NEWS AGENCY OF NIGERIA
Economy/Business

CPI rises by 0.86% in December- NBS

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By Folasade Akpan

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) rate in Dec. 2020 rose by 0.86 per cent to 15.75 per cent from 14.89 per cent recorded in November.

It said this in the “Consumer Price Index (CPI) Dec. 2020” report released on Friday in Abuja.

It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

According to the NBS, on month-on-month basis, headline index increased by 1.61 per cent in December  which was 0.01 per cent rate higher than the rate recorded in November at 1.60 per cent.

“The percentage change in the average composite CPI for the twelve months period ending December over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent increase over 12.92 per cent recorded in November.

“The urban inflation rate increased by 16.33 per cent (year-on-year) in December from 15.47 per cent recorded in November, while the rural inflation rate increased by 15.20 per cent in December from 14.33 per cent in November.”

The report indicated that on a month-on-month basis, the urban index rose by 1.65 per cent in December, same as the rate recorded in November, while the rural index also rose by 1.58 per cent in December, up by 0.02 per cent above the rate that was recorded in November (1.56 per cent).

It added that the corresponding 12-month year-on-year average percentage change for the urban index was 13.86 per cent in December.

“This is higher than 13.55 per cent reported in November, while the corresponding rural inflation rate in December was 12.67 per cent compared to 12.35 per cent recorded in November.”

For composite food index, the NBS said that it rose by 19.56 per cent in December compared to 18.30 per cent in November.

The rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish,  oils and fats.

It added that on month-on-month basis, the food sub-index increased by 2.05 per cent, up by 0.01 per cent from 2.04 per cent recorded in November.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 per cent in December, up by 0.32 per cent when compared with 11.05 per cent recorded in November.

“On month-on-month basis, the core sub-index increased by 1.10 per cent in December. This was up by 0.39 per cent when compared with 0.71 per cent recorded in November,” the report said.

It also said that the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, shoes and other footwear, passenger transport by road, miscellaneous services relating to the dwelling, hairdressing salons and personal grooming establishments.

Others were repair of furniture, vehicle spare parts, pharmaceutical products, motor cars, maintenance and repair of personal transport equipment, paramedical services, motor cycle, dental services and bicycles.

For state profiles, the NBS said that for the month under review, all items inflation on year on year basis was highest in Bauchi at 19.85 per cent, Edo at 18.15 per cent and Kogi at 18.40 per cent.

Lagos has 14.05 per cent, Kwara at 13.91 per cent and Abia at 13.3 per cent recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December all items inflation was highest in Nasarawa at 2.3 per cent, Gombe at 2.2 per cent and Akwa Ibom at 2.16 per cent.

Ekiti which stood at 0.87 per cent, Rivers at 0.67 per cent and Ebonyi at 0.61 per cent recorded the slowest rise in headline month-on-month inflation.

The report said that food inflation on a year-on-year basis was highest in Edo at 24.14 per cent, Kogi at 23.14 per cent and Sokoto at 22.24 per cent.

Meanwhile Bauchi at 16.53 per cent, Abia at 16.04 per cent and Nasarawa at 15.71 per cent recorded the slowest rise.

The News Agency of Nigeria (NAN), reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. (NAN)

Economy/Business , Food Security

Agribusiness Register partners Shea butter association on trading

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By Bukola Adewumi
The Nigeria Agribusiness Register (NAR) said it would partner National Shea Products Association of Nigeria (NASPAN) to trade shea butter as commodity exchange for the Nation’s economic benefit.

Its founder, Mr Roland Oroh, disclosed this in an interview with the News Agency of Nigeria(NAN) on Friday in Abuja while discussing the benefits of trading of agricultural products internationally.

Oroh said shea nut kernel was one of the commodities that the Securities and Exchange Commission (SEC) recommended to be included as tradable commodity in Nigeria commodity exchanges.

He said it was agreed by SEC that part of its implementation of a 10-year Capital Market Master Plan was to constitute a technical committee on Commodities Trading Ecosystem.

One of the recommendations of the committee was to identify commodities with good supply base in Nigeria for inclusion as a tradable commodity in the Nigeria Commodity Exchanges.

According to him, Nigeria has the largest number of shea trees in the world and contributes over 60 per cent of the total shea nut produced annually in West Africa.

Oroh said: “Nigeria can supply shea nut kernel to local buyers and those in West Africa while developing a local processing industry.”

He said that a panel session held at the second agribusiness networking (Agnet) titled, “Trading Shea Nuts and Shea Butter in Commodity Exchanges in Nigeria: How to Make It Happen” noted that shea was a tradable commodity.

He said that the Representatives of AFEX and the Lagos Commodity & Futures Exchange were of the view that the benefit of trading shea would increase quality and sustainability of the product from the production areas.

Oroh said NASPAN, the Agribusiness Register, the Commodity Brokers Association of Nigeria and the nation’s commodity exchanges and other stakeholders would work to make shea trading on the nation’s exchanges a reality.

The News Agency of Nigeria (NAN) reports that the NAR is supporting food and agribusiness investments in Nigeria and West Africa to scale and also turn impact-oriented investment intentions into actual investments.

They are the agribusiness investment facilitation arm of Commodities Development Initiative (CDI) a commercial NGO registered under the corporate laws of Nigeria.

NAR’s mission is to create impact and increase inclusion by supporting agribusiness start-ups and scale-ups with information, grants and access to impact capital and product markets.

This is through several products and services including the AgNet event, which brings fund providers and project promoters together to make commitments.

Economy/Business

Kano: 258 beneficiaries receive FG’s grant of N10,000 each

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By Abbas Bamalli
The Federal Government has disbursed N10,000 grant each to 258 beneficiaries in Wudil/Garko Federal Constituency of Kano State as part of efforts to fight poverty among the unemployed at the grassroots.

The News Agency of Nigeria (NAN) reports that the fund disbursement which took place on Thursday in Wudil Local Government was through the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN).

Auwal Aminu, Procurement Officer of SMEDAN, said the gesture was facilitated by the legislator representing Wudil/Garko Federal Constituency, Malam Muhammad Ali-Wudil.

Aminu said the gesture was to reduce the hardship most of the people with small businesses encountered as a result of the COVID-19 pandemic.

In his own speech, Ali-Wudil said the support was aimed at empowering the unemployed youths to establish or boost their businesses.

He said that one of the major agendas of President Muhammadu Buhari was to fight unemployment among the youth.

“Since his assumption of duties, he has focused more on empowering the youths so that they can be self reliant. It has, therefore, become necessary for us to support him.

“We have empowered many people in my constituency, especially the youths and party members.

“Recently, we empowered over 500 executive committee members, party leaders, 350 women and other constituency members,” Ali-Wudil said.

He said that arrangements were ongoing to also provide support for students of Wudil and Garko studying in various tertiary institutions across the country.

Ali-Wudil lauded the Federal Government for providing the SMEDAN grant, saying it would go a long way in reducing the economic challenges of the beneficiaries.

Hamisu Umar, one of the beneficiaries, said the gesture would help him to boost his small business.

Mairo Hamisu, another beneficiary, described the support as a welcome development as it would enable him establish his own businesses rather than depending on others.

Economy/Business

LASG’s debt stands at N158bn, commits N31bn to servicing

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By Tajudeen Atitebi

Lagos State currently has N158 billion debt stock for which it has committed N31 billion to servicing.

The state Commissioner for Finance, Dr. Rabiu Olowo, said this at a media parley in Lagos on Thursday where commissioners and special advisers in the state spoke to journalists.

The meeting was on the N1.64 trillion 2021 budget of the state tagged “Budget of Rekindled Hope.”

The budget was passed by the state House of Assembly on Tuesday, Dec. 29, 2020 and signed into law by the governor on De. 31, 2020.

The budget is made up of N702.935 billion capital budget and N460.587 billion recurrent estimate.

Olowo said the debt was sustainable at 22 per cent of debt-revenue ratio, which he said was even below the Federal Government’s benchmark of 30 per cent and World bank’s benchmark of 40 per cent.

He said the state government planned to finance the N192.494 billion budget deficit through external sources, internal sources and bonds.

The finance commissioner said N100 billion would be sourced internally, N52 billion externally and N40 billion through bonds.

Mr Sam Egbube, the state Commissioner for Budget and Planning, said the main focus of the budge was to accomplish the Governor’s THEMES Agenda.

He said the state government had set up a 10-point agenda to achieve the agenda, which included aggressive development and maintenance of infrastructure across the state.

Others are creation of employment and enhancement of food security, improvement of civic participation, inclusion of and cooperation in governance and investment in human capital development.

Prof. Akin Abayomi, the state Commissioner for Health, said the state focused more on COVID-19 last year because it was a global pandemic that deserved a lot of attention.

He said in spite of this, the state still devoted a lot of its resources to other ailments.

He said the attention to COVID-19 did not distract the state from other ailments as only one of the 27 general hospitals in the state was dedicated to COVID-19 treatment. (NAN)

Economy/Business

NSE gains N325bn on enhanced buying interest

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By Chinyere Joel-Nwokeoma

The Nigerian stock market extended its positive rally on Thursday, appreciating further by N325 billion, amid increased buying interest.

Specifically, the market capitalisation inched higher by N325 billion or 1.54 per cent to close at N21.418 trillion from N21.093 trillion on Wednesday.

In the same vein, the All-Share Index garnered 622.09 points or 1.54 per cent to close at 40,963.14 compared with 40,341.05 on Wednesday.

The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; Seplat, Dangote Cement, MTN Nigeria Communications, Ardova and NASCON Allied Industries.

Consequently, the market breadth remained positive with 49 gainers in relative to seven losers.

Champion Breweries led the gainers’ chart in percentage terms, gaining 9.82 per cent to close at N1.23 per share.

NASCON Allied Industries followed with 9.72 per cent to close at N17.50, while Japaul Gold and Ventures rose by 9.45 per cent to close at N1.39 per share.

AXA Mansard Insurance grew by 9.42 per cent to close at N1.51, while Ardova appreciated by 9.25 per cent to close at N21.85 per share.

Conversely, Courteville Business Solutions dominated the losers’ chart in percentage terms, dropping 8.33 per cent to close at 22k per share.

Neimeth International Pharmaceuticals followed with 6.36 per cent to close at N2.06, while Union Diagnostic and Clinical Services shed 3.13 per cent to close at 31k per share.

Jaiz Bank dropped 2.78 per cent to close at 70k, while John Holt lost 1.96 per cent to close at 50k per share.

Also, the total volume of shares transacted improved by 72.9 per cent with an exchange of 809.36 million shares worth N8.91 billion in 6,706 deals.

This was against a total of 468.15 million shares valued at N6.96 billion exchanged in 5,697 deals on Wednesday.

Transactions in the shares of Transcorp topped the activity chart with 136.58 million shares valued at N130.19 million per share.

Mutual Benefits Assurance solf 70.59 million shares worth N27.39 million, while Guaranty Trust Bank traded 68.99 million shares valued at N2.25 billion.

Lafarge Africa traded 61.85 million shares worth N1.42 billion, while FBN Holdings transacted 44.53 million shares valued at N329.47 million. (NAN)

Economy/Business , Food Security

Association harps on need for massive snail farming

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By Fortune Abang

The Federation of Snail Farmers, Processors and Marketers Association of Nigeria (FESMAN), on Thursday underscored the need for Nigerians to invest more in snail farming to ensure food security.

The National President of FESMAN, Mr Ebeh Ogoenyi, stressed the need in an interview with the News Agency of Nigeria (NAN) in Abuja.

Ogoenyi said that the massive snail production was in line with the Federal Government’s policy on diversifying the economy, especially in the wake of COVID-19 and the unstable oil sector.

According to him, snail farming is a lucrative venture and also good for export, due to high demand for the product globally.

The national president said there was the need for more investments in its production to meet the demand.

“We have been mobilising people across the country to go into snail farming so that we can secure our society, create jobs, ensure food security and produce industrial raw materials.

“The market is there; it is only production that we need. We have been mobilising people to invest in it, in order to produce more.

“We have also been seeking support because when you are talking about diversification of the economy from oil, snail is number one to be considered,” he said.

Ogoenyi listed slime as one of the raw materials that could be derived from snail and used for cosmetics and pharmaceuticals.

“You can use snail shell for the production of animal feed, because it contains more than 98 per cent calcium.

“You can also use it as an ornament. You can use it for floor tile and for automotive brake pad production and a lot more.

“As an association in charge of snail business in Nigeria, we are trying to ensure Nigerians participate in the production, because it is very lucrative,” he added.

NAN reports that the association, which consist of 764 members seeks to mass produce snail to ensure food security in Nigeria and industrial raw materials supply.   (NAN)

Economy/Business

NEPZA disclaims fake online recruitment, threatens lawsuit

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By Emmanuella Anokam

The Nigeria Export Processing Zones Authority (NEPZA) has disclaimed an online recruitment purported to be its “2021 Recruitment Exercise.”

Reacting to the online recruitment exercise on Thursday in Abuja, Prof. Adesoji Adesugba, NEPZA’s Managing Director, described it as a criminal act to defraud job seekers.

In a statement by Mr Martins Odeh, Head, Corporate Communications, NEPZA, Adesugba said that the exercise by the online outfit using the domain name www.careersafrika.com was fake.

He said that NEPZA had not contemplated any recruitment exercise yet, adding that the Authority had not also overtly or covertly engaged any recruitment firm to conduct recruitment on its behalf.

“This advertorial is, therefore, a calculated falsehood tailored along strategies usually deployed by Yahoo Yahoo guys or internet fraudsters to devour earnings of unsuspecting victims.

“The management wishes to advise the general public to discountenance this criminal act and misinformation published by www.careersafrika.com and its affiliates.

“As the action remains in bad taste for probity, transparency and due process that the Authority strives to attain.

“NEPZA is an agency of government with respect to standards and due process as it works tirelessly to actualise the Federal Government’s vision of industralising the nation using free trade zone scheme,” Adesugba said.

He said that the authority was resolute in carrying out its statutory mandate and this included a possible legal action against managers of the aforementioned portal and its affiliates if the fake NEPZA recruitment advertorial was not brought down immediately.

“We shall proceed and take necessary steps to work with the security agencies to hunt and prosecute the scoundrels who are using the name of the authority to commit such heinous crimes and to defraud Nigerians rightfully wishing to serve their fatherland,” Adesugba said. (NAN)

Economy/Business

96 companies bid for rehabilitation of NNPC’s downstream infrastructure

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By Edith Ike-Eboh

No fewer than 96 companies have indicated interest in the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure.

The public opening of the bid was held virtually in Abuja, on Thursday.

The Managing Director of the Nigerian Pipelines and Storage Company (NPSC), Mrs Ada Oyetunde, said that the exercise was in conformity with the mandate of the Federal Government to prioritise the rehabilitation of critical downstream infrastructure across the country.

She listed the facilities that would be rehabilitated by successful bidders to include critical pipelines for crude oil supply to the refineries and evacuation of refined products, depots, and terminals.

Oyetunde said that the objective was to get them ready to support the refineries when they become operational after their rehabilitation.

“An open tender for pre-qualification of interested companies was published in August 2020 in the national dailies, for the rehabilitation of NNPC downstream critical pipelines and associated depots and terminal infrastructure through Finance Build Operate and Transfer (BOT) to cover the 4 lots.

“The four lots are Lot 1: Port Harcourt Refinery related infrastructure, Lot 2: Warri Refinery related infrastructure, Lot 3: Kaduna Refinery related infrastructure and Lot 4: System 2B related infrastructure,” she said.

The NPSC boss said that the BOT arrangement would provide a reliable pipeline network and automated storage facilities for effective crude feed, product storage and evacuation from the nation’s refineries post-revamp through an open access model.

This, she added, would charge market reflective prices and tariffs to recover the investment.

Earlier, the Group General Manager, Supply Chain Management, Mrs Aisha Katagum, commended the Infrastructure Concession Regulatory Commission (ICRC), and the Bureau of Public Procurement (BPP) for providing guidance for the project.

She assured the bidding firms of a fair, equitable and transparent selection process.

Observers at the public bid opening exercise were representatives of the ICRC, BPP, the Nigeria Extractive Industries Transparency Initiative and Civil Liberties Organisations. (NAN)

Economy/Business

Osinbajo urges stakeholders to find cheaper means of oil production

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By Chijioke Okoronkwo

Vice President Yemi Osinbajo has urged stakeholders in the oil industry to find and agree on cheaper means of producing oil in the country.

Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry.

The stakeholders operate under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG).

The vice president called for a more competitive environment that met the need and purposes of the Nigerian nation including the largest production volumes possible.

“We need to agree on terms that will give us a more competitive environment.

“ We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.

“The other point is that of gas; to sound the question of reconciling and maintaining our domestic gas obligation, and at the same time improving the gas environment in such a way that we are able to benefit maximally from it as a business and government.

“I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation.

“ I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done.”

Osinbajo said that the passage of the PIB should be seen as an opportunity to transform the industry by addressing lingering issues that had impeded development across the different sectors that make up the industry.

According to him, businesses will like to invest and invest more in the environment.

“So, that is the point of convergence.

“We want more investments and obviously state governments like more investments, and you (private companies) would like to invest so that you can make more money.

“No question about that; what we should seek to do is to see to what extent we can come to that convergence,” he said.

The new PIB, which was presented to the National Assembly by President Muhammadu Buhari in Sept. 2020, has passed the second reading in both the Senate and the House of Representatives.

The central aim of the bill is to foster sustainable development in Nigeria’s oil and gas industry.

Earlier in his remarks, Mr Timipre Silva, Minister of State for Petroleum Resources, said the interaction with the stakeholders in the petroleum industry was indicative of their commitment to the transformation of the industry through the PIB.

He said that working with other stakeholders, including the National Assembly, that the PIB as conceived by the Buhari administration, would be passed into law.

On his part, Mr Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said that most of the concerns raised by stakeholders had been addressed in the proposal before the National Assembly.

He said that the Federal Government had moved from its previous position to one that was more competitive and attractive to investors.

Mr Mike Sangster, Chairman, OPTS and  Managing Director, Total  Nigeria Limited commending the efforts of the Federal Government in guiding the process of having a new law for the industry.

He said that the stakeholders remained committed to making Nigeria the “preeminent hydrocarbon province” in the region and the world.

Other participants at the meeting included Mr Laing Richard, Chairman and Managing Director of ExxonMobil in Nigeria, Mr Rick Kennedy, Chairman of Chevron Nigeria Limited and Chairman of IPPG, Mr Ademola Adeyemi-Bero. (NAN)

Economy/Business

NSE extends gain, index rises further by 0.11%

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By Chinyere Joel-Nwokeoma

Positive sentiments persisted on the Nigerian Stock Exchange on Wednesday with the All-Share Index extending growth by 0.11 per cent.

Specifically, the All-Share Index improved further by 45.10 points or 0.11 per cent to close at 40, 341.05 against 40, 295.95 achieved on Tuesday.

Also, the market capitalisation rose by N24 billion or 0.11 per cent to close at N21.094 trillion from N21.069 trillion posted on Tuesday.

The market gain was piloted by price appreciation in medium and large capitalised stocks amongst which were: Mobil, Flour Mills, BOC Gases, Seplat and Ardova.

Market breadth closed positive with 32 gainers compared with 16 losers.

Academy Press, Sovereign Trust Insurance and Veritas Kapital Assurance dominated the gainers’ chart in percentage terms, gaining 10 per cent each to close at 33k, 22k and 22k per share, respectively.

BOC Gases followed with 9.92 per cent to close at N12.52, while Champion Breweries rose by 9.80 per cent to close at N1.12 per share.

On the other hand, Chellarams led the losers’ chart in percentage terms losing 9.96 per cent to close at N2.26 per share.

Livestock Feeds followed with a loss of  9.74 per cent to close at N1.76, while Consolidated Hallmark Insurance shed 8.82 per cent to close at 31k per share.

FTN Cocoa shed 5.88 per cent to close at 64k, while Cutix lost five per cent to close at N2.09 per share.

However, the total volume of shares traded declined by 59.9 per cent to 468.15 million shares valued N6.96 billion exchanged in 5,697 deals.

This was against 1.17 billion shares worth N7.97 billion transacted in 5,591 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 45.77 million shares valued N1.19 billion.

Lasaco Assurance followed with 40.73 million shares worth N17.02 million, while United Bank for Africa traded 31.82 million shares valued N283.11 million.

Japaul Gold and Ventures traded 20.98 million shares valued N26.64 million, while Sovereign Trust Insurance transacted 19.06 million shares worth N4.19 million. (NAN)

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