Business
Nigeria’s Inflation Climbs To 25.8% In August – NBS
On Friday, the National Bureau of Statistics (NBS) reported that Nigeria’s annual inflation rate climbed by 1.72 percentage points to reach 25.8 percent in August, up from 24.08 percent in July.
This marks the seventh consecutive monthly increase in inflation this year.
In its Consumer Price Index (CPI) report for August, the NBS also revealed that the year-on-year food inflation rate experienced a 2.36 percentage point rise, reaching 29.34 percent in August compared to 26.98 percent in July.
This increase was attributed to higher prices for items such as oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as vegetable, milk, cheese, and eggs.
NBS said: “In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 head-line inflation rate which was 24.08%.
“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72 percentage points when compared to the July 2023 headline inflation rate.
‘On a YoY basis, the headline inflation rate was 5.27 percentage points higher compared to the rate recorded in August 2022, which was 20.52 percent.
“This shows that the headline inflation rate (YoY basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022).
“Similarly, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the rate recorded in July 2023 (2.89%).
“This means that in August 2023, on average, the general price level was 0.29 percent higher relative to July 2023.”
On food inflation, the bureau said:”The Food inflation rate in August 2023 was 29.34% on a YoY basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).
“The rise in food inflation on a YoYnbasis was caused by increases in prices of Oil and fat, bread and cereals, fish, fruit, Meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese and eggs.
“On a month-on-month basis, the food inflation rate in August 2023 was 3.87%, this was 0.41 percentage points higher compared to the rate recorded in July 2023 (3.45 percent).
“The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, coffee, tea, and cocoa.” it added
According to the bureau’s report, the year-on-year inflation rate for all items was most pronounced in Kogi (31.50 percent), followed by Lagos (29.17 percent) and Rivers (29.06 percent) during the review period.
Conversely, Sokoto (20.91 percent), Borno (21.77 percent), and Nasarawa (22.25 percent) recorded the smallest increases in headline inflation on a year-on-year basis.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
I’ve Dated More Than 100 Women – Singer Skales
I Got The Concept For “Men Are Crazy” From My Hubby – Simi
Fubara Bans All LGA Heads From Rivers Assembly
Rivers LGA Chiefs Back APC, Demand Gov Fubara’s Removal
Naira Slumps 4.60% Against Dollar
Bayelsa State Hosts 2024 NWFL Premiership Super Six
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Adeosun: We are investing in infrastructure to grow the private sector
Shell launches Nigeria campaign on energy efficiency
