The price of garri, a popular staple food in Nigeria, has skyrocketed by 108 per cent in three months, reaching a record high as cassava production shrinks nationwide. A survey conducted by DAILY POST in major markets in the Federal Capital Territory, FCT, reveals that the average price of a 50kg bag of yellow garri surged from an average of N18,000 in December 2023 to N37,500 in March 2024.

Similarly, a 4-litre paint container measure of yellow garri now sells for an average of N2,500 compared to N1,200 in December 2023, while a 50kg bag of white garri sells at N35,000 as against N17,000 sold in December 2023, indicating a 105 per cent increase in price.

Nigeria, the world’s largest producer and consumer of cassava, was projected to produce 60.8 million metric tonnes of cassava in 2022. However, the production of the tubers in 2023 was hampered by the impact of climate change, worsening insecurity, and uncertainty surrounding the elections.

Segun Adewumi, National President of Nigeria Cassava Growers Association, attributed the production shortfall to farmers’ discouragement from cultivating cassava extensively last year due to the uncertainty surrounding the 2023 elections.

Garri, often regarded as ‘poor man’s food’ in Nigeria, has become increasingly unaffordable for many Nigerians due to the recent hike in its cost, along with other food items. Food inflation in Nigeria increased to 35.42 per cent in January 2024, according to the National Bureau of Statistics.

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BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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