Business
Competition can help reduce food prices- unctad
Un trade and development says that competition can help reduce the costs of agricultural inputs like fertilizers and seeds, making food more affordable.
This is disclosed by Teresa Moreira, head of UN Trade and Development’s competition and consumer protection branch
“When companies and farms compete, they strive to improve their techniques, resulting in higher quality products with more variety, sustainable practices, higher yields and lower costs that can increase aggregate surplus across each value chain,” said Ms Moreira.
She added that competition can also help reduce the costs of agricultural inputs like fertilizers and seeds, making food more affordable.
Competition authorities in action
Competition law and policy can redress market power abuse and unfair trade practices.
In Austria, for example, the federal competition authority (AFCA) launched investigations into vertical price fixing in the food sector, where powerful retailers attempted to control resale prices, harming small and medium-sized producers.
Following around 50 unannounced inspections, known as “dawn raids”, the AFCA concluded 27 cases, resulting in nearly €70 million in fines. The authority also devised guidelines on resale price maintenance in 2022.
In Kenya, the competition authority (CAK) recently found that a large supermarket chain had abused its buyer power over suppliers, leading to fines and required amendments to contract clauses that facilitated such abuse.
Similarly, in South Africa, the competition authority settled a cartel case involving margarine and edible oils, issuing fines against companies involved.
Business
Forest Sector Employs 42m People Globally – FAO
According to the report, the 42 million jobs are distributed across Africa, the Americas, Asia, Europe and Oceania, highlighting the forest sector’s significant contribution to global employment and livelihoods.
• A farmer carrying harvested banana / FAO
The global forest sector provides employment for approximately 42 million people, spanning activities within forests as well as industries, services and supply chains dependent on forest resources, a new international study has revealed.
The study was jointly conducted by the Food and Agriculture Organization of the United Nations (FAO), the International Labour Organization (ILO) and the Thünen Institute of Forestry of Germany.
According to the report, the 42 million jobs are distributed across Africa, the Americas, Asia, Europe and Oceania, highlighting the forest sector’s significant contribution to global employment and livelihoods.
FAO said the new data provides an important basis for understanding the human dimension of forests, noting that previous estimates were hampered by fragmented data and incomplete country coverage.
“Until now, however, fragmented data and incomplete country coverage have left significant gaps in the global picture – and no breakdown by gender,” FAO said.
The organisation noted that discussions about forests often focus on their products and environmental benefits, while their role as workplaces and sources of livelihoods receives comparatively less attention.
“When we talk about forests, we tend to focus on what they provide – wood, non-wood forest products, raw materials, and the foundation of a sustainable bioeconomy. Rarely do we talk about them as workplaces. And rarer still do we ask who, exactly, works in them,” FAO stated.
The agency stressed that reliable employment data is critical to the development of policies aimed at building a sustainable and inclusive green economy.
It said internationally comparable data on forest-sector employment would enable governments and policymakers to better understand the people whose livelihoods depend on forests and develop policies that protect both workers and forest resources.
Beyond employment, forests provide ecosystem services that are vital to environmental sustainability and economic development. They also supply renewable resources that form the foundation of emerging sustainable bioeconomies.
Business
BREAKING: Uber winds down operations in Nigeria, effective September 2
“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.”
• An Uber driver at work
Ride-hailing company, Uber, has shut down its operations in Nigeria.
In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.
“After a thorough review, we have taken the difficult decision to wind down operations in Nigeria, effective September 2, 2026.”
“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.
“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”
Uber said said its plan is to support drivers, riders and local team members through the transition.
Business
Allawee shutting down operations by December 1, warns customers must withdraw by November 30
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
• Allawee logo
Nigerian card-issuing fintech Allawee is shutting down its business and personal account services from December 1, 2026.
This follows its acquisition by Pay Stack.
Accordingly, customers have been given until November 30 to withdraw their funds and make alternative arrangements.
The company disclosed the decision in emails sent to customers, according to TechCabal, explaining that its technology now operates within Paystack following the latter’s acquisition of Allawee in 2025.
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
Customers have been advised to withdraw their balances before the deadline, provide new bank details to people or businesses that regularly pay them, and replace saved Allawee card information on subscriptions and other recurring payments.Allawee said customers would not lose their money because of the shutdown. “Your money will remain yours,” the company said.
-
News3 days agoJAMB introducing facial scan to catch UTME impersonators
-
Business2 days agoCommercial Banks Borrowing From CBN Drops By 89% in August
-
Politics3 days agoG100 Opposition Summit Proposes Single 4-year Term
-
Business3 days agoNigeria’s GDP grew 4.43% in Q2 2026, says NBS
-
News3 days agoJUST IN: Duke, Adebayo, Aliyu Arrive Abuja for Opposition Summit
-
Crime3 days ago10 Out of 15 Abducted NYSC Members Rescued in Kogi (Video)
-
Politics3 days agoTimipre Sylva resigns from APC membership
-
Sports3 days agoRomero Replaces Messi As Argentina’s New Captain
