Economy
Nigeria’s Inflation Jumps 17-Year High to 19.64%
By Adedapo Adesanya
Nigeria’s inflation hit a near 17-year high in July as the prices of food and services increased in the month by 19.64 per cent on a year-on-year basis, according to the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report.
It was noted in the CPI Report for July 2022 released on Monday that at 19.64 per cent, this was 2.27 percentage points higher than the rate recorded in July 2021, which was 17.38 per cent, making it the highest surge for goods and services since September 2005.
This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021). This means that in the month of July 2022 the general price level was 2.26 per cent higher than in July 2021.
On a month-on-month basis, Nigeria, which is Africa’s largest economy, saw a headline inflation rate of 1.817 per cent, which was 0.001 per cent higher than the rate recorded in June 2022 1.816 per cent.
The percentage change in the average CPI for the 12 months period ending July 2022 over the average of the CPI for the previous 12 months period was 16.75 per cent, showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.
It was also disclosed that Nigeria’s food inflation rate in July 2022 was 22.02 per cent on a year-on-year basis; which was 0.99 per cent higher compared to the rate recorded in July 2021 (21.03 per cent).
This rise in food inflation was caused by increases in prices of bread and cereals, as well as other food products such as potatoes, yam and other tubers, meat, fish, oil, and fat.
On a month-on-month basis, the food inflation rate in July was 2.04 per cent, this was a 0.01 per cent decline compared to the rate recorded in June 2022 (2.05 per cent). This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables.
The average annual rate of food inflation for the 12-month period ending July 2022 over the previous 12-month average was 18.75 per cent, which was a 1.42 per cent point decline from the average annual rate of change recorded in July 2021 (20.16 per cent).
The increases were recorded in all COICOP divisions that yielded the Headline index.
On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09 per cent, this was 2.08 per cent higher compared to 18.01 per cent recorded in July 2021.=
On a month-on-month basis, the urban inflation rate was 1.82 per cent in July 2022, this was a 0.0002 per cent decline compared to June 2022 (1.82 per cent).
The corresponding twelve-month average for the urban inflation rate was 17.29 per cent in July 2022. This was 0.40 per cent higher compared to 16.89 per cent reported in July 2021.
The rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis; this was 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021.
On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, up by 0.002 per cent compared to June 2022 (1.809 per cent). The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25 per cent. This was 0.52 per cent higher compared to 15.73 per cent recorded in July 2021.
By Aduragbemi Omiyale
The acquisition of the Bullet brand portfolio from Sun Mark has been completed by Champion Breweries Plc, a statement from the company confirms.
This marks a transformative milestone in the organisation’s strategic expansion into a diversified, pan-African beverage platform.
With this development, Champion Breweries now owns the Bullet brand assets, trademarks, formulations, and commercial rights globally through an asset carve-out structure.
The assets are held in a newly incorporated entity in the Netherlands, in which Champion Breweries holds a majority interest, while Vinar N.V., the majority shareholder of Sun Mark, retains a minority stake.
Bullet products are currently distributed in 14 African markets, positioning Champion Breweries to scale beyond Nigeria in the high-growth ready-to-drink (RTD) alcoholic and energy drink segments.
This expansion significantly broadens the brewer’s addressable market and strengthens its revenue base with an established, profitable portfolio that already enjoys strong brand recognition and consumer loyalty across multiple markets.
“The successful completion of our public equity raises, together with the formal close of the Bullet acquisition, marks a defining moment for Champion Breweries.
“The support we received from both existing shareholders and new investors reflects strong confidence in our long-term strategy to build a diversified, high-growth beverage platform with pan-African scale.
“Our focus now is on disciplined execution, integration, and delivering sustained value across markets,” the chairman of Champion Breweries, Mr Imo-Abasi Jacob, stated.
Through this transaction, Champion Breweries is expected to achieve enhanced foreign exchange earnings, expanded distribution leverage across African markets, integrated supply chain efficiencies, portfolio diversification into high‑growth consumer beverage categories, and strengthened presence in the RTD and energy drink segments.
The acquisition accelerates Champion Breweries’ transition from a regional brewing business to a multi-category consumer platform with continental reach.
Bullet Black is Nigeria’s leading ready-to-drink alcoholic beverage, while Bullet Blue has built a strong presence in the energy drink category across several African markets.
By Adedapo Adesanya
Emerging market fintech firm, M-KOPA, has announced plans to deepen its reach in Nigeria to the South South and South East regions, starting with Edo this year, after providing N231 billion in credit to over 1 million customers in the country.
The firm released its first Nigeria-focused Impact Report, which showed that Nigeria is M-KOPA’s fastest-growing market and fastest to reach the milestone.
Since its foray into the Nigerian market in 2019, M-KOPA has been working to dismantle barriers to financial inclusion by providing flexible smartphone financing and digital financial tools that align with how people in the informal economy earn and manage their money.
It operates in six states in the country, including Lagos, Ogun, and Oyo, among others.
The report highlights the company’s contribution to income generation, digital inclusion and economic opportunity for Every Day Earners across the country.
The report showed that M-KOPA has enabled 290,000 first-time smartphone users, while 56 per cent of agents accessed their first income opportunity through the platform.
It showed high income and livelihood gains among its users, with about 77 per cent of customers leveraging smartphones or digital loans obtained through the platform to generate income, indicating that access to financed devices is directly supporting micro-entrepreneurial activity and informal sector productivity.
Furthermore, 75 per cent of users report higher earnings since gaining access to M-KOPA’s services, suggesting measurable improvements in personal revenue streams. On the distribution side, 99 per cent of agents disclose increased earnings, reflecting positive spillover effects across the company’s value chain.
In addition, 81 per cent of long-term customers state that their household expenses have improved, pointing to enhanced financial stability and better consumption smoothing over time.
Speaking on the report, Mr Babajide Duroshola, General Manager, M-KOPA Nigeria, said, “Nigeria represents extraordinary potential, and we’re proud that it has become M-KOPA’s fastest-growing market. Our Impact Report shows that when Every Day Earners gain access to the right digital and financial tools, they use them to create stability and long-term progress for their families. This is about access that unlocks opportunity and sustained prosperity.”
On its expansion plans Nigeria-wide, the M-KOPA helmsman said, “Many of the states we are considering are already similar to the ones we are currently in proximity… So, there is proximity and similarity between these states, and that’s what we are going to do, starting with Edo.”
He noted that as M-KOPA Nigeria continues to expand, the focus remains on ensuring more everyday earners gain access to the digital and financial tools they need to build resilient, prosperous futures in Nigeria’s rapidly digitising economy.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn