Economy

Inflation in Nigeria Escalates to 12.82% in July

Published

5 years ago

17/08/2020

By Adedapo Adesanya

Nigeria’s inflation hit a 27-month high of 12.82 per cent in July, 0.26 per cent higher than the 12.56 per cent recorded in June 2020.

This is the highest rate recorded since March 2018 when headline inflation was 13.34 per cent and it marked the 11th consecutive month of escalation as a weakened currency and continued border closures drove up food prices.

According to the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for July 2020 released on Monday, the composite food index rose to 15.48 per cent from 15.18 per cent in the previous month.

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers. It was affected by rises in the price of meat, fruits, oils and fats, and fish.

On a month-on-month basis, the food sub-index increased by 1.52 per cent in July 2020, up by 0.04 per cent points from 1.48 per cent recorded in June 2020.

The average annual rate of change of the food sub-index for the 12-month period ending July 2020 over the previous 12-month average was 14.63 per cent, 0.17 per cent points from the average annual rate of change recorded in June 2020 at 14.46 per cent.

Meanwhile, core inflation, which excludes the prices of volatile agricultural produce, stood at 10.1 per cent in July 2020 compared to 10.13 per cent recorded in June 2020.

Increases were recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index which increased by 1.25 per cent in July 2020. This is 0.04 per cent rate higher than the rate recorded in June 2020, 1.21 per cent.

According to the report, the percentage change in the average composite CPI for the 12 months period ending July 2020 over the average of the CPI for the previous 12 months period was 12.05 per cent, representing a 0.15 per cent point increase from 11.90 per cent recorded in June 2020.

The urban inflation rate increased by 13.40 per cent (year-on-year) in July 2020 from 13.18 per cent recorded in the previous month, while the rural inflation rate increased by 12.28 per cent in July 2020 from 11.99 per cent in June 2020.

On a month-on-month basis, the urban index rose by 1.27 per cent in July 2020, up by 0.04 from 1.23 per cent recorded in June 2020, while the rural index also rose by 1.23 per cent in July 2020, up by 0.04 from the rate recorded in June 2020, 1.19 per cent.

The corresponding 12-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020. This is higher than 12.50 per cent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 per cent compared to 11.36 per cent recorded in June 2020.

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

5 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

7 hours ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

8 hours ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.