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Nigeria Headline Inflation Drops, Production Costs Remain High-NBS

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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).

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TAJBank Reports 11.3Bn PBT In FY2023, Highest in Non-Interest Banking

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…As Gross Earnings Surge By 149%


Joel Ajayi

TAJBank Limited, Nigeria’s fastest-growing non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations, the best in the non-interest lending sub-sector of the banking industry in the year.

The PBT of the multiple award-winning lender represented a 122.65% increase over the N5.08 billion PBT it reported in FY 2022.

The bank, which had received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 149.13% growth in gross earnings from N17.323 billion in FY2022 to N43.157 billion in 2023.


In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over 144% from N212.021 billion in FY2022 to N518.335 billion in the 2023 financial year.

Similarly, the bank, which a few weeks ago won the Islamic Finance News (IFN’s) “Best Islamic Bank in Nigeria 2023”, also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in FY 2022 to N41.825 billion in FY2023, representing 114.10% increase year-on-year.

A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128% in financial year 2023 from N161.958 billion in FY 2022 to N369.337 billion despite the serious whirlwinds in the economy.


As expected, TAJBank has again put smiles on the faces of its shareholders, raising its earnings per share from N31.06 kobo in FY2022 to N65.40k per share in the year under review, indicating 114.56% improvement in the return on investment for the shareholders.


Commenting on the bank’s FY 2023 financial results, the Founder/CEO, Mr. Hamid Joda, attributed the sterling performances in key indicators “to the management’s proactive strategies and service delivery innovation being adopted to surpass our customers’ expectations and demonstrate to Nigerians and the global community that our awards, recognitions by brand experts and analysts as re-defining non- interest banking values are well-deserved.


“We want to thank all our shareholders for their growing confidence in TAJBank’s board and
management as the years roll by, our appreciation also goes to our customers, who are consistently appreciating that our only interest is to offer them excellent products and services at all times”, he added.


In his remarks, the bank’s Co-Founder/ Executive Director, Mr. Sherif Idi, enthused: “Let me say that these key financial performance indicators of our bank demonstrate that TAJBank has an irrepressible zeal for excellence in all areas of its operations.

“The 2023 financial results are a testament to what we portray and what we are indeed”, the banker added.

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