Finance
Nigeria’s Misery Index Rises as Inflation Reaches 15.75%
The misery index, otherwise known as the economic discomfort index, is used to measure overall hardship in an economy.
During rare instances unemployment and inflation increase together. In fact, it is no coincidence that the misery index came into popular use during the 1970s, an era of high unemployment and inflation known as “stagflation.”
Nigeria’s inflation rate increased by 15.75% (year-on-year) in December 2020, the highest rate recorded in 3 years.
This was the highest inflation rate since November of 2017, based on increasing prices in food (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade.
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According to the latest consumer price index report, released by the National Bureau of Statistics (NBS), Nigeria Consumer Price Index (CPI) growth was measured at 15.8% YoY in Dec 2020, compared with a rate of 14.9 % in the previous month.
The rise in the consumer price index indicates that consumers spent more in the month of December compared to the previous month.
This recorded high inflation rate could be attributed to:
Dollar shortages
Surging unknown gunmen attacks in farming areas.
Lingering disruptions from the COVID-19 pandemic.
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Customs Corner
Customs to Partner with SMEDAN to Ease Cross-Border Trade
Author: Titus Omajali
The Nigeria Customs Service (NCS) announced on Thursday, 12 September 2024, that it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost trade, encourage local production and ease Cross-border trade.
The Comptroller-General of Customs (CGC), Adewale Adeniyi, made this known when he received the Director-General (DG) and Chief Executive Officer (CEO) of SMEDAN, Charles Oidi, and his team at the NCS Headquarters in Abuja.
The CGC stated that a dedicated SMEDAN team will be established at the NCS office to provide specialized assistance and facilitate seamless processes for small and medium-sized businesses engaged in cross-border trade. “The population of SMEs cannot be ignored. Whatever you do with them, you do it to strengthen the economy of the nation,” he said
Responding, the DG/CEO of SMEDAN, Charles Oidi, commended the CGC for his commitment to SME development and pledged to continue facilitating productive interactions between government agencies and the SME ecosystem. “SMEDAN remains dedicated to identifying bottlenecks, designing inclusive solutions, and implementing effective strategies to support the growth of SMEs in Nigeria,” he stated.
Customs Corner
Four Officers Honoured for Exceptional Performance in Customs Airport Cargo Command
…As Comptroller Awe Reaffirms CGC’s Dedication to Recognition
Author: Abass Quadri
Comptroller Michael Awe, in charge of the Murtala Muhammed International Airport Cargo (MMIAC) Command, has recognised four officers for their excellent performance in executing their duties.
The officers were honoured during a parade at the Command on Wednesday, 11 September 2024.
Addressing the Officers and men of the Command, the CAC stated that the recognition, which will be done monthly or quarterly, is part of the CGC’s commitment to rewarding hardworking officers.
“There are four officers here, each representing one month from May to August 2024, who will be given letters of recognition today. The letters have reached the Office of the Zonal Coordinator, and he will send them to headquarters,” the CAC said.
Regarding the Command’s revenue generation efforts, Comptroller Awe noted that more than N16 billion has been collected so far. He appreciated the senior officers for their support, acknowledging that this success could not have been achieved alone.
The recognised officers include CSC Itinu Jimoh, CSC Moses Aboki, SC Jidda Aliyu, and IC Sanni Mohammed.
The officers expressed their excitement and gratitude to the CAC for recognising their efforts.
According to CSC Aboki, “The CAC has assured us that we do not need to harbour any fears. Henceforth, we will conduct more thorough examinations, as it is through this that we can detect illicit or underpaid items.”
The parade concluded with a free eye test provided by Poise Eye Care Limited.
Customs Corner
Finance Minister Presides Over 60th Regular Customs Board Meeting
…Highlights Government Efforts to Ease Nigeria’s Cost of Living
Author: uhammad Bashir.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, 10 September 2024, presided over the 60th regular board meeting of the Nigeria Customs Service.
The meeting, which he held at the newly built NCS headquarters in Maitama, Abuja, was said to be the first of its kind since the commissioning of the edifice by former President Muhammadu Buhari in 2023.
The Minister expressed his satisfaction with the board’s adherence to the decision to meet quarterly, describing it as an essential aspect of corporate governance.
He stressed that regular meetings and updates on financial performance were crucial for any government agency seeking to meet its objectives that impact positively on the citizens.
He highlighted further, “I think that board meetings serve as an important part of corporate governance and corporate governance is key to running an organisation efficiently as well as provide the necessary direction and management to keep government policies on track.”
The Minister also applauded the integrity and transparency of CGC Adeniyi, noting that the principles guiding the board’s operations were exemplary with a commitment to achieve laudable objectives and tenets to run an organisation like the NCS.
The Minister, who stressed the importance of collaboration between various ministries and the private sector, said the Nigeria Customs Service Board includes representatives from the ministries of Trade and Investment, Foreign Affairs, and Finance, as well as members of the organised private sector.
This congregation, according to Edun, “Ensures that critical national issues are thoroughly discussed and implemented in a timely manner”.
While filing questions about his feelings, he was the first Minister and NCSB Chairman to have chaired a meeting at the newly built NCS Corporate Headquarters, the Hon. Minister took the opportunity to commend the Customs Service on the achievement.
He said, “I congratulate the Nigeria Customs Service on this achievement of not just building a new edifice, but actually moving into it, making use of it, and keeping it very neat and tidy, and I pray for the success of all those who work at the new facility.
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