Nigeria’s headline inflation declined for the seventh consecutive month to 15.99 per cent in October, Mr Simon Harry, the Statistician-General of the Federation has said.
He said this on Monday in Abuja at a media conference while presenting the October Consumer Price Index (CPI).
According to Harry, the headline inflation reduced from 16.63 per cent recorded in September, indicating a 0.64 per cent decline.
He said, “With this it means that the declining trend for about seven months portends a positive signal given the favourable economic conditions, that rate of inflation in Nigeria would come down to a bearable level.
“So we are hoping that necessary measures will be put in place by government policymaking bodies to maintain this trend.”
Harry, however, said that it was not expected that the downward trend of the inflation figures would be affected by disruptions to economic activities due to violence in some parts of the country.
He added that it was rather very difficult to have such consecutive decline in the trend affected, except there was a shock in the system.
“We pray that there would be no shock to change the narrative and as long as there is no shock we expect that the decline would continue and the inflation rate would continue to decrease rather than remain static or increase,” he said.
Headline Inflation Reduces To 15.99% In October
The report indicates that the headline index increased by 0.98 per cent in October, indicating a 0.17 per cent decline than the 1.15 per cent recorded in September.
It also said the percentage change in the average composite CPI for the 12 months period ending in October over the average of the CPI for the previous 12 months period was 16.96 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September.
It said, “The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.
“On a month-on-month basis, the urban index rose by 1.02 per cent in October, down by 0.19 per cent than the rate recorded in September (1.21) percent, while the rural index also rose by 0.95 per cent in October, down by 0.15 per cent than what was recorded in September (1.10) per cent.”
The NBS said that composite food index rose by 18.34 per cent in October 2021 compared with 17.38 per cent in October 2020.
It added that the rise in the food index was caused by increase in prices of food products such as coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tuber.
However, on month-on-month basis, the food sub-index increased by 0.91 per cent in October, down by 0.35 per cent points from 1.26 per cent recorded in September.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.24 per cent in October, up by 2.10 per cent points when compared with 11.14 per cent recorded in October.
According to the report, on month-on-month basis, the core sub-index increased by 0.80 per cent in October, down by 0.44 per cent point when compared with 1.24 per cent recorded in September.
“The highest increases were recorded in prices of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments and cleaning.
“Others are repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and Liquid fuel,” it said.
For state profiles, the report said that for the month under review, all items inflation on a year-on-year basis was highest in Bauchi at 19.63 per cent, Gombe at 19.33 per cent and Jigawa at 19.07 per cent.
Meanwhile, Kwara at 11.82 per cent, Edo at 13.31 per cent, and Rivers at 13.66 per cent recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, October 2021, recorded the highest increases in Cross River at 2.14 per cent, Benue/Kebbi tied at 2.02 percent and Yobe 1.71.
The slowest rise in inflation for all item occurred in Adamawa at 0.18 per cent with Kano and Kogi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).
The report also said that food inflation on a year-on-year basis was highest in Kogi at 23.69 per cent, Gombe at 23.29 per cent and Jigawa at 21.91 per cent, while Edo at 13.16 per cent, Rivers 14.46 per cent and Adamawa at 15.42 per cent recorded the slowest rise in year on year food inflation.
On month-on-month basis, food inflation was highest in Kebbi at 2.29 per cent, Yobe at 2.23 per cent and Akwa Ibom at 2.16 per cent with Kano, Kogi, Osun and Oyo recording price deflation or negative inflation.
The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
Oraimo Mobile Technologies Build Africa’s Largest Mobile Technology Factory in Nigeria
The laudable Economic strides of the Administration of His Excellency, President Muhammadu Buhari, GCFR gained momentum at the Grand Opening of the flagship showroom of Oraimo Mobile Technologies Experience Centre called THE GREEN WORLD at Jabi Lake Mall, Abuja on Sunday, 15th of May, 2022.
Oraimo Mobile Technologies is the leading manufacturer of High Tech Smart Phones Accessories in Africa, and the company has conspicuously dominated the Nigerian market regarded as the largest in Africa. While welcoming various dignitaries who graced the occasion, the Managing Director of Oraimo Mobile Technologies, Mr. Chidi Okonkwo, emphasized the commitment of the company to first rate products that are not just durable but affordable for all Nigerians. He emphasized that Nigeria has come of age with a teeming population of Tech savvy young professionals and educated youth dominated population that can accommodate the siting of the largest Mobile Technologies Production factory in Africa.
Among the dignitaries that attended the occasion are Mr. Emeka Offor, Acting Executive Secretary of the Nigerian Investment Promotion Commission (NIPC); the team of the Corp Marshal of the Federal Roads Safety Corps, Dr. Boboye Oyeyemi; Nigeria Foreign Investors Forum led by Mr. Coker Yu-Du as well as friends and partners of Mr. Olusegun Adebayo who is the Promoter of the Flagship Showroom.
While responding, the Acting Executive Secretary of NIPC, Mr. Emeka Offor, commended the laudable contribution of Oraimo Mobile Technologies to Nigeria’s Economic Growth and Human Capital Development through direct foreign investments which has led to massive job creation. He further affirmed the commitment of the Federal Government of Nigeria to sustained reviews and implementation of sound Corporate and Financial Acts that will keep Nigeria as the Investment Hub of Choice in Africa.
Furthermore, he stated that the Administration of His Excellency, President Mohammadu Buhari, GCFR has provided the enabling environment for Investors around the world to thrive in Nigeria, and by implications, the NIPC is ready to support Oraimo Mobile Technologies to site their Production Factories in Nigeria and take advantage of the windows of opportunity that abound as incentives from NIPC. While boasting about the readiness of Nigeria to host oraimo factory, he said, “it is high time we stopped the importation of commodities into Nigeria. The time has come for production to be predominant in Nigeria, and from here, we will export to other African nations and the entire world. This is the aspiration of President Mohammadu Buhari, GCFR and we will give it every support required.
It was an amazement that the entrance of the showroom was completely blocked by hundreds of Loyalty Customers who thronged to Jabi Lake Mall, Abuja to await the opening of the Flagship Showroom. The crowd were entertained by Performances from the sensational Pheelz who thrilled everyone with the hit-song Finesse as well as the Prodigy Saxophonist, Temilayo Abodunrin, a talented teenager who showcased mastery as she played several songs with precise rendition. Several gifts such as Power Banks, Air Pods, Wireless Speakers, Smart Watches, Phone Chargers and a long list of items were given away to customers who indeed had a memorable experience.
NTT Global Destinations: Opening new Frontiers for Tourism and Business development between Nigeria and The Maldives
The Federal Republic of Nigeria and The Maldives are poised to commence a new era of tourism and business development in the coming months. This follows a recent Familiarization Tour of The Maldives by Ms. Elizabeth Agboola, the CEO/Founder of NTT Global Destinations and a team of legal, trade and cultural promotion specialists. The Tour was conducted from 29th March to 3rd April 2022 in association with International Maldives Travel Market (IMTM) and provided important insights into the prospects for tourism and trade between Nigeria and the Maldives.
Although Nigerians have been visiting The Maldives for decades, there is still much to be discovered in relation to this pearl of the Indian Ocean, that is ranked among the top tourism destinations in the world. Ms. Agboola has declared that, ‘’Every Nigerian should have a chance to experience the Maldivian dream and NTT Global Destinations is ready to take them there”.
The Maldives has been dubbed COVID-19 pandemic winners having copped the World’s Leading Destination Award in 2020 and 2021.
The Familiarization Tour provided an opportunity for the NTT team to visit guest houses in the capital Male as well as in other islands including Maafushi, Hudhuranfushi, Olhuveli and Maamigilli. In each location the team was able to sample the delightful cuisine as well as the variety of attractions and accommodation facilities ranging from high end luxury hotels to guest houses on both local islands and resort islands. The team was also able to experience ‘’island hopping’’ by speed boat and domestic flights.
The team also took note of the prospects for making Nigerian goods and services available to enterprises in the Maldives, especially in the areas of food, fashion and entertainment. This is among the elements being discussed with H.E Muhammed Bello Abioye, the Nigerian Ambassador to The Maldives. There is scope for bringing businesses from Nigeria and the Maldives together via trade fairs, B2B encounters, cultural events and other promotional mechanisms.
Among the highlights of the Tour were the scheduled meeting between the NTT Team and Minister of Tourism – Dr. Abdullah Mausoom, as well as engagements with Mr Rafil Mohammed, The Executive Director of The Maldives Association of Tourism Industry (MATI) – the oldest tourism association in The Maldives and Mr. Thoyyib Mohammed, The Managing Director of Maldives Marketing and Public Relations Corporation (MMPRC).
The Minister outlined his vision for tourism development in The Maldives and expressed the hope that Nigerian tourists would soon play a prominent role in the growth and expansion of the industry. The Minister further stated that, ‘’as The Maldives celebrates its Golden Year of Tourism in 2022, outreach to an important market like Nigeria is critical and would be further enhanced, with the introduction of direct air connections’’.
NTT Global Destinations has crafted destination marketing plans for the Maldives, in partnership with Nigerian tour operators and will spearhead efforts to introduce direct charter flights in the near future.
In addition to its established place in global tourism, The Maldives is also a leader in Muslim friendly travel experiences. It caters extensively to halal food, private villas, exclusive sand banks and an abundance of mosques and designated places for prayer.
Ms. Agboola is enthused at the positive response to the packages for The Maldives and strongly encourages everyone to ‘’sign up early to avoid missing out on the special rates on offer by all our tour operators, for both leisure and halal packages’’.
The Maldives is a visa free destination for Nigerians and the government has removed the requirement for a COVID Test as a condition for entry.
Adron celebrates 10th Year Anniversary, Appreciates its Landlords
Adron Homes and Properties, a leading player in the real estate industry gives back to her landlords.
In commemoration of her tenth anniversary, the company decided to embark on giving back to society especially her clients who had stood and believed in the company as well as keyed into her numerous housing (estates) projects across the country and beyond.
The Group Managing Director, Aare Adetola Emmanuelking seized the opportunity to reiterate the company’s vision of making the incredible affordable by ensuring quality shelter for everyone.
In a statement, Aare Adetola Emmanuel King stated that ” Adron is poised at bridging the housing deficit gap in the country and beyond”
He attributed the company’s success as one of the leading players in the real estate industry with dozens of mega estates across the country to the trust and confidence the company enjoys from clients and prospects.
A team of management staff led by the Director of Brand and Business Development, Barr, Alonge Tola made surprise visits to some of the company’s estates, alongside Mr. Kazeem (JIGAN) one of the Brand ambassadors for Adron Homes, which added more elements of surprise and glamour during the visits to numerous landlords.
Jigan handed the landlords gifts packs in commemoration of the anniversary.
The landlords were full of excitement to see their Nollywood celebrity standing just in front of their doors, they expressed their gratitude to Adron Homes for the act and also for matching words with action, especially in regards to infrastructures at their different estates they commended the company for ensuring uninterrupted power supply.
The excitement in the faces of the numerous landlords whom we visited was glaring as they received the gift items and gave their appreciation speeches and some even became emotional.
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