Economy
Inflation in Nigeria Escalates to 12.82% in July
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.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
