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Nigeria Inflation rate Drops To 15.99% In October – as food prices ease

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Nigeria Inflation rate Drops To 15.99% In October - as food prices ease
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Nigeria Inflation rate Drops To 15.99% In October – as food prices ease

Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week.

Consumer prices increased 15.99% from a year earlier, compared with 16.63% in September, Statistician-General Simon Harry told reporters Monday in Abuja, the capital. The median estimate in a Bloomberg survey of seven economists was 16.2%.

While inflation has exceeded the 9% ceiling of the central bank’s target band for more than six years, the sustained slowdown in price-growth may give the monetary policy committee room to hold rates and aid the economy’s rebound from last year’s coronavirus-induced contraction. Economic output in Africa’s biggest oil producer has lagged the pace of population expansion of about 2.6% every year since crude prices fell in 2015.

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Central bank Governor Godwin Emefiele has previously said the MPC will only make policy adjustments once the economy’s recovery is on a sustainable path. The median estimate of 11 economists in a Bloomberg survey is for interest rates to start rising in the first quarter of next year.

Nigeria Inflation rate Drops To 15.99% In October – as food prices ease

The central bank will announce its interest-rate decision on Nov. 23.

The deceleration in inflation was largely helped by annual food-price growth, which slowed to 18.3% from 19.6% in September. Core inflation, which excludes farm produce, eased to 13.3%, compared with 13.7% in the previous month.

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The slowdown is expected to continue unless there’s a shock in the system, Harry said.

Africa’s largest economy has struggled to overcome a more than decade-long Islamist insurgency in the northeast and bandit attacks in the northwest that have disrupted farming and displaced millions.

“Security challenges in key food-growing regions will keep a floor on further price declines,” said Ikemesit Effiong, head of research at SBM Intelligence, ahead of the release.

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MTN Nigeria launches sale of shares to Nigerians

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MTN Nigeria launches sale of shares to Nigerians
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MTN Nigeria launches sale of shares to Nigerians

MTN Nigeria Plc (MTN) has announced the trial of e-SIM services on its network based on approvals received from the Federal Government.

MTN Nigeria Communications Plc (MTNN) has announced the price of its initial public offering to retail investors.

The company is making 575 million of its shares available to the public at N169 per unit, the telecoms heavyweight said on Tuesday.

Sales will open at 8:00 am on December 1 and close at 5:00 pm on December 14. It is the first time the company will invite subscriptions from the public nearly two years after it debuted on the Nigerian Exchange Limited (NGX).

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MTNN made the disclosure in a statement on the NGX website, signed by Company Secretary Uto Ukpanah and seen by newsmen.

“The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor,” he said.

“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”

This retail offer will be delivered via a digital platform, the first in Nigeria. By using the power of technology, the telco intends to facilitate the maximum possible participation by Nigerian investors, MTNN said.

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Commenting on the price announcement, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”

“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”

The MTN Group President and Chief Executive Officer, Rolph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.

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“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of modern connected life. With this Offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time.

This move is a broader arrangement to enlarge its market capacity to other African countries including Zambia and Uganda.

MTNN’s shares, listed in Lagos, closed at N190 per unit on Tuesday, recording no movement.

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Cryptocurrencies Bear High Risks – Putin

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Cryptocurrencies Bear High Risks - Putin
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Cryptocurrencies Bear High Risks – Putin

On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism regarding the state of the criticism sector at the “Russian Calling” investment forum in Moscow.

According to local news outlet lenta.ru, the president made the following remarks, as translated: “It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks.”

Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russia. Although the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.

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Cryptocurrencies Bear High Risks – Putin

Furthermore, no regulation exists in the country regarding cryptocurrency mining. This has led some to claim that $2 billion in crypto mining revenue is generated annually in Russia, but on that, no taxes are paid. Due to the lack of a regulatory framework, cryptocurrency use has soared among ordinary Russians, with transactions surpassing $5 billion each year.

In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining in traction. Kazakhstan has become the world’s largest Bitcoin (BTC) miner by hash rate, and its president is seeking to collect more taxes from such activities to fund the country’s expenses. In Ukraine, the government is actively encouraging legal crypto operations. Last year, the city of Olsztyn, Poland, began adopting the Ethereum (ETH) blockchain for emergency services.

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Buhari: Agric Varsities Should Tackle Dependence On Imported Food

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Buhari: Agric Varsities Should Tackle Dependence On Imported Food
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Buhari: Agric Varsities Should Tackle Dependence On Imported Food

Nigeria agricultural policy is focused on achieving sustainable green policy.

The President, Major General Mohammadu Buhari (retd.), stated this on Saturday in Umuahia at the 10th convocation of the Michael Okpara University of Agriculture, Umudike.

He noted that Nigeria universities of agriculture “must play their crucial specialized role in catalysing the development of the agriculture sector.

Represented by the Minister of Agriculture and Rural development, Dr. Mohammad Abubakar, the President said, “We have challenges, of funding, no doubt, but our endowments are far greater than our constraints.

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“Government expects that universities of agriculture should bravely confront the heavy dependence of our nation on imported food and raw materials with the view to reducing it to the minimum at the shortest possible time.”

Buhari: Agric Varsities Should Tackle Dependence On Imported Food

He noted that universities of agriculture were established with the strong conviction that they were cardinal tools for the rapid transformation of Nigeria agricultural sector, which he said “remains a major driver in industrial development, diversification from heavy dependence on non-renewable mineral oil, as well as achieving self-sufficiency in food production for local consumption”.

He said he expected “universities of agriculture, rapid development of the knowledge and skills to increase local production of food and raw materials” adding that his government was making efforts to put in place, policies and programmes to strengthen agencies and parastatals to provide an enabling environment for increased productivity.

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