Nation

NBS: ‘Inflation Rate Increases To 20.77% In Sept’

Published

2 years ago

October 19, 2022

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 20.77per cent on a year-on-year basis in September 2022.
This was contained in the Consumer Price Index (CPI) and Inflation Report for September and issued, last Monday by the Statistician-General of the Federation and NBS Chief Executive Officer, SemiuAdeniran.
Adeniran stated that the figure was 4.14per cent points higher compared to the 16.63per cent recorded in September 2021, saying: “This indicates that in September 2022, the general price level was 4.14per cent higher relative to September 2021.”
He said factors responsible for the increase in the annual inflation rate include interruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.
Adeniran said on a month-on-month basis, the headline inflation rate in September was 1.36per cent, which was 0.41per cent lower than the rate recorded in August 2022 at 1.77per cent.
“This means that in September 2022, the headline inflation rate on a month–on–month basis declined by 0.41per cent, relative to August 2022,” he noted
The NBS boss stated that the factor responsible for the decline in the monthly inflation rate in the last two months was a decline in the changes in the food index.
According to him, this is relative to the reference month index, which is due to the present harvest season.
Adeniran said the percentage change in the average CPI for all items index for the 12 months ending September 2022 over the average of the CPI for the previous 12-month period was 17.43per cent, noting: “This is showing a 0.60per cent increase compared to 16.83per cent recorded in September 2021.”
The statistician-general said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP), divisions that yielded the Headline index.
He said the food sub-index increased by 23.34per cent on a year-on-year basis in September 2022, adding that the inflation was 3.77per cent higher compared to the rate recorded in September 2021 at 19.57per cent.
“This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, oil, and fat,” the NBS boss stated.
The statistician-general noted that on a month-on-month basis, the food inflation rate in September was 1.43per cent, adding that this was a 0.54per cent decline compared to the rate recorded in August 2022 at 1.98per cent.
According to him, this decline is attributed to a reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
Adeniran said the average annual rate of food inflation for the 12 months ending September 2022 over the previous 12-month average was 19.36per cent.
“This was a decline of 1.35per cent points from the average annual rate of change recorded in September 2021 at 20.71per cent,” he stated.
He said in September 2022, consumer price index for urban consumers rose by 4.06per cent on a year-on-year basis.
The NBS boss stated: “That is in September 2022, the urban inflation rate was 21.25per cent higher compared to the 17.19per cent recorded in September 2021.
“On a month-on-month basis, the urban inflation rate was 1.46per cent in September 2022, this was a 0.34per cent decline compared to August 2022 at 1.79per cent.”
Adeniran said the corresponding 12-month average for the urban inflation rate was 17.94per cent in September 2022, showing a 0.53per cent increase compared to the 17.41per cent reported in September 2021.
He said the inflation rate for rural consumers in September 2022 was 20.32per cent on a year-on-year basis, which was 4.24per cent higher compared to 16.08per cent recorded in September 2021.
“On a month-on-month basis, the rural inflation rate in September 2022 was 1.27per cent, this is a 0.48per cent decline compared to August 2022 at 1.75per cent,” the statistician-general noted.
Adeniran said the corresponding 12-month average for the rural inflation rate in September 2022 was 16.94per cent, showing a 0.68per cent increase compared to the 16.26per cent recorded in September 2021
On the states’ profiles, he said all items inflation rate for September 2022 on a year-on-year basis was highest in Kogi State at 23.82per cent, followed by Rivers at 23.49per cent, and Benue at 22.78per cent.
“While the states with the slowest rise were Abuja with 17.87per cent followed by Borno with 18.12per cent, and Adamawa with 18.42per cent,” he said.
The statistician-general said on a month-on-month basis, the state all items index for September 2022 recorded the highest rate in Jigawa State at 2.58per cent, followed by Yobe State at 2.22per cent and Benue at 2.05per cent.
“The states with the slowest rise were Abuja at -0.72, followed by Sokoto with -0.19per cent and Adamawa with 0.25per cent,” the NBS boss stated.

Nation

VCDF in Partnership with LDSVA Sensitise Women on Gender Equality, Financial Literacy & Entrepreneurship

Published

1 day ago

May 3, 2024

The Tide

Women, the pillars of our society, are resilient and determined as they play essential roles in nurturing families and leading businesses. Despite facing challenges like limited financial resources and unequal opportunities, they persist, inspiring generations and driving positive change.

In honour of Women’s History Month, Vcare for Development Foundation (VCDF), in collaboration with Sterling Oil Exploration & Energy Production Co. Ltd. (SEEPCO) and the Lagos State Domestic and Sexual Violence Agency (LDSVA), embarked on a transformative journey to empower 100 community women, focusing on sexual and domestic violence prevention, financial literacy, and entrepreneurship, on March 27, 2024, in Eti-Osa LGA, Lagos State.

When women are empowered, they become catalysts for progress, influencing not only their own lives but also the lives of their families and those around them. The programme gave the women the opportunity to acquire knowledge on tools that can help their businesses grow, also providing a safe space for women to learn and connect with others, making them feel more confident and capable in making decisions for their businesses.

Distinguished guests present at the event were Mrs. Bello Oluwakemi, Head of the Field Operations Department, Lagos State Domestic and Sexual Violence Agency (LDSVA), Chief Mrs. Eletu-Odibo Wasilat, Community Development Committee Chairman of Eti-Osa LGA, Lagos State, and Mrs. Adenike Akintoye, Head of Women Affairs and Poverty Alleviation Unit, Eti Osa LGA.

While giving her feedback, Chief Mrs. Eletu-Odibo Wasilat said, “community-driven efforts like this initiative are instrumental in driving sustainable change and enabling women to realise their full potential.”

Mrs. Bello Oluwakemi noted during her closing remark, “training women in our communities will improve their livelihoods and contribute to household income, thereby leading to better standards of living.”

This collaborative initiative aligns with the Sustainable Development Goals (SDGs) – Gender Equality (SDG 5) and Reduced Inequalities (SDG 10), which aim to ensure everyone is treated equally and reduce differences between people.

VCDF will continue to educate and empower women for a greater inclusion in society, supporting their advancement and ensuring their meaningful participation in all spheres of life. Together, let us continue to champion the cause of women, celebrate their achievements, and pave the way for a brighter and more equitable future for all.

Nation

Ibom Developers Supports 160 Women with Skill Acquisition Training in Akwa Ibom

Published

1 day ago

May 3, 2024

The Tide

Empowering women with vocational skills is a vital step towards fostering gender equality and inclusive growth in society. This effort involves equipping women with practical expertise that can be applied across various aspects of life, including professional, personal, and entrepreneurial settings. Ibom Developers’ recent initiatives to provide skill acquisition training to women in its host communities aim to help them thrive in society.

On April 8, 2024, Ibom Developers commenced its ongoing skill acquisition training programme, themed ‘Virtuous Women’ in Egwenwe and Okoroinyong communities.
Dignitaries, including His Royal Highness Chief Johnson J. Osiba (Ijongo IV), the Okaama of Egwenwe Community; Mr. Warribo Isaiah, Community Development Chairman, Egwenwe Community; Pastor Johnson Christian Ubulom, Youth President, Egwenwe Community; Mrs. Catherine Monday Ogbofork, Women Leader of Egwenwe Community; Mrs. Sarah Evans Nfeija, Health Officer, Egwenwe Community; and representatives from Okoroinyong community, were present at the inaugural event.

This skill acquisition programme aims to empower 160 women in these communities with expertise in catering, packaging, hairdressing, wigging, ventilation, and styling. The program took place from April 8 to April 20, 2024, at Egwenwe Town Hall and Okoroinyong Town Hall in Eastern Obolo LGA, Akwa Ibom State, imparting essential entrepreneurial skills to the women in the communities.

During the inaugural event, Chief Johnson J. Osiba (Ijongo IV), the Okaama of Egwenwe Community, expressed, ‘‘This empowerment initiative will provide our women with the autonomy and decision-making power they need to become self-sufficient contributors to the growth and development of our community.’’

The participation of women in several economic activities makes their upliftment a potent strategy for economic growth. Their involvement expands the workforce, cultivating heightened innovation and efficiency within the community.

Mrs. Catherine Monday Ogbofork, Women Leader of Egwenwe Community, emphasised, “Access to training tailored to the needs of women allow them to develop specialised skills. I am glad that this programme has offered options that suit our women’s preferences and goals.’’

Acquiring skills for livelihood elevates family status and unlocks entrepreneurial avenues. Ibom Developers is dedicated to promoting entrepreneurship among women and supporting socio-economic empowerment in local communities.