The National Bureau of
Statistics (NBS) has released the Consumer Price Index (CPI) for January 2015 stating that increase in the prices of non-food items such as electricity, gas and other fuels had pushed inflation up by 8 percent.
The bureau in the inflation report made available to The Tide in Abuja recently said the 8.2 percent year-on-year-rise represented a 0.2 percentage point increase over the 8 percent recorded in December, 2014. In November last year, inflation rate was around 7.9 percent.
Following the devaluation of the naira by 8 percent by the Central Bank of Nigeria (CBN) in November last year, analysts had predicted the inflation rate would increase. There were fears that inflation could hit a double digit on the back of the devaluation.
Apart from the increase recorded in electricity and gas prices, the report also listed footwear, housing, water, furnishing, household equipment maintenance items as well as clothing as other major components that pushed up the inflation rate.
The report also showed that while the prices of most items that contributed to the index increased during the period, this was countered by slower rises in food items such as fish, fruit, coffee, tea, cocoa and soft drinks.
“In January, the Consumer Price Index, which measures inflation rose by 8.2 percent (year-on-year), 0.2 percent point from 8.0 percent recorded in December.
“All major divisions that contributed to the index increase during the period the report said food prices measured by the food sub-index held at roughly the same pace of increase in January as at December, while on the aggregate, upward pressure on the headline index was largely as a result of increasing divisions that contribute to the core sub-index.
Financial analysts had warned that the recent devaluation of the naira might further increase the cost of doing business in the country which could be reflected in the high cost of goods and services.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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