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Food Prices Rise as Nigeria’s Inflation Hit 34.6% in Nov – NBS
By Tony Obiechina, Abuja
The National Bureau of Statistics (NBS) on Monday said Nigeria’s headline inflation rate rose to 34.60% in Nov. from 33.88% in Oct.
The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.
“On a year-on-year basis, the Headline inflation rate was 6.
40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.Significantly, the food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).
The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sardine, rice, yam flour, millet whole grain, corn flour, agric egg, powdered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.
Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.
Bretton Woods’ institutions like the World Bank and the International Monetary Fund had advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.
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Anglican Bishop, Wife, Children Regain Freedom after Bandits Take Ransome
By Mike Odiakose, Abuja
Anglican bishop, Rev. Canon Olowolagba, his wife and two children have regained freedom after their kidnappers collected ransom, a family source said.
The Commander of the Ondo State Security Network (Amotekun), Adetunji Adeleye confirmed the release of Canon Olowolagba along with his wife and two girls.
“The pastor and family have been released,” Adeleye said in a short message on Sunday.
He was kidnapped on Saturday while travelling with his wife, their 16-year-old daughter and a nine-year-old girl living with them, along the Iboropa Road in Akoko North-East Local Government Area of Ondo State.
A source disclosed that they were released after a ransom amounting to millions of naira was paid.
The money, according to family sources, was raised through contributions from the family, the church, and associations.
The kidnappers initially demanded N75 million but later reduced it.
The Amotekun commander did not give details on how the victims were released.
The police did not to comment on the incident saying the matter was not reported to them.
Armed groups have been seizing Nigerians for ransom especially in the northern part of the country.
President Bola Tinubu has however expressed optimism about the progress made in addressing insecurity across the country.
In his maiden Presidential Media Chat in Lagos penultimate Monday, Tinubu said Nigerians are now safer travelling by road.
In his words, “Today, I have confidence in the security architecture of this country.
“You can still travel on the roads. Before now, it was impossible. It takes just one incident to disrupt an organized environment, but we cannot undermine the efforts of our military because of isolated attacks, such as the one on the Brigade Battalion.”
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Innovation Key to Commodities Development – SEC
The Securities and Exchange Commission (SEC) said it was committed to promoting innovation and collaboration to position commodities exchanges as vital drivers of economic growth.
This was contained in a notice by the Director-General of SEC, Dr Emomotimi Agama, said on Sunday in Abuja.
Agama said the commission would innovate in capacity building, infrastructure development and partnership with stakeholders to improve and sustain commodities markets.
“Our role in sustaining commodities exchanges in Nigeria cannot be overlooked because at the heart of these exchanges’ functionality is the SEC whose regulatory oversight plays a pivotal role in ensuring their sustainability and credibility.
”Commodities exchanges in Nigeria facilitate the buying and selling of commodities in a structured and transparent environment.
”They provide farmers, traders, and investors with standardised contracts, enabling market efficiency and mitigating risks,” he said.
Agama said the vision of SEC was to provide an enabling environment, to protect investors, and to create a developmental strategy that would bring the commodities market into an enviable state.
”Nigeria is a commodity space; every state of this country has commodities in commercial quantities, so we are working to build that ecosystem in such a way that we are able to meet all of the blocks within the value chain.
”This will help us to achieve economic development, prosperity and a level playing field for every practitioner in this space,” Agama said. (NAN).
COVER
South Korea Plane Crash Claims 179 as Air Canada Skids Runway
By David Torough, Abuja
A Jeju Air plane carrying 181 people from Thailand to South Korea crashed on arrival yesterday, smashing into a barrier and bursting into flames, killing everyone aboard except for two flight attendants plucked from the wreckage.
According to AFP, a bird strike was cited by authorities as the likely cause of the crash — the worst ever aviation disaster on South Korean soil.
Similarly, a PAL Airlines aircraft, operating as Air Canada flight AC2259, executed an emergency landing at Halifax Airport, Canada, following a landing gear malfunction.
The incident, which occurred around 9:30 PM AT, was reported by CBC News yesterday.Passengers on the Jeju Air plane were flung out of the plane and it was “almost completely destroyed”, according to fire officials.
Video showed the Jeju Air Boeing 737-800 landing on its belly at Muan International Airport, skidding off the runway as smoke streamed out from the engines, before crashing into a wall and exploding in flames.
“Of the 179 dead, 65 have been identified,” the country’s fire agency said, adding that DNA retrieval had begun.
Inside the airport terminal, tearful family members gathered to wait for news.
An official began calling out the names of the 65 victims who had been identified, with each name triggering fresh cries of grief from waiting relatives.
Only two people — both flight attendants — were rescued from the crash, the fire department said.
“Passengers were ejected from the aircraft after it collided with the wall, leaving little chance of survival,” a local fire official told families at a briefing, according to a statement released by the fire brigade.
Both black boxes — the flight data recorder and the cockpit voice recorder — have been found, deputy transport minister Joo Jong-wan said at a briefing.
Under floodlights, rescue workers used a giant yellow crane to lift the burned-out fuselage of the orange-and-white aircraft on the runway at Muan — some 288 kilometres (about 180 miles) southwest of Seoul.
Bits of plane seats and luggage were strewn across the field next to the runway, not far from the charred tail, offering a glimpse into the catastrophic impact of the crash.
‘Mayday’
All of the passengers were Korean apart from two Thais, with the youngest a three-year-old boy and the oldest a 78-year-old, authorities said.
“I had a son on board that plane,” an elderly man waiting in the airport lounge, who asked not to be named, said.
“My younger sister went to heaven today,” a 65-year-old woman, who gave only her surname Jo, said.
Boeing said in a statement that it was in touch with Jeju Air and stood “ready to support them”.
Engulfed in flames
South Korea’s acting President Choi Sang-mok, who only took office Friday, convened an emergency cabinet meeting and then visited the crash site at Muan.
“The entire government is working closely together to manage the aftermath of the accident… making every effort to ensure thorough support for the bereaved families,” he said.
The country declared a seven-day national mourning period effective from Sunday, with memorial altars to be set up nationwide.
It is the first fatal accident in the history of Jeju Air, one of South Korea’s largest low-cost carriers, which was set up in 2005.
On August 12, 2007, a Bombardier Q400 operated by Jeju Air carrying 74 passengers came off the runway due to strong winds at the southern Busan-Gimhae airport, resulting in a dozen injuries.
South Korea’s aviation industry has a solid track record for safety, experts say.
A number of fatal aviation accidents have occurred globally due to bird strikes, which can cause a loss of power if the animals are sucked into the air intakes.
In 2009, a US Airways Airbus A320 famously landed in New York’s Hudson River after bird strikes on both of its engines, in an incident widely known as the “Miracle on the Hudson” because there was no loss of life.
The PAL Airlines aircraft
The PAL Airlines aircraft incident, which occurred around 9:30 PM AT, was reported by CBC News yesterday.
During the landing, the plane skidded along the pavement, triggering panic among passengers.
Nikki Valentine, a passenger onboard, recounted the harrowing experience, describing how the aircraft tilted approximately 20 degrees to the left, accompanied by a loud crash-like noise.
“The plane started to sit at about a 20-degree angle to the left and, as that happened, we heard a pretty loud—what almost sounded like a crash sound—as the wing of the plane started to skid along the pavement, along with what I presume was the engine,” Valentine told CBC News.
Viral footage from the incident captured the aircraft’s wings scraping the runway, causing a fire during the landing. Fortunately, no casualties were reported among passengers or crew.
The emergency landing at Halifax Airport ignited discussions on social media, with users drawing comparisons to a deadly incident in South Korea.
A flight from Thailand to Muan International Airport crashed after veering off the runway and bursting into flames, resulting in 120 fatalities.
“Unbelievable. Thankfully it landed with everyone surviving it appears,” one user remarked about the Halifax incident.
Another expressed concerns over the frequency of aviation mishaps, writing, “Two catastrophic landing gear failures in a matter of hours? What’s happening in aviation right now? Mechanical issues or something more sinister? Questions need answers—fast.”
Adding to the series of recent aviation accidents, an Embraer 190 aircraft operated by Azerbaijan Airlines crashed in Aktau, Kazakhstan, claiming 38 lives while 29 survived.
Deccan Chronicles reported that the flight from St. John’s, Newfoundland, skidded along the runway at Halifax Airport in Goffs, Nova Scotia.
The airport was temporarily closed on Saturday night, though one runway was reopened shortly after.
According to a passenger interviewed by CBC News, one of the aircraft’s tyres failed to deploy properly during the landing, causing the plane to tilt and skid for a significant distance.
“The plane shook quite a bit and we started seeing fire on the left side of the plane and smoke started coming in the windows,” she described.
Emergency crews responded swiftly, ensuring the safety of all onboard.