Business

‘Inflation Rate Higher In Oct Than Sept’

Published

13 years ago

November 23, 2012

Figures released on Monday in Abuja by the National Bureau of Statistics (NBS) show
that Nigeria’s inflation rate rose to 11.7 per cent in October, as against 11.3
per cent recorded in September, the month of October increased by 0.4 per cent.

The Statistician-General of the
Federation, Dr Yemi Kale,said in a statement that the monthly change in the composite
Consumer Price Index (CPI) was due to the rising cost of food items during the
period.

“The rise in the food Index was mainly
due to higher food prices in various classes lead by meat, fish, potatoes, yams
and other tubers, fruits, bread and cereals as well as other foods.

“While the impact of security concerns
on agricultural production has eased significantly, the higher food prices
continue to reflect the impact of recent floods on farm produce.

“This is resulting to difficulty of
moving food products to markets across the country, coupled with higher demand
for food items due to the just-concluded Muslim festival,’’ the statement said.

He said the relative moderation in the
headline index in September was offset by the rising cost of food items during
the period.

“While the “Core’’ index continues its
declining trend over the last few months, rising to 12.4 per cent in October
from 13.1 percent in September, the food index increased to 11.1 per cent from
10.2 per cent over the same period.

“Since its year-on-year peak of 15.2
per cent in June, 2012, the Core Index continued to exhibit a declining trend
partially as a result of uncompromising monetary policy on the part of the
Central Bank of Nigeria.

“It should be noted that the Headline
Index is made up of the Core Index and Farm Produce items.

“ As processed foods are included in
both the Core and Food sub-indices, this implies that these sub-indices are not
mutually-exclusive,’’ the statement said.

It said the average annual rate of
rise of the index for the twelve-month period ending in October 2012 was 11.2
per cent when compared to 10.5 per cent in 2011.

The statement said the urban inflation
rate was recorded at 15.3 per cent in October, compared to 14.22 per cent in
September.

It explained that the rural index
recorded a 9.1 per cent year-on-year increase, relatively unchanged from
September.

It stated that both the “Urban and
Rural All Items’’ index increased by approximately 0.9 per cent month-on month
each, when compared with the previous month.

“The percentage change in the average
composite CPI for the 12-month period ending in October 2012 over the average
of the CPI for the previous 12-month period remained unchanged at 11.9 per
cent.

“The corresponding 12-month
year-on-year average percentage change for Urban and Rural indices was 13.5 per
cent and 10.8 per cent respectively.

“In October, the composite Food Index
increased year-on-year to 11.1 per cent, 0.9 percentage points higher than 10.2
per cent recorded in September,’’ it said.

The statement stated that on a
month-on-month basis, the Food index increased by 1.0 per cent in September.

“In October, the “All items less Farm
Produce” index which excludes the points lower than the 13.1 per cent was
recorded in September.

“The relative moderation in the core
index (on a year-on-year basis) continues a trend exhibited for four
consecutive quarters,’’ it stated.

The statement said increases in the
Core index were as a result of increases in the educational expenses due to the
resumption of the academic year, higher transportation costs due to the recent
concluded Muslim festival, and health expenditures.

“On month-on-month basis, the core
index increased by 0.4 per cent in October, down marginally from 0.5 per cent
in September.

“The average 12-month annual rate of
rise of the index remained at 13.5 per cent (year-on-year) for the 12-month
period ending October 2012,’’ it said.

According to the bureau, pricing and
weighting are the two basic parameters used to arrive at the CPI.

It added that 10,534 officers were
deployed to collate the data for the CPI monthly, while 740 product
specifications were priced across the rural and urban areas of the 36 states of
the federation and the FCT.

The statement added that the average
price of each item was computed for each sector for each state and the FCT and
used for index computation..

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

2 days ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

2 days ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

2 days ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.