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Inflation Hits 10.3 Percent

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The National Bureau of Statistics (NBS) has said that inflation rate stood at 10.3 per cent in September.

The NBS also said that 12,979,125 Nigerians of between 15 years and 65 years are unemployed and that the total labour force was 61,512,445 in 2010.

The Statistician-General of the Federation, Dr. Yemi Kale told a news conference in Abuja that the inflation rate was 1.0 per cent higher than the 9.3 per cent recorded in August. Kale also disclosed that the monthly change in the Consumer Price Index (CPI) was 1.41 per cent in September, compared with the 1.67 per cent achieved in August. He said the biggest contributors to the rise in consumer inflation in September were electricity and food items like yam, fish and cooking oil. The statistician-general said the All Items year-on-year average consumer price level for urban and rural dwellers rose by 8.4 per cent and 11.9 per cent, respectively. He said urban All Items monthly index was 1.4 per cent in September against 1.7 per cent in August while the rural index was 1.4 per cent in September compared with 1.6 per cent in August.

“The All Items Less Farm Produce’ index which excluded the prices of agricultural products increased by 1.9 per cent in September 2011 against 0.9 per cent in August, 2011,’’the statistician-general said.

Kale said that the increase was mainly caused by rising prices of some household items, building materials, diesel, kerosene and electricity charges. According to him, prices and weighting were the two basic parameters used to arrive at the CPI.

“The price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times. “The weighting data are estimates of shares of the different types of expenditure in the total expenditure covered by the index’

“These weights are usually based upon expenditure data obtained from expenditure surveys for a sample of household or upon estimates of the composition of consumption expenditure in the National Income and Product Account, ’’ he said.

The statistician-general said that 10,534 officers were used to collate data for the CPI monthly. Kale said that 740 product specifications were priced across the rural and urban areas of the 36 states of the federation and the FCT. According to him, average price of each item was computed for each sector for each state and the FCT and used for index computation. The statistician-general said out of the total labour force of 61.5 million, 48,533,319 Nigerians were fully and under employed, while the remaining 12,979,125 were unemployed “These 48,533,319 people within the labour force were engaged in the agriculture, forestry and fishing sector which constituted the highest number of employed persons in Nigeria, followed by the wholesale and retail trade sector.

“Out of the total labour force of 61.5 million, the unemployment rate, which is the proportion of the labour force, not the entire population, that is available, willing and able to work or working for at least 40 hours a week on average, was 21.1 per cent or 12,979,125 Nigerians in 2010’’.

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Vets Make Case For Massive Investments In Agric Technology 

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Veterinary doctors have tasked governments at all levels and stakeholders to drive the agricultural sector with innovative and technological investments to upscale food production and boost food security.
President, Faculty of Veterinary Medicine, University of Nigeria, Nsukka, Alumni Association, Prof Lawrence Aka, made the call in an event in Abuja, following the current excruciating hunger and hardship Nigerians are grappling with.
In the event, which was focused on “Adopting Technological Innovations in Veterinary Practice, Livestock Production and General Agricultural Practices for Food Security, Economic Growth, Poverty Alleviation, Youth Employment and National Security”, Aka noted that agriculture, which is the backbone of human civilization, is at a crossroads, particularly in Nigeria.
According to him, agriculture is faced with challenges such as climate change, population growth, and diminishing natural resources, hence the need to  reimagine and reinvent better ways to cultivate lands to improve national economy to nourish the people.
“The solution lies in innovation – leveraging technology to transform agriculture into a more sustainable, efficient, and productive sector.The subject of our discussion today is one that sits at the nexus of our survival and prosperity: ‘The adoption of innovative technology in agricultural production as a catalyst for economic growth and a pillar of national security’.
“In an era marked by rapid technological advancement, and our unique agricultural potential, agriculture remains the cornerstone of our economic stability and sustenance. Yet, it faces unprecedented neglect and challenges from climate change, population growth, resource depletion and lack of political will for its development.
“To navigate these challenges, we must pivot towards innovation and technology. This transition is not just an opportunity for growth but a necessity for our survival as a developing nation.
“There is no doubt that the current state of agriculture in our country does not match the potential it has in revamping all aspects of our existence as it relates to our economy, food security, youth empowerment, poverty alleviation and national security.
“The theme of this symposium has been chosen in recognition of the need for a diversification of our national economic agenda through an embrace of innovative and technologically-driven agricultural practices.
“Nigeria is uniquely blessed with enormous factors that positively drive abundant food production for local consumption and export.
“Unfortunately, this has hitherto been neglected to the detriment of improved economy, poverty alleviation, food sufficiency and national security hence the existing unimaginable level of poverty and youth unemployment. There is no dishonor in a country being poor.

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Telcos Fear Shutdown As Lagos-Calabar Highway Construction Threatens Cables 

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Barely 48 hours after Multichoice alerted subscribers to a three-day technical downtime, telecommunication companies have expressed concern over possible connectivity disruptions as construction advances on the 700km Lagos-Calabar Coastal Highway.
While the DStv and GOtv owner acknowledged the anticipated impact of the ongoing Lagos-Calabar construction project on their uplink facilities, telcos have expressed broader concerns emphasising the vital role of telecommunication service and the effect of possible anticipated technical disruption.
The Lagos-Calabar coastal highway corridor serves as a crucial landing point for multiple submarine cables connecting Nigeria to Europe
The cables, including the West Africa Cable System (WACS), MainOne, Glo1, ACE, and NCSCS, are vital for international communications and data transmission in the country.
The Federal Executive Council approved Phase One of the ambitious 700-km Lagos-Calabar coastal highway project in February, entrusting the task to Hitech Construction Company Limited.
The highway project was designed to connect Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Edo Bayelsa, Rivers, and Akwa Ibom, before culminating in Cross River.
The demolition of numerous properties and recreational centres in Lagos has been carried out to expedite the construction of the highway.
In the light of the developments, telcos stressed the necessity of stakeholder consultations with the Ministry of Works to address potential risks and implement robust mitigation measures.
While dialogue with the Federal Government is yet to happen, telcos have warned Hitech Construction to exercise caution to prevent damage to critical national infrastructure.
Speaking to newsmen, the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo, confirmed that the Ministry of Works had yet to engage the telcos on environmental impact assessment.
The ALTON Chairman said the Ministry of Works, headed by David Umahi, had engaged some stakeholders but excluded the telecom operators.
“The Ministry of Works has not approached us, and I’m unsure if environmental impact assessments have been conducted. The route is crucial for the landing of numerous submarine cables, so caution is essential.
“Some members have reached out to them, urging caution. As the Chairman of the industry, I can affirm that ALTON members were not consulted regarding the assessment of the undersea cable within that right of way”, he explained.
Adebayo revealed that some of its members had written to the works ministry on the matter over the need for a dialogue. He, however, said the body had yet to get any response.
He added that the Nigerian Communications Commission (NCC) had been engaged to facilitate talks with the ministry.
“We’ve informed the Nigeria Communications Commission about this issue, and they are attempting to contact the Ministry of Works. However, I can confirm that neither we nor any of our members were contacted. This is on record. We were not included in the stakeholder consultations, and we’re concerned about the actions being taken”, he stated.

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Aviation Experts Chat Way For Sector’s Advancement

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Experts in aviation under the auspices of Aviation Safety Roundtable Initiative (ASRTI) havae urged President Bola Tinubu to suspend taxes, tariffs and endless charges hindering development of the aviation industry in the country.
The Aviation Roundtable (ART) also called on Tinubu to initiate policies that would address airlines’ survival and growth with a view to lowering the swift increase in domestic airfares.
In a statement released at the end of its Business Meeting in Lagos, the ART President, Air Comdr. Demola Onitiju (rtd), called on the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, to constitute governing boards for the Nigerian Civil Aviation Authority, (NCAA), and other agencies in the sector.
“The ART has been a consistent advocate of NCAA’s autonomy consistent with the Act establishing it and global best practices. We do this to ensure that it is adequately  insulated from short-term political pressure.
“In the  Nigerian circumstances, the NCAA is expected to be both benign and harsh in its  spontaneous enforcement of standards and rules to retain our trust.
“In order to create a conducive environment for aviation and tourism to thrive, the ART urges the renewed hope agenda of President Bola Tinubu to initiate deliberate policies to review and suspend taxes, tariffs and charges (within a given time frame) in order to bring succour to aviation and allied businesses in Nigeria.
“Such policies should address airlines survival and growth with a view to lowering the recent astronomical increase in air fare on the domestic scene.
“The Consumer Rights Protection directorate in the NCAA  should live up to its billing in ensuring maximum comfort and compensation for the traveling public promptly where infractions are established”, he stated.

Corlins Walter

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