Nigerian Inflation Drops For First Time In 15 Months
Nigerian inflation slowed for the first time in 15 months to 17.78 percent in February, driven by lower energy and utility prices, the National Bureau of Statistics (NBS) said Tuesday. The cost of living in Africa’s most populous nation began rising in November 2015, when inflation increased slightly to 9.37 percent from 9.3 percent a month earlier. It had risen steadily since then, peaking at 18.7 percent in January this year. “This represents the first time in 15 months that the headline CPI (consumer price index) has declined on year-on-year basis representing the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices,” the NBS said.
Kerosene Price Decreases By 18.77% In February
The bureau announced this in a “National Household Kerosene Price Watch (February 2017)’’ released on Tuesday in Abuja. The report, however, stated that average price per litre paid by consumers increased by 31.34 per cent year-on-year to N352.42 in February, from N433.84 in January. It stated that the states with the highest average price per litre of kerosene were Lagos, which sold the product for N455; Ogun N425.44 and Ondo, which sold it for N424.07.
FG Splits NIPOST Into 7 Zones, 6 Business Units
The federal government has split the Nigerian Postal Service (NIPOST) into seven zones and six commercial business units. A statement on Monday by NIPOST spokesperson, Frank Alao, said that Bisi Adegbuyi, the postmaster-general, had approved the unbundling of its offices across the 36 states of the federation and the federal capital territory (FCT). Alao said the aim of the unbundling was to attain competitiveness and value for service, increase operational efficiency and enhance the agency’s revenue-generating capacity. The directive will see the states captured into zones and manned by zonal managers who will report directly to the PMG.
Final Investment Decision On $25 Billion LNG Train 7 Expected In 7 Months
The Final Investment Decision (FID) on Nigerian Liquefied Natural Gas (NLNG) train 7 will be taken in about 36 months’ time says Maikanti Baru, Group Manging Director of the Nigerian National Petroleum Corporation (NNPC). Baru said all the fundamental issues delaying the FID including; supply certainty, pricing and legal and commercial frameworks have almost been completed. He disclosed this on a monitored interview on the Nigerian Television Authority (NTA) on March 13.
OPEC Detects ‘High Compliance’ With Oil Cut Deal
OPEC said Tuesday oil producers have kept their promise to cut output in accordance with a landmark deal designed to lift petroleum prices. As a result, prices rose in February as last year’s accord between OPEC members and some non-members gained traction, the Organisation of the Petroleum Exporting Countries said in its monthly oil report. The oil price recovery was, however, under threat from fresh supply as high-cost producers in the United States started drilling again, encouraged by the price upswing, as well as from rising Canadian production.
Pound Stumbles As Traders Await US Federal Reserve Meeting
The British pound slumped to an eight-week low point Tuesday on Brexit concerns, while markets were cautious overall ahead of a much-anticipated Federal Reserve policy meeting. Sterling slid to $1.2110 at one point, the lowest level for two months, lending support to London’s benchmark FTSE 100 stocks index that features numerous multi-nationals earning in currencies other than the pound. “The pound has taken a sharp drop,” said Kathleen Brooks, research director at City Index.
Price Of Garri Up 28% As Cassava Output Falls 40%
The price of garri, a staple food in Nigeria, has gone up by 28 percent in the last one month, following a drop in Cassava production by 40 percent. Garri is made from cassava tubers for which Nigeria is the world’s leading producer. A survey at Mile 12 Market in Lagos shows that a 50 kg bag of yellow garri (palm oil tinted) currently sells for N12,500 as against N9,800 a month ago.
