The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate reached 32.70% in September, marking a slight increase from the 32.15% recorded in August.

This uptick follows a brief decline in August after a sustained 19-month rise in inflation.

The latest figures show that the year-on-year inflation rate in September 2024 was 5.98 percentage points higher than the 26.72% recorded in the same month of the previous year.

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On a month-to-month basis, inflation increased by 0.30%, reaching 2.52% in September compared to 2.22% in August, indicating a sharper rise in the overall price level.

Food inflation continues to be a significant factor, climbing to 37.77% year-on-year, which is 7.13 percentage points higher than the 30.64% reported in September 2023.

The NBS attributed the increase in food prices to rising costs of essential items such as guinea corn, rice, maize, beans, yams, cassava, and various vegetable oils. Additionally, prices of beer, cocoa products, and dairy also saw notable hikes.

Month-on-month food inflation rose to 2.64% in September, up from 2.37% in August, driven by price increases in categories such as oils and fats, meat, beverages, and dairy.

The average annual food inflation rate for the 12 months ending in September 2024 surged to 37.53%, up by 11.88 percentage points from the 25.65% recorded in the corresponding period last year.

Aradel Holdings Plc, an integrated energy company has listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board.

Biztellers reports that the NGX admitted the shares on Monday, 14 October 2024.

It was gathered that the shares, listed at N702.69 per share through a ‘Listing by Introduction,’ boosted the market capitalization of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.

Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products.

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The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.

In conjunction with the listing, was a ‘Facts Behind the Listing’ event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders.

Chairman of Nigerian Exchange Group, Alh Umaru Kwairanga, highlighted the importance of the listing, thus, “This achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”

On his part, Group Managing Director and CEO of NGX Group, Temi Popoola, emphasized the broader significance of the listing.

“The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives,” said Popoola.

Similarly, CEO of NGX, Jude Chiemeka, echoed Popoola’s sentiments, stressing the role of NGX in supporting corporate growth and innovation.

Chiemeka noted, “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”

At the event, Chairman of Aradel Holdings Plc, Ladi Jadesimi, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector.

“The listing of Aradel Holdings on NGX represents a pivotal moment for us,” Jadesimi started.

He added, “We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining. This listing provides us with the platform to unlock further value for our shareholders.”

On the listing, the Managing Director/Chief Executive Officer of Aradel, Adegbite Falade, said, “this will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energized future.”

Aradel Holdings Plc’s successful listing on NGX positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors.

The World Bank has advised Nigeria to maintain its current economic reform trajectory for at least the next 10 to 15 years to establish itself as a major economic power, both in sub-Saharan Africa and globally.

The call for sustained reforms was made during the ongoing 30th Nigerian Economic Summit in Abuja.

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Indermit Gill, Senior Vice President of the World Bank Group, emphasized the importance of the reforms for sustainable growth and development.

“Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy,” said Gill, adding that if these reforms are maintained, Nigeria could become a key growth engine in the region.

The three-day summit, themed “Working Together for Growth, Competitiveness, and Stability,” is organized by the Nigerian Economic Summit Group in collaboration with the Ministry of Budget and National Planning.

It aims to bring together stakeholders to discuss strategies for economic development amid global economic uncertainties.

Gill acknowledged the challenges of implementing economic reforms but highlighted the potential rewards.

“It is very difficult to implement such reforms, but the rewards will be massive if they are maintained,” he said.

The World Bank’s call underscores the critical role of long-term policy consistency in enabling Nigeria to compete effectively with other emerging economies worldwide.