Economy
Food Prices Rose in September – NBS
The National Bureau of Statistics (NBS), says prices of beef, rice, beans, onion, yam and other food items increased in September.
It said this in its Selected Food Prices Watch report for September 2023 release in Abuja on Monday.
The report said that the average price of 1kg of boneless beef increased by 28.
08 per cent from N2,199. 37 recorded in September 2022 to N2,816.91 in September 2023.“On a month-on-month basis, 1kg of boneless beef increased by 0.62 per cent in September from the N2,799.51 recorded in August 2023,’’ the report said.
It said that the average price of 1kg of local rice increased by 60.59 per cent on a year-on-year basis, from N471.
42 in September 2022 to N757.06 in September 2023.“On a month-on-month basis, 1kg of local rice increased by 2.48 per cent from the N738.74 recorded in August 2023.’’
It said that the average price of 1kg of brown beans increased by 28.76 per cent on a year-on-year basis from N556.81 in September 2022 to N716.97 in September 2023.
“On a month-on-month basis, the price increased by 3.47 per cent from the N692.95 recorded in August 2023 to N716.97 in September 2023.’’
The NBS said the average price of 1kg of Onion bulb rose by 29.81 per cent on a year-on-year basis from N397.18 in September 2022 to N515.59 in September 2023.
“On a month-on-month basis, the price increased by 0.45per cent from N513.29 recorded in August 2023.’’
The report said that the average price of 1kg of Yam tuber increased by 45.11 per cent on a year-on-year basis from N409.23 in September 2022 to N593.83 in September 2023.
“On a month-on-month basis, 1kg of yam tuber increased by 3.03 per cent from the recorded N576.39 in August 2023.’’
On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,800.42, while the lowest price was recorded in Kogi at N1,845.29.
It said that Rivers recorded the highest average price of 1kg of local rice at N931.82, while the lowest was recorded in Benue at N539.35.
The NBS said that the highest average price of 1kg of brown beans was recorded in Imo at N1,090.23 while the lowest price was recorded in Kogi at N485.64.
It said the highest average price of 1kg of onion bulb was recorded in Abia at N862.35, while the lowest was recorded in Nasarawa at N295.73.
According to the repor, Akwa Ibom recorded the highest average price of 1kg of yam tuber at N1,088.57, while Plateau recorded the lowest price at N320.34
Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,550.75, followed by the South-West at N2, 875.47.
“The lowest price was recorded in the North-Central at N2.461.20.”
The South-East and South-South recorded the highest average price of 1kg of local rice at N901.26 and N824.55, respectively, while the lowest price was in the North-Central at N621.93.
The report said that the South-East recorded the highest average price of 1kg of brown beans at N995.76, followed by the South-West at N771.37, while the North-Central recorded the lowest price at N587.99.
It said that the South-East and South-South recorded the highest average price of 1kg of onion bulb at N723.63 and N697.34 respectively, while the lowest was recorded in the North-Central at N340.75.
The NBS said also that the South-West recorded the highest average price of 1kg of yam tuber at N791.69, followed by the South-South at N748.56.
“The North-East recorded the lowest price of 1kg of yam at N366.79,’’ the NBS said . (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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