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Why Indomie slashed prices amid rising inflation

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Indomie Instant Noodles, a Dufil Prima Foods Limited brand, says it has reduced its price to keep the product affordable to Nigerians.

BusinessDay survey of some stores across Lagos shows that the price of 70g Indomie Regular Chicken noodles dropped to N250 from N300 last month. While it’s 40-pack carton of Indomie fell to N10,000 from N12,000.

Before Indomie reduced its price, it was higher than other brands like Mimee (N200) and Honeywell noodles (N250).

“It was because of the operational cost that we brought the price down,” Temitope Ashiwaju, the company’s group corporate communications & event manager told BusinessDay. “The operational cost went down in our favour, and we believe it is the responsibile thing to do to pass on the benefit to our customers. That was why the price was reduced.”

Ashiwaju pointed out that the company has been in Nigeria for a very long time and the brand understands it’s consumers, so it is taking the lead in price reduction to set example for others.

“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”

Asiwaju’s statement countered opinions that the price reduction was due to low patronage.

Dufil Prima’s move has been described as one that will lead other brands to also reduce their prices because “Indomie is the price setter in the noodles market,” a retail experts said.

Over the past nine months, the inflation rate in Africa’s biggest economy has accelerated to the highest largely on the back of the federal government reforms including the removal of petrol subsidy and naira devaluation.

Nigeria’s headline inflation rate rose for the 14th consecutive time in February to 31.70 percent from 29.90 percent in the previous month, according to the National Bureau of Statistics.

Food inflation, which constitutes 50 percent of the inflation rate, rose to 37.91 percent from 35.41 percent. And it is on course to hit an all-time high this month due to a combination of rising demand, higher transportation costs and worsening insecurity.

The World Bank’s latest Nigeria Development Update report revealed that rising inflation and sluggish growth in Africa’s most populous nation increased the number of poor people to 104 million in 2023 from 89.8 million at the start of the year.

This means that from January to November, an additional 14.2 million people fell into poverty

A recent report by Euromonitor International, a global market research provider, shows that the sales value of noodles in the country’s formal market rose year-on-year by 38.2 percent to N427.2 billion in 2023, the highest in at least six years.

Pasta sales rose by 26.1 percent to N404.0 billion, while that of rice rose by 14.4 percent to N494.0 billion.

The sales volume for noodles increased to 266,600 tonnes from 263,700 tonnes. Pasta sales volume dropped to 384,700 tonnes from 396,600 tonnes, while 520,400 tonnes of rice were sold as against 547,400 tonnes in 2022.

“Noodles was the only subcategory within rice, pasta and noodles to see growth in 2023, though this was marginal. While all staple foods struggled throughout the year, small pack sizes and minimal preparation time (three to five minutes) make noodles an affordable option in challenging times,” the report said.

It said noodles had become increasingly popular in food service due to convenience and low prices. “Indeed, in April, the leading noodles player Dufil Prima Foods Plc opened its eighth mono-brand foodservice outlet, Indomie Café, with plans to open more outlets in the future.”

A breakdown of the data shows that plain noodles recorded the same sales of N0.9 billion in 2023 and 2022. But instant noodles rose from N308.3 billion to N426.3 billion.

Analysts at SBM Intelligence said in a recent report that despite cost-cutting and inflation management measures, Nigerian households spent 97 percent of everything they earned solely on food.

“The Tinubu administration has its work cut out – arresting spiralling insecurity, tackling grinding poverty, enhancing economic opportunity and forging a sense of national consciousness. It is safe to say that it is not off to a great start,” they said.

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Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

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Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

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Dangote to Uzodimma: Just show me where to invest

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Dangote

By Emmanuel Iheaka, OWERRI

The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.

Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.

The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.

Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.

“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.

He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.

Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.

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Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m

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A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.

Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

 

Tsar Nicholas II

Dowager Empress Maria Feodorovna

 

 

The egg went under the hammer at Londonauction house Christie’s yesterday.

An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.

Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.

They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.

Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million

 

Today, only 43 of the Imperial Easter Eggs remain, with seven missing.

The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.

Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’

She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.

The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.

Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.

‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

 

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918

 

Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.

Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.

As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.

The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.

‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.

Eight years later, in 2002, it was sold again for a record $9.6 million in New York.

 

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