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Business News

Although Nigeria’s inflation “dropped” in June, Nigerians aren’t just feeling it

As Nairametrics reported yesterday, released yesterday by the National Bureau of Statistics (NBS) released its consumer price index which revealed that Nigeria’s inflation rate dropped to 11.22% last month.

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Nigeria's Inflation, Prices of beans, onions, vegetable oil, others spike across major markets, as traders lament heightened insecurity

As Nairametrics reported yesterday, the National Bureau of Statistics (NBS) released its consumer price index which revealed that Nigeria’s inflation rate dropped to 11.22% last month.

According to the NBS, virtually all the indicators were positive. In other words, headline inflation, core, food, urban and rural inflation all improved considerably, even as there was a 0.18% point drop, compared to May’s 11.40% inflation rate.

A lukewarm Response: This development ought to have elicited some rejoicing under normal circumstances but there was virtually none. The reason for this is not far-fetched — millions of Nigerians aren’t feeling the so-called inflation rate drop.

What the people said: According to a procurement officer in one of Fast Moving Consumer Goods companies who spoke to Nairametrics on a condition of anonymity, the reported drop is supposedly not reflective of the economic realities in the country. She wondered how there could have been a drop in food and other inflation indicators and yet millions of Nigerians remain mostly impoverished, struggling to meet their basic needs on a daily basis.

“I mean, it doesn’t just make sense. I don’t just want to say this report is either fabricated or doctored because that would be disrespectful to the people at the NBS. Yet, I can’t help but fault it. It’s just too good on paper and non-reflective of the economic realities on ground. Now, that’s just my perspective…”

Another person who spoke to Nairametrics’ Head of Research also questioned the authenticity of the inflation report. He specifically wondered how possible it was for a 0.18 point drop to have occurred within the space of a month.

[READ: Survey reveals Nigerian businesses expect positive outlook for job creation]

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Meanwhile, over there on Twitter, many Nigerians also questioned the inflation report. Channel TV’s Baoson Omofaye even had to call out Naija Twitter people for “not liking good news”. Well, let’s just say some of them had a lot to say to him in response.

In all sincerity, the Nigerian economic situation calls for a sober reflection. It is a situation that should really bother any well-meaning Nigerian. While this article isn’t intended to discredit any report, it will be good if we can get to a time in this country when macroeconomic indicators would not have to be disputed on the grounds of them not reflecting the condition of the average Nigerian in the street.

[READ FURTHER:  This report makes a case for dumping stocks in this sector]

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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    Billionaire Watch

    How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

    We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

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    Elon Musk needs $20 billion wealth gain to clinch world's richest man title

    Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

    The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

    This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

    READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

    Blaster ($500)

    A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

    This was his first business endeavour which he started and sold.

    READ: Tesla investor sues Elon Musk for causing problems with his tweets

    ZIP 2 ($340m)

    After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

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    Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
    Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

    READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

    X.com/PayPal ($1.5bn)

    Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

    He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
    In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

    READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

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    What you should know

    Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

    You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

    “If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

    We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

    Continue Reading

    Business News

    CAC sets 3-hour time line for company registration in 2021

    The CAC is prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

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    CAC, Corporate Affairs Commission selects NIPOST as official courier partner

    The Corporate Affairs Commission (CAC) has said that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

    This is coming after CAC had in November 2020, announced the implementation of new technology that will change the face of business registration including allowing customers to print their certificates with verifiable QR code from anywhere in the world.

    This disclosure was made by the Registrar-General of the commission, Garba Abubakar, at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador-Designate to the Kingdom of Spain, Ademola Seriki.

    READ: CAC to register companies within 48 hours, approve business name same day

    In order to achieve this target, the Registrar-General said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

    Abubakar noted that the challenges of the Covid-19 pandemic had adversely hampered CAC’s delivery timeline.

    He, however, pointed out that CAC was resolutely committed to serving its customers despite being forced to operate with less than 50% of its workforce.

    READ:  CAC registration: 100,000 business names registered for free so far

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    While bidding farewell to Seriki, the Registrar-General said he received the news of his appointment with mixed feelings as CAC was going to miss his tremendous support and guidance.

    Also speaking at the event, the Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

    READ: CAC re-validation: payment accreditation is one-off

    In case you missed it

    • The CAC recently announced the upgrade of its website and online registration portal to include features, which allow for the automation of some selected services and processes, in line with the Federal Government’s mandate of improving the ease of doing business in Nigeria.
    • The selected services and processes include Electronic search of company records, Upgraded Companies Registration Portal for Pre-incorporation filings and Post incorporation filings.

     

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