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Nigeria’s Inflation Rate has Climbed to a 30-month High

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Nigeria’s Inflation Rate

Nigeria’s inflation rate has climbed to a 30-month high, as it rose further to 14.23 percent in october, the latest figures by the national bureau of statistics (nbs) has shown.

 

The report published on the website of the bureau shows that the new inflation rate is 0.52 percent points higher than the rate recorded in september 2020 (13.71 per cent).

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Nigeria’s inflation has been on the rise since the country shut its land borders. the situation became worse with the emergence of the coronavirus which affected the global economy.

 

The economy is yet to recover from the coronavirus effects and the plunge in crude prices.

 

IN THE REPORT, THE COMPOSITE FOOD INDEX ROSE BY 17.38 PER CENT IN OCTOBER 2020 COMPARED TO 16.66 PER CENT IN SEPTEMBER 2020.

 

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats.

 

In OCTOBER, all-item inflation was the highest in sokoto, edo, and akwa ibom while oyo, taraba, and jigawa river recorded the slowest rise in headline year on year inflation.

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Business Africa

SMEDAN Boosts BMO’S in South West with #500,000 grant.

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SMEDAN Boosts BMO'S in South West with #500,000 grant.

The DG-CEO of SMEDAN, Dikko Umaru, says that his team is particularly interested in helping small businesses, MSME’S and NGO’S in the southwest through business membership organisations (BMO’S) to develop their full potentials.

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He pointed this out during a capacity-building program on grants and growth support for small-scale businesses in Lagos.

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Business Africa

FG grants approval for zero import duty on vessel acquisition by ship owners

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The federal government has announced the approval of zero import duty for the acquisition of vessels by shipowners. This is part of the tax incentive by the federal ministry of transportation for the maritime sector in order to boost investment and stimulate growth in the industry.

This disclosure was made by the director-general of the Nigerian maritime administration and safety agency, dr Bashir jamoh, during a session at the maiden edition of the Nigeria international maritime summit held in Lagos on Tuesday, with the theme, ‘becoming a significant maritime nation

Dr. Jamoh, in his advice, said that for the country to become a maritime nation, the government needs to focus on such areas as security and incentives which are physical and monetary to help the sector grow.

He argued that no nation could develop without the maritime industry noting that the country’s aspiration to be a maritime country was not debatable but necessary.

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The nimasa boss said that the zero import duty, which is a physical incentive presented to the ministry, had been approved in August and is expected to create a situation where the country will be having a national fleet.

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Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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