. Adedeji said that although real estate remains a major contributor to Nigeria’s economy, its growth is being stifled by long-standing structural and regulatory challenges.

According to him, recent data from the National Bureau of Statistics (NBS) shows the real estate sector expanded by 15.39% in nominal terms during the last quarter of 2024, contributing approximately ₦3.77 trillion—about five percent—to the nation’s GDP. The sector now ranks as Nigeria’s third-largest contributor following the recent rebasing of economic figures.

He further noted that the rising population and increasing urbanisation are expected to drive continued expansion of the market. “With Nigeria’s population projected to reach 400 million by 2050, the demand for housing, especially in urban centers, will grow exponentially,” Adedeji said.

He expressed optimism that the passage of the pending Tax Reform Bills will bring relief, as they contain specific provisions aimed at resolving long-standing tax challenges in the real estate industry.

NIESV President, Mr. Victor Alonge, also spoke during the conference, stressing that real estate holds vast potential for economic transformation not just in Nigeria but across the African continent. He called for institutional reforms to address major bottlenecks, including fragmented taxation and restricted access to financing.

He said the forum was a strategic platform to explore innovative approaches that support a robust and adaptive real estate environment capable of competing globally.

Adding to the discussion, Dr. Emmanuel Mark, the Second Vice President of NIESV, emphasized the importance of modern tax strategies and regulatory clarity in fostering industry growth. He argued that effective real estate taxation could help fund infrastructure development and improve public services, ultimately benefiting the broader population.

“Surveyors and valuers are key players in this transformation. Their expertise in valuation and compliance will be vital in supporting tax reforms and ensuring accountability. With the right policies and use of technology, the real estate sector can serve as a powerful engine for growth and national prosperity,” Mark said.

The post Government Highlights Barriers to Real Estate Sustainability at National Conference appeared first on Housing TV Africa.

The numbers don’t add up—there are plenty of empty houses, yet millions remain without adequate housing. So, what’s fueling this crisis?

Despite a recent dip in inflation, the cost of property remains stubbornly high. The National Bureau of Statistics reported a decline in Nigeria’s inflation rate to 23.18% in February 2025, down from 24.48% in January. The Central Bank of Nigeria also maintained its Monetary Policy Rate at 27.50%, expecting inflation to ease further. But none of this has translated into lower home prices or cheaper rent. The real estate market seems immune to these economic shifts, and the reasons are as complex as they are frustrating.

Supply and Demand Imbalance

Nigeria faces a massive housing deficit, yet properties especially in highbrow areas are priced far beyond what the average Nigerian can afford. In Lagos, for example, real estate in locations like Banana Island, Ikoyi, Victoria Island, and Lekki is overpriced. This is due to limited land, soaring construction costs, and speculative investment. A similar trend is visible in cities like Accra, Dubai, Nairobi, and Johannesburg.

Rising Costs of Building Materials

Another major issue is the high cost of building materials. Nigeria imports a significant portion of its construction supplies, making home prices vulnerable to currency fluctuations and global market shifts. The rising costs of cement, roofing sheets, and finishing materials have pushed property prices even higher.

Bureaucratic bottlenecks also play a role. Expensive building approvals, high taxes, and lengthy land registration processes add to the overall cost of homeownership.

The Impact of Speculative Investment

Speculative investment is making matters worse. Wealthy investors and developers hoard land and properties, waiting for prices to rise before reselling at exorbitant rates. This artificially inflates market prices, making it even harder for middle-class and low-income buyers to enter the market.

Many of these properties remain vacant for months or even years because they are priced well above what buyers are willing to pay.

Experts Sound the Alarm

Industry experts warn that the current trajectory is unsustainable. A significant number of properties in major cities have remained unsold for over six months simply because their prices are unrealistic.

Stephen Jagun, Chairman of the Professional Practice Committee at ESVARBON, attributes the crisis to land scarcity, foreign investor interest, and lack of infrastructure. He believes a shift in focus is needed. Investors should explore emerging areas where land is still relatively affordable instead of concentrating on already overpriced locations.

The Role of Government and Developers

Jagun urges developers to embrace cost-effective building materials and sustainable construction techniques. Meanwhile, the government must implement land reforms, streamline housing policies, and invest in infrastructure to open up new areas for development.

Olufemi Oyedele, a real estate expert, highlights that overpriced real estate reflects deeper economic issues. He notes that:

• Over 100 million Nigerians live in inadequate housing.

• Millions of properties sit vacant because they are too expensive.

• The Housing Affordability Index shows a one-bedroom flat costs:

  • ₦17.5 million in Ikeja

  • ₦6.5 million in Abeokuta

  • ₦13.5 million in Abuja

Developers, he argues, must align their projects with the financial realities of the population.

Stronger Regulations Needed

Oyedele also believes stronger government intervention is necessary. He suggests:

• No one should start construction without securing financing from a mortgage bank.

• Laws should regulate abandoned properties.

• The government must increase social housing supply for low-income earners.

Kunle Awolaja, President of the African Real Estate Society, agrees. He points out that housing prices in Nigeria don’t match income levels, making homeownership difficult. He urges investors to:

• Consider alternative construction methods.

• Use financing models like cooperative housing schemes.

The Path Forward

The solution lies in a mix of government action, industry reform, and smarter investment strategies. The government must:

• Regulate speculative buying.

• Provide incentives for affordable housing.

• Invest in infrastructure projects to ease the pressure on prime locations.

• Expand road networks, water supply, and electricity to make more areas livable.

If these issues remain unaddressed, the housing crisis will only worsen. The gap between supply and affordability will continue to grow, locking millions out of homeownership.

However, if pricing is regulated, policies are enforced, and affordability becomes a priority, Nigeria’s real estate market can finally become accessible to those who need it most.

The post The Real Estate Price Trap: Why Homes in Lagos and Other Cities Remain Out of Reach appeared first on Housing TV Africa.

In Mararaba, a busy suburb of Abuja, Amaechi, a meat trader, watches helplessly as his business withers under the weight of soaring livestock costs. “People buy less goat meat now. It’s been bad since before Christmas,” he says, his voice tinged with frustration. The once-crowded stalls of the Orange Market along Abuja-Keffi Road now host fewer buyers, most of whom cautiously count their naira before settling for cheaper protein options like fish and eggs.

At the abattoir, Audu the butcher recalls better days when he could easily sell up to 20 goats daily. Now, he struggles to sell even half that number. “A goat lap was N4,500. Now it’s N9,000. Customers complain, but our hands are tied,” he laments. Traders echo his concerns, their livelihoods strained as consumers pull back from purchasing meat and other costly staples.

The National Bureau of Statistics (NBS) paints a grim picture: the average cost of food rose from N2,862.14 in November 2024 to N2,920.13 in December 2024, marking a staggering 91.6% increase compared to the same period in 2023. This surge affects everyday essentials like rice, garri, beans, bread, and groundnut oil, reshaping how Nigerians eat, budget, and survive.

For restaurant owners like the woman behind Anambra Kitchen in Ado, the economic squeeze is suffocating. “My regular customers don’t come anymore. I had to cut portion sizes to keep my doors open,” she confesses. Diversification has become a survival tactic, with many food vendors branching into side businesses like POS services to supplement dwindling incomes.

Customers, too, are adapting to harsh realities. John, a regular diner turned reluctant budgeter, sums it up: “We now do 0-1-0 or 1-0-0. Eating three times a day is for government officials.” This shift from three meals to just one speaks volumes about the depth of the crisis.

Economists warn that the effects of food inflation ripple far beyond kitchen tables. Dr. Paul Garau from Nasarawa State University explains, “When food prices soar, it’s not just about hunger. Reduced purchasing power slows business activity, increases poverty, and can even trigger social unrest.” His words are echoed by Puol Danladi of the Initiative for Development and Peacebuilding, who highlights the broader implications for national health and stability. “Food security is about more than availability; it’s about affordability. Without access to nutritious meals, productivity suffers, and long-term development is jeopardized,” he states.

Despite these challenges, Nigerians display remarkable resilience. Families are finding creative ways to stretch limited resources. Bulk buying from wholesalers, embracing cheaper, locally-sourced foods, and meticulous meal planning are now the norm. Mrs. Chinwe Agu from Utako shares her story: “Goat meat is a luxury now. We use awara and mushrooms. The kids don’t love it, but we have no choice.”

Community savings groups and cooperatives offer a financial lifeline. In Gwarimpa, Sarah Anjum joined a thrift group, saving N100 daily to prepare for last December’s festivities. “I saved over N500,000. It bought rice and enough goat meat for my kids to enjoy Christmas,” she recalls, her pride tinged with the struggle behind those savings.

The government has made attempts to address the crisis. In July 2024, a 150-day zero-duty levy on select food imports was introduced, targeting maize, rice, wheat, and cowpeas. However, bureaucratic delays have dulled its impact. In February 2025, efforts to reform the Bank of Agriculture aimed to boost food production and reduce dependency on imports. Finance Minister Wale Edun stresses the need for comprehensive strategies, blending fiscal and monetary policies to tackle inflation head-on.

Yet for many Nigerians, these policies feel distant and slow. The daily grind continues, marked by sacrifices and small victories. The hope is not just for cheaper food but for a future where survival doesn’t come at such a high price. Until then, the struggle endures, etched into every market stall, every empty plate, and every determined heart that refuses to give up.

The post The Price of Survival: How Nigerians Battle the Rising Cost of Food appeared first on Housing TV Africa.

The National Bureau of Statistics (NBS) attributed this increase to factors such as rising transportation expenses and higher food prices.

On a year-on-year basis, the rate reflected a significant 6.55 percentage point jump from the 27.33% recorded in October 2023. Month-on-month, the inflation rate for October 2024 was 2.64%, slightly higher than the 2.52% noted in September, indicating a continued acceleration in price growth.

Food inflation reached 39.16% year-on-year in October 2024, compared to 37.77% in September. Month-on-month, food inflation rose to 2.94%, driven by increased prices for items like beer, vegetable oils, meats, and popular products such as Lipton and Milo. The average annual food inflation for the past 12 months ending in October 2024 was 38.12%, a significant leap from the 26.33% recorded the previous year.

Core inflation, which omits volatile agricultural and energy prices, hit 28.37% year-on-year in October 2024, up from 22.58% in October 2023. Price hikes were most notable in urban transport, housing rents, dining, and personal grooming services. On a month-to-month basis, core inflation edged up to 2.14% from 2.10% in September. The 12-month average core inflation rate stood at 26.12%, up from 19.98% a year ago.

Urban inflation showed an even sharper rise, hitting 36.38% in October 2024, an increase of over 7 percentage points from 29.29% in October 2023. Month-on-month, urban inflation climbed to 2.75%, up slightly from 2.67% in September. The average urban inflation over the last 12 months was 34.52%, significantly higher than the 24.76% recorded in October 2023.

Rural areas saw an inflation rate of 31.59% year-on-year in October 2024, up from 25.58% in October 2023. Month-on-month, rural inflation reached 2.53%, compared to 2.39% in September. The average rural inflation for the 12-month period ending in October 2024 was 30.24%, a notable rise from 22.23% a year prior.

Earlier projections from economists had suggested this inflation spike, driven by persistent factors such as food price surges, energy costs, currency instability, and increased money supply. The inflation report precedes the upcoming Monetary Policy Committee meeting, where discussions could potentially lead to a further hike in the Central Bank of Nigeria’s Monetary Policy Rate.

The post Nigeria’s Inflation Spikes to 33.88% in October, Straining Wallets Nationwide appeared first on Housing TV Africa.

This statistic highlights a significant gap in employee benefits across the nation.

According to the report, Zamfara State in the Northwest boasts the highest percentage of employees with health insurance and pension coverage at 65%, while Abia State recorded the lowest, with only 3.9% of wage employees having such benefits. The report states, “The percentage of employees entitled to either pension or health insurance schemes in Nigeria was 26.3%. Zamfara State had the highest (65.9%) while Abia had the lowest (3.9%) among wage employed.”

The low rate of pension and health insurance coverage among Nigerian workers is largely attributed to the country’s high number of informal sector workers. The study indicates that approximately 92% of Nigeria’s employed population is engaged in informal employment, which typically lacks access to social benefits.

READ ALSO: Nigeria’s Ministry of Finance Unveils Real Estate Investment Fund for Pension Holders

The informal sector is characterized by businesses with open entry and exit, minimal regulation, and variable earnings. These enterprises often do not provide pensions for employers or employees and struggle with inadequate record-keeping. According to the International Monetary Fund (IMF), Nigeria’s informal sector contributed 57.7% to the country’s GDP in 2022, underscoring its significant role in the economy. However, millions of workers in this sector are excluded from traditional pension systems, leaving them vulnerable to poverty in retirement.

Employee benefits, such as health insurance and pensions, are crucial for enhancing job satisfaction, which can subsequently lead to higher productivity and loyalty among employees. The Pension Reform Act mandates that employers with at least 15 employees participate in a contributory pension scheme. Under this scheme, employers must contribute a minimum of 10% of an employee’s monthly salary, while employees contribute up to 8%.

READ ALSO: Lagos State Government pays N138.1 billion accrued pension to over 34,000 retirees 

Similarly, the National Health Insurance Authority Act requires that all employees residing in Nigeria have health insurance. Employers with more than five staff members must enroll in a health insurance scheme, ensuring contributions are made to the public health insurance scheme of the state where they operate. Alternatively, employers can provide private health insurance for their employees under the same act. However, enrollment in health insurance remains low compared to the total population, with only around 18.7 million people currently enrolled, according to the National Health Insurance Agency (NHIA).

The post NBS-Just 26% of Nigerian Workers Obtain Pension Plans and Health Insurance appeared first on Housing TV Africa.