Nigeria: Inflation Rises To 11.85 Percent In November 2019 - Report - Mega Icon Magazine
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Nigeria: Inflation Rises To 11.85 Percent In November 2019 – Report

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Nigeria’s inflation has  increased by 11.85 percent in November 2019, gaining 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent.

This was revealed by the National Bureau of Statistics (NBS) CPI and Inflation Report for November 2019.

On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, a 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent.

The report also observed that the urban inflation rate grew by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.

“On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.”

Similarly, the composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

The report attributed the rise in the food index to increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, yam and other tubers, and Fish.

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Analysing the inflationary rates by state, the report noted that all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) recorded the slowest rise in headline Year on Year inflation.

“In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.”

The percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.

 

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Osun Economic Summit: FG to Site Specialised Agricultural Market In Ijebu – Jesa

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The Federal Government has expressed its readiness to site a specialised agricultural produce and international fish market in Ijebu –Jesa,  Oriade Local Government Area of Osun.

The Osun state Commissioner for Agriculture and Food Security, Mr Adedayo Adewole disclosed this at a meeting of the Project Implementation Committee (PIC) in Osogbo, the state capital.

Adedayo explained that the Federal Ministry of Trade and Investment, in conjunction with Agricultural Traders Welfare Association (ATWA), would be executing the project in the state.

According to the Commissioner, the project is a fallout of the economic and investment summit organised by the state government in November 2019 and targeted at boosting the economy of the state.

He said apart from the fact that the project upon implementation would boost the economy of Osun, it would also boost the business of fish farmers and marketers in the state and its environs .

Earlier, the representative of the PIC, Dr Joseph Okeke, lauded the state government for promoting discussion of the economic transformation of the state and Nigeria in general through agriculture and agricultural value chain.

Okeke, who also doubles as the National President of ATWA, noted that the project was targeted towards economic diversification by the Federal Government in the area of specialised agricultural market.

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“It is also geared toward job creation, enhancing economic activities and facilitating exportation of Nigerian commodities”, he added.

The committee, comprising of the project facilitator, Dr Gabriel Eniola, Osun Fish Farmers Association Chairman, Mr Tope Ogundipe and Osun Commissioner for Lands and Physical Planning, Mr Nathaniel Agunbiade among others later inspected the site.

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Adewale Raji gets another term as Odu’a Investment GMD

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Odu’a Investments Limited on Tuesday reappointed its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr Adewale Raji for another term.

Contained in a statement issued by the company, Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to evaluate his performance in the last five years.

With his fresh appointment, Raji will now lead the conglomerate for another five years.

It would be recalled that his  five-year tenure had expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG assess  his performance. However, following a satisfactory evaluation, the shareholders at a meeting held on October 28, 2019 renewed his appointment for another term of five years with effect from June 1, 2019 and the Board also ratified the appointment.

No doubt, Raji’s first tenure witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208b was paid out to shareholders which is a record of consecutive dividend payout in the history of the company.

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His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.

 

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30 Shops In Gbagi Marked For Demolition

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At least about 20 to 30 shops housed by Bola Ige International Business Complex, Gbagi, Ibadan have been marked for demolition by the Oyo state government.

The government said as part of its efforts  in restoring the popular market back to international standard, the identified shops which it described as illegally built would be demolished.

The state  commissioner for Commerce, Trade and Investment,  Hon. Adeniyi Adebisi, informed that the action became necessary in restoring Bola Ige International Business Complex, Gbagi, Ibadan back to international standard as provided in the master plan of the market so as to create a conducive environment for businesses within the State to thrive.

The Commissioner further added that the task force committee set up by Governor Seyi Makinde to restructure the business complex has submitted its report and implementation would follow in due course.

He, however  assured the market men and women that the state government remained committed to providing them the basic facilities that would promote the economic activities in the market.

 

 

 

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