Business News
UPDATED: Nigeria Inflation rate hits 12.2% as food index rises
Data from the National Bureau of Statistics (NBS) reveal that Nigeria’s inflation rate increased by 12.20% (year-on-year) in February 2020. This is 0.07% higher than the rate of 12.13% recorded in January 2020 and the highest rise since April 2018.
According to the report, the food index rose from 14.85% recorded in January to 14.9% in February 2020 while core inflation increased by 0.08% to stand at 9.43% compared to 9.35% recorded in the preceding month.
Increments were recorded in all subsets of the consumer price indexes as Urban and rural inflation rate increased year-on-year by 12.85% and 11.61% in February from 12.78% and 11.54% recorded in January respectively.
Food inflation
The composite food index increased by 14.9% in the month under consideration compared to 14.85% recorded in the month of January. A rise that is attributed to increase in prices of major household commodities such as; Bread and Cereals, Fish, Meat, Vegetables and Fats & Oils.
However, on month-on-month basis, the food sub-index declined by 0.12% points compared 0.99% recorded in January to stand at 0.87%.
READ ALSO: BOOM: Inflation rate slides to 13.3%, lowest in 2 years
All items
The “All items less farm produce” also known as Core inflation which excludes the prices of volatile agricultural produce increased by 9.43% in February 2020. A figure that is 0.08% higher when compared to 9.35% recorded in the previous month.
Inflation drivers: The highest increases were recorded in prices of Pharmaceutical products, Catering services, Air transport, Furniture repair, Repair and maintenance of personal transport equipment, Water supply, Major household appliances, Dental services, carpet and other floor coverings, Vehicle spare parts and Non-durable household goods.
Worst hit states
Food inflation was highest in Sokoto State with 17.12% (year-on-year), followed by Plateau State (16.99%), Gombe State (16.96%), Edo State (16.71%) and Kano State with food index of 16.45%.
Also, Bauchi State recorded the worst hit in terms of All items inflation with 14.47% rate followed by Niger State, which recorded 14.06% inflation rate. Other states include Plateau (13.98%), Sokoto (13.96%) and Kano (13.86%).
Meanwhile, Bayelsa, Katsina, Bauchi states led the list of states with lowest food inflation rate with 11.89%, 13.04% and 13.04% respectively while Nasarawa and Ondo States followed with 13.5% and 13.53%.
What this latest inflation rate means is that the purchasing power of consumers has worsen and their ability to afford the same quantity of goods or services has reduced despite income level maintaining status quo.
With the virus (COVID 19) scaring off Investors and oil price reducing globally, inflation rate is feared to still rise above 12.3%. As noted by Bismarck Rewane in a recent article published by Nairametrics that the implementation of new VAT rate of 7.5% in February 2020 contributed to the upward trend of the inflation rate and so would the increase in electricity tariff in April.
ENDSARS
#EndSARS: Access Bank debunks aiding military onslaught against Lekki protesters
Access Bank has dismissed rumours on social media suggesting it aided military onslaught against protesters.
Access Bank Nigeria Plc has vehemently debunked rumour making the rounds that it aided the military onslaught against peaceful #EndSARS protesters at Lekki, by allowing military snippers access its head office tower for operations.
Backstory: Recall that Nairametrics had earlier reported on how soldiers allegedly fired gunshots to disperse #EndSARS protesters in Lekki yesterday.
In view of this development, there have been public outcries and ensuing allegations, one of which is that Access Bank Nigeria Plc aided the military onslaught.
What they are saying
In response to the allegations, the bank first reacted to the development by expressing condolence. A verified tweet by the bank read thus: “We are deeply saddened to hear about the unfortunate loss of innocent lives yesterday at the Lekki Toll. We pray that the souls of the innocent rest in peace”.
(READ MORE: Soldiers fire gunshots to disperse #EndSARS protesters.)
In addition, the bank stated: “We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue. The video shared on Arise TV featured an employee of the bank conducting routine maintenance at the Tower location. It is unfortunate that this was reported as a sniper without any proof. As a corporate citizen with the purpose of impacting lives positively, we will never endanger the lives of Nigerians.”
We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue.
2/3.
— Access Bank Plc (@myaccessbank) October 21, 2020
ENDSARS
Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests
The UK High Commission in Nigeria has announced the shutdown of its VISA application centers in Nigeria.
The United Kingdom High Commission in Nigeria on Wednesday, October 21, 2020, announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with effect from today (Wednesday), due to the ongoing #EndSARS protests in the country.
This comes barely a day after the US shut down its Lagos consulate, following the outbreak of violence from the #EndSARS protests in major parts of the country including Lagos State and the FCT.
The disclosure was contained in a statement issued by the UK High Commission in Nigeria on Wednesday, October 21, 2020.
The High Commission in a brief statement, also asked applicants with appointments for Wednesday and Thursday, to reschedule their appointments from Monday, October 26th.
“Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum. For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.
“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologize for the inconvenience and thank you for your understanding.”
(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)
Update on UK Visa Application Centres:
Our TLS contact Visa Application Centres in Nigeria are currently closed.
For further updates on the closures please visit:
Abuja: https://t.co/7qzDLW3O2H
Ikeja: https://t.co/DX9Mlej4Mn
Victoria Island: https://t.co/B17AtE4kqv
— UK in Nigeria🇬🇧 (@UKinNigeria) October 21, 2020
ENDSARS
#EndSARS: Archbishop of Canterbury condemns Lekki shootings
The Archbishop of Canterbury has joined his voice to the condemnation of the shooting of protesters in Lagos.
The Archbishop of Canterbury, Justin Welby says he condemns the shooting of unarmed protesters in Lekki and urges President Muhammadu Buhari to ensure that lives are protected.
The Archbishop, who is the Chief of the Anglican Church globally disclosed this on Wednesday morning, as the International Community reacted to videos of protesters getting shot at the Lekki tollgate.
I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in #Lagos and other parts of #Nigeria.
I have urged President @MBuhari directly to ensure that lives are protected – and I say that again now.
I mourn for Nigeria. May God save Nigeria.
— Archbishop of Canterbury (@JustinWelby) October 21, 2020
Recall Nairametrics reported that several social media accounts revealed peaceful protesters were being shot at by the military at the Lekki toll gate holdout for the #EndSars protest.
The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.
The Archbishop earlier said in his statement, “I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.
“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now.
“I mourn for Nigeria. May God save Nigeria.
#EndSARS: Access Bank debunks aiding military onslaught against Lekki protesters
Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests
#EndSARS: Archbishop of Canterbury condemns Lekki shootings
JUST IN: #EndSARS: NPA headquarters set on fire by hoodlums
Just-in: #EndSARS: Lagos suspends activities, declares a three-day lockdown
Soldiers fire gunshots to disperse #EndSARS protesters.
#EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting
#EndSARS: Hillary Clinton tells President Buhari to stop killing young protesters
Update: US embassy shuts down consulate in Lagos over violent #EndSARS protests
Just-in: #EndSARS: GTBank on Admiralty, Lekki allegedly on fire
