Nigeria’s inflation hits 15.92% as energy, food prices soar
Nigeria’s headline inflation rate witnessed yet another significant uptick in the month of March as it increased by 15.92 percent on the back of soaring food and energy prices.
Nigeria’s consumer price growth surpassed 15 per cent in March, its fastest pace since last year following a surge in the cost of energy and food, maintaining pressure on the CBN to take decisive actions to tackle inflation.
The National Bureau of Statistics (NBS), in its Consumer Price Index report released on Tuesday, attributed the marginal increase to surge in global energy prices which has lingered all through the months of February and March as a result of the increased price of diesel as a result of scarcity emanating from ongoing crisis between Russia and Ukraine.
Headline inflation increased by about 0.22 percent higher than the 15.70 percent witnessed in February inflation report.
Food inflation increased to 17.20% in February as against 17.11% the previous month.
The rise in food index was caused by increases in prices of bread and cereals, food products n.e.c., potatoes, yam and other tubers, oils and fats
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.91 percent month-on-month, down 0.1 percent compared to 14.01 percent in February 2021.
The highest increases under the core sub section were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear, liquefied fuel, tobacco, spirit, narcotics, solid fuel, cleaning repair and hire of clothing, garments, shoes and other foot wear.
Protect telecom infrastructure from vandalism, others – NCC
The Nigerian Communications Commission (NCC) has pleaded with Nigerians to protect and report any cases of telecommunication infrastructure vandalism and theft to security agencies around them.
The commission also identified hostility from some host communities as one of the major factors affecting the progress of the telecommunications industry in the country.
The Director, Zonal Operations, NCC, Amina Shehu, who was represented by the Assistant Director, Zonal Operations, NCC, Abubakar Usman, made this appeal in a recently concluded sensitisation programme organised by the agency at Wannune, Tarka Local Government Area of Benue State.
While addressing the audience, she decried the extent to which vandalism had taken a new turn and was affecting the growth of the sector-an unfortunate event that has resulted in poor service delivery to end-users.
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She said, “One of the major challenges to the quality of service that operators provide to you is vandalism of telecom infrastructure, such as Base Transceiver Stations (BTS). Others are theft and hostility from some host communities, which have continued to pose a major setback to the industry. Therefore, it is imperative for the public to regard telecom facilities as collectively-owned infrastructure that is crucial and essential for the provision of efficient and acceptable telecom services. The more reasons these facilities need to be adequately protected, ”
She urged residents living close to any of the telecommunication facilities to, as a matter of civic responsibility, report any suspicious activities around these facilities to law enforcement agencies when spotted.
She informed all about the role played by the telecommunication sector in the growth and development of the Nigerian economy in the past 15 years.
Shehu promised that the commission will ensure that it liaises with relevant agencies to inform consumers about their role in ensuring the security of telecom infrastructure.
Nigeria plans first census in 17 years next year after security delay
Nigeria will conduct its much-awaited census next year after a 17-year wait, Nigeria’s government is saying.
The census, which will be the first in 17 years, will attempt to get an accurate picture of the country’s population, which many believe to be around 200 million people, the largest in Africa, the head of the national population agency said on Thursday, Reuters reported.
Many consider the national census to be a tool used by politicians to not only divide Nigerians but also exploit the vulnerability of the citizenry. Rival ethnic and religious groups use data from the national census to try to gain strength so that they can get more of the oil money and the power to run the country.
The country had initially planned to carry out this election last year, but due to the current security challenges, especially in the entire northern region, the agency, with the backing of the federal government, decided to postpone the exercise.
The northeast still has the challenge of the insurgency, while the northwest and northcentral are bedeviled by kidnappings and all sorts of criminality.
An attack on a farming community in Plateau State, Nigeria, where more than 150 people were reported killed by gunmen and many others were kidnapped, is just one of the numerous stories that may hinder this census from holding.
The southern part of the country isn’t faring any better. With some unknown gunmen, many adjudged to be members of the Independent People of Biafra (IPOB), destroying government facilities and killing government officials, the situation looks very challenging.
The census is seen by many as a way for the ruling party to identify states it may use to perpetuate itself in power, considering the many unfulfilled promises of this current APC-led federal government.
The country, which is considered a secular state, is split between the Muslim North and the Christian South and has more than 350 ethnic groups.
According to the World Bank estimates, Nigeria’s population, which hit an estimated 206.14 million people in 2020, is expected to almost double that amount by 2050.
Ukraine war increases U.N. food agency’s costs in hunger-hit West Africa says WFP
The United Nation’s World Food Programme (WFP) has said that its operational costs will increase by $136 million in West Africa this year alone following the rise in food and fuel prices brought about by the war in Ukraine.
Reuters reported that the agency’s attempt to address the current food shortage in the crisis-stricken region brought about by war, famine, and pandemic-linked border closure has been affected in no small measure by the Ukraine war.
The agency reported that before Russia’s unprovoked invasion of Ukraine, it was already struggling to meet high demand following the challenges highlighted above and had resorted to cutting rations before the Russia-Ukraine war.
Chris Nikoi, Regional Director of the WFP, said in a statement, “With the unfolding conflict in Ukraine, ports and suppliers are no longer accessible, with shipments from the wider Black Sea delayed or simply cancelled.”
As many as six countries in West Africa are heavily dependent on Russia for their wheat, thereby exposing them to price spikes brought about by the sanctions on the country.
Reuters reported that many agencies operating on the continent have complained of funding challenges since the war, fearing total neglect by governments as all attention is focused on Ukraine.
WFP fears that as many as 43 million people may face acute food insecurity by June 2022.
Twitter fences off Musk with its “poison pill’ approach
Twitter said on Friday that its board of directors has adopted a “poison pill” defense to block Tesla CEO Elon Musk’s attempt to buy the business and take it private for more than $43 billion.
The company has adopted the “poison pill” defence to wade off consistent and persistent attempts by Musk to change the ownership structure of the microblogging company.
According to the Associated Press (AP), the poison pill approach will grant purchase rights to other retail shareholders, except Musk, to buy more shares of the company at a discount. They believe that this will reduce Musk’s influence in the company and make it difficult for a majority of shareholders to vote in favour of the acquisition.
It is believed that in some quarters, this plan by the company would kick off if Musk’s 9% stake grows to 15% or more.
The tech company has demonstrated its distaste for one-man ownership in the way things are run and how they should be run in the company, hence its decision to come up with the poison pill defence against Musk.
According to the AP, the Twitter plan “would reduce the likelihood that any person could gain control of the company without either paying shareholders a premium or giving the board more time to evaluate an offer.”
Many analysts believe that the war isn’t over as Musk could still try to take over the company by waging a “proxy fight” in which shareholders vote to retain or dismiss the company’s current directors.
Twitter said its plan doesn’t prevent the board from negotiating or accepting an acquisition proposal if it’s in the company’s best interests.
