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Headline Inflation Reduces To 15.99% In October — NBS

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Inflation

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.

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Business

Jambo Expands to Solana with Tether to Bring Blockchain Mobile Technology to Emerging Markets

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Jambo, the largest web3 mobile infrastructure bringing emerging markets
on-chain, announced that it’s expanding to the Solana blockchain along with Tether to offer
blockchain-enabled financial and educational technologies that cater to emerging markets.
Central to this is the JamboPhone, a $99 web3 smartphone that has been powerful in onboarding all
types of users on-chain in a mobile-first way. Combined with the Solana blockchain’s high throughput
capabilities and Tether’s dominant stablecoin, USDT, access to web3 financial and educational products
will be democratized to those who need them most in Southeast Asia, Africa, and Latin America.
Priced at $99 and already sold in over 120 countries, the JamboPhone is targeted towards Gen Z
consumers in emerging markets as their portal to the best digital products and opportunities globally.
Users can engage with the global economy by utilizing the preloaded Jambo Ecosystem applications
featuring DeFi, gaming, and web3 infrastructure applications. The JamboPhone aims to address some of
the most challenging issues faced by emerging markets, such as a large unbanked population and limited
access to smartphones. Users can purchase the JamboPhone with Solana Pay on JamboPhone.xyz.
The Jambo App: Empowering Users
The smartphone is equipped with the JamboApp, a comprehensive web3 platform that offers users a
range of services including decentralized finance, gaming, and educational content, all designed with the
emerging market user in mind. The JamboApp includes the JamboWallet, a non-custodial multichain
wallet which includes support for Solana tokens and USDT. Jambo will be giving out rewards primarily in
USDT, leveraging its broad acceptance and stability in emerging markets. Users will be able to complete
quests sponsored by Jambo and Jambo ecosystem partners, ranging from educational initiatives to
promotional tasks, with rewards now distributed primarily using SPL USDT. This initiative underscores
Jambo, Solana, and Tether’s role as pioneers in bridging the digital divide, aiming to democratize access
to digital financial tools and providing users with earning opportunities in emerging markets.
Leveraging Local Solana Communities
Additionally, Jambo will engage local Superteams to accelerate web3 adoption. Superteam is a global
community of web3 builders who are passionate about Solana. Their mission is to help web3 talent learn,
earn and connect with the Solana ecosystem. These teams, composed of local experts and enthusiasts,
will play a pivotal role in educating communities, fostering local development, and driving grassroots
initiatives that ensure sustainable growth within the web3 ecosystem.
“Back when I was building earn.com in 2017, our vision was to build a product ‘where there’s a phone,
there’s a job.’ Alice, James, and the Jambo team have realized that vision by developing web3 mobile
infrastructure bringing financial access to emerging markets,” said Lily Liu, President of the Solana
Foundation. “Jambo offers a gateway to web3 that is accessible to nearly anyone in the world, while
Solana enables financial access for nearly anyone with an internet connection. Together, we are
committed to making self-custody, financial opportunity, and educational resources accessible to millions.”
Why Emerging Markets
Emerging markets face their own unique set of economic challenges that Solana and Tether can address
with their blockchain and stablecoin solutions. In emerging markets, the use of USDT (Tether) significantly
surpasses that of other stablecoins, with over 34.2 million unique wallets utilizing USDT as of April 2024.
This broad user base highlights the widespread trust and adoption of Tether in these regions. With
Jambo’s game-changing smartphone, Solana’s fast transaction processing, low transaction fees, and
Tether’s robust and widely-used stablecoin, users now have access to stablecoin and crypto payment
rails, alternative banking access, and global earnings opportunities.
“We want to bring emerging markets on-chain,” said James Zhang, Co-founder of Jambo. “Bringing
Jambo to Solana and Tether allows us to provide a comprehensive solution that addresses the unique
needs of these regions.”
“Emerging markets stand out as promising grounds for financial inclusion. Their demand for tools like
USDT fuels our dedication to shaping a brighter financial future for users in these regions.” said Paolo
Arodino, CEO, Tether. “By providing affordable access to web3 technologies through the JamboPhone
and leveraging the power of the Solana blockchain, Jambo is empowering users in these regions with the
tools they need to participate in the global digital economy. The integration of SPL USDT as a reward
mechanism further strengthens this initiative, offering users a stable and secure digital asset.”

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Galaxy Backbone Limited Strengthens Partnership with Enugu State Government

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In a significant move to enhance digital infrastructure in Enugu State, Nigeria, executives from Galaxy Backbone Limited, led by Hon. Olusegun Olulade, Executive Director of Customer Centricity and Marketing, paid a partnership visit to the state government.

The delegation was warmly received by His Excellency, Governor Peter Mbah, at the Governor’s Office in Lion Building, Enugu.

Galaxy Backbone Limited, a premier ICT services provider in Nigeria, aims to foster connectivity and digital transformation across various sectors within the state.

The collaboration encompasses several critical areas, including the provision of connectivity in all 265 Smart Schools across 260 wards, 160 primary health centers, the Enugu State Secretariat, and the Lion Building.

Additionally, Galaxy Backbone will offer data center and cloud services, alongside other ICT-related services as required by the state government.

Governor Peter Mbah expressed his gratitude and optimism regarding the partnership, stating, “It was indeed my pleasure to meet you and your team this evening at my office. Thank you most sincerely for your kind words and expression of support. I look forward to collaborating with Galaxy Backbone in areas that are necessary to achieve our common goals.”

The meeting was attended by key officials from both the Enugu State Government and Galaxy Backbone Limited. Present from the state government were Secretary to the State Government (SSG) Prof. Chidiebere Onyia, Special Adviser on Governor’s Delivery Unit Mr. Ozurumba Afigbo, and Special Adviser on ICT Mr. Nnaemeka Ani.

Representing Galaxy Backbone were Mr. Henry Akubue, Acting Regional Coordinator for South East and South South, Engr Udochi Ododo, Head of Solution Design, and Mr. Obinna Ifenze, Admin for South East and South South.

Hon. Segun Olulade commended Governor Peter Mbah for his hospitality and the productive discussions that promise to drive significant advancements in the state’s ICT landscape.

According to Hon. Olulade, “This partnership is poised to play a crucial role in the digital transformation of Enugu State, ensuring enhanced connectivity and improved services across various sectors.

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Oando Boss Wale Tinubu Shares Podium with other Top Executives at AAM 2024

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The  Group Chief Executive,  Oando PLC, Mr. Jubril Adewale Tinubu, will on Friday 14th, June, 2024 speak at the ongoing Afreximbank Annual Meetings 2024 in Nassau, Bahamas.

The oil player will  share insights on the vital role the private sector plays in transforming Afri-Caribbean opportunities into tangible realities.

From driving innovation and economic growth to forging sustainable partnerships, private enterprises are at the forefront of creating a prosperous future and empowering progress across regions.

This year, the AfriCaribbean Trade and Investment Forum (ACTIF2024) is incorporated fully within the Afreximbank Annual Meetings (AAM2024).

The Afreximbank Annual Meetings has become renowned as a uniquely multi-faceted event that cuts across the private/public sector with unmissable conferencing, deal-making, lobbying, entertainment and more. This year it forms Global Africa’s Greatest Gathering. At this momentous event, we anticipate welcoming several thousand attendees including African/Caribbean leaders and senior government officials, African and non-African policymakers, corporate and business leaders, bankers, entrepreneurs, academics and other thought leaders – with more than 60 speakers already confirmed.

The 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024) explores the platform of Global Africa – to navigate new vistas for the Caribbean through African and global investments from across the diaspora; with more than 25 deals expected to be signed and new commercial and developmental initiatives to be announced.

Others  expected to speak at the forum include KC, Prime Minister of the Commonwealth of The Bahamas, The Honourable Philip Davis, H.E. Dr. Irfaan Ali, Chairperson of the Conference of Heads of Government of the Caribbean Community (CARICOM) & President of Guyana, Honourable Mia Amor Mottley, Former President, Republic of Niger and Leader of the African Continental Free Trade Area (AfCFTA), President and Chairman of the Board of Directors, Afreximbank, H.E. Prof. Benedict Okechukwu Oramah, Dangote,  Chairman and CEO, Dangote Group, Mr. Aliko Dangote,  Executive Vice President Office (Global Trade Bank), Afreximbank, Mr. Haytham Elmaayergi, Chairman, Access Holdings; Mr. Aigboje Imoukhuede;  Mr. Jeannel Wyclef Jean, an international musician, President and CEO; Corporate Council on Africa (CCA), Ms. Florizelle Liser, Former President, Federal Republic of Nigeria; H.E. Chief Olusegun Obasanjo, CEO, Fidelity Bank;  Mrs. Nneka Onyeali-Ikpe, Co-Founder RePlant Advisors LLC and Chair, National Hemp Association;  Mr. Geoff Whaling, Serena Williams; Tennis Champion and Founding Manager, Serena Ventures, among several others.

 

 

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