Business
Prices of goods, services hit all time high in October
The general rise in prices of goods and services in Nigeria hit a new time high of 18.3 per cent in October. This means that the prices of food items and other consumable have gone up considerably making it difficult for the average person to eat three square meals a day. The rise in Nigerian general price level has been on in the last 12 months. The general rise in prices is attributable to exchange-rate pressures that have persisted on its impact on the prices of goods and services, complicating the central bank’s task of supporting an economy in recession.
In the market place prices of various food items such as yams, gari, palm oil, fruits and vegetables, housing, water, electricity, gas and other fuels as well as, fuels and lubricants for personal transport equipment and education increased considerably in the last three months. In fact pure water which is the common man’s water on the go has gone from N5 per sachet to N10 in major cities across the country.
A medium-sized basket of fresh pepper now sells for N10, 000.00, from N5, 000, while a basket of chili pepper goes for N13, 000.00, as against the N5, 500.00 it sold for previously. A jute bag of onions goes for N12, 500.00 from N11, 000.00, while a 20-litre keg of vegetable oil goes for N6, 100 as against N6, 000 previously.
A four-litre paint measurement of garri that sold for N300 is now N650. At the Daleko Market, Isolo, the prices of the various brands of a 50-kilogramme bag of rice ranges from N17, 000 to N25, 000. A bag of lower grades of rice which sold for N9, 000 in December 2015, sold for N13 000 in April this year is now about N20, 000. A five litre of groundnut oil which was selling for N1, 700 before, is now selling for N2, 200, while its 3.8ltr now sells for N2, 000, as against former price of N1, 600. A 4 litre of groundnut oil previously sold for N1,800 now goes for N3,500, just as a big keg which formerly sold for N6, 500, now stands at N10, 500. At the aforementioned markets, a 20- litre keg of palm oil that sold for N6, 000 is now selling for N15, 500, while a bottle which was selling at N200 before, now sells at N450.
Also a big basin of gari which had sold for N1, 500 now sells for N9,000 while one paint bucket of it which was selling for N200 now sells for N700. A five kilogram and 10 Kilogram of semovita which was selling for N1,800 and N3,000 before, now sells for N4,000 and N6,500, respectively, even as the price of a five kilogram of wheat which previously sold for N900 now goes for N1,000. A 120 kilogramme bag of beans cost N24, 500.00, from the N22, 000 it sold for.
The rate of price increases rose to 18.3 per cent, the highest in 11 years, from 17.9 per cent in September, the National Bureau of Statistics said in a report released yesterday on its website. Prices of goods and service rose generally by 0.8 percent from the previous month. The Consumer Price Index (CPI) which measures the rate of price increase, inflation increased by 18.3 percent (year-on-year) in October 2016, 0.48 per cent points higher from the rate recorded in September (17.9 percent).
According to National Bureau of Statistics NBS, “Increases were recorded across almost all major divisions which contribute to the headline index. Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively.”
“The Food Index”, which shows the rate of increases in food prices, “rose by 17.1 per cent (year-on-year) in October, up by 0.47 percent points from 16.6 per cent recorded in September. During the month, all major food groups which contribute to the Food sub-index increased with Fruits recording the slowest pace of increase at 11.5 percent.
“Price movements recorded by the All Items less farm produce or core sub-index rose by 18.1 per cent (year-on-year) in October, up by 0.4 per cent points from rates recorded in September, 17.7 percent. During the month, the highest increases were seen in housing, water, electricity, gas and other fuels as well as, fuels and lubricants for personal transport equipment and education.
“Significant price movement under the core sub-index was also recorded for clothing and footwear, which recorded as increase of 17.8 percent year on year. The groups with least growth pace recorded in October were Communication 5.7 percent, restaurants and hotels (9.4 percent) and recreation and culture (10.3 percent). On a month-on-month basis, the headline index rose by 0.83 percent in October, higher from the rate recorded in September (0.81 percent).
“The Urban index rose by 19.9 percent (year-on-year) in October from 19.5 percent recorded in September, and the Rural index increased by 16.95 percent in October from 16.4 percent in September. On month-on-month basis, the urban index rose by 0.81 percent in October from 0.79 percent recorded in September, while the rural index rose by 0.84 percent in October from 0.83 percent in September. The percentage change in the average composite CPI for the twelve-month period ending in October 2016 over the average of the CPI for the previous twelve-month period was 14.2 percent, higher from 13.5 percent recorded in September. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 14.4 percent in September to 15.3 percent in October, while the corresponding rural index also increased from 12.6 percent in September to 13.3 percent in October. The Composite Food Index rose by 17.1 percent in October 2016. The rise in the index was caused by increase in prices of Bread and Cereal, Fish, and Meat.
On a month-on-month basis, the Food sub-index increase by 0.86 percent in October from 0.81 percent recorded in September. The average annual rate of change of the Food sub-index for the twelve-month period ending in October 2016 over the previous twelve-month average was 13.82 percent, 0.58 percent points from the average annual rate of change recorded in September 13.24 percent”.
National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.
The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.
The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.
According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.
This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.
Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.
On the flip side, some sectors experienced sharp declines in company income tax remittances.
Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.
The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.
In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.
Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.
Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.
At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.
Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.
Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”
Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.
“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.
The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.
This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN
Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.
Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.
Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.
Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.
In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.
“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”
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