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Tomato Price Will Fall During 2026 Ramadan Fast – Marketers Predict

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The Tomatoes Growers, Processors and Marketers Association of Nigeria has dismissed fears of a possible hike in the prices of tomatoes and other vegetables during the forthcoming Ramadan fast, saying a bumper harvest and market timing would likely drive prices down.

The Kaduna State Chairman of the association, Mr Rabiu Zuntu, disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos.

Zuntu explained that, unlike previous years when tomato and pepper prices surged during Ramadan, this year’s fasting period coincides with the peak harvest season in many northern states.

“Last year’s planting and harvest season was not beneficial for farmers generally, considering the low price of produce and the high cost of inputs for agricultural produce,” he said.

He noted that vegetable prices might even drop further during the fasting period due to increased cultivation and supply.

He said, “The prices of vegetable crops will drop further this Ramadan because the cultivation of most vegetable produce may increase due to the need for some vegetables to break the fast.

“Generally, the production of all food items decreases due to reduced consumption, and the Muslim faithful skip breakfast and lunch during the fast. So, the price of tomatoes may likely crash during Ramadan.”

Zuntu stressed that the prices of farm produce were largely dictated by market forces.

“However, the prices of these products are determined by the forces of demand and supply. When there is a high supply, the prices always go down,” he added.

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He explained that many farmers in the North shifted to vegetable cultivation last year following a drop in grain prices, leading to improved yields despite the impact of the Tuta absoluta virus.

According to him, Ramadan usually begins around April when supply is low and harvest has ended, resulting in price hikes.

However, this year’s fasting period, expected to run from February to March, aligns with peak tomato harvest in states such as Kaduna, Kano and other northern areas.

“In some northern states like Kaduna, Kano and other areas where they have yet to pick up the harvest, this means the price of tomatoes may crash further.

“Nigerians should not expect any increase in the price of tomatoes during Ramadan because the demand will get lower due to the fast. The demand will reduce, and there’s still a high supply of tomatoes in the northern market,” he said.

Zuntu revealed that a 50kg basket of tomatoes currently sells for between ₦7,000 and ₦10,000 in the northern part of the country, depending on the size and species.

“As of last week and two weeks ago, the same quantity sold for as low as ₦5,000 per basket. Due to logistics, a 50kg basket of tomatoes sells between ₦18,000 and ₦20,000,” he said.

The association also appealed to the Federal Government to support vegetable farmers ahead of the 2026 planting season.

“As a chapter, we would like to appreciate the national leadership of the tomato farmers’ association for all their efforts to ensure that the government intervenes to reduce the hardship of vegetable farmers.

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“We also appeal to the Federal Ministry of Agriculture and Food Security to come to the aid of vegetable farmers in the 2026 planting season, especially in the provision of farm inputs,” he said.

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Trump signs order threatening tariffs on countries trading with Iran

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US President Donald Trump signed an executive order on Friday, February 6, authorizing new tariffs on countries that continue to trade with Iran, escalating economic pressure on Tehran ahead of a planned new round of talks next week.

The order, effective from Saturday, February 7, calls for “the imposition of tariffs” on goods imported into the United States from any nation that “directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran.” The move formalizes a threat Trump made in January to levy a 25 percent tariff on Iran’s trading partners.

According to the order, Secretary of State Marco Rubio will determine the specific tariff rates, though the document cites 25 percent as an example. The policy is expected to impact a range of countries, including China, Russia, Germany, Turkey, and the United Arab Emirates. China is Iran’s largest trading partner, with bilateral trade exceeding $32 billion in 2024.

The announcement follows indirect talks between US and Iranian officials mediated by Oman in Muscat on Friday, the first such engagement since the US joined Israel’s war with Iran with strikes on nuclear sites in June. “We likewise had very good talks on Iran,” Trump told reporters aboard Air Force One. “We’re going to meet again early next week.”

Tensions remain high, with a US aircraft carrier group operating in Middle Eastern waters and Iran under an ongoing internet blackout amid a government crackdown on widespread economic protests. A US-based human rights group reported on Friday that it has confirmed the deaths of 6,505 protesters, 214 security force members, and 61 bystanders since the unrest began in December.

See also  Fuel war brews as Dangote presses Tinubu to ban imports

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Toyota hikes profit, sales forecasts despite US tariff impact

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Japanese auto giant, Toyota, said on Friday it had hiked its profit and sales forecasts for the current fiscal year, as it battled the effects of US tariffs.

Despite the “negative impact of US tariffs that newly arose this fiscal year, we have reduced the extent of the profit decline by implementing cost reductions and marketing efforts”, the firm said in a statement.

For the year ending March 2026, it expects to see a net profit of 3.57 trillion yen ($22.8 billion), up from 2.93 trillion yen. Operating profit is forecast to hit 3.8 trillion yen, up from 3.4 trillion yen.

Sales are expected to hit 50 trillion yen, compared with 49 million yen.

However, Toyota said the September-December quarter saw net and operating profit fall, despite a rise in sales, largely because of a “tariff impact” that increased expenses.

The firm announced last month that global sales hit a new record in 2025, despite trade tensions, helping it retain its title as the world’s top automaker and widen the gap with German rival Volkswagen.

The overall increase came despite flat sales in China, a crucial market where Toyota faces intensifying competition from local automakers, including electric-car champion BYD.

US sales climbed eight per cent despite the 25 perc ent tariff on Japanese auto exports imposed by Washington between April and mid-September, when a 15 per cent cap kicked in.

AFP

See also  Fuel war brews as Dangote presses Tinubu to ban imports
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Customer sues bank over alleged unlawful account freeze

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A customer of Kuda Microfinance Bank, Abdulrahman Ekundayo, has dragged the bank before the Federal High Court in Lagos over alleged unlawful freezing of its Multibusiness Global Enterprise corporate account.

When the matter came up on Tuesday for hearing, counsel to the applicant, Olalekan Ogunbunmi, informed the court that all court processes had been served on the bank and that the respondent was aware of the day’s proceedings.

However, Justice Ambrose Lewis-Allagoa, after reviewing the court file, noted that there was no proof of service before the court.

“There is no evidence of service in the court record,” the judge observed.

The court consequently ordered that a hearing notice be issued and properly served on the bank, and adjourned the matter to March 24, 2026, for report of service.

The applicant, in the suit marked FHC/L/CS/2230/2025 and filed by its lawyer, Olalekan Ogunbunmi, accused the bank of violating its fundamental rights by placing restrictions on its account without a court order.

According to the originating application, the action was brought pursuant to Sections 34, 35, 36, 41, 43 and 46 of the 1999 Constitution (as amended), as well as the Fundamental Rights (Enforcement Procedure) Rules, 2009.

In the suit, the applicant urged the court to declare “that the unlawful freezing of the applicant’s account by the respondent without court order or lawful excuse is illegal, wrongful, unconstitutional and a violation of the applicant’s fundamental rights.”

The applicant also asked the court to order Kuda Microfinance Bank to immediately unfreeze its account.

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He prayed, “An order directing and mandating the respondent to unfreeze the corporate account of the applicant, maintained with Kuda Microfinance Bank Limited with account number 3001195269.”

The applicant further asked the court to compel the bank to release various sums allegedly placed under lien, including: “N4,444,540 held on July 5, 2025, till date;” “N502,100 held on July 8, 2025, till date;” and“N2,896,680 held on July 15, 2025, till date.”

The applicant also sought “an order directing the respondent to release all funds held under lien on the applicant’s corporate account.”

Explaining the grounds for the suit, the applicant stated that, “the applicant is a law-abiding citizen and did not commit any offence known to law.”

It added, “The respondent has no lawful excuse for any threat of arrest, humiliation or detention against the applicant. The only ‘offence’ of the applicant was that it engaged in legitimate transactions with proof of evidence.”

The applicant further maintained that “the restriction placed on the account without a court order was unlawful and unjustified, as the applicant has not committed any offence to warrant such treatment.”

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