Economy
Nigeria’s Inflation Rises to 18.72% in January
By Modupe Gbadeyanka
Latest figures released by the National Bureau of Statistics (NBS) have revealed that inflation in Nigeria reached 18.72 percent (year-on-year) in January 2017.
This is in contrast to 18.55 percent it recorded in December 2016.
The figures were released by the NBS on Wednesday, February 15, 2017 and obtained by Business Post.
Increases were recorded in all COICOP divisions that yield the Headline Index.
Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively.
However, the faster pace of growth in headline inflation, year on year, were bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road.
On a month on month basis, headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Miké cheese and eggs, fish, meat and bread and cereals.
The Food Index increased by 17.82 percent (year-on-year) in January, up by 0.43 percent points from rate recorded in December 2016 (17.39) percent. During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.8 percent(year on year).
Price movements recorded by All Items less farm produce or Core sub-index rose by 17.90 percent (year-on-year) in January, down by 0.20 percent points from rates recorded in December 2016 (18.10) percent.
During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Education and Transport growing at 27.2, 21.0 and 17.2 percent respectively.
On a month-on-month basis, the Headline index increased albeit, at a slower pace in January 2017. The index increased by 1.01 percent point in January, 0.05 percent points from 1.06 percent rate recorded in December 2016.
It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As.
Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually-exclusive.
The Urban index rose by 20.31 percent (year-on-year) in January from 20.12 percent recorded in
December, and the Rural index increased by 17.34 percent in January from 17.20 percent in December.
On month-on-month basis, the urban index rose by 1.03 percent in January from 1.08 percent recorded in December, while the rural index rose by 1.00 percent in January from 1.04 percent in December.
The corresponding twelve-month year-on-year average percentage change for the urban index increased from 17.05 percent in December to 17.91 percent in January, while the corresponding rural index also increased from 14.54 percent in December to 15.18 percent in January.
The Composite Food Index rose by 17.82 percent in January 2017. The rise in the index was mainly driven by increases in prices of Bread and cereals, Meat, Oil and Fats, and Fish.
On a month-on-month basis, the Food sub-index increased by 1.29 percent in January, down by 0.04 percent points from 1.33 percent recorded in December.
The average annual rate of change of the Food sub-index for the twelve-month period ending in January 2017 over the previous twelve-month average was 15.54 percent, 0.59 percent points from the average annual rate of change recorded in December(14.95 percent).
The ”All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 17.9 percent during the month, 0.20 percent points from 18.1 percent recorded in December as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.68 percent in January, 0.06 percent points higher from 0.62 percent recorded in December. The highest increases were recorded in electricity, gas, passenger transport by air, liquid fuel, fuel and lubricants for personal transport equipment and solid fuels.
The average 12-month annual rate of rise of the index was recorded at 16.04 percent for the twelve-month period ending in January 2017, 0.73 percent points higher from the twelve-month rate of change recorded in December.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
-
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