Economy
Despite Rise in Food Prices, Inflation in Nigeria Eases to 17.75% in June
By Aduragbemi Omiyale
For another month, inflation in Nigeria further moderated in June 2021 by 0.18 per cent to 17.75 per cent from 17.93 per cent recorded in May 2021.
However, the National Bureau of Statistics (NBS) in a report released on Friday, said on a month-on-month basis, the headline index increased by 1.06 per cent in June 2021, 0.05 per cent higher than the 1.01 per cent recorded in May 2021.
The agency stated that the change in the average composite inflation for the 12 months period ending June 2021 over the average of inflation for the previous 12 months period was 15.93 per cent, 0.43 per cent higher than the 15.50 per cent recorded a month earlier.
Last month, all items inflation on a year-on-year basis was highest in Kogi at 23.78 per cent, Bauchi at 20.67 per cent and Jigawa at 19.81 per cent, while Cross River at 15.53 per cent, Delta at 15.18 per cent and Abuja at 15.15 per cent recorded the slowest rise in headline year-on-year inflation.
But on a month-on-month basis, in June 2021, all items inflation was highest in Kano at 2.22 per cent, Akwa Ibom at 1.98 per cent and Osun at 1.92 per cent, while Bauchi at 0.00 per cent recorded no change in headline month-on-month with Abuja and Cross River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
As regards the food inflation in June 2021, the stats office said the composite food index rose by 21.83 per cent compared to 22.28 per cent in May 2021, indicating that food prices continued to rise in June 2021 but at a slightly slower speed than they did in May 2021.
It was disclosed that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats and meat.
On a month-on-month basis, the food sub-index increased by 1.11 per cent in June 2021, up by 0.06 per cent from 1.05 per cent recorded in May 2021.
The average annual rate of change of the food sub-index for the 12-month period ending June 2021 over the previous 12-month average was 19.72 per cent, 0.54 per cent higher than the 19.18 per cent recorded in May 2021.
In the period under review, food inflation on a year-on-year basis was highest in Kogi at 30.34 per cent, Enugu at 25.18 per cent and Kwara at 24.78 per cent, while Bauchi at 18.97 per cent, Rivers at 18.92 per cent and Abuja at 17.09 per cent recorded the slowest rise in year-on-year inflation.
However, on a month-on-month basis, food inflation last month was highest in Jigawa at 2.67 per cent, Edo at 2.43 per cent and Cross River at 2.16 per cent, while Lagos at 0.14 per cent, Borno at 0.06 per cent and Kwara at 0.02 per cent recorded the slowest rise in food inflation.
The NBS also stated in its report that the urban inflation rate increased by 18.35 per cent year-on-year in June 2021 from 18.51 per cent recorded in May 2021, while the rural inflation rate increased by 17.16 per cent in June 2021 from 17.36 per cent in May 2021.
By Aduragbemi Omiyale
The much-awaited Annual General Meeting (AGM) of Oando Plc will take place on Tuesday, December 17, 2024, at 10 am in Lagos, a statement from the energy company has revealed.
The day would be used to present the audited financial statements of the organisation for the year ended December 31, 2023, to shareholders.
Oando will also seek the approval of investors to appoint Mr Ken Igbokwe and Mr Bashir Bello to the boards of the company with effect from Monday, November 25, 2024.
Mr Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil and gas, financial services and the public sector.
During his distinguished career at PwC Nigeria, he held key leadership roles in Assurance, Tax and Consulting.
His experience spans a wide range of areas such as statutory, financial and process audits and assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.
In his role as Country Leader of PwC Nigeria, Mr Igbokwe was responsible for driving strategic thinking and the visioning that underpinned the growth of the firm.
He was in this leadership position for 10 years during which PwC Nigeria’s business recorded tremendous growth with PwC becoming the leading “Big 4” brand. He led the PwC West Africa business into the Africa-wide PwC merger in 2012.
The new appointee contributes to public discourse and debates on public sector transformation in Nigeria and on matters which focus on corporate governance and the strengthening of the investment climate.
Mr Igbokwe holds a B.Sc. (Eng) degree in Mechanical Engineering from Imperial College, London University, which he attended as a Shell Scholar and graduated from, in 1978.
He is a current member of the Institutes of Chartered Accountants in England and Wales and Nigeria. He is also a current member of the Chartered Institute of Taxation of Nigeria.
On his part, Mr Bello is an oil and gas professional with over 32 years of experience in Technical and Executive Management positions across the industry. His expertise spans all sectors, from Downstream (Refining) to Midstream (LNG) and Upstream (Exploration and Production), with a strong focus on Operations, Engineering, Project Management, and Corporate Governance.
He has served as a Board Member for Shell Petroleum Development Company of Nigeria Limited, Bonny Gas Transport Company, NLNG Ship Manning Company Limited, and various Board Committees of Nigeria LNG.
With a proven ability in Interface and Stakeholder Management, he is skilled at delivering business value in Joint Ventures with diverse shareholder agendas, managing projects with complex interfaces and stakeholder expectations, and overseeing operations with diverse functional requirements and limited resources.
Mr Bello holds a Bachelor of Engineering (B.Eng.) in Mechanical Engineering from Bayero University Kano, Nigeria. He is a Fellow of the Nigeria Society of Engineers (NSE), and a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has raised the monetary policy rate by 25 basis points to 27.50 per cent to further tackle rising inflation in Nigeria.
This was disclosed by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 298th Monetary Policy Committee (MPC) meeting in Abuja.
This is the sixth time that the country has hiked interest rate this year after it announced a 50-basis-point that brought the previous rate to 27.25 per cent in September 2024.
The rationale for increasing interest rates is that higher interest rates increase the cost of borrowing for individuals and businesses. This creates a ripple effect that reduces loans spent on items like homes, cars, and investments and curbs overall spending in the economy.
Normally, low interest rates can lead to excessive borrowing and investments in assets that will then inflate their prices.
Also, increased interest rates make saving more attractive as depositors earn more on their savings. It is widely accepted that saving reduces the demand for goods and services and thus helps to stabilise prices.
Mr Cardoso also used the opportunity to reiterate that the CBN will continue to employ necessary means to bring down inflation.
He projected that Nigeria’s high inflation should moderate by the end of the first quarter of 2025.
The inflation rate continued its upward trend in October 2024, impacted by rises in the price of food, electricity, and fuels, as it came in at 33.88 per cent, relative to the September 2024 headline inflation rate of 32.70 per cent.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dropped by 0.37 per cent to open the week on a negative foot on Monday, November 25.
The NASD OTC market capitalisation lost N3.95 billion during the trading day to settle at N1.050 trillion compared with the previous trading day’s N1.054 trillion and the Unlisted Security Index (NSI) decreased by 11.26 points to wrap the session at 2,997.68 points compared with 3,008.94 points recorded in the previous session.
This happened as there was no gainer or loser on record during the session, according to daily trading data.
However, there was a rise in the volume of securities traded during the opening session of the week as investors exchanged 1.7 million units compared with last Friday’s 157,791 units, indicating an increase of 948 per cent.
Also, the value of shares traded yesterday grew by 4.8 per cent to N6.5 million from the N6.2 million recorded in the preceding trading day.
The number of deals carried out in the trading session remained unchanged at 20 deals.
Geo-Fluids Plc remained as the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc followed with 297.3 million units worth N5.3 billion.
Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc was in third with 297.3 million units sold for N5.3 billion.
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