Business
Nigeria’s Inflation Rate Falls To 17.01% In August 2021
Nigeria’s inflation rate in August this year dropped to 17.01% compared to 17.38% reported in July 2021 says National Bureau of Statistics (NBS).
The fall represents the fifth consecutive decline in the rate of inflation recently recorded in Nigeria.
The latest figure is 0.37% represents lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02% in August 2021, this is 0.09% higher than the rate recorded in July 2021 (0.93%).
The urban inflation rate increased by 17.59% (year-on-year) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75% in July 2021.
On a month-on-month basis, the urban index rose by 1.06% in August 2021, up by 0.08% points compared to the rate recorded in July 2021 (0.98%), while the rural index also rose by 0.99% in August 2021, up by 0.12% points compared to the rate that was recorded in July 2021 (0.87%).
Food inflation Rate
The closely watched index, which measures the rate of change in the prices of food items in the country, dropped to 20.3% in August 2021, compared to 21.03% recorded in the previous month.
According to the report, the rise in the food index was caused by increases recorded in the price of bread cereals, milk, cheese and egg, oil and fats as well as tea and cocoa.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.41% in August 2021, down by 0.31% when compared with 13.72% recorded in July 2021.
The Central Bank Governor Godwin Emefiele said on Tuesday at the 14th Annual Banking and Finance Conference that the declining inflationary trend has reflected several measures put in place by the fiscal and monetary authorities.
Recall that the Monetary Policy Committee had kept the country’s monetary benchmark rate constant at 11.5% in a bid to expand the economy from the recession recorded in the third quarter of 2020. He however stated during the last MOC meeting that the committee had hoped for a faster moderation in the inflation rate than is being recorded.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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