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Inflation hits 13.71% in September

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images 76 Inflation hits 13.71% in September


NIGERIA’S
 inflation rate maintained its upward swing in September, rising to 13.71 per cent from 13.22 per cent in August.

According to the document obtained from the website of  the National Bureau of Statistics (NBS),  inflation increased  by 0.49 per cent point to steady at 13.71 per cent.

The increases were recorded in all  divisions that yielded headline index.  On a month-on-month basis,  headline index increased by 1.48 per cent in September 2020, indicating  0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.

Food index rose by 16.66 per cent in September 2020 compared to 16.00 per cent  in August 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 and oils and fats. “On month-on-month basis, the food sub-index increased by 1.88 per cent in September 2020, up by 0.21 per cent points from 1.67 per cent recorded in August 2020” the bureau, said. NBS said that the average annual rate of change of the food sub-index for the 12-month period ending September 2020 over the previous 12-month average was 15.13 per cent,  0.26 per cent points from the average annual rate of change recorded in August 2020 (14.87 per cent).

The percentage change in the average composite Consumer Price Index (CPI)  for the 12 months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 per cent, showing 0.21 per cent point from 12.23 per cent recorded in August 2020.

The urban inflation rate increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent in September 2020 from 12.65 per cent in August 2020. “The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September 2020, up by 0.06 per cent when compared with 10.52 per cent recorded in August 2020. “On month-on-month basis, the core sub-index increased by 0.94 per cent in September 2020. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August 2020. The highest increases were recorded in prices of air passenger transport, medical services, hospital services, pharmaceutical products, passenger transport by road, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and Paramedical services”NBS, noted.

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MTN Nigeria Appoints Karl Toriola As CEO

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images 2020 10 26T125948.431 MTN Nigeria Appoints Karl Toriola As CEO

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover.
Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.
Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform.
A break down of the aggregate information showed Toriola acquired 920,000 ordinary shares at N118 per share on June 25, 2020, in Lagos, Nigeria.
Accordingly, the total purchase stood at 920,000 shares valued at N108,560,000.
Brief Profile
During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.
Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.
Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.

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Chinese products top Nigeria’s imported goods list – NBS

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images 2020 10 26T095501.555 Chinese products top Nigeria’s imported goods list – NBS

A total of 31 .41 per cent of goods imported into Nigeria are from China , according to the National Bureau of Statistics .
The NBS stated in its report on ‘ Foreign trade in goods statistics ’ for second quarter of 2020 , that Spain topped the list of Nigeria’ s exported goods .
Part of the report read, “ Nigeria ’s imports, by country of origin, shows goods were imported mainly from China ( N 1 . 26 tn or 31 .41 per cent ) , United States ( N 428 .9 bn or 10 .66 per cent ) , India ( N 322 . 3 bn or 8 . 01 per cent ) , and the Netherlands ( N 202 . 9 bn or 5 .04 per cent ) respectively.
“ The value of exports in Q 2 , 2020 stood at N 2 .22 tn , a decrease of 45 . 64 per cent compared to Q 1 , 2020 and 51 .73 per cent compared to Q2 , 2019 .
“ The year to date export amounted to N 6. 3 tn , representing a 31 per cent decline compared to 2019 .
“ Exports by section revealed that mineral products accounted for the largest portion of exports , amounting to N 1 .87 tn or 84 . 35 per cent , mainly due to the crude oil component .”
This section , it noted, was followed by vehicles aircraft and parts ( N 221 . 2 bn or 9 .96 per cent ) and others .
Analysis of export by region revealed that Nigeria exported most products to Europe ( N 976 .5 bn or 44 per cent ) , followed by Asia ( N 734 .1 bn or 33 .08 per cent ) , Africa ( N 401 .4 bn or 18 . 1 per cent ) , America ( N 105 . 8bn or 4 .8 per cent ) and Oceania ( N 1 .7 bn or 0 .08 per cent ) .
Within Africa , goods worth N 149 . 3 bn were exported to ECOWAS member states.
All regions recorded declines in the value of exported goods during the quarter , although China and Japan each recorded increased export activity .
The NBS stated, “ Exports by country of destination showed that Nigeria exported goods to Spain valued at ( N 310 .8 bn or 14 per cent ) , Netherlands ( N 243 .7 bn or 10 . 98 per cent ) , China ( N 220 .4 bn or 9. 9 per cent ) , India ( N 195 .6 bn or 8 . 8 per cent ) and South Africa ( N 172 .2 or 7 . 7 per cent ) .
During the quarter , total trade in agricultural goods stood at N 493 .7 bn , of which exported agricultural goods accounted for N 78 .1 bn .
Analysis by economic region showed that most agricultural goods were exported to Asia, Europe and America valued at N 43 .6 bn , N 26 .4 bn and N 6. 6 bn .
The key driver of agricultural products exports were superior quality raw cocoa beans , sesamum seeds, cashew nuts , good fermented cocoa beans and more .
The main consumers of superior quality cocoa were The Netherlands ( N 9 .3 bn ) , Indonesia ( N 3 . 7 bn ) and United States ( N 2 . 4 bn ) .
Other agricultural exports were Sesamum seeds exported to Japan ( N 6 bn ) and to China ( N 2 . 3bn ) .
Also, cashew nuts worth N 12 bn were exported to Vietnam.
In terms of imports, durum wheat worth N 41 bn was imported from United States , Russia ( N 28 .8 bn ) and Latvia ( N 24 .5 bn ) .
The value of manufactured goods trade in Q2 , 2020 stood at N 3. 04 tn .
Out of this , the export component accounted for N 254 .2 bn .
The products that drove up manufactured export were light vessels , fire floats , floating cranes exported to Spain in the value worth N 129bn .

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ASSBIFFI harps on decent work post-COVID-19

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images 2020 10 26T092355.452 ASSBIFFI harps on decent work post-COVID-19

Organised labour has tasked the Federal Government at ensuring decent work and protection of workers at workplaces, as part of COVID-19 pandemic recovery efforts.

President of the Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI), Olasanoye Oyinkansola, in her address during the celebration of the 2020 World Day for Decent Work, organised by the union in Lagos, said decent work for all workers must be the foundation for recovery plans.

She also noted that financing the Sustainable Development Goals (SDGs) remains the best framework for resilience.

According to her, towards attaining the New Social Contract for Recovery and Resilience in line with the dictates of post-COVID-19 workplace, employers in the financial sector are compelled to adopt new rules to remain relevant in their place of work.

“These rules include alternate work days arrangement to comply with physical distance protocol, remote work, virtual meetings, seminars and conferences via webinar, Zoom and Telegram, among others,” she said.

Olasanoye stated that, to enhance recovery, Nigeria must build a social contract involving workers, employers and government on how best to withstand the aftermath of the pandemic using the contract as a foundation.

“Towards this end, ASSBIFI opines for the generation and sustainable employment opportunities, sustained fundamental principles and right to work, occupational safety and social protection, among others,” she said.

In the same vein, the Trade Union Congress (TUC) has called on the Federal Government, as part of post-COVID-19 plans, to carry out some bold reforms as well as robust fiscal and monetary policy actions to reduce the number of Nigerians who may be pushed into poverty and acts of criminality.

The president of the TUC, Quadri Olaleye, said: “Nigeria is a mono-economy, hence, the collapse of international oil prices has been monumental. It has destabilized the macroeconomic balances thereby further increasing the number of Nigerians living in poverty.”

Olaleye also called on employers to give attention to human resource as one of the critical ways to bring back economic growth and build a new global economy.

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