Business
Muslim Leaders Create Market in Lagos to Make Food More Affordable for Residents
Muslim scholars in Mushin, Lagos, under the League of Islamic Leaders, have launched an initiative called the Market of Convenience (MFC) to provide food items at more affordable prices.
The market, designed to ease the financial burden on Lagos residents, particularly Muslims, aims to serve as a community-driven solution to Nigeria’s rising economic challenges.
During a one-day sensitization program in Lagos, the Convener and Chairman of the MFC initiative, Alhaji Musoddiq Sanni, called on religious leaders to support the project.
He emphasized that the market was created to offer an alternative shopping experience for essential food items while promoting fairness in trade.
Sanni explained, “This market is not just about selling food; it’s about creating an avenue where justice and fairness in business transactions, as instructed by Allah in the Qur’an, are upheld.”
The MFC, which has been officially registered with the Corporate Affairs Commission and the Lagos State Ministry of Agriculture, represents a significant step toward addressing the economic hardship faced by many Nigerians.
Sanni mentioned the importance of establishing branches of the market across Lagos, including in Ikeja, to expand access to affordable food items.
He encouraged religious leaders in Ikeja to replicate the model in their communities, emphasizing that such initiatives align with the values of the Muslim community.
Alhaji Sulaimon Olanijo, Chairman of the League of Islamic Leaders in Mushin, added that the market could significantly alleviate the difficulties many Muslims face when purchasing food.
He urged other Muslim organizations to adopt the MFC system, stating that collaboration among Islamic groups could help realize the dream of establishing similar markets nationwide.
Olanijo also noted that this initiative supports the Federal Government’s push for food security.
The importance of cooperative societies was another key focus during the program.
Sanni mentioned that the League of Islamic Leaders is developing a detailed operational blueprint to ensure the market adheres to Islamic principles (Sharia) while remaining accessible to all.
He stated, “The idea of cooperation and collective effort is essential in our faith, and the MFC is a manifestation of that principle.”
Alhaji Abdul-Rahmon Abdul-Azeez, Chairman of the Council of Imams in Ikeja Division, commended the initiative, noting that it comes at a time when food prices have skyrocketed, leaving many struggling to meet their basic needs.
He added that the MFC has the potential to significantly reduce the cost of living if its model is widely embraced.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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