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Nigeria’s Inflation Hits 21.47% in November, Highest in 17 Years – NBS
By Tony Obiechina, Abuja
Nigeria’s inflation for November 2022 rose to 21.47 percent from 21.09 percent recorded in October, by 1.39 percent. This is the highest peak in the past 17 years.
This is contained in the Consumer price index (CPI) report released yesterday by the Statistician-General of the Federation/Chief Executive Officer of the National Bureau of Statistics (NBS), Prince Semiu Adeyemi Adeniran.
According to the report, this was 6.
07% points higher compared to the rate recorded in November 2021, which was (15.40%). This shows that the headline inflation rate increased in November 2022 when compared to the same month in the preceding year (i.e., November 2021) by 6.07%.“The increase in the general price level in the annual inflation rate (Year-on-Year) can be attributed to an increase in the cost of importation due to the continual currency depreciation and a General increase in the cost of production due to a surge in energy cost.
“While on a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, which was 0.15% higher than the rate recorded in October 2022 (1.24%). The increase in the monthly inflation rate (month-on-month basis) is attributed to higher demand, usually experience during the festive season.
“The percentage change in the average CPI for the twelve months ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to the 16.98% recorded in November 2021.
“The components that made up the food sub-index in November 2022 was 24.13% on a year-on-year basis; which was 6.92% higher compared to the rate recorded in November 2021 (17.21%).
“The rise in the food sub-index was caused by the increases in prices of Bread and cereals, Oil and fat, Potatoes, yam and other tubers, Food products n.e.c, and fish.
Whereas the month-on-month food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%).
“The increase was attributed to an increase in prices of some food items like Oil and fat, Fruits, Fish and Tubers. The average annual rate of food inflation for the twelve-month ending November 2022 was 20.41%. This is 0.21% points decline from the annual rate of change recorded in November 2021 (20.62%)”, the report stated.
“The Core Inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24% in November 2022 on a year-on-year basis; showing a rise of 4.39% when compared to 13.85% recorded in November 2021.
“On a month-on-month basis, the core inflation rate was 1.67% in November 2022, while the rate was 0.93% in October 2022. This shows a rise of 0.74%. The highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, vehicle spare parts, and Solid fuel.
“The percentage change in the average CPI for the twelve months ending November 2022 was 15.69%, which was 2.73% points higher than the previous twelve months period which recorded 12.96% in November 2021.The urban consumers’ inflation rate for November 2022 on a year-on-year basis stood at 22.09%. This was 6.17% higher compared to the 15.92% recorded in November 2021,” the CPI report further stated.
The Report also noted that while on a month-on-month basis, the urban inflation rate was 1.50% in November 2022, adding that this was 0.16% higher compared to October (1.33%), even as the corresponding twelve-month average for the urban inflation rate was 18.90% in November. This was 1.35% higher compared to the 17.55% reported in November 2021.
“The inflation rate for rural consumers in November 2022 was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021. On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, indicating a rise of 0.14% compared to October 2022 (1.16%).
While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021. In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11%), Kogi (25.84%), Rivers (24.45%), while Kaduna (18.87%), Sokoto (19.02%) and Cross river (19.17%) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16%), Niger (2.70%), Plateau (2.44%), while Ogun (-0.17%), Abuja (-0.12%) and Sokoto (0.25%) recorded the slowest rise on month-on-month inflation,” the CPI Report added.
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FG to Fund Key Science and Technology Projects through PPP
By Tony Obiechina, Abuja Federal Government says it will consider using private sector funds through Public Private Partnerships (PPPs) as a funding option for certain key projects in the Ministry of Innovation, Science and Technology.This was disclosed when the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh, paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.
The meeting which was at the instance of the ICRC DG, sought partnership between the two government bodies to harness PPPs to advance critical projects that can boost the economic and technological growth of the nation. Speaking during the meeting, Dr Ewalefoh said that science and technology, if properly deployed, can serve as a key driver of the economic growth and progress of Nigeria.“Many countries around the world have used Science and Technology to drive the economic growth and prosperity of their country and people.“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.“Over the last two decades, countries and businesses have harnessed technology and innovation for upscaling their economy and improve the efficiency in their service delivery.“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Ahmed Tinubu.“It is, therefore, my aspiration that your ministry will partner with the ICRC to see areas where we can champion private sector funding through Public Private Partnership to develop some of the projects specific to the ministry,” he said.The DG informed the Minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the Ministry.He added that the commission has streamlined its processes to accelerate PPP project delivery and deliver important services to the Nigerian people, pointing out that some key private sector operators have already verbalised their desire to work with the Ministry in a PPP arrangement.In his remarks, the Minister expressed his excitement at the appointment of Dr Ewalefoh as the DG of ICRC, saying that the DG’s wealth of experience will revolutionise the PPP sphere in Nigeria, adding that, indeed, a square peg has been placed in a square hole.The Minister emphasised that the Ministry served as a key enabler of economic growth and has had the support of President Bola Ahmed Tinubu demonstrated through major approvals granted the Ministry.He said that the President had given approval for methanol production, saying that although the implementation process were still being finalised, foreign direct investments for the project has reached over $1.5 billion.“We want to go into beneficiation of raw materials and we have the presidential executive order number 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting. We are looking at doing green hydrogen, too,” he said.He stressed that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said.COVER
Suspected Herdsmen Attack Benue Community, Kill 15
From Attah Ede, Makurdi
Gunmen suspected to be Fulani armed militia, on Wednesday night, reportedly invaded Anyiin town in the Logo Local Government Area of Benue State.
Multiple reports indicated that no fewer than 15 persons were killed in the attack, leaving several others with varying degrees of injuries while yet to be ascertained number were missing.
The attack, which was said to have been launched at about 6:30pm by the well-armed Fulani herders, caught the community unawares as the invaders reportedly emerged from different locations shooting at everyone in sight.
The attackers, who were said to be numbering about 200, were reported to be wielding AK-47 rifles and other sophisticated weapons, operated for about three hours.
An eyewitness and community leader in Anyiin town, Chief Joseph Anawah, said the armed herders overwhelmed security operatives stationed in the town because of their large numbers.
He said it was a coordinated operation, stating that the alleged Fulani terrorists took residents of the town unawares, surrounded the town and shot sporadically.
Anawah said some of the villagers who ran for their dear lives were caught in an ambush laid by the invaders.
He listed some of the victims to include: Mr Orihundu Ati, a retired primary school supervisor and the son of a kindred head.
Also killed was a son to a Chief of Staff to a former Logo council chairman, Tordoo Suswam and a relation of a late District head of Ukemberagya, Zaki John Chembe.
Anawah listed Ukemberagya, Tswarev, Mbawar, Gov, Mbainange, and Tombo among neighbouring communities earlier displaced by the invaders and whose residents were taking refuge in Anyiin before the latest attack.
The community leaders appealed to the federal government and the Benue state government to revive an abandoned Mobile Police barracks project along Akwana-Anyiin-Wukari road to secure the lives and property in the communities.
They lamented that farmers in the affected communities could not harvest their crops because they were being killed and abducted on their farms by the armed invaders.
According to them, communities along the Benue-Taraba border are the worst hit by the marauders’ incessant attacks.”This is the second attack in one month by the Fulani terrorists. On Oct. 9, they attacked Ayilamo town, the headquarters of Tombo Council Ward and killed scores of people. As I speak, people are deserting Anyiin town for fear of the unknown”, Chief Anawah said.
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Nigerians Among Most Malnourished in Sub-Saharan Africa – Abbas
By Ubong Ukpong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas yesterday described growing malnutrition and food insecurity as great threat to Nigeria’s economic stability and public health.
Inaugurating the Local Organizing Committee for the National Assembly summit on nutrition and food security in Abuja, the Speaker reiterated the urgent need for legislative action to restore the country’s productivity and public health.
Abbas who was represented by Deputy Speaker, Benjamin Okezie Kalu noted that Nigeria’s rate of malnutrition is among the highest in sub-Saharan Africa.
He noted that malnutrition, especially among children, stunts physical and cognitive development, impacting long-term educational and economic potential and contributing to broader societal challenges.
The Speaker assured the lawmakers’ full support for the committee’s initiatives, urging collaboration with State Houses of Assembly to create a unified approach to combating food insecurity.
He said, “The need for this National Summit on Nutrition and Food Security has never been more urgent.
“This organizing committee’s mission is to foster collaboration across ministries, engage both public and private sectors, and create a platform for lawmakers, experts, and community leaders to address the root causes of food security challenges.”
The chairman of the committee, Chike Okafor said there is malnutrition across Nigeria, particularly in the north spiking by 51 percent among children.
He described the situation as a humanitarian crisis exacerbated by recent floods in Adamawa, Maiduguri, and Jigawa, which have disrupted food supplies nationwide.
According to him, the summit will help to in the formulation of policies to tackle food insecurity.