Nigeria’s Inflation Hits 18.3% In October

Image

inflation-nigeria

By Modupe Gbadeyanka

A new report by the National Bureau of Statistics (NBS) has disclosed that Nigeria’s annual inflation as at October 2016 was now 18.3 percent.

In the report posted on the agency’s website on Monday, it was disclosed that the figure rose from 17.1 percent it was in September 2016.

The reason for this, Business Post gathered, was because of the higher prices for electricity, clothing and food in the country.

The 18.3 percent inflation rate is Nigeria’s highest in more than 11 years and the ninth straight monthly rise.

The agency explained that, “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels.”

A business analyst in Lagos, Mr Olalekan Adesanya, told Business Post that the latest report shows another sign of the crisis in Africa’s biggest economy.

Nigeria has been struggling with her economy since the inception of the present administration in 2015.

Prices of commodities in the country have skyrocketed, and in some cases, by over 200 percent.

Last week, Minister of Budget and National Planning, Mr Udoma Udo Udoma, revealed that President Muhammadu Buhari would unveil the government’s economic recovery plan next month.

Share
Related Stories
Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
21-February-2024

Naira Gains at NAFEX as Govt Tries Unorthodox Means to Stabilise FX Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, February 20 as the government and the Central Bank of Nigeria (CBN) applied unorthodox measures to arrest the free fall of the local currency. In the official market yesterday, the Nigerian Naira gained 2.9 per cent or N47.3 on the Dollar to close at N1,551.24/$1, in contrast to the previous day’s N1,598.54/$1. However, the domestic currency lost N92.60 against the British Pound Sterling during the session to quote at N2,023.64/£1 compared with the preceding day’s N1,931.04/£1 and against the

Image
20-February-2024

Naira Crashes to N1,820/$1 at Black Market as EFCC Goes After FX Traders

By Dipo Olowookere The decision of the government to go after foreign exchange (FX) traders on the streets seems to have backfired as it has badly affected the value of the Naira to the Dollar in the currency market, particularly at the parallel market end of it. Data gathered by Business Post showed that the Nigerian Naira is being exchanged with the US Dollar in the black market at N1,820/$1 at the time of filing this report on Tuesday compared with N1,720/$1 it was traded on Monday, indicating a decline of N100. Yesterday, some operatives of the Economic and Financial

Image
21-February-2024

Oil Prices Slide on Global Demand Worries

By Adedapo Adesanya Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict, causing the Brent futures to lose $1.22 or 1.5 per cent to sell at $82.34 a barrel, as the US West Texas Intermediate (WTI) crude shed $1.30 or 1.4 per cent to trade at $77.04 a barrel. The crude oil market was lower following the quiet trading over the Presidents’ Day holiday in the US and as demand concerns offset ongoing Middle Eastern geopolitical tensions. Shipping has been impacted by escalating attacks on shipping lanes in the Red Sea

More Stories
Image
25-December-2021

Naira Succumbs to FX Demand Pressure, Loses 37 Kobo

By Adedapo Adesanya The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, selling at N415.10/$1 compared with N414.73/$1 it was traded at the preceding session. Business Post reports that the local currency depreciated during the session as against the greenback because of an increase in forex demand at the market window. During the trading session, the value of FX transactions at the I&E segment stood at $168.62 million as against the $107.92 million achieved on Thursday, showing that the turnover declined

Image
21-November-2022

OmniRetail Positions Self to Digitalise Nigeria’s Supply Chain Gap

By Adedapo Adesanya Nigeria’s retail market has so much potential, but while macroeconomic headwinds and currency volatility have weighed on consumer spending power in recent years, new opportunities for digitalised retail to facilitate the sale of essential goods remain. To connect all existing parties in the supply chain, Mr Deepankar Rustagi, after spending decades in the country, founded OmniRetail, a subsidiary of OmniBiz. Applying a different model, the company does not own warehouses, fleets, or products but rather brings distributors and logistics providers all online. Similar to Uber’s platform, OmniRetail brings manufacturers and small retailers together – unheard of in

Image
24-September-2020

inq. Acquires Vodacom Operations in Nigeria

By Adedapo Adesanya   Convergence Partners’ subsidiary, inq. (formerly Synergy Communications), has acquired Vodacom Business Africa’s operations in Nigeria. The company is also planning to acquire Vodacom’s operations in Cameroon and is currently awaiting regulatory approvals to complete the deal. But for now, the firm now has 100 per cent control of the telco in Nigeria, Zambia and Cote d’Ivoire. A statement explained that the latest acquisition grows inq.’s regional footprint as a leading enterprise solutions provider to 12 cities in seven countries across Africa including its existing operations in Botswana, Malawi and South Africa with additional investment in Mozambique.

Image
18-March-2020

Group Rejects MASSOP’s 48—Hour Quit Notice to Herdsmen in Enugu

By Modupe Gbadeyanka The 48-hour notice to quit Enugu State given to herdsmen operating in the South Eastern state of Nigeria allegedly by Movement for the Actualisation of the Sovereign State of Biafra (MASSOP) on Tuesday has been kicked against. A group known as the Enugu Youth Coalition said it was totally wrong for MASSOP to threaten another citizen of the country to leave an area when the alleged crime linked to the ethnic group has not been properly investigated. The eviction notice came after it was alleged that some herdsmen in the state killed a 32-year old man identified

Image
05-November-2016

Abati Leaves EFCC Custody

By Dipo Olowookere Mr Reuben Abati, former spokesman to Mr Goodluck Jonathan, an ex-Nigerian President, has been released by the Economic and Financial Crimes Commission (EFCC). His release came barely 24 hours after the EFCC allowed former Minister of State for Defence, Mr Musiliu Obanikoro, to go. Mr Abati was arrested on October 24, in Abuja and almost spent almost two weeks in the agency’s cell. He was detained for allegedly taking N50 million from former National Security Adviser (NSA), Mr Sambo Dasuki during the last administration. He was reportedly released on Friday night, while his bail is expected to

Image
10-December-2021

Eko Shortlets Expands Services With Holiday ShortStays

By Modupe Gbadeyanka A top apartment management company in Nigeria, Eko Shortlets, has expanded its business with the unveiling of Holiday ShortStays, a service aimed to benefit property owners and travellers. A statement from the firm disclosed that in addition to helping travellers get seamless accommodation in strategic locations in the country, Holiday ShortStays will help them locate the best hotels, boat rentals, and car rentals. “Holiday ShortStays is a marketplace where people who have apartments can put it up there to find those who need these services, including property owners, managers, car and boat rentals, and hotels,” the Managing

Image
10-April-2020

Oil Falls After OPEC+ Okays 10mbpd Production Cut

By Adedapo Adesanya Oil prices fell from an initial rise recorded on Thursday after major global oil producers agreed to put a ceiling on the volume of the commodity to produce per day. This agreement by oil producers was reached to counter the collapse in demand due to lockdowns around the world influenced by coronavirus. The Organisation of the Petroleum Exporting Countries (OPEC) and Russia and other producers known as OPEC+ were reported to have agreed to reduce to cut output by 10 million per day, ending an oil price war between Saudi and Russia, which had put further pressure

Image
04-June-2020

Report Shows Marginal Decline in Employment in Nigeria

By Modupe Gbadeyanka A report has showed that despite predictions of a huge rise in unemployment due to the negative impact of the coronavirus pandemic (COVID-19) on businesses in the country, employment in Nigeria decreased marginally in May 2020. In a report by Stanbic IBTC Holdings titled the Nigeria Purchasing Managers’ Index (PMI), it was discovered that about 98 percent of companies operating in the country kept their workforce numbers in the month despite the global health crisis, which caused a massive job loss in the United States and the United Kingdom. The report revealed that new orders, output, employment

Ad
Ad
Recent Stories
Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the