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Cryptocurrency47 mins ago

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

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Business News1 hour ago

Banks earn N216 billion in digital banking income amidst threat from challenger banks

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Currencies2 hours ago

Naira gains at black market as external reserves increases by $620 million in 2 weeks

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Business News8 hours ago

COVID-19 Update in Nigeria

On the 12th of April 2021, 44 new confirmed cases and 1 death was recorded in Nigeria.

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Economy & Politics

Nigeria’s inflation rate jumps to 14.23% in October 2020

Nigeria’s inflation rate rose by 14.23% in October 2020 as against 13.71% recorded in September 2020

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Despite billions on agriculture, food inflation up by 108% since 2015.

Nigeria’s inflation rate rose by 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020. This was contained in the consumer price index report, recently released by the National Bureau of Statistics (NBS).

According to the report, the October figures indicates a persistent increase in 14 months and the highest recorded since March 2018. Also, on a month-on-month basis, the Headline index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).

READ: Nigeria’s inflation rate jumps to 12.82%, highest in 27 months

Food inflation

The composite food index, a closely watched component rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020. On month-on-month basis, the food sub-index increased by 1.96% in October 2020, up by 0.08% points from 1.88% recorded in September 2020.

The major drivers of food inflation were increases recorded in the prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.

READ: A summer of higher food prices, limited room for monetary policy

Core inflation

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The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical services, Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

READ: FG seeking approval from National Assembly for $1.2 billion agric loan

States with highest inflation

Zamfara State recorded the highest rate in the month of October with a 17.69% increase (year-on-year), followed by Sokoto State (17%), Ebonyi (16.91%), Bauchi (16.73%), and Plateau State (16.69%). On the flip side, Cross River recorded 11.5%, followed by the federal capital, Abuja (11.84%), Lagos (11.95%), Ondo (12.33%) and Kwara State (12.5%).

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READ: Arbico Plc records N430.15million loss in nine months 

In terms of the food index, Edo State led the list with 21.65% followed by Zamfara (20.88%), Kogi (20.58%), Sokoto (20.5%), and Plateau State (20.26%) while Ondo State recorded the lowest inflation rate with 14.23% followed by Ogun, Lagos, Bauchi and Gombe with 14.47%, 14.57%, 14.85% and 14.88% respectively.

READ: Most Nigerian banks may fail stress tests if economic downturn persists

What this means

The rise in inflationary pressure indicates a persistent decrease in the purchasing power of consumers especially at a time when the economy is on the verge of recession, characterised by increases in price of major food items and service fees.

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Economy & Politics

Insecurity: FG to implement town hall meetings to reach a national consensus

The meetings are set to address the twin issues of insecurity and its concomitant effect on national unity and cohesion.

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Insecurity: FG to implement town hall meetings to reach a national consensus

The Federal Government announced the launch of town hall meetings to address the twin issues of insecurity and its concomitant effect on national unity and cohesion.

This was disclosed by the Minister of Information, Lai Mohammed, at the Town Hall Meeting in Kaduna on Thursday, themed “Setting Benchmarks for Enhanced Security and National Unity in Nigeria.”

What the Minister is saying

“The correct starting point towards addressing these myriads of problems is the building of an “elite consensus” on the security, unity, indissolubility, and peaceful existence of Nigeria.

“Such elite consensus had worked in the past. Can we make it work now and proffer solutions in order to stave off the threats to our unity as a nation?” he said.

The Minister disclosed that the meetings are necessary to bring all critical stakeholders together to deliberate on the issues and possibly reach a consensus on the way forward.

“We expect this Town Hall meeting to develop concrete, implementable resolutions because a lot of talks and postulations had taken place with little or no requisite outcome.”

In case you missed it 

  • Former Vice President, Atiku Abubakar warned that the rising insecurity in Nigeria is a result of rising youth unemployment. He urged Nigeria to tackle out-of-school children cases, pay a monthly stipend to poorer families, incorporate youths who are above school age into massive public works programmes and others.
  • Senator Ali Ndume insisted that the Federal Government needs to increase its total military spending to be able to tackle the rising insecurity in Nigeria which has seen a number of school students in 2021 kidnapped by bandits.

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Business

IMF lifts 2021 global GDP growth to 6%

The group also warned that economic recoveries are diverging dangerously across and within countries.

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Kristalina Georgieva, IMF boss hints at 'synchronized slowdown' in global growth , IMF: 40% of African countries can't pay back their debts , Nigeria worse off, posts grows lower than LIDC benchmark - IMF, Measures introduced by Nigeria to ensure transparent use of the $3.4b IMF loan

The International Monetary Fund has lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020 due to the effects of the COVID-19 pandemic. This disclosure was made on the organisation’s website on Tuesday.

The group also warned that economic recoveries are diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliance on tourism do less well.

READ: Corruption erodes the constituency for aid programmes and humanitarian relief – IMF

What the IMF is saying

“The upgrades in global growth for 2021 and 2022 are mainly due to upgrades for advanced economies, particularly to a sizeable upgrade for the United States (1.3 percentage points) that is expected to grow at 6.4 percent this year.

This makes the United States the only large economy projected to surpass the level of GDP it was forecast to have in 2022 in the absence of this pandemic.

China is projected to grow this year at 8.4 percent. While China’s economy had already returned to pre-pandemic GDP in 2020, many other countries are not expected to do so until 2023.”

READ: Nigeria needs structural and monetary policy reforms to unlock potential – IMF

On divergent recoveries 

The IMF stated that divergent recovery paths are likely to create wider gaps in living standards across countries compared to pre-pandemic expectations.

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“The average annual loss in per capita GDP over 2020–24, relative to pre-pandemic forecasts, is projected to be 5.7 percent in low-income countries and 4.7 percent in emerging markets, while in advanced economies the losses are expected to be smaller at 2.3 percent,” they said.

“Faster progress with vaccinations can uplift the forecast, while a more prolonged pandemic with virus variants that evade vaccines can lead to a sharp downgrade. Multispeed recoveries could pose financial risks if interest rates in the United States rise further in unexpected ways.

For Africa, IMF forecasts economic growth of 3.4% in 2021 and 4% by 2022, Nigeria is expected to grow by 2.5% in 2021 and 2.3% by 2022, while South Africa is projected to hit growths of 3.1% and 2.0% for the respective years in focus.

READ: The 4th industrial revolution and the birth of a new international monetary system

In case you missed it 

The International Monetary Fund (IMF)  identified some factors that hamper the economic recovery of low-income countries from the devastating impact of the coronavirus pandemic, factors including access to vaccines, limited policy space to respond to the crisis, the lack of means for extra spending, pre-existing vulnerabilities such as high levels of public debt in many low-income countries and sometimes weak, negative, total factor productivity performance in some low-income countries. These factors continue to act as a drag on growth.

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