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Beans prices increase by over 270% as Nigerians pay more for food items

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Beans prices increase by over 270% as Nigerians pay more for food items, The NBS said this in its Selected Food Prices Watch report for August 2024 released in Abuja on Wednesday.

The report said that the average price of 1kg of brown beans increased by 271.55 per cent from ₦692.95 recorded in August 2023 to ₦2,574.63 in August 2024.

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“On a month-on-month basis, 1kg of brown beans increased by 5.31 per cent in August from the ₦2,444.81 recorded in July 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 121.92 per cent on a year-on-year basis from ₦1,031.55 recorded in August 2023 to ₦2,289.19 in August 2024.

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“On a month-on-month basis, the eggs increased by 5.48 per cent from the ₦2,170.17 recorded in July 2024.”

The report said that the average price of sliced bread increased by 113.16 per cent on a year-on-year basis from N684.85 in August 2023 to ₦1,459.85 in August 2024.

“On a month-on-month basis, the price increased by 2.28 per cent from the ₦1,427.25 recorded in July 2024.”

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In addition, the average price of 1kg of local rice rose by 148.41 per cent on a year-on-year basis from ₦737.11 recorded in August 2023 to ₦1,831.05 in August 2024

“On a month-on-month basis, it increased by 3.65 per cent from ₦1,766.64 recorded in July 2024.”

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Also, the report said that the average price of 1kg of a tuber of yam increased by 188.31 per cent on a year-on-year basis from ₦576.39 in August 2023 to ₦1,661.80 in August 2024.

“However, on a month-on-month basis, the price decreased by -7.82 per cent from the ₦1,802.84 recorded in July 2024.”

The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 171.72 per cent from ₦554.37 recorded in August 2023 to ₦1,506.35 in August 2024.

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“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 per cent from 1,693.83 in July 2024 to 1,506.35 in August .”

On state profile analysis, the report showed that in August 2024, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at ₦3,276.79, while the lowest was recorded in Adamawa at ₦1,710.92.

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It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at ₦2,996.92, while the lowest was in Jigawa at ₦1,786.01.

The NBS said that the highest average price of sliced bread was recorded in Rivers at ₦1,850, while the lowest price was recorded in Yobe at ₦908.81.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at ₦2,680.29, while the lowest was reported in Benue at ₦1,206.84.

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The report said the highest price of 1kg of tomato was recorded in Abuja at ₦2,2206.31, while the lowest price was recorded in Kaduna at ₦734.94.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at ₦3,165.11, followed by the North-Central at ₦2,900.86.

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“The lowest price was recorded in the North-West at ₦1,982.78.”

The North-Central and South-East recorded the highest average price of medium-sized agricultural eggs(12 pieces) at ₦2,789.15 and ₦2,438.06, respectively, while the lowest price was in the North-West at ₦1,963.65.

The report said that the South-South recorded the highest average price of sliced bread at ₦1,785.56, followed by the South-East at ₦1,635.73, while the North-East recorded the lowest price at ₦1,163.78.

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The NBS said also that the South-West and the South-South recorded the highest average price of 1kg of local rice (sold loose) at ₦1,960.87 and ₦1,886.32 respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,591.21.

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The News Agency of Nigeria (NAN) reports that in July, the Federal Government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for some food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security.

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Access Bank restores transactions after customers experience service disruptions

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Access Bank Plc has fully restored services on its electronic banking platforms following a disruption that left many customers frustrated

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Africa Rising: How iGaming is Transforming the Continent’s Digital Economy

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Africa is no longer just the cradle of civilization—it’s becoming the cradle of innovation in the iGaming industry. With a young, tech-savvy population and skyrocketing mobile internet penetration, the continent is emerging as one of the fastest-growing markets for online gambling.

From Nigeria’s bustling betting hubs to South Africa’s regulated casinos, Africa’s iGaming sector is rewriting the rules of digital entertainment.

In this article, we’ll explore how iGaming is reshaping Africa’s economy, the key players driving this growth, and what the future holds for this dynamic industry.

Why Africa is the Next iGaming Powerhouse

Africa’s iGaming boom is fueled by a unique combination of factors:

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  • Youthful Population: Over 60% of Africans are under 25, and this demographic is highly engaged with mobile technology.

  • Mobile Revolution: With 650 million mobile users, Africa has leapfrogged traditional banking systems, embracing mobile money platforms like M-Pesa.

  • Cultural Affinity for Gambling: Betting is deeply ingrained in African culture, from local lotteries to sports wagering.

  • Regulatory Evolution: Countries like Nigeria, Kenya, and South Africa are creating frameworks to regulate and tax online gambling.

Key Markets Leading the Charge

1. Nigeria: The Giant of African iGamingNigeria, Africa’s most populous nation, is also its largest iGaming market. Key drivers include:

  • Sports Betting Craze: Football (soccer) is a national obsession, with platforms like Bet9ja and Nairabet dominating the scene.

  • Mobile Money Adoption: Services like Paga and Opay make deposits seamless, even for the unbanked.

  • Cryptocurrency Integration: Platforms offering usdt sportsbook options are gaining traction, allowing users to bet with USDT for faster transactions and lower fees.

Fun Fact: Nigeria accounts for over 60% of Africa’s online sports betting revenue.

2. Kenya: The Mobile Money Pioneer

Kenya’s iGaming growth is powered by M-Pesa, the mobile payment system used by 80% of adults. Highlights:

  • Affordable Betting: Micro-bets as low as $0.10 attract casual players.

  • Regulated Market: The Betting Control and Licensing Board ensures fair play.

  • Esports Boom: Games like FIFA and Call of Duty are becoming popular betting options.

3. South Africa: The Regulated Leader

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South Africa boasts the continent’s most mature iGaming market, thanks to:

  • Clear Regulations: The National Gambling Board oversees online and land-based casinos.

  • Diverse Offerings: From sports betting to online slots, South Africans have access to world-class platforms.

  • High Internet Penetration: Over 70% of the population has internet access.

Emerging Trends in African iGaming

1. Cryptocurrency Adoption

Crypto is solving two major challenges in African iGaming:

  • Cross-Border Payments: Players can deposit and withdraw without currency conversion hassles.

  • Financial Inclusion: Crypto wallets allow unbanked users to participate in online gambling.

Platforms like Sportbet.one, which offer usdt sportsbook options, are leading this shift by enabling seamless USDT transactions. The ability to bet using a stablecoin eliminates volatility concerns while providing instant transactions.

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2. Localized Content

African players want games that reflect their culture:

  • Football-Themed Slots: Games featuring local teams and leagues.

  • Local Language Support: Platforms offering Swahili, Yoruba, and Zulu interfaces.

  • African Celebrities: Endorsements from stars like Burna Boy and Tiwa Savage.

As iGaming operators cater to local preferences, the industry is experiencing increased player engagement and retention.

3. Mobile-First Platforms

With 95% of African internet users accessing the web via mobile, iGaming platforms are prioritizing:

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  • Lightweight Apps: Apps that work on low-end smartphones.

  • USSD Betting: Offline betting via SMS for areas with poor internet.

  • Data-Saving Features: Compressed graphics and minimal data usage.

This mobile-driven approach has allowed iGaming to reach even the most remote parts of the continent, providing entertainment and economic opportunities.

4. Social Gambling

African players love community-driven experiences:

  • Betting Pools: Friends can pool funds for larger bets.

  • Live Streaming: Watch and bet on matches in real time.

  • Leaderboards: Compete with others for prizes.

This social element is transforming traditional betting into an interactive, engaging experience that fosters loyalty among users.

Challenges Facing African iGaming

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  • Regulatory Fragmentation: Each country has its own rules, complicating cross-border operations.

  • Payment Barriers: Limited access to international payment systems like Visa and Mastercard.

  • Problem Gambling: Rising addiction rates, especially among youth.

  • Infrastructure Gaps: Unreliable electricity and internet in rural areas.

Despite these challenges, the industry continues to evolve, finding innovative solutions to overcome these hurdles.

Opportunities for Growth

  • Blockchain Integration: Crypto platforms like usdt sportsbook options can bypass traditional banking hurdles.

  • AI and Big Data: Personalized gaming experiences based on player behavior.

  • Esports Expansion: Tapping into Africa’s growing gaming community.

  • Partnerships with Telcos: Collaborating with mobile operators for seamless payments.

As new technologies emerge, operators will have more tools to improve user experience and ensure a safer betting environment.

The Future of African iGaming

By 2030, Africa’s iGaming market is projected to surpass $2 billion, driven by:

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  • 5G Rollouts: Faster internet will enable richer gaming experiences.

  • AI-Powered Platforms: Predictive analytics for personalized offers.

  • Crypto Dominance: USDT and other stablecoins becoming the default payment method.

  • Government Collaboration: More countries establishing clearer regulations to foster growth.

With major operators expanding their presence and regulatory environments stabilizing, the African iGaming industry is on the cusp of significant breakthroughs.

Conclusion: Betting on Africa’s Digital Future

Africa’s iGaming industry is more than just a success story—it’s a testament to the continent’s resilience and innovation. From Nigeria’s sports betting frenzy to Kenya’s mobile money revolution, iGaming is creating jobs, driving tech adoption, and reshaping economies.

As platforms like Sportbet introduce USDT sportsbook options, the future looks even brighter. By embracing blockchain, localized content, and mobile-first strategies, African iGaming is poised to become a global leader.

So, whether you’re a player, investor, or simply a tech enthusiast, one thing is clear: Africa is all-in, and the stakes have never been higher.

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NASD OTC Exchange sees value in well-developed solid minerals sector

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NASD OTC Exchange Plc has said that it recognises the importance of a well-developed solid minerals sector in driving economic

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