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Inflation: Experts Task FG On Agric Output

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Some financial experts have said that the downward slide in the nation’s inflation rate could only reflect in prices of food with increased output in agricultural output.
They told The Tide source in Lagos, on Friday while reacting to the May inflation figure that the Federal Government should increase agricultural output to reduce prices of goods and services.
Department of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun Prof. Sheriffdeen Tella, said efforts must be intensified to increase output in agriculture for both food and cash crops.
He advised the government to check negative activities that affect agricultural output such as the issue of herdsmen and ensure improvement in production as well as capacity utilisation in industries.
He said the decline in inflation had been very slow particularly for food, thereby making the impact to be minimal due to high cost of production and high interest rate.
“For falling prices to be felt in the commodity market, the interest rate must come down and naira must continuously appreciate against the dollar and other key currencies.
“However, interest rate may not come down now because of the fear that once the budget is endorsed by the President for implementation, liquidity will increase in the economy coupled with spending on the forthcoming election.
“So, the Central Bank may want to continue to tighten the monetary angle. What can bring down prices will be increased production in both agriculture and industry,” Tella said.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said the consistent decline of inflation since January 2017 was good for the economy.
Omordion said the impact would be felt with low interest rate and efficient infrastructure that support economic growth and development.
He said government must work hard to improve the nation’s infrastructure to reduce cost of production and aid movement of goods and services.
According to our source, the National Bureau of Statistics (NBS) on June 13 said the Consumer Price Index (CPI), which measures inflation for May, decreased from 13.34 per cent recorded in April to 11.61 per cent (year-on-year).
The NBS disclosed this in its CPI and inflation Report for May released in Abuja.
According to the bureau, this figure is 0.87 per cent points less than the rate recorded in April.
The bureau said the figure showed 16 consecutive reductions in inflation rate since January 2017.
The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, the bureau said the Headline Index increased by 1.09 per cent in May, up by 0.26 per cent points from the rate recorded in April.
It stated the percentage change in the average composite CPI for 12 months period ended May over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 14.79 per cent in the period under review, showing 0.41 per cent point lower from 15.20 per cent recorded in April.
The report further showed that the urban inflation eased by 12.08 per cent (year-on-year) in May from 12.89 per cent recorded in April.

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Adeniyi’s Impersonator Faces Trial, Knows Fate, July 3

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The Federal High Court sitting in the Central Business District of the Federal Capital Territory, Abuja, has conducted a hearing of one Ibrahim Shu’aibu, a 50-year-old man, for assuming the character of the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, among other distinguished personalities in Nigeria, to commit fraudulent activities.
The Nigeria Customs Service (NCS) had in January addressed the media about the suspect’s apprehension by the Service’s Police Unit following his involvement in fraudulent activities, which included luring numerous citizens to pay him money for the issuance of job appointment letters.
During the court hearing, the lead Counsel of the NCS, Abidemi Adewumi-Aluko, said the accused was arraigned on a nine-count charge to which the defendant pleaded not guilty.
Justice Binta Nyako, the Presiding judge, adjourned the hearing to Wednesday, 3 July 2024, and ordered that the accused be remanded with the Nigerian Correctional Service pending the fulfillment of bail requirements.

By: Nkpemenyie Mcdominic, Lagos

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Trans-Border Trade Setback: Shippers’ Council Pledges Support For ITC 

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The Nigerian Shippers’ Council (NSC) has expressed readiness to support the International Trade Centre (ITC) as part of measures toward resolving challenges faced by trans-border traders and trade facilitation.
Executive Secretary, Nigerian Shippers’ Council, Barr. Pius Akutah, disclosed this in Lagos last Friday, when  delegates of ITC, paid a working visit on a fact finding mission.
While harping on the role of the Council as an ombudsmen in port operations, Akutah emphasized that trade facilitation is a major initiative of the NSC, pledging to provide the necessary support to ensure the success of the study brought forward by the ITC team.
He noted that the study will strengthen the Council’s ability to formalize informal trade at border areas, gather statistics, and plan for trade volumes.
Akutah stated that the focus of the study is on agricultural products, as a significant area of potential for Nigeria, not only in the African region, but also globally.
He expressed optimism that the study will help develop skills and improve operations at the Border Information Centre (BIC) managed by the Council.
“Trade facilitation is one of the major aspect of what we do so we are going to give you the necessary support to achieve the success that is desired.
“The study will help us to plan and develop more skills in terms of what we do at the Border Information Centre. Shippers Council is a partner and I want us to take our partnership to the next level that will focus on engagement with our stakeholders”, Akutah noted.
Speaking earlier during the courtesy visit to the NSC headquarters, Associate Programme Officer, ITC, Richard Eke- Metoho, who led the delegation, said the visit to the Council was part of the team’s ongoing study to identify areas for improvement in trade facilitation, particularly at border crossing points.
He stated the importance of collecting data from the Nigerian Shippers’ Council, which manages a border information center at Seme-Krake border.
According to him, some of the identified challenges faced by traders and truck drivers using the Seme-Krake border, a key trade route is the number of checkpoints and lack of scanners.
He said information collected by the team will not only identify existing trade facilitation measures that are working effectively, but also lead to the development of new trade facilitation measures that address the challenges faced by traders
He said, “We are here to collect experience from the Nigerian Shippers Council.
“From our interactions with the Shippers Council, we keep finding similar problem faced by traders, most especially on the number of checkpoints and scanners that are really needed especially for transporters and truck drivers.
“It is still an ongoing study. The more information we collect right now, the more it will help us to make more informed decision process. At the end of the study, we will be able to develop a report that will pinpoint all the main obstacles that traders are facing”.

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Customs Condemns Attack On Officers In Katsina

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The Nigeria Customs Service (NCS) has condemned the brutal attack on its officers and men at the Gamji Makaho checkpoint in the Dankama area of Katsina State on April 17, 2024, which claimed the life of Customs Assistant II Auwal Haruna.
The Service vowed that it would stop at nothing in securing justice for the victims of the attack.
NCS also said it would rejig its anti-smuggling operations while strengthening collaborations with other sister security agencies as part of measures to reinforce the fight against smuggling.
Speaking on the resolve of the management to pursue the matter to its logical conclusion, Comptroller General of Customs, Bashir Adewale Adeniyi extended his heartfelt condolences to the family and colleagues of CA II Auwal Haruna.
He disclosed that the service, in close collaboration with other security agencies, is tirelessly working towards “apprehending the perpetrators of this reprehensible act and ensure they face the full consequences of the law.
“Violence against our officers is utterly unacceptable, and we will pursue every avenue to bring those responsible to justice.
“The safety of our personnel and the security of our borders remain paramount. We are committed to working with traditional rulers, government bodies, and sister agencies to combat this heinous crime against our personnel”.
He further reaffirmed the unwavering commitment of the service under his watch to combating smuggling and other cross-border crimes, adding that the Service will not falter in its mission to uphold the laws of the land and protect the interests of the Nigerian people.
The CGC said: “Intelligence available to us indicates that certain unpatriotic community members are harbouring suspected accomplices involved in this heinous crime.
“We implore these individuals to embrace patriotism by aligning with the laws and refraining from condoning illegality. It is in the best interest of our communities and nation to collaborate with law enforcement agencies to root out criminal elements and ensure that justice prevails”.

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