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Food Prices Surge, Pushing Nigeria’s Inflation to 26.72% in September

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Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May.

This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.

The CPI, which measures the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.

“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate, which was 25.80%,” the report partly read.

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.”

Also, the report said the food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%).

The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,” the report added.

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Ford Trims Workforce: 4,000 Jobs to Go in Europe

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(FILES) The logo of carmaker Ford is pictured on the sidelines of a warning strike called by metalworkers’ union IG Metall at the plant of carmaker Ford in Cologne, western Germany, on October 29, 2024. – US car manufacturer Ford on November 20, 2024 announced plans for 4,000 further job cuts in Europe, mostly in in the UK and Germany, in the latest blow to the continent’s beleaguered car industry. (Photo by INA FASSBENDER / AFP)

US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.

“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.

The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.

“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.

The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.

Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.

 

Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.

 

“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.

 

Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.

The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.

Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.

 

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Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor

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President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.

The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.

A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.

According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.

The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.

“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.

In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.

Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.

Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.

The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.

Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.

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Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions

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The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.

Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.

She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.

“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.

In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.

They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.

The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.

“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.

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