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Inflation Rate Drops To 8.6%

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13 years ago

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Nigeria’s inflation rate has dropped to 8.6 per cent in March, down from the 9.5 per cent rate attained in the preceding month.

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

“The nation’s Composite Price Index (CPI), which measures the average change in price level, slowed down for the second consecutive month in March, dropping to 8.6 per cent, down from the 9.5 per cent rate attained in the preceding month.

“The slower rise in the headline index when compared with the price level of the preceding month could primarily be attributable to base effects from March of 2012 when the economy witnessed significant higher price levels,” he said.

The National Bureau of Statistics (NBS) said that between February and March of 2012, there were substantial increases in seven, eight and six of the 11 non-food Classification of Individual Consumption by Purpose (COICOP) divisions in the headline.

The statement said that urban and rural indices which resulted in the Core Index, increased from 11.9 in February 2012, to 15.0 in March 2012.

“In March, the composite CPI increased by 0.71 per cent month-on-month from index levels recorded in February.

“The Urban composite CPI was recorded at 142.8 in March, which was a 9.3 per cent year-on-year change. This was lower than the 9.8 per cent recorded in February.”

The bureau said the corresponding Rural composite CPI recorded a 8.1 per cent year-on-year change, up from 9.5 per cent in February.

“On a month-on-month basis, the Urban All-item index increased by 0.6 per cent from levels recorded in February while the Rural All Items index increased from levels recorded in February by 0.8 per cent.

“The percentage change in the average Composite CPI for the twelve-month period ending in March 2012 over the average of the CPI for the previous twelve-month period was recorded at 11.4 per cent.

“The corresponding 12-month year-on-year average percentage change for the Urban index was 13.3percent, while the corresponding Rural index was 10.0 per cent,” the statement said.

The bureau noted that in the month under review, the composite Food Index increased year-on-year by 9.5 per cent to 144.6 points, representing 1.5 percentage points lower than the 11.0 per cent recorded in the preceding month.

It said that on a month-on-month basis, the Food index increased by 1.0 per cent between February and March.

The NBS said that food prices were higher across all classes in the food sub-index.

It attributed the higher food index to contributions by bread and cereals, potatoes, yams and other tubers and vegetables.

“On the `All items less Farm Produce’ or Core index, which excludes the prices of volatile agricultural products, increased by 7.2 per cent year-on-year, a percentage that was lower than 11.2 per cent recorded in the preceding month by 4 percentage points while on month-on-month basis, the Core index increased by 0.7 per cent from February to March 2013,”

The statement indicated that year-on-year all COICOP classes that contributed to the core exhibited, muted rises except the “Alcoholic Beverages, Tobacco and Cola” division.

It added that the average 12-month annual rate of rise of the index was recorded at 13.0 per cent for the twelve-month period ending in March 2013, down by 0.7 percentage points from February, 2013.

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Association Woos Govt, Coys On  Boat Operators  Employments

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1 week ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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1 week ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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1 week ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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