Connect with us

VenturesNow

Nigerian economy slops further as inflation rate hits 19.63% in July

Published

on

Nigeria’s downward economic slop has continued as inflation rate in July rise to 19.64% compared to 18.6% recorded in the previous month.

This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021.

The rise is seen in the Consumer Price Index (CPI) released on Monday the official data source, the Nigerian Bureau of Statistic (NBS).

Food inflation accelerated to 22.02% from 20.6% recorded in June 2022. According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc. Inflation measures the average price change in a basket of commodities and services over time.

This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021).

The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.

Although the war in Ukraine to large degree has compounded Nigeria’s economic woes, with increase in prices of imported food and inputs for fertilizers, as well as increasing oil price volatility and uncertainty around capital flows, but all could not have been said to be well with the Nigeria economy before the war.

VenturesNow

Niger Republic to stop oil exportation to Mali if…

Published

on

Diplomatic issues surrounding the West African country, Mali, are yet to be over as one of its neighbours, Niger has temporarily stopped issuing authorizations for oil products to it.

Niger insisted that it would not supply to Mali if the products are meant for the United Nations peacekeeping mission there.

The government of Niger in a statement said it would also revoke authorisations that had already been issued, but did not specify any reasons for the suspension.

Until the last military incursion in Mali, the two countries have enjoined cordial relations. They share a border of 828 km (520 m) in length that runs from the tripoint with Burkina Faso in the west to the tripoint with Algeria in the east.

According to national statistics, Mali mainly imports oil products from Ivory Coast and Senegal via Togo.

While reacting to the development, Mali’s industry and commerce minister, Mohamed Ould Mahmoud, told journalists the impact of Niger’s move would be minimal.

“This could have an impact on regions in the north…but even their imports from Algeria are more important,” Mahmoud said.

In the bid to boost national stocks amid a global rise in fuel prices caused by the war in Ukraine, Nigerien government banned refined fuel exports in June.

Continue Reading

VenturesNow

Nigeria’s central bank raises lending rate to 15.50% to counter inflation. Smart move?

Published

on

Amidst the continued inflation rate in Nigeria, the country’s central bank hiked its main lending rate by 150 basis points to 15.50%.

Nigeria’s apex bank made the position on Tuesday.  The rate is at the highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency.

According to the latest report by Nigeria’s official data source, the National Bureau of Statistics (NBS), the country’s inflation rose for a seventh straight month in August to 20.52% from 19.64% in July.

The rise in the interest rate is the third in a row. That according to analysts means the central bank has delivered a total 400 basis-point increase this year, it’s most hawkish in a single cycle.

The central bank governor, Godwin Emefele said in a news conference “the MPC noted that a tight policy stance would help consolidate the impact of the last two policy rate hikes, which is already reflected in the slowing growth rate of the money supply.

“It also felt that an aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira currency,” Emefiele added.

Like in other African countries, the ongoing war in Ukraine to a large degree has compounded Nigeria’s economic woes, hiking prices of imported food and inputs for fertilizers, as well as increasing oil price volatility and uncertainty around capital flows, but more disturbing on its monetary life is the industrial scale of oil theft which has greatly disrupt the country’s access to foreign exchange.

Continue Reading

EDITOR’S PICK

Culture55 mins ago

Kenya prohibits LGBTQ+ movies from streaming platforms

The Kenya Film Classification Board (KFCB) has banned movies containing LGBTQ+ (lesbian, gay, bisexual, transgender, queer) contents from streaming platforms...

Metro1 hour ago

Despite denials, new satellite images reveal Eritrea Army build-up near Tigray

Despite Eritrea denying that its army is not involved in launching assaults on Ethiopia’s northern Tigray region, new satellite images...

Politics2 hours ago

Nigeria Decides: Ruling party candidate, Bola Tinubu, missing as political parties sign peace pact

As the 2023 presidential elections draw closer in Nigeria, leading candidates have signed an accord toward a peaceful electioneering process....

Metro3 hours ago

Finally, trial of Rwanda Genocide alleged mastermind, Félicien Kabuga, resumes at UN tribunal

The trial of one of the alleged masterminds and financiers of the 1994 Rwandan genocide, Félicien Kabuga has gone has...

Metro21 hours ago

Two Nigerian fraudsters arrested in South Africa over romance, Bitcoin scams

Two Nigerians suspected of defrauding South African women over romance and Bitcoin scams have been arrested by a combination of...

Metro23 hours ago

Again, United Nations raises the alarm, says 200,000 face starvation as drought ravages Somalia

The United Nations has, again, raised the alarm over impending starvation in Somalia with an estimated 200,000 people on the...

Metro23 hours ago

Ex-Guinea military dictator, Moussa Camara, to face trial over 2009 stadium massacre

Former Guinean military dictator, Moussa Dadis Camara, alongside 10 other top officials of his government, are to face trial for...

Metro24 hours ago

Kenya tightens up borders with Uganda over Ebola outbreak

Kenya has tightened up measures of fighting the endemic Ebola virus amidst the recent outbreak of the disease in neigbouring...

Metro1 day ago

Congo DR declares end to current Ebola virus wave

While Uganda is currently battling the Ebola virus epidemic, its East African neighbour, the Democratic Republic of Congo has declared...

VenturesNow1 day ago

Niger Republic to stop oil exportation to Mali if…

Diplomatic issues surrounding the West African country, Mali, are yet to be over as one of its neighbours, Niger has...

Trending