NEWS AGENCY OF NIGERIA
Afreximbank, ITFC collaborate to advance trade, projects in Africa

Afreximbank, ITFC collaborate to advance trade, projects in Africa

180 total views today

By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) says it has concluded arrangements for a facility of 250 million dollars with the International Islamic Trade Finance Corporation (ITFC) in support of trade and projects in Africa.

This is contained in a statement issued by Vincent Musumba, Media Relations Manager, Afreximbank, in Abuja on Friday.

Masumba said Afreximbank also concluded arrangements for a facility of 100 million dollars with the Islamic Corporation for Development of the Private Sector (ICD).

He said the arrangements were concluded on the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.

Masumba said the lines of financing expected from ICD would strengthen Afreximbank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s member states.

He said the facility from ITFC on the other hand, would provide Compliant Syndicated trade financing line thereby complementing the bank’s trade finance offerings to its clients.

“As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC, and ICD are committed to promoting south-to-south trade among African and Arab countries for a common goal.

“ A goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.

“The collective support from ITFC and ICD will also allow the bank to deliver on its continental mandate of fostering industrialisation, developing exports, and full implementation of the African Continent Free Trade Area (AfCFTA).”

Masumba quoted Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, as saying:

“I take this opportunity to thank Engineer Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank.

“The arrangements we have entered into today with the two institutions will go a long way in supporting Afreximbank in addressing the funding and structural challenges that stand in the way of Africa’s integration agenda.”

Masumba said ITFC is a member of the IsDB Group established with the primary objective of advancing trade among Organisation of Islamic Cooperation (OIC) member countries.

He said the ICD is a multilateral development financial institution that supports the economic development of its member countries, based in Jeddah, ICD is a part of the IsDB Group and was established in November 1999.

“With an authorised capital of four billion dollars, ICD’s shareholders include the IsDB, 56 Islamic countries, and five public financial institutions.” (NAN)(www. nannews.ng)

 

edited by Sadiya Hamza

Group tasks FG on sustainable forest management

Group tasks FG on sustainable forest management

218 total views today

By Rukayat Moisemhe

Mrs Ngozi Oyewole, Chairperson, Wood/Wood Products, a sectorial group in the Manufacturers Association of Nigeria (MAN), has urged the Federal Government to support the wood industry by sustaining forest management.

Oyewole, also the Founder of Noxie Ltd., gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

She said that sustainable forest management involved responsible stewardship of forest resources to ensure their long-term environmental, social and economic viability.

She said that sustaining forest management was essential for preserving biodiversity, mitigating climate change effects, and supporting livelihoods of communities dependent on forests.

According to Oyewole, the government should take necessary actions to promote sustainable forest management.

She said that, to drive forest conservation, policies and regulations must be implemented to protect forests against illegal logging, deforestation and land degradation.

This, she said, should be done while promoting conservation practices to maintain ecosystem integrity.

The official added that the government must drive community engagement by involving local communities and other stakeholders in decision-making processes relating to forest management.

She also said that the government should respect the rights of the stakeholders.

“Nigeria must encourage adoption of sustainable forest management practices through certification schemes such as Forest Stewardship Council certification, which promotes responsible forestry practices and market access for certified wood products.

“The country must, henceforth, strengthen monitoring, compliance and enforcement mechanisms to ensure that forest operations adhere to sustainable practices, environmental regulations and social safeguards.

“Government should support research, innovation and technology transfer in sustainable forest management, including remote sensing, forest inventory systems and climate-smart forestry practices.

“We must develop strategies to address the impacts of climate change on forests, such as increased deforestation, forest fires and biodiversity loss, and implement measures to enhance forest resilience and adaptation.

“By prioritising sustainable forest management in the wood sector, the government can safeguard the environment, support local communities and ensure long-term sustainability and competitiveness of the industry for future generations,” she said. (NAN)(www.nannews.ng)

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Edited by Dorcas Jonah/Ijeoma Popoola

Wood industry can enhance Nigeria’s revenue diversification efforts – Expert

Wood industry can enhance Nigeria’s revenue diversification efforts – Expert

317 total views today

By Rukayat Moisemhe

Mrs Ngozi Oyewole, Chairman Wood/Wood Products Sectoral Group, Manufacturers Association of Nigeria (MAN), says the wood and wood products industry can significantly contribute to the nation’s revenue diversification efforts.

Oyewole, also the founder of Noxie Ltd., made the assertion in an interview with the News Agency of Nigeria (NAN) on Thursday.

To maximise the sector’s potential, Oyewole said it was important to give it the necessary visibility and support.

She noted that the sector deserved attention in the form of policy support, infrastructural and skills development, market access and research as well as innovation.

She suggested that the federal government could provide policy support by creating a conducive business environment for the wood sector, including incentives for investment and development.

The wood expert added that improving infrastructure such as roads, electricity and water supply in areas where wood production is concentrated could boost the sector’s growth.

Oyewole stressed the need to invest in training and capacity building for workers in the wood industry to enhance productivity and quality standards.

She said that facilitating access to local and international markets through trade agreements and promotional activities could help wood products reach a wider audience.

“By implementing these strategies, the wood and wood products sector in Nigeria can realise its full potential and contribute significantly to economic diversification and growth,” she said.

Oyewole, however, noted that several challenges faced the wood and wood products sector in Nigeria such as illegal logging, poor infrastructure, lack of access to finance, and inconsistent government policies.

Others, she said, were competition from imported products, limited value addition and sustainability challenges.

“Illegal logging poses a significant threat to the sector, leading to deforestation, environmental degradation, and loss of revenue for legitimate businesses.

“Limited access to finance for investment in modern equipment, technology, and capacity building constrains the sector’s growth and modernisation.

“Addressing these challenges will require concerted efforts from both the government and industry stakeholders to create a more enabling environment for the wood and wood products sector to thrive and contribute effectively to Nigeria’s economic development,” she added.

Oyewole stated that addressing
the challenges facing the wood and wood products sector in Nigeria could lead to several benefits for the economy.

She said the sector’s development could contribute to economic diversification by reducing dependence on oil revenue and creating new sources of income and employment.

Oyewole added that developing the wood industry could generate employment opportunities across the value chain, from forestry and logging to wood processing, manufacturing, and marketing.

She explained that a thriving wood sector could also generate significant revenue through exports of value-added wood products, contributing to foreign exchange earnings and economic growth.

“Promoting sustainable forest management practices in the wood sector can help conserve natural resources, protect biodiversity, and mitigate climate change impacts.

“Investing in the wood industry can spur industrial growth, encourage innovation and technology transfer, and enhance the competitiveness of Nigerian products in domestic and international markets.

“Enhancing the productivity and competitiveness of the wood sector can uplift rural communities dependent on forestry activities, reducing poverty and inequality.

“By addressing the challenges facing the wood and wood products sector in Nigeria, the country can unlock these benefits and create a more sustainable and inclusive economy for future generations,” she said.

Oyewole further said that while the wood industry had traditionally been perceived as male-dominated, there was a growing recognition of the valuable contributions women make to the sector.

She, however, said that gender balance remained a challenge and that there was still a significant gender gap in the wood industry, which required several actions.

She encouraged companies in the wood industry to promote gender diversity and create inclusive work environments that support the recruitment, retention, and advancement of women in various roles.

Oyewole called for training programmes, scholarships, and mentorship opportunities for women interested in pursuing careers in the wood sector, including technical skills training, business management, and leadership development.

“We must raise awareness about the opportunities available for women in the wood industry through targeted outreach, campaigns, and partnerships with women’s organisations and educational institutions.

It is important to establish support networks, forums, and platforms for women in the wood sector to connect, share experiences, exchange knowledge, and access resources for professional growth and empowerment.

“We must also identify and address barriers that prevent women from fully participating in the wood industry, such as cultural stereotypes, limited access to finance, lack of childcare support, and unequal opportunities for career advancement,” she said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Reforms painful but bearing fruits, Bagudu says

Reforms painful but bearing fruits, Bagudu says

203 total views today
By Phillip Yatai

President Bola Tinubu’s economic reforms have started bearing fruits, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has said.

Bagudu told newsmen on Friday in Abuja, that the measures had restored faith in the country’s economy.

A statement by Bola Adebiyi, his Special Assistant on Media, quoted the minister as saying that foreign investors had renewed interest in Nigeria.

“Although the removal of petrol subsidy caused some pain, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure.

“This critical infrastructure will regenerate the economy; before 29 May 2023, the finances of the government were fragile.

“The payment of subsidies affected the quantum of revenue available to all the layers of government so much that the economy was at a standstill.

“The reform measures were in tandem with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector,” he said.

According to Bagudu, both objectives of the reforms have been achieved as the federal, state and local governments have acquired more capacity to support the economy.

According to him, the Federal Government has expanded social investment support to ensure that those at the lower end of the society affected by the reforms are helped to cope.

“All the sectors that will enable the gains to be achieved, including agriculture, infrastructure and security have seen more funding.

“Sectors that secure our future like education, health and social investment have received increased budgetary allocation.

“Programmes were also introduced to support the sectors so that manufacturing activities could resume and agricultural activity could be better supported on a more sustainable basis,” he said.

Bagudu said that part of the steps taken to boost employment included the provision of mortgage funds to regenerate the mortgage sector so that activities there could increase.

He commended the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser to rein in currency speculators and manipulators, and observed that it had shored up the value of the naira.

The minister pleaded with Nigerians to persevere, saying that the president had persistently empathised with them.

“We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them, but were necessary measures to reposition the economy,” he said. (NAN)

Edited by Ephraims Sheyin

Paying tax not burden, but investment in collective future- Expert

Paying tax not burden, but investment in collective future- Expert

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By Vivian Emoni

Paying taxes should not be a burden but an investment to collective future, Mr Abdul-Kabir Opeyemi, an expert on Taxation and Revenue, said on Wednesday.

Opeyemi, Special Adviser on Taxation and Revenue to Lagos State Governor, Mr Babajide Sanwo-Olu, made the assertion in an interview with the News Agency of Nigeria (NAN) in Abuja.

He emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.

He said that Nigeria needed a tax system that incentivised investment, job creation, and economic diversification.

According to him, we should not see paying of taxes as a burden and stress, rather we should see it as an investment or contribution to our collective future.

“I want to use the opportunity to encourage our people to contribute their quota in order to assist the government to fulfill their developmental goals as promised.

“We want to take tax system to the next level, by investing heavily on infrastructure and sustaining the autonomy of Lagos internal revenue service.

“We also want to ensure that we deepen the technology used in monitoring revenue collection from all sources.

“An example is, integrating all revenue in generating unit which we call Ministries, Department and Agencies (MDAs) into sharing data, intelligence and the likes,” he said.

Opeyemi said that the efforts would make the revenue a great deal as well as supporting the government to achieve its goals.

He said that the state was trying to widen the tax length to accommodate people that were not hitherto in the tax length before now.

He encouraged the taxpayers to have a change of mindset, adding that taxes play crucial role in building a better Nigeria and for generations to come.

“Tax payers need to see that their contributions are being used effectively for public services and infrastructural development.

“We are doing very well. We have doubled our revenue and are moving closer to our target,” he said. (NAN) (www.nan.ng)

 

Edited by Vivian Ihechu

Effective regulation needed for CNG conversion workshops- automotive council

Effective regulation needed for CNG conversion workshops- automotive council

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By Okeoghene Akubuike

The National Automotive Design and Development Council (NADDC), says there is a need for proper regulation of Compressed Natural Gas (CNG) conversion to provide safe CNG vehicles.

Joseph Osanipin, the Director-General, NADDC, said this at a Stakeholders Engagement Meeting on Accreditation of Compressed Natural Gas (CNG) Powered Vehicle Conversion Workshops in Nigeria on Wednesday in Abuja.

Osanipin, represented by Dr Fidelis Achiv, the Director, Research, Design and Development, NADDC, said according to Autogas Africa, there are over 120 CNG conversion centres with 466 skilled technicians operating across the country.

He said these workshops had a capacity to convert a minimum of two petrol vehicles to CNG per day, indicating that CNG conversion was increasingly gaining acceptance and the market was expanding in the country.

“These CNG conversion centres are unregulated, which raises safety concerns on the standards and code of practice used in the conversion.

” The market expansion, safety concerns and unregulated conversion centres have necessitated the council to roll out programmes to standardise CNG conversion centres.

“Also to upgrade skills development through training of auto technicians on conversion, repair and maintenance of CNG vehicles.

“The workshop aims to enlighten stakeholders on the developed council’s guidelines and requirements for the accreditation and certification of all workshops that are interested in undertaking CNG conversion.”

Osanipin said the accreditation and certification would ensure that workshops operated in compliance with workplace best practices and standards.

“The guidelines and expression of interest form will be available online through the council’s website, therefore, it is required that all CNG workshops should apply for the accreditation and certification,” he said.

Achiv, who spoke on the sidelines, said the council was ensuring compliance by the CNG conversion workshops.

“We are going to go round the workshops to ensure the minimum requirements are met and for those who do not meet the requirement we will not accredit their workshop for conversion.

“If on their own they go ahead to do any conversion, the conversion will not be reckoned with and when they go to get CNG gas in any station they will not be served.

“After the conversion, they are going to be given a QR code which will go with every vehicle they have converted. It is that QR code that will be used to serve them gas in the gas stations.

“So if they do not meet the minimum requirement, they will not be served at the stations.”

He said a workshop was expected to have four personnel which include a mechanic, welder, auto electrician and an ICT personnel before it could be accredited.

Achiv said the council proposed a registration fee of N250,000 to be paid by the CNG converters, saying this would wade off converters who would want to circumvent the conversion process.

Zayganu Tobo, the Programme Coordinator, Regulatory Compliance and Facilitation, Presidential CNG Initiative (PCNGI) said the initiative was a bold and decisive programme that was strategic and realisable

“By 2027, we anticipate one million vehicles running on CNG. We hope in four to five years, we will have 11,000 different CNG platforms and infrastructure.

“We anticipate 25,000 technicians and allied professionals will be trained and three billion dollars of investment with multiple effects on our economy will be realised in four to five years.”

Tobo said a CNG app would be inaugurated to help people identify CNG infrastructure, and conversion centres closest to them.

Chukwunonso Okeke, the Director General, Standards Organisation of Nigeria (SON), said SON had 82 standards that guide the standards of CNG conversion in Nigeria.

Okeke, represented by Ega Ijachi, the Group Head, Mechanical and LPG, said the standards had been achieved by working with different stakeholders.

“Out of the 82 standards, 28 are strictly on the conversion kits and these standards state the safety requirements of these kits. For example, the cylinders have to go through 18 tests before they can be used.

“CNG is safe for use, and SON is poised to ensure quality assurance of the kits used for the conversion, he said.

Ramalan Yerima, the Assistant Corps Marshal, Corps Safety Engineering Officer, Federal Road Safety Corps (FRSC), said the corps’ role was to enforce the standards and enforce the usage of CNG when the time comes.

Yerima said the FRSC would continue to work with SON to ensure standards of CNG conversion were met.

Mr Simon Agenyi, the Director, Procurement, Federal Ministry of Finance, encouraged all participants to support NADDC in ensuring the CNG conversion becomes a reality.

Agenyi, Represented by Adigwe Ebube, Chief Procurement Officer, said the conversion to CNG would improve the welfare and lives of Nigerians as he pledged the ministry’s support to the mission. (NAN) (www.nannews.ng

Edited by Ese E. Eniola Williams

First Bank, Rotary empower 102 beneficiaries with N20m start-up kits

First Bank, Rotary empower 102 beneficiaries with N20m start-up kits

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By Grace Alegba

The First Bank of Nigeria Ltd, with Rotary Club International, District 9110, has distributed N20 million worth start-up kits to 102 beneficiaries in Lagos to empower them across various trades.

The News Agency of Nigeria (NAN) reports that start-up kits distributed included: grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners and cylinders, barbers and hairdressers kits, among others.

NAN further reports that the community intervention project had beneficiaries from the three major ethnic groups in Nigeria drawn from Lagos, Ogun and Oyo states.

Ms Helen Ihonre, Unit Head, Other SME Products E-Business and Retail, FirstBank, during the presentation, offered insights on financial management and economic discipline.

She emphasised the importance of maintaining records and accessing low-interest loans to support business growth and expansion.

She urged beneficiaries to prioritise saving from the inception of their businesses, while discouraging them from keeping funds at home, which might lead to misuse.

“Start saving from the beginning of your business. Don’t wait till you sell and keep the money in your house. Your child will come and say give me, you give him, you will use it to cook soup. At the end of the day, you will not account for what Rotary has done for you.

“So, we want you to open an account and I will give you very few tips on how to succeed in a small business,” she said.

Rotary District 9110 Governor, Ifeyinwa Ejezie, spoke on the significance of economic empowerment in Rotary’s initiatives and called for government collaboration to reach grassroots communities effectively.

She emphasised the role of Rotary in complementing government efforts and stressed the need for recognition and partnership to enhance community development.

“We know that government cannot do it alone and that is why we are assisting them in no small way in doing what they are supposed to be doing in our communities.

“So, the best they can do is recognise Rotary for what it does and then partner with us accordingly,” she said.

She added that the N20 million items distributed was the largest the district had done in one empowerment initiative in recent times.

Bukola Bakare, Rotary International District Governor Nominee Designate, explained the process and challenges of raising funds for the project and how they incorporated Rotary from Singapore to absorb shocks from inflation.

Bakare, who was the Project Cordinator, said, “everything that has been given here today is free for the beneficiaries”.

She said that First Bank was a major sponsor for the project, adding that the 102 beneficiaries were chosen based on a needs analysis from Igbos, Hausa and Yorubas resident in Lagos, Ogun and Oyo states.

“First Bank is our major supporter for this programme, we have a 10-year plan,” she said.

Mr Babatunde Adewale, Permanent Board Member, Lagos State Universal Basic Education, lauded the empowerment programme, while reeling out contributions and projects of Rotary International to schools in the state.

“We really appreciate Rotary and SUBEB will always continue to collaborate with them,” he said.

Mrs Kemi Kalesanwo, Director, Lagos State Agency for Mass Education, said that 22 out of the 102 beneficiaries were from the agency’s vocational training centres.

Kalesanwo said that the state government believed in public, private partnership and was happy with the collaboration with Rotary and First Bank.

She listed projects donated by Rotary to include construction of one of the eight vocational training centres, owned by the agency in Igbogbo area of Lagos.

Kalesanwo, therefore, urged other Nigerians to support government programmes.

Otumba Wemmy Osunde, Chairman, Illisan Development Association, Ogun State, pledged personal commitment to ensuring beneficiaries utilise the items for economic gain.

Adekunmi Adeniyi, an industrial gas burner and cylinder beneficiary alongside other beneficiaries expressed gratitude to Rotary International and First Bank for the initiative.

He acknowledged the impact on their respective trades and crafts.

Edited by Olawunmi Ashafa

Nigeria’s inflation rate hits 33.69% in April- NBS

Nigeria’s inflation rate hits 33.69% in April- NBS

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By Okeoghene Akubuike

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.69 per cent in April 2024.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for April, which was released in Abuja on Wednesday.

According to the report, the figure is 0.49 per cent points higher compared to the 33.20 per cent recorded in March 2024.

It said on a year-on-year basis, the headline inflation rate in April 2024 was 11.47 per cent higher than the rate recorded in April 2023 at 22.22 per cent.

In addition, the report said, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 at 3.02 per cent.

“This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”

The report said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 per cent.

“This indicates a 7.28 per cent increase compared to 20.82 per cent recorded in April 2023.”

The report said the food inflation rate in April 2024 increased to 40. 53 per cent on a year-on-year basis, which was 15.92 per cent higher compared to the rate recorded in April 2023 at 24.61 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, and Water Yam, CocoYam

“Others are Dried Fish Sadine, Dried Catfish, Mudfish Dried, Palm Oil, Vegetable Oil, Coconut Oil , Beef Feet, Beef Head, Liver, Frozen Chicken.

“Others are Mango, Banana, Grapefruit, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo.”

It said on a month-on-month basis, the food inflation rate in April was 2.50 per cent, which was a 1.11 per cent decreaese compared to the rate recorded in March 2024 at 3.62 per cent.

“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Water Yam, Irish Potato, and CocoYam.

“Others are Beer, Loacl Beer, Milo, Bournvita, Nescafe, Groundnut oil, Palm oil, egg, fresh milk, powdered milk, Tin Milk, Soft drinks, wine and fruits. ”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 26.84 per cent in April on a year-on-year basis.

“This increased by 6.87 per cent compared to 19.96 per cent recorded in April 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing, Journey by motorcycle, Bus Journey within a city, Consultation Fee of a medical doctor, X-ray photography among others.

The NBS said on a month-on-month basis, the core inflation rate was 2.20 per cent in April 2024.

“This indicates a 0.24 per cent decrease compared to what was recorded in March 2024 at 2.54 per cent.”

“The average 12-month annual inflation rate was 22.84 per cent for the 12 months ending April 2024, this was 5.15 per cent points higher than the 17.70 per cent recorded in April 2023.”

The report said on a year-on-year basis in April 2024, the urban inflation rate was 36 per cent, which was 12.61 per cent higher compared to the 23.39 per cent recorded in April 2023.

“On a month-on-month basis, the uban inflation rate was 2.67 per cent, which decreased by 0.50 per cent compared to March 2024 at 3.17 per cent.’’

The report said on a year-on-year basis in April 2024, the rural inflation rate was 31.64 per cent, which was 10.50 per cent higher compared to the 21.14 per cent recorded in April 2023.

“On a month-on-month basis, the rural inflation rate was 1.92 per cent, which decreased by 0.95 per cent compared to March 2024 at per cent.’’

On states’ profile analysis, the report showed in April that all items inflation rate on a year-on-year basis was highest in Kogi at 40.84 per cent, followed by Bauchi at 39.91 per cent, and Oyo at 38.37 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 26.09 per cent, followed by Benue at 27.53 per cent, and Taraba at 28.69 per cent.

The report, however, said in April 2024, all items inflation rate on a month-on-month basis was highest in Lagos at 4.52 per cent, followed by Ondo at 3.35 per cent, and Edo at 3.27 per cent.

“Kano at 0.30 per cent, followed by Ebonyi at 0.97 per cent and Adamawa at 1.27 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Kogi at 48.62 per cent, followed by Kwara at 46.73 per cent, and Ondo at 45.88 per cent.

“Adamawa at 33.61 per cent, followed by Bauchi at 33.85 per cent and Nasarawa at 34.03 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Lagos at 4.74 per cent, followed by Edo at 4.06 per cent, and Yobe at 3.99 per cent.

“While Kano at 0.47 per cent, followed by Adamawa at 0.98per cent and Zamfara at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis.” (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

BOI launches RAPID initiative to empower rural businesses

BOI launches RAPID initiative to empower rural businesses

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By Rukayat Moisemhe

The Bank of Industry (BOI) has introduced the Rural Area Programme on Investment and Development (RAPID), which aims to empower youth and women-led businesses in underserved regions.

RAPID is to provide capital and opportunities to rural communities, in addressing challenges like rural-urban migration.

The Managing Director of BOI, Dr Olasupo Olusi, during the launch in Lagos on Tuesday, said that RAPID was designed to foster economic inclusion by providing rural dwellers with equitable access to capital.

Olusi stated that this access to capital was crucial to enhance commercial and economic activities as well as address the inadequacies in existing intervention programmes, primarily favoured urban areas.

He said that the initiative offered substantial financial support, with potential funding of up to 10 million naira per project.

He added that RAPID targeted existing small businesses seeking expansion capacity and new startups with a focus on youth and women-owned businesses.

According to him, the terms include a three-year repayment plan with a six-month moratorium at a concessionary interest rate of five per cent.

“As a pilot launch, it is limited to 10 beneficiaries per state and the Federal Capital Territory (FCT) totalling 370 beneficiaries.

“The grant component is developed to incentivise good repayment and businesses with significant social impact in employment generation for women and youth.

“To ensure the programme’s accessibility, applications can be submitted via a dedicated online portal or physically at any BOI district office nationwide starting May 15,” he said.

The Executive Director of Micro, Small and Medium-sized Enterprises, BOI, Mr Omar Shekarau, said that RAPID, covers all 36 states and the FCT.

According to him, it will focus on sectors like agriculture, textiles, garment manufacturing, leather goods, and food processing and preservation.

He said this comprehensive coverage would ensure that the benefits of economic growth were felt across the country, transforming rural areas into burgeoning economic hubs.

Shekarau added that beyond financial support, capacity building was a critical component of the initiative.

He said by empowering entrepreneurs with the necessary knowledge and skills, RAPID aimed to ensure sustainable development and long-term self-sufficiency for rural businesses.

“As RAPID rolls out, the BOI anticipates significant improvements in job creation, financial inclusion, and economic diversification, which are expected to contribute to national prosperity and stem the tide of migration from rural areas to cities.

“The programme not only represents a significant investment in Nigeria’s rural economies but also serves as a model for future initiatives.

This aims to achieve inclusive growth and sustainable development across West Africa,” he said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

NBS to produce data using Artificial Intelligence

NBS to produce data using Artificial Intelligence

320 total views today

By Okeoghene Akubuike

The National Bureau of Statistics(NBS) says it plans to produce crowd-sourced data on food prices using Artificial Intelligence.

Prince Adeyemi Adeniran, the Statistician-General of the Federation and Chief Executive Officer, NBS, said this at the 1st Bi-Annual Meeting of the National Consultative Committee on Statistics(NCCS),2024 in Keffi on Tuesday.

The News Agency of Nigeria(NAN) reports that the three-day meeting has the theme “Understanding Big Data and Data Science: A New Perspective to Data Analysis and Dissemination.”

“Before the end of the year, we will commence the process of producing and publishing weekly crowd-sourced data on food prices using artificial intelligence and crowdsourcing methods for six pilot states in Nigeria.

“This will serve as an additional source of food price statistics to the conventional monthly Consumer Price Index(CPI) and Cost of Healthy Diet reports published by NBS,” he said.

Adeniran commended the Statistician-General of Kaduna State and the Kaduna State Bureau of Statistics for their stride in adopting big data and data science.

“I understand that they already have a Data Science Campus which is already operational.

“This serves as a veritable model for other State Statistical Bureaus or agencies, even as you work hard to develop your conventional statistical operations in your respective states,” he said.

He said the NBS would continue to guide and lead by ensuring the necessary framework for utilising technology to explore the full potential of big data and data science for official statistics.

Adeniran said the NBS was collaborating with the Office of National Statistics in the UK and the African Development Bank(AfDB) to establish Data Innovation Lab and the GIS Lab.

“All these efforts align perfectly with the vision of the NBS and with our aspirations under the new National Strategy for the Development of Statistics( NSDS) 2024 – 2028.

“The NSDS 2024-2028 was validated in April by stakeholders of the system which is to build a robust national statistical system.

“A system well equipped to provide more accurate data and respond to the ever-evolving socioeconomic and data landscape.

“By embracing these initiatives, we are laying a solid foundation for a more resilient statistical system that can effectively meet the dynamic needs of our society and drive informed decision-making across all sectors,” he said.

He said the benefits and potential of big data and data science were limitless, saying however, that harnessing them came with some sets of challenges.

“First, we must invest heavily and sustainably in the necessary infrastructure to effectively collect, store, manage, analyse, and disseminate this vast amount of information available within the system.

“We must also develop a statistical system that is awash with personnel skilled in data science, statistics, and data engineering, and this should be done sustainably and efficiently, across all levels of federal, state, and local government.

“Furthermore, we must ensure responsible data governance that addresses privacy concerns, ethical considerations, and data security, particularly for personal details contained in these records.

The NBS boss said the committee needed to also go further and begin to champion data literacy by raising public awareness about the importance of data in a data-driven world,” he said.
He added:

“This will be done by engaging more with our users and other actors within the expanded statistical system.

“By embracing big data and data science, we can unlock a new perspective for data analysis, and dissemination in Nigeria.

“This will, in turn, affect the way and manner in which policy-making is done for the good of our citizens.” (NAN)(www.nannews.ng)

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