Business
Why Indomie slashed prices amid rising inflation
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.
Business
Soludo takes over Onitsha main market as IPOB declares compulsory sit-at-home
The Governor of Anambra State, Prof Chukwuma Soludo has announced that his government will take over the running of Onitsha Main Market.
The governor had last Monday visited the market and also announced a one week closure over the continued adherence to sit at home protest by traders in the market.
The closure had generated a lot of tension, leading to protests by the traders, while the governor stuck to his gone, insisting that the market will remain closed for one week. He also held a meeting with the leaders of the market yesterday, where he presented them with two options.
Though it was a closed door meeting, which held at the Light House, Awka, a source in the meeting told THISDAY that the traders chose to open their shops on Monday, against an earlier option of demolishing and remodelling the market.
The source said: “The governor gave them two options. The first included; they will resume full trading activities on Mondays, mark attendance as required, while he regenerate and reorganise the market, demolish all illegal structures and plazas and create proper spaces and car parks. The second includes; To continue with Sit-at-Home on Mondays and risk the demolition of the market and use two-years for its reconstruction to restore it to its original master plan.
“The governor told them that restoring parking facilities in Main Market is an emergency, and any illegal structure erected at the park would be demolished soonest.”
It was gathered that the traders choose the first option, which will involve them opening on Monday, and giving the governor the go ahead to remove illegal structures to make way for wider roads in the market and restoring its packing space.
During the meeting, the governor told the traders that a committee will be set up to rectify all occupants of shops in the market, and that this will commence work soon, insisting that the government needs to know those who are trading in its market.
The governor was also said to have rejected a plea for the market to be opened on Saturday, insisting it can only be opened on Monday, when their compliance will again be re-accessed.
“The traders agreed to the terms, and will on Monday reopen the market to recommence business,” the source said.
Meanwhile, secessionist group, Indigenous People of Biafra (IPOB) has declared what it called Biafra-wide solidarity lockdown which is to hold on Monday in solidarity with Onitsha traders and to demand for Mazi Nnamdi Kanu’s immediate release.
A press release by the group’s publicity secretary, Mr Emma Powerful said the total shutdown across Biafraland is a direct, peaceful, and unified response to the shutting down of Onitsha Main Market for one week by Soludo.
The release said: “We remind Governor Soludo and his Abuja sponsors that the Monday sit-at-home originated as a peaceful protest demanding the unconditional release of Mazi Nnamdi Kanu, the very cause that has galvanized global attention to Biafra’s quest for self-determination.
“Attempts to twist this into “economic sabotage” or “criminality” will fail. The markets thrived during Christmas Mondays without incident, proving that voluntary compliance stems from genuine solidarity, not fear. Soludo’s escalation only exposes his desperation to provoke confrontation at a time when Biafra’s international profile is rising and diplomatic efforts are gaining traction.
“On Monday, February 2, 2026, we call on all Biafrans traders, transporters, banks, schools, civil servants, and every sector across Anambra, Abia, Imo, Enugu, Ebonyi, and beyond to observe this solidarity strike peacefully.
“Remain indoors, refrain from all commercial and public activities, and demonstrate to the world our disciplined resolve. This is not about disruption for its own sake; it is about standing with Onitsha traders who are being punished for demanding justice, and reaffirming that no governor can coerce free citizens into abandoning their rights or their solidarity.”
Business
BUA Chairman Is My Ex-Husband – Tinubu’s Minister Opens Up On Past Secret With Abdul Samad Rabiu
Nigeria’s Minister of Art, Culture and the Creative Economy, Hannatu Musawa has opened up about her former marriage to BUA Group chairman Abdul Samad Rabiu, describing it as a meaningful and life-shaping experience.
In a conversation on the MIC On Podcast with Channels Television journalist Seun Okinbaloye, Musawa reflected on her bond with Rabiu, saying their connection has remained strong despite their separation.
She explained that their relationship has evolved into one grounded in family ties, mutual respect, and continued support.
Musawa shared that although they are no longer married, they remain close and involved in each other’s lives.
She also pointed out the lasting connection between their families, noting that her daughter, Khadija, was named after Rabiu’s grandmother, showing the enduring link between them.
The minister described her time with Rabiu as one of the most memorable periods of her life.
She stated that there is no bitterness between them and that she will continue to support him in his endeavors, maintaining respect and care for their shared history.
She said: “We love each other because you love your family, obviously. But Samad is my brother. He’s my family. That’s what he is. And I’m his sister and his family, too. The marriage of the greatest experiences I’ve ever had.
“He is my ex-husband, but we are still family. We juggle coming from a background where, once you’re joined together, you continue to participate in each other’s lives. And so, we were married, and now we are just family.
“My daughter Khadija was named after Samad’s grandmother.
“We continue to share a deep respect and a love, and more than anything, support for each other. I’ll continue to be his greatest cheerleader.”
Abdul Samad Rabiu leads BUA Group, a Nigerian conglomerate with investments in cement, sugar, and other industries, and is regarded as one of the country’s leading business figures.
Business
LIRS reiterates January 31st deadline for employers’ Annual Tax returns filing
The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year.
In a statement issued on Thursday, January 19, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA).
Dr Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted. He emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.
According to Section 14 of the Nigeria Tax Administration Act 2025 (NTAA), employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.
Dr Subair stated
“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability.”
He further noted that in Lagos State, electronic filing via the LIRS eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the State.
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