The National Bureau of
Statistics (NBS) in Nigeria does not lack economic information to guide the
country’s policy projection as done in other climes.
Statistics (NBS) in Nigeria does not lack economic information to guide the
country’s policy projection as done in other climes.
In fact the bureau arguably
remains one of the few sectors that has continued to attract the confidence of
the public due to the factual and verifiable data it had churned out over the
years.
remains one of the few sectors that has continued to attract the confidence of
the public due to the factual and verifiable data it had churned out over the
years.
The core of some of those data
had always hovered around rising inflation which remains worrisome. The
country’s double digit inflation rate has largely been responsible for the weak
economy notwithstanding, the negligible improvement announced by the bureau on
Thursday, April, 13.
had always hovered around rising inflation which remains worrisome. The
country’s double digit inflation rate has largely been responsible for the weak
economy notwithstanding, the negligible improvement announced by the bureau on
Thursday, April, 13.
The bureau had in the
Consumer Price Index report for March said that the inflation rate measured by
the Consumer Price Index dropped from 14.33 per cent in February to 13.34 per
cent in March year-on-year.
Consumer Price Index report for March said that the inflation rate measured by
the Consumer Price Index dropped from 14.33 per cent in February to 13.34 per
cent in March year-on-year.
The bureau stated in the CPI
report released on Thursday in Abuja that the figure showed 14 consecutive
reductions in inflation rate since January 2017.
report released on Thursday in Abuja that the figure showed 14 consecutive
reductions in inflation rate since January 2017.
According to the bureau, the
figure is 0.99 per cent points less than the 14. 33 per cent recorded in
February.
figure is 0.99 per cent points less than the 14. 33 per cent recorded in
February.
The NBS, however, noted that
increases were recorded in the Classification of Individual Consumption by
Purpose (COICOP) divisions that yielded the headline index.
increases were recorded in the Classification of Individual Consumption by
Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, the
report stated the Headline index increased by 0.84 per cent in March 2018, up
by 0.05 per cent points from the rate recorded in February.
report stated the Headline index increased by 0.84 per cent in March 2018, up
by 0.05 per cent points from the rate recorded in February.
It added that the percentage
change in the average composite CPI for the 12-month period ended March over
the average of the CPI for previous 12-month period was 15.60 per cent.
change in the average composite CPI for the 12-month period ended March over
the average of the CPI for previous 12-month period was 15.60 per cent.
It indicated that the figures
were 0.33 per cent lower from 15.93 per cent recorded in February.
were 0.33 per cent lower from 15.93 per cent recorded in February.
The report, however, stated
that urban inflation rate eased by 13.75 per cent (year-on-year) in March from
14.76 per cent recorded in February, while the Rural inflation rate also eased
by 12.99 per cent in March from 13.96 per cent in February.
that urban inflation rate eased by 13.75 per cent (year-on-year) in March from
14.76 per cent recorded in February, while the Rural inflation rate also eased
by 12.99 per cent in March from 13.96 per cent in February.
According to the report, the
Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down
from the rate recorded in February (17.59 per cent).
Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down
from the rate recorded in February (17.59 per cent).
It stated that “All Items less
Farm Produce’’ or Core inflation, which excluded the prices of volatile
agricultural produce, rose by 11.2 per cent in March, down by 0.5 per cent
points from the rate recorded in February (11.7 per cent).
Farm Produce’’ or Core inflation, which excluded the prices of volatile
agricultural produce, rose by 11.2 per cent in March, down by 0.5 per cent
points from the rate recorded in February (11.7 per cent).
The drop in the composite food
index excluding prices of volatile agricultural produce was simply an indicator
of interplay of import of goods into the country without commensurate export
activities.
index excluding prices of volatile agricultural produce was simply an indicator
of interplay of import of goods into the country without commensurate export
activities.
For example, the Nigerian Ports
Authority (NPA) announced on Wednesday, April 11, that 45 ships laden with
petroleum products, food items, to arrive Lagos ports
Authority (NPA) announced on Wednesday, April 11, that 45 ships laden with
petroleum products, food items, to arrive Lagos ports
The Forty-five ships
laden with petroleum products, food items and other goods are expected to
arrive Apapa and TinCan Island Ports in Lagos
from April 11 to April 28, according to the NPA.
laden with petroleum products, food items and other goods are expected to
arrive Apapa and TinCan Island Ports in Lagos
from April 11 to April 28, according to the NPA.
A total of 15 of the expected
39 ships would sail in with petrol, it said in a publication made available to
newsmen.
39 ships would sail in with petrol, it said in a publication made available to
newsmen.
According to the NPA, the
remaining 30 ships contained bulk wheat, bulk sugar, frozen fish, diesel,
ethanol, bulk fertiliser, general cargo and containers laden with goods.
remaining 30 ships contained bulk wheat, bulk sugar, frozen fish, diesel,
ethanol, bulk fertiliser, general cargo and containers laden with goods.
Already 14 ships had arrived
the ports waiting to berth with container, bulk fertiliser and petrol, the NPA
disclosed in its daily “Shipping Position” early Thursday.
the ports waiting to berth with container, bulk fertiliser and petrol, the NPA
disclosed in its daily “Shipping Position” early Thursday.
It said that eight of the
vessels were laden with petrol, while the remaining four would berth with
general cargo, container, oil, and bulk fertiliser.
vessels were laden with petrol, while the remaining four would berth with
general cargo, container, oil, and bulk fertiliser.
As can be seen, the country has
little or nothing to do to stem the vulnerability of the country as a result of
daily import.
little or nothing to do to stem the vulnerability of the country as a result of
daily import.
The attempt by successive
governments to diversify the economy have not yielded the required result.
President Muhammadu Buhari, like his predecessor, Goodluck Jonathan
has continued to rely on sales from crude oil.
governments to diversify the economy have not yielded the required result.
President Muhammadu Buhari, like his predecessor, Goodluck Jonathan
has continued to rely on sales from crude oil.
Leap service is paid to the
urgent need to diversify the economy without also quenching the opulent tastes
of government officials and other Nigerians who create the demand for foreign
goods and services.
urgent need to diversify the economy without also quenching the opulent tastes
of government officials and other Nigerians who create the demand for foreign
goods and services.
The country free trade zone
scheme meant to encourage local production of goods for export has been left
unattended to. The government must come to the realization that there is more
to gain from export than from import. What could more convincing than the
positives accruing to the country from the ban on importation of rice?.
scheme meant to encourage local production of goods for export has been left
unattended to. The government must come to the realization that there is more
to gain from export than from import. What could more convincing than the
positives accruing to the country from the ban on importation of rice?.
This was attested to by
Mr Kayode Oguntuase, Nigerian Ambassador to Benin Republic, who on April 11
said the ban on rice and vehicles importation through the land border was for
the benefit of Nigerians.
Mr Kayode Oguntuase, Nigerian Ambassador to Benin Republic, who on April 11
said the ban on rice and vehicles importation through the land border was for
the benefit of Nigerians.
He said this in a statement
issued by the Consul, Mr Olanrewaju Badmus in Badagry, Lagos.
issued by the Consul, Mr Olanrewaju Badmus in Badagry, Lagos.
Oguntuase spoke when he paid a
courtesy visit to the Emir of Yashikira, in Kwara State, Alhaji Umar Seriki.
courtesy visit to the Emir of Yashikira, in Kwara State, Alhaji Umar Seriki.
He said the ban placed on rice
and importation of cars through the land border was to improve local
production.
and importation of cars through the land border was to improve local
production.
“We would keep on addressing
this matter until people understand the short and long term benefits of this
policy that the government has taken in order to improve the economy.
this matter until people understand the short and long term benefits of this
policy that the government has taken in order to improve the economy.
“Our locally made products
have to be encouraged in order to provide employment for people and in order to
make this happen, some drastic steps must be taken and this is one of them.
have to be encouraged in order to provide employment for people and in order to
make this happen, some drastic steps must be taken and this is one of them.
“If Cotonou was making its own
cars, then it would be a different case but they also import these things and
we wouldn’t allow Nigeria to be a dumping ground for all these products.
cars, then it would be a different case but they also import these things and
we wouldn’t allow Nigeria to be a dumping ground for all these products.
“The government has the well
being of its citizens at heart and to achieve such goal, some measures must be
taken to ensure that,’’ Oguntuase said.
being of its citizens at heart and to achieve such goal, some measures must be
taken to ensure that,’’ Oguntuase said.
The envoy was right, as the
culmination of import and smuggling remain the extraneous force that had so far
inhibited the country’s economic growth due to attendant high inflationary
trends.
culmination of import and smuggling remain the extraneous force that had so far
inhibited the country’s economic growth due to attendant high inflationary
trends.
In the words of the former
governor of the Central Bank of Nigeria (CBN), Alhaji Sanusi Lamido Sanusi, now
Emir of Kano, while speaking on the urgent need to fight corruption said “If
Nigerians did not Kill corruption, corruption will kill us’’.
governor of the Central Bank of Nigeria (CBN), Alhaji Sanusi Lamido Sanusi, now
Emir of Kano, while speaking on the urgent need to fight corruption said “If
Nigerians did not Kill corruption, corruption will kill us’’.
So, in similar vein, “if
Nigerians did not kill inflation, inflation will kill us’’.
Nigerians did not kill inflation, inflation will kill us’’.
But how could inflation be
killed?, it is simply by reducing the infrastructural deficit, promoting the
non-oil sector and export, extinguishing the opulent taste of most
Nigerians as well as create friendly business environment to attract investors.
killed?, it is simply by reducing the infrastructural deficit, promoting the
non-oil sector and export, extinguishing the opulent taste of most
Nigerians as well as create friendly business environment to attract investors.
