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Tag: Food

Food delivery startup Chowdeck raises $2.5m seed funding
News

Food delivery startup Chowdeck raises $2.5m seed funding

Nigerian startup offering on-demand delivery services, Chowdeck, has secured $2.5 million in seed funding. This investment, led by notable backers such as FounderX Ventures, True Culture Funds, Hoaq Fund, Levare Ventures, Haleakala Ventures, YCombinator, Goodwater Capital, and True Culture Funds, along with angel investors like Ayo Arikawe, Shola Akinlade, Ezra Olubi, Sudeep Ramani, Karthik Ramakrishnan, […]

31.5 million Nigerians at risk of food crisis - Report
News

31.5 million Nigerians at risk of food crisis – Report

Melvin Onwubuke   A new recent report by Cadre Harmonise reveals that no fewer than 31.5 million Nigerians are on the verge of food insecurity between June and August 2024. This is worsened by the removal of the fuel subsidy, affecting the macroeconomics through inflation in agricultural inputs and transport. The report noted that between […]

As regional groups across the country continue to condemn the hardship faced by citizens, attributed to the removal of fuel subsidy and the foreign exchange crisis which has led to food inflation and high transport cost.
Business News

FG, states meet over food crisis

By Melvin Onwubuke   As regional groups across the country continue to condemn the hardship faced by citizens, attributed to the removal of fuel subsidy and the foreign exchange crisis which has led to food inflation and high transport cost. According to The Punch, President Bola Tinubu, will hold an emergency meeting with state governors […]

Dapo Abiodun launches N5bn palliative for Ogun residents
Agribusiness

Ogun backs mass food production

The government of Ogun State has declared that it is taking steps to guarantee food production in large quantities in order to mitigate the impact of the present increased food costs. The PUNCH stated that the state commissioner for agriculture and food security, recently revealed this at a retreat for the management of the ministry […]

Nigeria to produce food worth €62bn by 2024 - Report
News

Nigeria to produce food worth €62bn by 2024 – Report

Nigeria will produce 48 per cent more food, or €62.6 billion, between 2021 and 2024, according to OTACCWA and Fairtrade. The Nigeria Agrofood and Plastprintpack trade exhibition organizers, Fairtrade and OTACCWA, said in a statement that the country’s food output increased from €26 billion in 2016 to €36.3 billion in 2020, a 39.6% improvement. According […]

BUA Foods sale hits N728 bn
Economy

BUA Foods sale hits N728 bn

Fortified Sugar generated the most income for BUA Foods among its several business sectors in 2023. The PUNCH revealed that the company’s overall sales increased by 74.13% to N728.48 billion in 2023 from N418.35 billion the year before, driven mostly by a 153% increase in revenue from fortified sugar to N327.55 billion. The unaudited financial results […]

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Business

Nigeria’s Inflation hits 28.92% amid food price hike

Nigeria’s headline inflation jumped by 0.72 per cent to 28.92 per cent in December 2023, up from 28.20 per cent in November 2023, according to a report released on Monday by the National Bureau of Statistics. This is the highest level of average cost of goods and services since 1997, when the late General Sani […]

Dry season farming to create 10m jobs - FG
Agribusiness

FG to combat growing food prices with rice production

The Minister of Agriculture and Food Security, Abubakar Kyari, announced on Friday that the Federal Government had begun mass production of food crops in order to reduce food prices across the country. According to The PUNCH, he stated that the government’s goal was to lower food inflation, citing it as the primary cause of Nigeria’s […]

Food drives August's inflation rate to 25.80% - NBS
featured

Food drives August’s inflation rate to 25.80% – NBS

Inflation increased to 25.8 percent in August from 24.08 percent in July, according to numbers released by the National Bureau of Statistics on Friday. According to the Punch, NBS’s Consumer Price Index for August 2023 revealed that the headline inflation rate jumped to 25.80% in August 2023 compared to the headline inflation rate in July 2023, […]

FG budgets N8.68tn for agric, food imports - Report
News

FG budgets N8.68tn for agric, food imports – Report

The Federal Government budgeted an estimated N8.68tn for agriculture and food imports from 2016 to 2021, according to a report. The PUNCH reported that of the estimated N8.68tn, about N874.83bn was budgeted for the Federal Ministry of Agriculture and Rural Development, whereas the imports of agricultural goods into Nigeria during the same period were estimated […]

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