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Nigeria’s Inflation Rate Increases To 21.09%
The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.09per cent on a year-on-year basis in October, 2022.
Nigeria’s headline inflation rate stood at 20.77per cent on a year-on-year basis in September, 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for October released on Wednesday.
According to the report, the figure is 5.09per cent points higher compared to 15.99per cent recorded in October, 2021.
“This shows that the general price level for the headline inflation rate increased in October, 2022 when compared to the same month in the preceding year.
“Meaning that in October, 2022, the general price level was 5.09per cent higher relative to October, 2021,” it said.
According to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.
It said other factors were increased in import cost due to the persistent currency depreciation and a general increase in the cost of production such as the increase in energy cost.
The report said on a month-on-month basis, the Headline inflation rate in October, 2022 was 1.24per cent, which was 0.11per cent lower than the rate recorded in September, 2022 at 1.36per cent.
“This means that in October, 2022, the general price level for the headline inflation rate on a month–on–month basis declined by 0.11per cent,” the report.
According to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month’s food index relative to the reference month index, which is due to the harvest season.
The report said the percentage change in the average CPI for the 12 months ending October, 2022 over the average of the CPI for the previous 12 months period was 17.86per cent
“This indicates a 0.91per cent increase compared to the 16.96per cent recorded in October, 2021,” the report noted.
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in October, 2022 was 23.72per cent on a year-on-year basis, which was 5.39per cent higher compared to the rate recorded in October, 2021 at 18.34per cent.
“The rise in food inflation is caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.”
It said on a month-on-month basis, the food inflation rate in October was 1.23per cent, which was a 0.21per cent decline compared to the rate recorded in September, 2022 at 1.43per cent.
“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
“The average annual rate of food inflation for the 12-months ending October, 2022 was 19.83per cent , which was a 0.92per cent points decline from the average annual rate of change recorded in October, 2021 at 20.75per cent,” it stated.
The report said on a year-on-year basis in October, 2022, the urban inflation rate was 21.63per cent, which was 5.11per cent higher compared to the 16.52per cent recorded in October, 2021.
“On a month-on-month basis, the urban inflation rate was 1.33per cent in October, 2022, this was a 0.12per cent decline compared toSeptember, 2022 at 1.46per cent,” the report noted.
It said the corresponding 12-month average for the urban inflationrate was 18.38per cent in October, 2022.
“This was 0.85per cent higher compared to the 17.53per cent reported in October, 2021,” it said.
The report said on a year-on-year basis in October, 2022, the rural inflation rate was 20.57per cent, which was 5.09per cent higher compared to the 15.48per cent recorded in October, 2021.
“On a month-on-month basis, the rural inflation rate in October, 2022 was 1.16per cent, which declined by 0.11per cent compared to September, 2022 at 1.27per cent,” it stated.
It said the corresponding 12-month average for the rural inflation rate inOctober, 2022 was 17.38per cent, which was 0.98per cent higher compared to the 16.39per cent recorded in October, 2021.
On states’ profile analysis, the report showed in October, 2022, all items inflation rate on a year-on-year basis was highest in Kogi at 25.15per cent, followed by Bauchi at 23.45per cent, and Ondo at 23.45per cent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Plateau at 19.02per cent followed by Borno at 19.31per cent and Nasarawa at 19.39per cent.
The report, however said in October, 2022, all items inflation rate on a month-on-month basis was highest in Abuja at 3.18per cent, followed by Kebbi at 2.80per cent, and Sokoto at 2.57per cent.
“Kwara at -0.14per cent, followed by Kogi at 0.06per cent and Oyo at 0.30per cent recorded the slowest rise on month-on-month inflation,” it added.
The report said food inflation in October, 2022, on a year-on-year basis was highest in Kwara by 30.79per cent, followed by Kogi at 28.74per cent and Imo at 28.64per cent.
“Kaduna at 19.96per cent, followed by Plateau at 20.17per cent and Jigawa at 20.42per cent recorded the slowest rise on year-on-year food inflation,” it said.
It, however, said on a month-on-month basis in October, 2022, food inflation was highest in Sokoto at 3.55per cent followed by Yobe by 3.31per cent and Kebbi at 3.16per cent.
“Kwara at -0.76per cent, followed by Kogi at -0.55per cent and Akwa-Ibom at -0.21per cent recorded the slowest rise on month-on-month inflation,” it noted.
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.
The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.
Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.
He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.
Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.
“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.
He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.
“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.
Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.
Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.
He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.
He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.
In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.
He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.
Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.
Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.
The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.
Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.
“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.
“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.
“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.
“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?
Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.
Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”
The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.
“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.
“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.