Nigeria’s Inflation Rate Drops By 0.06% Again

NBS, Bureau Of Statistics, Inflation Rate

 

Nigeria’s inflation rate has dropped by a slim margin of 0.06% from 11.31 percent in February to 11.25 per cent in March 2019.

The consumer price index, (CPI) which measures inflation had for a second consecutive time, the same margin of points between January and February 2019.

According to the National Bureau of Statistics (NBS), on a month-on-month basis, the Headline index increased by 0.79 per cent in March 2019, which is 0.06 percent rate higher than the rate recorded in February 2019 (0.73) per cent.

The data highlighted that urban inflation rate increased by 11.54 per cent (year-on-year) in March 2019 from 11.59 per cent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019.

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Though, the composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019. “This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.”

The data also listed states where food inflation was highest and lowest.

“In March 2019, food inflation on a year on year basis was highest in Kebbi (16.35%), Niger (16.22%) and Kwara (15.95%), while Bauchi (11.82%), Delta (11.70%) and Ogun (11.55%) recorded the slowest rise.

“On month on month basis however, March 2019 food inflation was highest in Kogi (2.97%), Lagos and Plateau (2.11%) and Oyo (2.04%), while Imo and Nasarawa (0.12%), Enugu (0.11%) recorded the slowest rise with Bayelsa recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).”

Road Accidents Claim 1,538 Lives In Fourth Quarter Of 2018 – NBS

 

A total of 1,538 people got killed in road crashes and 2,532 road accidents occurred in the fourth quarter of 2018.

This is according to a report released by the National Bureau of Statistics.

The report revealed that speed violation was the major cause and it accounted for 52% of the total road crashes reported.

Of the 1,538 reportedly killed in road crashes within the period in question, 1,422 are adults, while 116 are children.

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“A total of 1,538 Nigerians got killed in the road traffic crashes recorded in Q4 2018. 1,422 of the 1,538 Nigerians that got killed, representing 92% of the figure, are adults while the remaining 116 Nigerians, representing 8% of the figure are children. 1,209 male Nigerians, representing 79%, got killed in road crashes in Q4 while 329 female Nigerians, representing 21% got killed.”

“A total of 8,406 Nigerians got injured in the road traffic crashes recorded. 7,815 of the 8,406 Nigerians that got injured, representing 93% of the figure, are adults while the remaining 591 Nigerians, representing 7% of the figure are children. 6,194 male Nigerians, representing 74%, got injured in road crashes in Q4 while 2,212 female Nigerians, representing 26% got injured”, the report further stated.

According to the data, 185,883 national drivers’ licenses were produced in Q4 2018, with Lagos and Abuja recording the highest number and Zamfara and Kebbi States produced the least numbers.

1,331 Nigerians Died In Road Crashes Within Three Months – NBS

File photo of a gridlock caused by a petrol tanker, which lost control causing an accident at Kugbo on Mararaba-Abuja expressway.

 

Not less than 1,331 Nigerians died in road crashes in the second quarter of 2018.

This is according to the figure contained in the National Bureau of Statistics (NBS) Road Transport Data (Q2 2018) report released on Tuesday.

NBS said 1,257 of the 1,331 Nigerians that got killed, representing 94% of the figure were adults while the remaining 74 Nigerians, representing 6% of the figure were children.

The figure also revealed that “1,047 male Nigerians, representing 79%, got killed in road crashes in Q2 while 284 female Nigerians, representing 21% got killed.”

The scene from an accident on Kara bridge, Lagos-Ibadan Expressway.

 

The NBS in the report identified speed violation as the major cause of crashes in the three months under review.

“The Q2 2018 road transport data reflected that 2,608 road crashes occurred within the quarter under review. Speed violation is reported as the major cause of road crashes in Q2 and it accounted for 50.65% of the total road crashes reported.

“Tyre burst and dangerous driving followed closely as they both accounted for 8.59% and 8.40% of the total road crashes recorded,” NBS said.

NBS said further that a total of 8,437 Nigerians got injured in the road traffic crashes recorded in the second quarter of 2018.

“7,946 of the 8,437 Nigerians that got injured, representing 94% of the figure, are adults while the remaining 491 Nigerians, representing 6% of the figure are children. 6,415 male Nigerians, representing 76%, got injured in road crashes in Q2 while 2,022 female Nigerians, representing 24% got injured.”

A total of 221,878 national drivers licenses were produced in Q2 2018. Lagos and FCT produced the highest number of drivers’ licenses while Zamfara and Taraba States produced the least numbers of national drivers’ license.

Graphical Representation of Road crashes in Q2 2018 as released by NBS

Q2 Report: FG Regrets ‘Slight Drop’ In GDP Growth

Minister of Budget and National Planning, Udoma Udo Udoma.

 

The Nigeria Ministry of Budget and National Planning have reacted to the recently released second-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).

The Minister of Budget and National Planning, Udoma Udo Udoma, in a statement on Monday, regretted that there was a ‘slight drop’ in real GDP growth rate for the second quarter.

He, however, added that Federal Government is encouraged by the growth recorded in the non-oil sector.

“The Minister regretted that there was a slight drop in real GDP growth rate for Q2, principally as a result of the contraction in the oil sector. The Oil and Gas sector contracted by -3.95% in Q2 2018 compared to a growth rate of 14.77% recorded in Q1 2018 and 3.53% in Q1 2017.

“FG is encouraged by the continuing growth recorded in the non-oil sector, which grew by 2.05% in Q2 of 2018,” he said.

The Minister said he is happy to see that the Nigerian economy registered positive growth in the first and second quarters of the year in spite of the security and other challenges faced by the country.

He said the weaker growth in the Agriculture sector which slowed to 1.19% in the second quarter of 2018 compared to 3.0% in the first quarter of 2018 is another area of concern for Federal Government.

This he partly blamed on security challenges mainly in the North East and North Central zones.

“These security challenges affected activities of farmers with impact on commodity output,” he said.

Udoma said the various measures being taken by the government to tackle the situation is already reducing incidents of violent conflicts and other disruptions to farming activity.

He said the 2.05% growth in the non-oil sector represents the strongest growth in the non-oil GDP since the fourth quarter of 2015. This he noted was evident that the implementation of the targeted policies and programs of the Economic Recovery and Growth Plan (ERGP) is yielding positive results.

According to the NBS report, the non-oil growth was driven by transportation –road, rail, water and air.

The Minister stressed that the focus of the Economic Recovery and Growth Plan (ERGP) is on diversifying the economy away from dependence on the oil and gas sector and was encouraged that efforts are yielding fruits by the continuing growth in the non-oil sector.

Nigeria’s Inflation Rate Falls For Ninth Consecutive Time

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

For the ninth consecutive time, Nigeria’s inflation rate measured by Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “CPI October 2017 Report’’ released on Wednesday, November 15 in Abuja says Nigeria’s inflation rate has further dropped to 15.91 percent in October from 15.98 recorded in September.

The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.32 percent recorded in September. This, the report shows was driven by notable increases in the prices of bread and cereals as well as meats and other food items.

Increases were also recorded, according to the report in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

Core inflation increased at a faster pace in October, rising by 12.14 percent, versus 12.12 percent in September.

The urban index increased to 16.19 percent, while rural index declined to 15.67 percent in October from 15.81 percent in September.

 

Inflation Drops To 16.01%, Seventh Consecutive Time Since January

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

Data from the National Bureau of Statistics (NBS) has shown that inflation has experienced the seventh decline since January 2017.

Nigeria’s consumer price index which measures inflation has trimmed to 16.01% by 0.04% in the month of August.

“Consumer price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017.

“This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.

“The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08%  in July,” the NBS report which was released on Friday read.

The data shows that food inflation declined to 20.25% from 20.28% in July, while core inflation increased slightly by one-tenth of a percent to 12.30 percent last month.

Also, urban inflation advanced to 16.13% in August from 16.04 percent in July, while in rural parts of Nigeria dropped to 15.91% in the period from 16.08% in July.

Analysts Forecast March Inflation At 16.4%

EFCC Discovers 49m Naira At Kaduna AirportNigeria’s headline inflation for the month of March is expected to fall for the second time in 2017, to 16.4 per cent.

This is according to Lagos-based financial and economic research firm, Financial Derivatives Company.

Earlier in the week, the purchasing manager’s index of the Central Bank, and FBN quest, revealed a modest increase in domestic manufacturing in March, indicating that Nigeria is gradually climbing out of recession.

The National Bureau of Statistics is expected to release the official March inflation data next week.

States’ Debt Burden Rises To Over 3.342trn Naira – NEITI

States' Debt Burden Rises To Over 3.342trn Naira - NEITIThe Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 States of the Federation has risen to over 3.342 trillion Naira as at 2016.

Lagos, Delta, Osun and Akwa Ibom states topped the debt chart with a total debt profile of 1.262 trillion Naira, representing about 38% of debts owed by the 36 States of the Federation.

The breakdown shows that as at 2016, Lagos State owes 603.25 billion Naira, Delta – 331.95 billion Naira, while Osun and Akwa Ibom are indebted to the tune of 165.91 billion Naira and 161.23 billion Naira respectively.

The information was contained in the third edition of NEITI Quarterly Review, a researched publication of the organisation which focused on Federal Accounts Allocation Committee (FAAC) disbursements in 2016.

The publication, with facts and data from the National Bureau of Statistics, Office of the Accountant General of the Federation, FAAC and Debt Management Office, is consistent with the mandate of NEITI on monitoring of fiscal allocation and statutory disbursement of revenues due to the three tiers of government.

NEITI’s legitimate interest in the debt profiles, revenue generation and management in Nigeria is as a result of the fact that over 70% of the revenues involved are derived from the extractive industry.

According to the publication, States with high debt burden include Benue with 49.15 billion Naira, Edo – 94.54 billion Naira, Enugu – 57.56 billion Naira, Ekiti – 67.3 billion Naira and Kano with 81.05 billion Naira.

It also disclosed that Katsina State was indebted to the tune of 30.03 billion Naira while and Ogun owed 103.75 billion Naira as at 2016.

NEITI further broke down its analysis in a table containing the total revenue, the Internally Generated Revenues (IGR) and debt profile of the 36 States of the federation.

Table: Summary of FAAC Allocations, IGR, Total Revenue and Debt of State Governments (Jan. to Dec. 2016)

StatesTotal FAAC Allocations Received (N billion)Internally Generated Revenue (IGR) (N billion)Total Revenue* (N billion)Total Debt Burden** (N billion)
Abia34.33

 

13.3547.6844.93
Adamawa33.487.5941.0667.93
Akwa Ibom116.6416.59133.24161.23
Anambra34.3514.7949.1520.60
Bauchi39.735.3945.1383.78
Bayelsa87.737.4195.14113.69
Benue37.608.8946.4849.15
Borno40.462.5242.9828.22
Cross River33.5513.5447.09153.54
Delta97.8844.89142.78331.95
Ebonyi30.0911.0341.1346.05
Edo37.3320.6858.0194.54
Ekiti30.182.3932.5767.29
Enugu34.1512.6746.8257.56
Gombe31.413.5734.9863.89
Imo38.125.4343.5588.06
Jigawa37.543.3440.8830.96
Kaduna44.1615.5059.65110.39
Kano55.3234.4689.7881.05
Katsina41.625.5147.1330.03
Kebbi34.953.1338.0876.83
Kogi36.567.7344.2851.05
Kwara30.0816.4646.5445.38
Lagos109.31301.19410.50603.25
Nassarawa30.402.0932.5055.63
Niger39.285.7645.0333.13
Ogun32.6256.3088.92103.75
Ondo47.797.7855.5740.54
Osun31.508.9640.46165.91
Oyo40.5915.6656.2565.59
Plateau34.869.0943.95104.06
Rivers103.9882.10186.08147.98
Sokoto36.546.2242.7722.90
Taraba31.824.1135.9233.83
Yobe32.653.8036.4511.74
Zamfara33.474.2137.6755.71

IMF Attributes Nigeria’s Inflation To Forex Challenges

IMF Attributes Nigeria’s Inflation To Forex ChallengesThe International Monetary Fund, (IMF), has blamed the double digit inflation rate in Nigeria on the challenges around foreign exchange.

In a policy paper on Macro-economic developments and prospects in low-income developing countries released at the weekend, the IMF attributed Nigeria’s economic challenges to delayed policy adjustment.

The IMF believes efforts of the Central Bank to defend the Naira by forex rationing, have gradually crumbled, and Nigeria’s financial developments have affected neighboring countries like Chad, which has plunged into a recession, as well as Benin republic.

On the other hand, data from the National Bureau of Statistics, shows that Nigeria’s headline inflation has risen to 18.55 per cent.

That is its highest in more than 11 years.

Challenges And Progress Of Nigeria’s Cotton Sector

Cotton, NigeriaThe cotton and textile sector plays an important role in the economic development of any nation, as it contributes to its Gross Domestic Product (GDP) as well as creates jobs and income for farmers.

In Nigeria, however, there has been a sharp decrease in cotton farming, as statistics revealed that the contribution of the sector to the GDP fell from about 25% in 1980 to 5% in the most recent indicators.

According to some farmers, the sector is faced with challenges such as lack of improved cotton seeds, diseases and inconsistent policies by the government.

However, it appears to be a good harvest for them unlike before when harvest remained poor, following the inability of the farmers to access improved yields and non-mechanisation of farming techniques among others.

Figures from the National Bureau of Statistics and the Ministry of Agriculture and Rural Development showed that 18 states produce cotton on a total land area of 399.8 hectares in Nigeria.

The survey also disclosed that Zamfara State cultivated the largest land area with 92.6 hectares, followed by Katsina State with 75.9 hectares.

The least cultivated land areas are Ekiti and Ondo states with 0.07 hectares and 0.1 hectares respectively.

Way Out Of The Challenges

At a gathering in Abuja on Tuesday, a speaker, who is also a farmer’s son, Solomon Esu, said his father’s cotton production had dropped over the years owing to some challenges.

However, the Country Coordinator of the Open Forum on Agricultural Biotechnology, Dr Rose Gidado, and the Director General of the National Agency for Biotechnology Development, Professor Lucy Ogbadu, highlighted the way out of the challenges of the cotton and textile industry.

The experts recommended a total overhaul of the sector, stressing that it would provide jobs and the needed income for farmers, as well as contribute to the economic development of the nation.

The Federal Government, at different meetings, had promised to revive the industry through adequate funding.

The farmers described the effort as commendable while they expressed hope that it would result in improved yields and income for them.

Nigeria’s Investment Inflow Shrinks By $4.5bn 

Nigeria's Investment Inflow Shrinks By $4.5bn The level of investment inflow into Nigeria declined to 3.57 billion dollars in the third quarter of 2016.

This represents a 4.51 billion dollars drop from the same period in 2015.

An analysis of the capital importation report released by the National Bureau of Statistics attributes the decline to the harsh economic climate.

A breakdown of the inflow reveals that the first quarter of this year saw an investment inflow of 710 million dollars, while the second and third quarters had 1.04 billion dollars and 1.82 billion dollars respectively.

The report also shows that the largest component of capital importation in the third quarter was portfolio investment, which attracted 1.52 billion dollars.

Richard Mofe-Damijo Leads Cast of ‘Three Wise Men’ At Premiere

mofedamijo1New comic flick, ‘Three Wise Men’, starring three of Nigeria’s finest veteran actors, Richard Mofe-Damijo, Victor Olaotan and Zach Orji, premieres in Lagos.

The movie which was produced by Opa Williams, hosted friends, associates, and colleagues at the premiere, after many years of the producer’s self-imposed hiatus.

Opa Williams stated that after his long break, he needed to come out big with a unique movie, relating to real life experience, family, and the likes. This took a long time, he told Channels Television.

He stated that he needed to evoke the characters, better interpret the story and make it believable and not the regular type-casting. he then explained that the actors, Richard Mofe-Damijo, Victor Olaotan and Zach Orji actually contributed majorly to the story as they gradually grew into their various characters.

The movie which was directed by Patience Oghre was chronicled on three retired aged men who, after retirement benefits, opted to relived their youth. The pack is led by Erikefe played by Mofe-Damijo, a divorcee with three failed marriages after five children.

He decided to live alone while refusing to remarry, as his covetous children who are now grown and live on their own, patiently wait for him to die so they can scoop on whatever is left of him.

Speaking to Channels Television, Richard Mofe-Damijo explained that he fashioned his character after the late Highlife singer, Fatai Rolling Dollars.

He said he only had to immerse himself in a beautifully written script and take from as many life characters as possible.

Mofe-Damijo who is regarded as a veteran of the industry suggested that the time is now for the government and individuals to key into the industry and grow it to the next level.

“The movie sector requires full attention of the government an encouragement.

“The sector requires elevation and enthronement to attain institutionalization, which will enhance budgeting and deliberate policy to push the industry forward.

“The industry entails of not the movies, but entertainment, comedy, music, dance, and the rest. The Performing Arts is a body of inexhaustible body of values calling for government attention,” he said.

Recently, the National Bureau of Statistics revealed that the movie industry contributed 54 billion Naira to the Nigerian GDP.

This silent achievement has gradually won over skeptics including financial institutions.

Bank of Industry, (BOI) representative, Uche Nwuka, also stated that they were initially skeptical about the movie industry and not sure of their performance but later, resolved to support it.

“The result so far has been amazing. The first two projects paid off in record time before maturity, she said.

The highly anticipated ‘Three Wise Men’, hits the cinemas this holiday seasons.