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Economy

NBS Says Inflation in Nigeria Hit 20.77% in September 2022

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inflation food prices

By Aduragbemi Omiyale

In September 2022, inflation in Nigeria increased by 20.77 per cent from 20.52 per cent in August 2022 and 16.63 per cent in September 2021.

In a report released on Monday, the National Bureau of Statistics (NBS) said the jump in the consumer price index (CPI) was triggered by an increase in food inflation due to higher prices paid by Nigerians to purchase bread and cereals, potatoes, yam, oil, and fat.

It was stated that the food inflation rate in September 2022 was 23.34 per cent compared with the 19.57 per cent recorded in September 2021 and 23.12 per cent in August 2022.

It is believed that inflation will continue to remain high this year as a result of the flood in some states, which has destroyed crops and farmlands.

In the report released today, the NBS said the percentage change in the average CPI for the 12-month period ending September 2022 over the average of the CPI for the previous 12-month period was 17.43 per cent, showing a 0.60% increase compared with the 16.83 per cent recorded in September 2021.

It was observed that urban inflation, on a year-on-year basis, stood at 21.25 per cent last month compared with 17.19 per cent in the same period of last year.

On a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, lower than the 1.76 per cent reported in August 2022. The corresponding 12-month average for the urban inflation rate was 17.94 per cent, higher than the 17.41 per cent in September 2021.

As for the rural inflation rate, it was 20.32 per cent in September 2022 compared with 16.08 per cent in September 2021. On a month-on-month basis, it stood at 1.27 per cent, lower than 1.75 per cent a month earlier and for the 12-month average, the rate was 16.94 per cent in contrast to 16.26 per cent a year earlier.

The stats office said all items inflation rate on a year-on-year basis was highest in Kogi State at 23.82 per cent, Rivers State at 23.49 per cent, Benue State at 22.78 per cent, while Abuja at 17.87 per cent, Borno at 18.12 per cent, and Adamawa at 18.42 per cent recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa at 2.58 per cent, Yobe at 2.22 per cent, Benue at 2.05 per cent, while Abuja at -0.72 per cent, Sokoto at -0.19 per cent and Adamawa at 0.25 per cent recorded the slowest rise on month-on-month inflation.

In September 2022, food inflation on a year-on-year basis was highest in Kwara at 33.09 per cent, Kogi at 28.46 per cent, and Ebonyi at 27.41 per cent, while Kaduna at 18.84 per cent, Jigawa at 19.20 per cent and Sokoto at 19.44 per cent recorded the slowest rise on year-on-year food inflation.

On a month-on-month basis, however, September 2022 food inflation was highest in Enugu at 2.61 per cent, Ogun at 2.50 per cent, and Oyo at 2.43 per cent, while Sokoto at -0.88 per cent, Ondo at 0.38 per cent and Niger at 0.62 per cent recorded the slowest rise on month-on-month inflation.

Economy

CitiTrust Holdings Sells Commercial Paper for 22%

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Cititrust Financial Services Ikechukwu Peter

By Aduragbemi Omiyale

An opportunity has opened for commercial paper investors as CitiTrust Holdings Plc is offering the asset class at a coupon of 22.0 per cent per annum under its N50 billion commercial paper issuance programme.

According to details of the exercise obtained by Business Post, the company, in the financial services sector, is selling the debt instrument in four tenors of 90 days, 120 days, 180 days and 270 days.

The minimum subscription for prospective and potential investors is N5 million and can be purchased through any of the registered stockbrokers.

The 90-day instrument is going for 16.1 per cent, the 120-day paper is being sold for 17.5 per cent, the 180-day note is 19.1 per cent, and the 270-day instrument is going for 22.0 per cent.

The offer commenced on November 23, 2022, and is expected to close on Wednesday, December 7, 2022, with the net proceeds to be used for the company’s general corporate purposes and working capital.

CitiTrust said investors would be paid their interests from the operating cash flows of the organisation, with purchases to be settled via direct debit, electronic funds transfers, NIBBS Instant Payment (NIP), NIBBS Electronic Funds Transfer (NEFT) or Real-Time Gross Settlement (RTGS).

CitiTrust is a leading pan-African financial and investment conglomerate owned by reputable institutional and private investors. The company has a focus on high-end financial products and services for its targeted sectors of the economy, with operations in commercial banking, investment banking, wealth management, pension management, insurance and alternative investment.

The firm is a foremost financial solutions provider and has been an intricate part of the Nigerian economy since 2007. It has grown and evolved over the years into an award-winning market leader in the financial sub-sector of the Nigerian economy, establishing its footprints in 12 African countries: Nigeria, Ghana, Rwanda, Botswana, Liberia, Benin Republic, Malawi, Kenya, Tanzania, Uganda, Cote d’Ivoire, South Africa and the UK.

In 2019, the organisation upgraded its operations into a reputable financial services provider to align with the strategic vision of its shareholders to build an enduring institution that delivers cross-functional services to its clientele.

The company’s deep knowledge of the market, dexterity, smooth and reliable processes driven largely by technology and the high quality of its personnel puts it on the cutting edge of strategic Importance with its clientele.

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Economy

No Individual Should Operate Domiciliary Account in Nigeria—Tope Fasua

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domiciliary account in Nigeria

By Modupe Gbadeyanka

An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.

Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.

As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.

Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.

“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.

“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.

“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”

According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”

Tope Fasua

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Economy

LIBIZFAIR Will Boost Business Opportunities in Lagos

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business opportunities

By Modupe Gbadeyanka

The Chairman of Nigeria in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, has disclosed that the Lagos Island Business Fair (LIBIZFAIR) will improve business opportunities in the state and also attract more investments.

The former federal lawmaker said this at the opening ceremony of the fair organised by the Lagos Island Connect, in conjunction with the Lagos State Ministry of Commerce, Industry and Cooperatives.

At the programme held at the Tafawa Balewa Square (TBS), Onikan, Lagos, Mrs Dabiri-Erewa, represented by the Head of the Lagos Annex of the agency, Mr Oladipo Odebowale, commended the state government for the initiative.

She noted that the platform provides a unique opportunity for entrepreneurs to showcase their businesses, saying, “This will boost investment and business opportunities in the state.”

The Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, in her remarks, described the empowerment of Micro, Small and Medium Enterprises (MSMEs) as critical to the empowerment of youths.

Represented by the Permanent Secretary in the minister, Mrs Adetutu Ososanya, she noted that building the capacity of youth-oriented enterprises, with the goal of providing opportunities for growth, will lead to an increase in prosperity among Lagos Island youths.

“I believe this platform can leverage socio-economic networking and Information Communication & Technology to provide more interactive opportunities for the teeming youth of Lagos Island and its environs from diverse cultural, religious, social and educational backgrounds to grow their businesses and services, as well as the State’s economy,” she said.

The Commissioner explained that the fair aligns with the policy of Governor Babajide Sanwo-Olu of creating a conducive environment for businesses to thrive, widening access to the market and encouraging networking and collaboration among entrepreneurs.

Also speaking at the event, the Special Adviser to the governor on Sustainable Development Goals & Investment (SDG&I), Mrs Solape Hammond, stressed that the programme was geared towards supporting businesses to thrive at the local government level.

“The study discovered that the youths of Lagos Island are versatile, technologically enabled, driven and willing to be positively engaged, particularly in personal and communal development.

“Though most of them are faced with different challenges yet, there is an enormous zeal to be gainfully engaged rather than being idle, which could contribute to community nuisance.

“Young people in Lagos Island have a brighter vision for the future, and all stakeholders must join together to support them to deliver it,” the governor’s aide said in her presentation on the Lagos Island Youth Needs Assessment Survey.

The co-founder of the Lagos Island Connect, Mrs Yemisi Ransome-Kuti, while addressing participants, noted that the LIBIZFAIR 2022 was geared towards taking businesses in Lagos Island from a local to a global level by investing in the youths and preventing their massive migration to foreign lands.

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