MoniePoint, trade ministry, CAC partner to strengthen SME businesses

MoniePoint Inc. says it is collaborating with the Ministry of Industry, Trade and Investment and the Corporate Affairs Commission (CAC) to make it easier for informal businesses to formalise their dealings.

Mr Tosin Eniolorunda, the Group Chief Executive Officer (CEO) and co-founder, Moniepoint Incorporated, said this in the company’s Informal Economy Report, 2025, unveiled in Abuja.

Eniolorunda said the company had helped four times more businesses become formalised thereby gaining access to a better range of tools and services that could help them grow.

He said the report was geared towards fostering collaboration across all sectors to create sustainable solutions for the informal economy that would positively impact the country’s economy.

”We have spent years building the kind of products and solutions that these informal businesses could rely on.

”Now, we had also shed light on them for everyone to understand their unique challenges. Beyond Moniepoint, everyone could get involved in understanding them and solving their problems.

”At Moniepoint, we strongly believe in the importance of the informal economy and its role in Nigeria’s economy.

”Beyond this, however, we also realise that there is a lot of access and support that becomes available to them when they become formalised,” he said.

He said the businesses in the informal economy had potential for growth when adequately supported.

Read Also: CAC to delist 100,000 dormant companies over non-compliance

According to him, this is why we have built systems and services that take their unique situations into account, and work with that context to match their needs.

Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, said the informal economy was central to Nigeria’s story of resilience and enterprise.

Oduwole said million of citizens sustain livelihoods and drove commerce in ways that often remained unseen.

According to her, this report provides an important window into their realities—the opportunities they create, the challenges they navigate, and the scale of their contribution to national development.

”By documenting their experiences with data and context, it deepens our understanding of the sector and offers a stronger foundation for inclusive policymaking,” she said.

Mr Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the informal sector remained the backbone of the economy, vibrant and deeply embedded in the fabric of daily life.

”From market vendors to artisans, millions of Nigerians depend on it for their livelihoods, and as a nation, we collectively rely on their resilience and resourcefulness.

”Ensuring their survival and catalysing their growth is crucial for poverty elimination, rural industrialisation, and the enhancement of livelihood, all three core mandates of SMEDAN,” the director-general said in the report.

The News Agency of Nigeria (NAN) reports that the report was unveiled Oct. 17 to help policymakers and other stakeholders to make informed decisions.

(NAN)

Sanwo-Olu to host global summit on blue economy, coastal resilience

The Lagos State Governor, Mr Babajide Sanwo-Olu, is set to host the 2025 International Climate Change Summit, focusing on blue economy and coastal resilience.

The summit is scheduled to be held from Nov. 6 to 7 at the Lagos Continental Hotel will bring together global leaders, investors, climate scientists, and policymakers.

This was contained in a statement signed by the Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, on Sunday in Lagos.

According to the statement, the summit has the theme: “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.”

It said the event would serve as a strategic platform to accelerate action and investment in Africa’s coastal and ocean economies ahead of the 2025 United Nations Climate Change Conference.

The statement said Lagos would remain committed to driving sustainable growth through innovation and investment in climate resilience.

“As Africa’s fastest-growing coastal city, Lagos stands at the frontline of both climate risk and innovation.

Sanwo-Olu Sanwo-Olu swears in eight Permanent Secretaries

“Our goal is to unlock sustainable financing that protects our people, builds resilience, and drives economic growth through the blue economy,” it added.

The statement said Lagos had continued to demonstrate leadership in subnational climate action by developing city-level climate finance mechanisms, including blue bonds and nature-based coastal protection projects.

It noted that the summit would provide an opportunity to showcase ongoing and planned projects that promote environmental innovation and sustainable livelihoods.

“The Lagos International Climate Change Summit 2025 is more than a conference; it is a declaration that African cities can finance their own future,” it said.

The statement said the 11th edition of the summit would also focus on unlocking investment in ocean energy, sustainable fisheries, mangrove restoration, and coastal infrastructure through green and blended finance.

Delegates expected at the event include representatives from the African Development Bank, the World Bank, and Eko Atlantic.

(NAN)

Nigeria’s economic reforms yielding visible results – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country’s economic reforms are yielding visible results.

Cardoso said this on Friday in Washington DC at the end of the Annual Meetings of the IMF/World Bank.

He said that the reforms were placing the country on the path to stability, inclusiveness, and innovation-driven growth.
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According to him, the country’s active participation in the week-long sessions demonstrated the country’s renewed credibility, fiscal discipline, and reform momentum on the global stage.

He said that the Nigerian delegation’s message of policy consistency and macroeconomic reform had been well received by global investors, development partners, and financial institutions.

“This has been an active and forward-looking week for Nigeria.

Read Also: CBN sanctions 9 banks for failing to dispense cash via ATMs

“Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction, towards macroeconomic stability, fiscal discipline, and inclusive growth,” he said

The CBN governor said that the engagements reflected a new tone of confidence and constructive partnership.

He said that there was a broad recognition that Nigeria’s reforms were delivering results, adding that Inflation was moderating.

“The exchange rate stabilized, and investor confidence is returning,” he said.

He said that headline inflation fell for the sixth consecutive month in September to 18.02 per cent from 20.12 per cent in August, the lowest in three years.

According to him, core and food inflation also eased during the same period, reflecting the combined effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.

He said that Nigeria’s foreign reserves now exceeded 43bn dollars, providing for 11 months of import cover.

“The naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two per cent.

“These outcomes have been supported by sustained capital inflows, increased diaspora remittances and renewed investor participation across multiple asset classes,’” he said.

(NAN)

AEC’s Ayuk to shape energy future at MSGBC Oil, Gas & Power 2025 in Dakar

The African Energy Chamber (AEC) has confirmed that its Executive Chairman, NJ Ayuk, will participate in the MSGBC Oil, Gas & Power 2025 Conference, West Africa’s leading platform for driving energy investment, partnerships, and policy dialogue.

The annual event, taking place in Dakar, Senegal, will gather policymakers, investors, national oil companies, and project developers from across the MSGBC Basin — Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry — to explore strategies for scaling exploration, strengthening infrastructure, and achieving long-term energy security.

Recognized as one of Africa’s most influential advocates for market-driven energy development, Ayuk has played a key role in shaping conversations around local content, investment frameworks, and energy access across the continent. His participation underscores the AEC’s mission to ensure Africa’s natural resources translate into sustainable growth, job creation, and industrialization.

The MSGBC Basin has become one of the world’s most dynamic hydrocarbon frontiers, home to landmark projects such as bp’s Greater Tortue Ahmeyim LNG development, Woodside’s Sangomar oilfield, and ongoing offshore exploration by Kosmos Energy, Petrosen, and other international players. Recent gas discoveries have positioned the basin as a new anchor for West Africa’s energy exports and power generation.

Read Also: Gen Z innovators harness tech to tackle South Africa’s hunger crisis

“The MSGBC region shows how clear policy, collaboration and investor confidence can unlock remarkable energy potential,” said Sandra Jeque, Project Director at Energy Capital & Power. “The AEC, under NJ Ayuk’s leadership, has been at the forefront of advocating for African-led energy development, which closely aligns with the goals of this conference. His participation highlights the importance of dialogue, reform and collaboration as the region enters a new phase of growth and opportunity.”

During the conference, Ayuk will join a high-level roster of speakers to discuss regional integration, private sector participation, energy financing, and the role of natural gas in Africa’s energy transition. His involvement will further strengthen ties between the AEC and MSGBC stakeholders, reinforcing efforts to position the basin as a cornerstone of Africa’s energy future.

For more information or participation details, visit www.MSGBCOilGasAndPower.com
or contact sales@energycapitalpower.com
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Africa Tech Festival 2025 unveils expanded speaker line-up featuring leaders from government, business, sport

Africa Tech Festival 2025, the continent’s most influential technology event, has announced new additions to its speaker line-up, reinforcing its role as a premier platform shaping Africa’s digital future. The event will bring together influential voices from government, enterprise, innovation, and sport to discuss strategies driving the continent’s digital transformation.

Delivering the ministerial welcome and opening address is Hon. Solly Malatsi, South Africa’s Minister of Communications and Digital Technologies. His participation highlights South Africa’s commitment to inclusive connectivity, digital literacy, and policy alignment in accelerating its digital economy.

Also joining the line-up is Tendai “The Beast” Mtawarira, the renowned former Springbok rugby star and founder of The Beast Foundation, which empowers young Africans to reach their potential both on and off the field. From the enterprise technology sector, Adil El Youssefi, CEO of Africa Data Centres, will share insights on expanding Africa’s AI capabilities through sustainable and secure data infrastructure.

Read Also: AfDB approves $500m to boost Sierra Leone’s economic growth, resilience

Other notable speakers include Mlindi Mashologu, Deputy Director-General for Digital Society and Economy at South Africa’s Department of Communications and Digital Technologies, who will explore practical frameworks for AI governance; Obed Frimpong, Chief Information Security Officer at First National Bank Ghana Ltd, who will discuss cloud computing and enterprise innovation; and Charles Murito, Regional Director for Government Affairs & Policy (Sub-Saharan Africa) at Google, offering strategic perspectives on digital workforce development.

Together, these leaders represent the diverse forces driving Africa’s digital evolution—from policymakers and corporate executives to innovators and social impact champions.

“Africa Tech Festival continues to be the continent’s leading platform for creating national digital strategies, driving economic growth, advancing infrastructure, and fostering meaningful public-private collaboration,” said Kadi Diallo, Portfolio Manager for Africa Tech Festival. “The addition of these speakers underscores the Festival’s cross-sector appeal. It’s where vision meets action, and where public and private leaders, entrepreneurs, and even athletes come together to challenge convention and inspire transformation.”

The 28th edition of Africa Tech Festival will be held from 11–13 November 2025 at the Cape Town International Convention Centre (CTICC). The event will feature four flagship programmes — AfricaCom, AfricaTech, AfricaIgnite, and The AI Summit Cape Town — addressing Africa’s most pressing digital priorities under the themes of responsible innovation, inclusive investment, connectivity for development, and policy harmonisation.

AfDB approves $500m to boost Sierra Leone’s economic growth, resilience

The African Development Bank Group (AfDB) has approved a new Country Strategy Paper (CSP) for Sierra Leone (2025–2030), committing $500 million over the next five years to drive inclusive growth, strengthen economic resilience, and promote sustainable development.

According to a statement by the Bank, the strategy focuses on two main priorities — developing sustainable infrastructure to enhance private sector competitiveness and supporting agricultural value-chain development to create jobs and improve food security.

The CSP, with an estimated $2.1 billion in total financing including co-funding from development partners, aligns with Sierra Leone’s National Development Plan (2021–2025) and Vision 2030, which aim to position the country as a middle-income economy.

Under the plan, flagship infrastructure projects will expand renewable energy generation, increase electricity access from 41% in 2024 to 60% by 2030, and upgrade climate-resilient roads, water, and sanitation systems to provide clean water for 1.2 million more people.

In agriculture, the strategy targets agro-industrial transformation to cut food import dependence—currently about 70% for staples like rice—while creating over 500,000 jobs, particularly for women and youth through support for small and medium-sized enterprises (SMEs).

Read Also: AfDB commits $40m to drive AGIA green infrastructure fund

Sierra Leone’s economy has shown strong recovery, with average GDP growth of 6.7% between 2020 and 2024, driven largely by the agriculture and services sectors. The new CSP builds on this progress and the Bank’s ongoing portfolio of 10 projects worth $150 million, which have already improved energy access and road connectivity.

“This strategy represents a bold step toward building a resilient and inclusive economy in Sierra Leone. By investing in sustainable infrastructure and agriculture, we are empowering communities, creating jobs, and supporting Sierra Leone’s vision for transformative growth,” said Halima Hashi, AfDB Country Manager for Sierra Leone.

The plan also integrates the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) to support women-led agribusinesses with finance and training, while digital tools will enhance supply chain efficiency and market access.

Aligned with the African Union’s Agenda 2063, the AfCFTA framework, and AfDB’s Ten-Year Strategy, the CSP includes cross-cutting themes such as climate change mitigation, gender equality, and youth empowerment. It emphasizes renewable energy and climate-smart agriculture to reduce Sierra Leone’s carbon footprint and vulnerability to floods and droughts.

Implementation will begin immediately in partnership with the government, private sector, and civil society, ensuring alignment with national priorities and compliance with the 2022 Environmental Protection Act.

Through this strategy, AfDB aims to address structural challenges and track measurable outcomes to support Sierra Leone’s vision of a resilient, inclusive, and sustainable economy.

DHL announces over €300m investment to boost trade across Africa

DHL Group (DHL) has announced plans to invest more than €300 million in Sub-Saharan Africa (SSA) to accelerate trade growth and strengthen logistics infrastructure across the region. The multi-year investment, unveiled on Wednesday, underscores DHL’s long-term commitment to Africa, a region the company described as “of growing strategic importance in global trade.”

According to DHL, the initiative will span its three divisions — DHL Express, DHL Global Forwarding, and DHL Supply Chain — with the goal of expanding infrastructure, enhancing service capabilities, and unlocking opportunities for businesses in key sectors such as e-commerce, energy, perishables, and life sciences & healthcare.

Africa’s trade potential continues to rise as the African Continental Free Trade Area (AfCFTA) drives regional integration and opens new corridors with global markets. The DHL Global Connectedness Tracker reports that Sub-Saharan Africa led all world regions in the first half of 2025, recording a 10% year-on-year increase in trade value, surpassing North America (7%) and South & Central America (5%). Forecasts suggest the region’s trade volume will grow by 4.3% annually between 2025 and 2029, the second-fastest globally.

“Africa is at a pivotal moment in its trade journey,” said John Pearson, CEO of DHL Express. “Despite global volatility, the continent continues to show resilience and momentum. Our investment reflects confidence in Africa’s trajectory and DHL’s commitment to enabling the trade flows that drive inclusive growth.”

He added that DHL aims to strengthen its network and make it easier for African businesses — from SMEs to large corporates — to compete globally.

The company revealed that DHL Express will channel part of the investment into upgrading gateways, expanding aviation capacity, and extending time-definite delivery services to more cities emerging as trade hubs under AfCFTA.

Read Also: Airbus strengthens Africa operations with new Johannesburg Customer Centre

“Our focus is to be closer to customers and make cross-border shipping simpler and more reliable,” said Hennie Heymans, CEO of DHL Express Sub-Saharan Africa. “By raising the bar on service and proximity, we will help more African companies trade efficiently and compete on a bigger stage.”

DHL Global Forwarding will focus on scaling its presence in key industries driving Africa’s trade growth, including energy, agriculture, horticulture, life sciences, and healthcare.

“Customers are navigating shifting trade patterns and tighter regulatory requirements, so reliability and visibility matter more than ever,” said Amadou Diallo, CEO of DHL Global Forwarding Middle East & Africa. “We are strengthening forwarding solutions with deeper local expertise and enhanced digital tools, giving clients clearer control of their shipments from origin to destination.”

Meanwhile, DHL Supply Chain will expand its capacity and introduce new transport-led logistics solutions in South Africa, with a strong focus on the life sciences and healthcare sectors.

“We are seeing growing demand for specialised, outsourced logistics,” said Orkun Saruhanoglu, CEO of DHL Supply Chain Middle East & Africa. “By adding capacity and strengthening our transport-led solutions, we will help customers improve service quality, manage risk and scale with confidence.”

Beyond infrastructure, DHL is investing in initiatives that promote inclusive and sustainable trade growth. Its GoTrade program supports SMEs with customs training to access international markets, while the company is also piloting renewable energy and digitalization projects — including AI-powered monitoring, route optimization, and digital customs tools — across its Sub-Saharan operations.

With operations spanning all African markets, DHL Group said it remains uniquely positioned to “connect the continent to the world and enable the next chapter of its growth.”

Six reasons why fresh, locally sourced food is a game-changer for your Nigerian business

In a country as vibrant and diverse as Nigeria, the food industry is a cornerstone of our culture and economy. From the bustling food markets of Lagos to the farm-to-table restaurants in Abuja, what we eat and how we source it matters. If you’re a business owner in the food space—be it a restaurant, a catering company, a food-based startup, or even a grocery store—the secret ingredient to success might be closer than you think: fresh, locally sourced food.

Beyond just a trend, embracing local produce is a strategic business move that can transform your operations, elevate your brand, and connect you with your community. Here are six reasons why shifting to local is a game-changer for your business in Nigeria.

1. Superior Quality and Flavor

Let’s start with the most important point for any food business: the taste. Locally sourced food, especially from small-scale farms, is often harvested at the peak of ripeness and delivered to you within a shorter timeframe. Think about the difference between a tomato that’s traveled across continents and one picked from a farm in Ogun State just yesterday. The local tomato is juicier, sweeter, and more vibrant. This freshness translates directly into superior flavors in your dishes, which your customers will notice and appreciate. Using high-quality, fresh ingredients elevates your menu and sets you apart from the competition.

2. Boosted Brand Image and Storytelling

Nigerian consumers are increasingly conscious about where their food comes from. Highlighting your commitment to local sourcing gives your business a powerful and authentic story. You can proudly tell your customers that the yam in their porridge comes from a farmer in Oyo State or that the leafy greens in their salad are from a co-operative in Kaduna. This narrative of supporting local communities and celebrating Nigerian agriculture resonates deeply with people. It builds trust, loyalty, and a positive brand image that extends beyond just the food you serve.

3. Reduced Costs and Improved Profitability

While it might seem counterintuitive, sourcing locally can significantly cut down your business expenses in the long run. By bypassing long supply chains, intermediaries, and import duties, you can often negotiate better prices directly with farmers and suppliers. Furthermore, using seasonal, local produce means you’re buying food when it’s most abundant and therefore, at its cheapest. This allows you to create a dynamic, cost-effective menu that adapts to what’s available, ultimately improving your profit margins.

4. Reliable Supply Chain

Anyone in the food business knows the frustration of delayed shipments and unpredictable supply. Relying on imports can expose your business to a host of risks, from port congestion and customs delays to international market fluctuations. By building relationships with Foodstuff Store that has credible connections with local farmers and suppliers, you create a more resilient and reliable supply chain. You can have a direct supply, ensuring a consistent flow of fresh produce and a more stable business operation. This is especially crucial for managing inventory and planning your menu efficiently.

5. Supporting the Nigerian Economy

Every naira you spend on local produce circulates within the Nigerian economy. You’re not just buying ingredients; you’re investing in the livelihoods of Nigerian farmers, transporters, and market vendors. This has a ripple effect, strengthening local communities and contributing to the country’s economic growth. For many Nigerian consumers, supporting local is a source of national pride, and they will be more likely to patronize businesses that share this value. It’s a win-win situation – your business thrives, and so does the community around you.

6. Creative Menu Innovation

Moving away from a static, import-heavy menu and embracing local, seasonal ingredients opens up a world of culinary creativity. You’re challenged to innovate and develop new, exciting dishes based on what’s available. Imagine creating a menu that celebrates the unique flavors of mango season, or a special that highlights the best of what the rainy season has to offer. This allows you to introduce unique, limited-time offerings that keep your customers intrigued and coming back for more, adding a dynamic and exciting element to your business.

In the competitive landscape of Nigeria’s food industry, differentiation is key. Shifting to fresh, locally sourced food isn’t just a feel-good decision—it’s a smart business strategy. It’s a move that promises better quality, stronger branding, improved profitability, and a deeper connection to the community you serve. So, whether you’re a budding restaurateur or an established caterer, it’s time to look homeward for your ingredients. Your business, your customers, and the Nigerian economy will thank you for it.

Africa’s upstream oil sector poised for gradual recovery in 2026 – AEC

Africa’s upstream oil and gas industry is set for a cautious but steady rebound in 2026, driven by renewed investment in mature producers and growing interest in new exploration frontiers, according to the African Energy Chamber’s (AEC) State of African Energy 2026 Outlook, released at African Energy Week 2025 in Cape Town.

The report highlights how traditional producers such as Algeria, Nigeria, Libya, Egypt, and Angola continue to dominate Africa’s output despite aging infrastructure and maturing fields. Meanwhile, emerging hotspots like Namibia and Côte d’Ivoire are drawing investor attention following recent discoveries and favorable fiscal conditions.

Advances in deepwater drilling, seismic imaging, and processing technology are also reshaping exploration, enabling access to complex reservoirs across the continent. In North Africa, discoveries under the Upper Miocene evaporites in the Mediterranean basin have unlocked more than 50 trillion cubic feet of gas, while offshore fields like Zohr in Egypt underscore both the promise and technical complexity of the region.

Along the Atlantic margin, new finds such as Angola’s Agogo field point to pre-salt potential, with further prospects expected in the Gabon Coastal and Kwanza basins. Onshore, Namibia’s Owambo Basin and Zimbabwe’s Rufunsa Basin remain underexplored, with limited commercial finds so far.

Read Also: AFC secures $100m FinDev Canada loan for sustainable infrastructure

“The African upstream sector is evolving rapidly,” said NJ Ayuk, Executive Chairman of the AEC. “Realizing the continent’s full potential will depend on targeted investments, progressive fiscal policies, and strategic partnerships that can de-risk high-value projects.”

According to the report, Africa’s total hydrocarbon production is projected to remain stable at about 11.4 million barrels of oil equivalent per day (MMboe/d) in 2026, rising to 13.6 MMboe/d by 2030. North Africa is expected to contribute around 60% of total output, while sub-Saharan Africa provides the rest. Liquids will account for approximately 63% of 2026 volumes, with natural gas making up 37%, buoyed by new LNG projects in Mozambique, Nigeria, and Senegal.

The report also cautions that several major fields face potential delays or risks of asset stranding due to fiscal and technical challenges. Southern African discoveries such as Brulpadda, Luiperd, and Venus could struggle to achieve commercial viability without improved terms and supporting infrastructure.

Another major trend is the growing influence of National Oil Companies (NOCs), which now account for about 53% of Africa’s total production, compared to 30% from International Oil Companies (IOCs). This shift reflects stronger resource nationalism and a push for local capacity development.

Meanwhile, the African rig market remains mixed: floater demand is gradually declining, jackup activity is stable, and drillship utilization is expected to improve from 2027, though competition and lower day rates will continue to pressure margins.

The AEC notes that the upcoming African Energy Week 2026, scheduled for October 12–16 in Cape Town, will serve as a critical platform for addressing these developments. The event will gather investors, operators, and policymakers to discuss exploration breakthroughs, investment frameworks, and Africa’s evolving energy transition.

The strategic role of long-term storage in maintaining food quality, availability

Nigeria’s agricultural cycles are deeply connected to its seasons. The transition from the rainy season, with lush harvests, to the dry, festive “Ember” months marks a critical period for food security and economic stability. During this time, the demand for food items surges due to holidays, celebrations, and increased social gatherings. For Nigerian farmers, businesses like food vendors and restaurants, and individual households, the strategic role of long-term food storage becomes paramount in navigating this period of high demand and potential price volatility.

For farmers, long-term storage is a direct antidote to post-harvest losses, a significant challenge that plagues the agricultural sector in Nigeria. Estimates suggest that a substantial percentage of total agricultural production—especially for perishable goods—is lost after harvest due to inadequate storage and processing facilities. This not only represents a financial loss for the farmer but also contributes to food scarcity and inflated prices in the market. By embracing effective storage practices, farmers can preserve their produce, such as grains (maize, rice, sorghum), tubers (yam, cassava), and even vegetables, beyond the harvest season. 

Traditional methods, such as storing unthreshed cereals in mud rhombus or using local granaries, have been practiced for generations, but modern and improved techniques are now essential. Technologies like hermetic bags and silos, developed by institutions like the Nigerian Stored Products Research Institute, offer superior protection against pests, moisture, and spoilage, allowing grains to be stored for years without significant quality loss. This transforms a farmer’s yield from a seasonal commodity to a year-round asset, enabling them to release their produce into the market during off-season periods when prices are more favorable, thereby increasing their income and optimising their profits.

The benefits of long-term storage extend well beyond the farm gate to the bustling world of food businesses. For food vendors and restaurants, the Ember months are a period of heightened activity. Weddings, parties, and festive celebrations mean a constant need for a stable supply of food ingredients. The smart business owner knows that waiting to buy ingredients during this high-demand period is a recipe for disaster. The seasonal nature of certain crops and the general inflation that characterises the Ember months can lead to unpredictable prices and supply shortages. 

Read Also: Prices of food commodities crash in Kaduna 

To mitigate this risk, these businesses can strategically buy and store food items in bulk when they are in season and at their most affordable. For example, purchasing large quantities of rice, beans, palm oil, and pepper during harvest season allows them to lock in lower costs. Proper storage, whether through refrigeration, freezing, or using airtight containers for dry goods, ensures the quality and freshness of these ingredients are maintained. This practice not only safeguards their profit margins but also ensures they can consistently meet customer demand without being at the mercy of market fluctuations. It provides a competitive edge, allowing them to offer stable prices and reliable service to their clientele.

At the household level, long-term food storage is a crucial element of family budgeting and food security, especially with the rising cost of living. Nigerian families often engage in “foodstuff shopping” in bulk, a practice that becomes particularly important in the lead-up to the festive season. This involves buying staple foods like garri, rice, beans, and yams in large sacks or quantities. The storage of these items requires careful consideration to prevent spoilage. For example, storing garri and beans in airtight containers to ward off weevils and keeping tubers like yam in a cool, dry, and well-ventilated space are common practices. 

For perishable items, families leverage technologies like freezers and refrigerators to preserve meat, fish, and vegetables for an extended period. This proactive approach ensures that the family has a stable food supply, reducing the stress of daily market visits and protecting them from the inevitable price hikes that accompany the Ember period. It is a time-tested strategy for economic resilience and self-sufficiency.

The strategic role of long-term food storage in Nigeria is truly undeniable. It is a practice that empowers farmers by minimising post-harvest losses and enhancing profitability. It provides businesses with the stability and security needed to thrive during peak seasons, allowing them to maintain service quality and control costs. For families, it is a tool for smart financial management and ensuring food availability. While traditional methods have long been a part of Nigerian culture, there is an increasing need to integrate modern, scalable, and affordable storage technologies. By investing in and promoting effective storage solutions, Nigeria can strengthen its food value chain, reduce food insecurity, and build a more resilient and prosperous agricultural economy.