Economy
Nigeria Inflation Slightly Drops to 15.91% in October
By Dipo Olowookere
Inflation in Nigeria in the month of October 2017 marginally moderated to 15.91 percent (year-on-year) from 15.98 percent in September 2017, representing a 0.07 percent margin.
This is according to the data released by the National Bureau of Statistics (NBS) on Tuesday, November 15, 2017.
In the data obtained by Business Post, the drop in the inflation rate for last month is the ninth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.
According to the stats office, while average headline year-on-year inflation for the first five months of the year (January to May 2017) stood at 17.45 percent, average headline year-on-year inflation for the next five months of the year (June to October 2017), stood at 16.01 percent, indicating disinflation from June to date, compared to from January to May 2017.
On a month-on-month basis, the headline index increased by 0.76 percent in October 2017, 0.02 percent points lower from the rate of 0.78 percent recorded in September. This represents the fifth consecutive month-on-month contraction in headline inflation since May 2017.
While average headline month-on-month inflation for the first five months of the year (January to May 2017) stood at 1.54 percent, average headline month-on-month inflation for the next five months of the year (June to October 2017), stood at 1.06 percent indicating disinflation from June to date compared to from January to May 2017.
This indicates that while prices have remained high in 2017, they have tended to slow down their pace of increase since May 2017 both on a year-on-year and month-on-month basis.
The percentage change in the average composite CPI for the twelve-month period ending in October 2017 over the average of the CPI for the previous twelve-month period, which has also trended downwards since May 2017 was 16.97 percent, showing 0.2 percent point lower from 17.17 percent recorded in September 2017.
The Urban index rose by 16.19 percent (year-on-year) in October2017, up by 0.01 percent point from 16.18 percent recorded in September and the Rural index increased by 15.67 percent in October 2017 down from 15.81 percent in September 2017.
On month-on-month basis, the urban index rose by 0.82 percent in October 2017, down from 0.84 percent recorded in August, while the rural index rose by 0.72 percent in October 2017, down from 0.74 percent in September.
The corresponding twelve-month year-on-year average percentage change for the urban index was 17.57 percent in October. This was less than 17.87 percent reported in September 2017, while the corresponding rural inflation rate in October was 16.41 percent compared to 16.52 percent recorded in September 2017.
Also, high food price and food price pressure continued into September though generally at a slower pace.
The Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent points from the rate recorded in September (20.32 percent).
While average year on year food inflation for the first five months of the year (January to May 2017) stood at 18.67 percent, average year on year food inflation for the next five months of the year (June to October 2017), was higher at 20.22 percent indicating higher food price inflation on average in the second five months of the year compared to the first five months.
On a month-on-month basis, the Food sub-index increased by 0.85 percent in October, down from 0.87 percent recorded in August.
This represents the fifth consecutive disinflation in month on month inflation since a 2017 high of 2.57 percent in May 2017. October 2017 also represents the lowest recorded month on month inflation since September 2016.
While average month on month food inflation for the first five months of the year (January to May 2017) stood at 2.01 percent, average month on month food inflation for the next five months of the year (June to October 2017), stood at 1.27 percent indicating a general slow-down in the rise in food prices from June to date compared to from January to May 2017, though the rate of price increases has remained generally higher on a year on year basis.
The average annual rate of change of the Food sub-index for the twelve-month period ending in October 2017 over the previous twelve month average was 19.14 percent, 0.26 percent points from the average annual rate of change recorded in September (18.88) percent
The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish.
By Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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