Connect with us

Business

Nigeria’s Inflation Rate Hits 12.7%

Published

13 years ago

on

The National Bureau of

Statistics (NBS), has put the country’s inflation rate for May at 12.7 per cent, 0.2 per cent lower than the April figure of 12.9 per cent.

This is contained in a statement issued in Abuja on Tuesday by the Statistician-General of the Federation, Dr Yemi Kale.

The statement said the monthly change in the Composite Consumer Price Index (CPI) could be partly attributable to persistent change in the prices of some farm produce due to the farming season.

It said, “The farm produce such as vegetables are typically in short supply at this time of the year.

“Other notable increases were in catering services, as well as the cost of some miscellaneous services, such as appliances, articles and products for personal care.”

The statement said that the rise in the food index was mainly from increase in the prices of vegetables (in particular), potatoes, yam and other tubers, and bread and cereals.

“Farm produce prices have been higher as stocks have been drawn down from earlier harvests and farmers are in the peak of the farming season, using up part of their stocks in the farming process.

“The average annual rate of rise of the index remained at 10.4 per cent (year-on-year) for the 12-month period ending May 2012,’’ it said.

The statement said that the urban inflation rate stood at 14.1 per cent in May against 13.4 per cent recorded in April.

It said that the rural inflation rate was 11.7 per cent for May, while the April figure stood at 12.5 per cent.

The statement said that the “All items less Farm Produce” index, which excluded the prices of volatile agricultural products rose by 14.9 per cent year-on-year.

It said that the average 12 months annual rate of rise of the index was 12.4 per cent for the 12-month period ending May 2012.

“On a month-on-month basis, the core index increased by 1.1 per cent in May 2012.

“The rise in the “Core” index could be attributable to higher price levels in divisions that compose the index, such as clothing and footwear, gas and other fuels, transportation,” it said.

They also include other class items, such as carpets and floor coverings and education materials.

The statement said that prices and weighting were the two basic parameters used to arrive at the CPI.

It added that 10,534 officers were used 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 said that the average price of each item was computed for each sector for each state and the FCT and used for index computation.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

18 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

18 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

18 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending