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Inflation hits 16.82% in Nigeria as food prices wallop in Ekiti, Taraba, Osun

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Nigeria’s data authority, the National Bureau of Statistics (NBS) has released figures (Pdf) for April 2022. The consumer price index, (CPI) which measures inflation increased to 16.82 percent on a year-on-year basis.

The April 2022 CPI is 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent.

The simple meaning of inflation is a “sustained upward movement in the overall price level of goods and services in an economy. Holding all else constant, this corresponds with a loss of purchasing power for a currency utilized within the economy”.

That is, your ₦500 now behaves like ₦450 (or less), by virtue of what you could buy or make payment for with it.

On month-on-month basis however, April 2022, recorded the highest increases in Abuja (2.91%), Taraba (2.76%) and Bauchi (2.65%), while Benue (0.29%), Kogi (0.48%) and Niger (0.66%) recorded the slowest rise on month-on-month inflation.

Food inflation on a month-on-month basis, was highest in Ekiti (4.03%), Taraba (3.68%), and Osun (3.04%), while Anambra (0.66%), Kogi (1.01%), and Bauchi (1.08%) recorded the slowest rise on month-on-month inflation.

Nigeria’s current inflation rate is not unconnected with the recent fuel scarcity that has hit the country’s former statistician-general, Late Simon Harry, hinted in February  that “as you are bringing your commodities to the market for sale, you will be thinking of adding some amount on the selling costs so that you will be able to recover the costs of transportation.”

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Somalia gives foreign banks licence to operate in decades

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The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks after President Hassan Sheikh Mohamoud was sworn into office following an elections that took years to conduct following a lingering political crisis.

The announcement which was made on Monday by the governor of the Central Bank of Somalia (CBS) Abdirahman Mohamed Abdullahi, said the war-ravaged country has granted banking licenses to two foreign institutions to operate in the country after President Mohamoud had promised to open the country to international investment during his campaigns for the elections.

The first foreign banking institutions to benefit from the decision are Egyptian bank, Banque Misr, and Turkish bank, Ziraat Katilim, who have been allowed to operate in Somalia.

“The review of the applications of these two banks has been the subject of a lengthy process of several months.

“These are two strong banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy,” the CBS governor said

Ranked one of the poorest countries in the world by the World Bank, the average Somalian lives on less than $1.90 a day as the country struggles to recover from decades civil war and and opening its doors to foreign investments is seen as President Mohamoud fulfilment of his pledge to improve the economic situation and provide basic banking services to the population.

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Egypt Suez Canal announces record $7bn profit in 2021-2022

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The management of the Egyptian Suez Canal has announced a record profit of $7 billion for the 2021-2022 fiscal year, which it said was as a result of repeatedly raising transit fees for ships through the crucial passage for world trade.

The Suez Canal Authority (SCA), said on Monday that between July 2021 and June 2022, about 1.32 billion tonnes of cargo transited through the canal, providing a $7 billion rent in transit fees, which is the highest in the history of the SCA, its Executive Chairman, Admiral Osama Rabie, said.

Rabie added that the Canal was able to increase its profit by 20.7% compared to the previous financial year where it made €5.5 billion.

The Suez Canal handles about 10% of the world’s maritime trade and is one of Cairo’s main sources of foreign currency and despite the war in Ukraine and the rise in the oil price which has affected shipping, the canal also recorded its highest monthly turnover in April, valued at €605 million according to Rabie.

“The international crises have demonstrated the importance of the Suez Canal for the stability of global supply chains,” Rabie said.

He added that the Canal has contributed significantly to the growth of the North African country’s economy which has been caught between inflation of over 15% and a recent devaluation of the pound by nearly 20%, which had increased transit fees for oil and gas shipments by 6% in February and then by 5 to 10% in March.

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