Business

Nigeria Headline Inflation Drops, Production Costs Remain High-NBS

Published

8 months ago

January 17, 2023

The National Bureau of Statics, NBS has disclosed that Nigeria’s headline inflation fell from 21.47 per cent in November 2022 to 21.34 per cent in December 2022.

It could be recalled that in 2022, the country’s inflation rate rose from January to November, before falling by 0.13 per cent to 21.34 per cent in December.

The NBS explained that while headline inflation fell year-on-year, it increased from 1.39 per cent in November 2022 to 1.71 per cent in December 2023.

The statistics body consistently blamed the nation’s woe with inflation in 2022 on the rising cost of importation, currency depreciation, increases in the cost of production, and a foreign exchange crisis.

Commenting on the increase in month-on-month inflation, it said, “Basically, the likely factors responsible for increase in inflation rate in month-on-month can be attributed to the sharp increase in demand usually experienced during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc.”

Headline inflation in Nigeria rose from 15.60 per cent in January 2022 to 21.34 per cent in December 2022. In its ‘Consumer Price Index (December 2022),’ the NBS said, “In December 2022, the headline inflation rate eased to 21.34 per cent compared to November 2022 headline inflation rate which was 21.47 per cent.

“Looking at the trend, December 2022 inflation rate showed a decline of 0.13 per cent when compared to November 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 5.72 per cent points higher compared to the rate recorded in December 2021, which was (15.63 per cent).

“This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021). On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71 per cent, which was 0.32 per cent higher than the rate recorded in November 2022 (1.39 per cent).

“This means that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022. The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85 per cent, showing 1.89 per cent increase compared to the 16.95 per cent recorded in December 2021.”

According to the NBS, food inflation rose to 23.75 per cent year-on-year in December 2022, 6.38 per cent higher than the rate recorded in December 2021 (17.37 per cent).

It explained that the rise in food inflation was driven by increases in prices of bread and cereals, oil and fat, pota-toes, yam and other tubers, fish, and food product. Inflation was highest in Bauchi (23.79 per cent), Kogi (23.35 per cent), Anambra (23.13 per cent), and lowest in Taraba (18.98 per cent), Osun (19.09 per cent), and Kwara (19.18 per cent).

Share on Facebook

Business

TAJBank, CEO win global Islamic banking awards 2023

Published

4 days ago

September 20, 2023

The Gleamer

…..attest to bank’s rising reputation globally

In recognition of increasingly soaring brand reputation due to its world-class services both locally and internationally, TAJBank Limited, Nigeria’s fastest-growing non-interest banking services provider, has won the Global Islamic Finance Award (GIFA) 2023 for its ‘Best Sukuk Deal of the Year 2023’, beating scores of other nominees in the competition.

This is even as the bank’s CEO/Founder, Mr. Hamid Joda, was also decorated with the ‘Most Promising CEO of the Year 2023’ insignia by the GIFA’s Awards Committee at the event held in Senegal, and witnessed by the country’s President, His Excellency Macky Sall, and other global leaders and bankers.

Over the years, GIFA has recognized over 500 governments, individuals, and institutions, commending their significant contributions to the USD 4 trillion Islamic finance industry.

In his remarks, the bank’s CEO thanked the GIFA leadership for the global recognition, saying “we are very grateful to the award organizers for recognition of the bank and my humble self for the GIFA 2023.

“As we keep saying, these awards and several others TAJBank had received in the past three years will further encourage us to do more in surpassing the expectations of our growing customers in terms of quality products and services delivery for invaluable value-addition to them and their businesses”, Joda assured.

Also commenting on the GIFA 2023 awards, the non-interest lender’s Executive Director/Co-Founder, Mr. Sherif Idi, thanked “the customers for their increasing confidence in TAJBank to offer them superior products and services with, in some cases, personalized touches to confirm to them that our only interest is the customers.”

It would be recalled that the listing of TAJBank’s N10 billion Sukuk bond on February 13 this year on the Nigerian Exchange Group (NGX) enjoyed an unprecedented support from investors, recording over 30% oversubscription.

Joda, had during the beating of the Gong’ formalizing the listing of the bond on the Exchange, assured subscribers to the debt instrument its invaluable benefits, particularly its potential for good returns on their investments.

The GIFA Chairman, Professor Humayon Dar; commended the winners for their hard work, persistence, and innovative strategies to still be able to make giant strides even in the economy they operate in.

The selection of winners for the 2023 competition by the GIFA was conducted by the GIFA with support from the Cambridge IFA, a financial services intelligence house which specializes in developing and utilizing powerful cutting-edge analytical tools to test business data, assess macroeconomic indicators and understand market trends, leadership positioning and brand development relevant to the development of the financial systems

Share on Facebook