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Nigeria Inflation Rate Drops to 32.15% in August 2024, While Food Inflation Rises

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Sunday, 22 December 2024, 5:55 am

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Nigeria Inflation Rate Drops to 32.15% in August 2024, While Food Inflation Rises, The NBS said this in its Consumer Price Index (CPI) and Inflation Report for August 2024, which was released in Abuja on Monday. According to the report, the figure is 1.25% points lower compared to the 33.40% recorded in July 2024.

It said on a year-on-year basis, the headline inflation rate in August 2024 was 6.35% higher than the rate recorded in August 2023 at 25.80%. In addition, the report said on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in July 2024 at 2.28%.

“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.”

The report said the increase in the headline index for August 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level. It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending August 2024 over the average of the CPI for the previous corresponding 12-month period was 31.26%.

“This indicates an 8.88% increase compared to 22.38% recorded in August 2023.”

The report said the food inflation rate in August 2024 increased to 37.52% on a year-on-year basis, which was 8.18% higher compared to the rate recorded in August 2023 at 29.34%.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread, maize, grains, guinea corn, yam, Irish potatoes, water yam, cassava tuber.

“Others are palm oil, vegetable oil, Ovaltine, Milo, Lipton, etc.”

It said on a month-on-month basis, the food inflation rate in August was 2.37%, which was a 0.10% decrease compared to the rate recorded in July 2024 at 2.24%.

“The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of tobacco, tea, cocoa, coffee, Groundnut oil, and milk.

“Others are yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetable etc.”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.58% in August on a year-on-year basis.

“This increased by 6.43% compared to 21.15% recorded in August 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of rents, bus Journey intercity, Journey by motorcycle, etc.

“Others are accommodation service, laboratory service, x-ray photography, consultation fee of a medical doctor, among others.”

The NBS said on a month-on-month basis, the core inflation rate was 2.27% in August 2024.

“This indicates a 0.11% increase compared to what was recorded in July 2024 at 2.16%.

“The average 12-month annual inflation rate was 25.18% for the 12 months ending August 2024, this was 6.00% points higher than the 19.18% recorded in August 2023.”

The report said on a year-on-year basis in August 2024, the urban inflation rate was 34.58%, which was 6.89% higher compared to the 27.69% recorded in August 2023.

“On a month-on-month basis, the urban inflation rate was 2.39%, which decreased by 0.07% compared to July 024 at 2.46%.’’

The report said on a year-on-year basis in August 2024, the rural inflation rate was 29.95%, which was 5.87% higher compared to the 24.10% recorded in August 2023.

“On a month-on-month basis, the rural inflation rate was 2.06%, which decreased by 0.04% compared to July 2024 at 2.10%.’’

On states’ profile analysis, the report showed that in August, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 46.46%, followed by Kebbi at 37.51%, and Jigawa at 37.43%. It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Benue at 25.13%, followed by Delta at 28.86%, and Imo at 28.05%.

The report, however, said in August 2024, all item’s inflation rates on a month-on-month basis were highest in Kwara at 4.45%, followed by Bauchi at 4.22%, and Adamawa at 3.99%.

“Ogun at at 0.21%, followed by Abuja at 0.92% and Kogi at 1.14% recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Sokoto at 46.98%, followed by Gombe at 43.25%, and Yobe at 43.21%.

“Benue at 33.33%, followed by Rivers at 33.01% and Bayelsa at 33.36% recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.46%, followed by Kebbi at 4.48%, and Borno at 3.88%.

“Ogun at 0.08%, followed by Akwa Ibom at 0.45% and Sokoto at 1.00%, recorded the slowest rise in inflation on a month-on-month basis.”

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NucleusIS Africa acquires Rigo Microfinance Bank

Published

4 days ago

December 17, 2024

John

NucleusIS Africa acquires Rigo – NucleusIS Africa acquires Rigo…

NucleusIS Africa acquires Rigo – Africa’s fast growing technology…

Africa’s fast growing technology company completes 100% acquisition of Rigo Microfinance Bank, making it one of the biggest healthcare finance technology companies in Africa. NucleusIS Africa Limited, Africa’s fastest-growing technology company, has announced its acquisition of Rigo Microfinance Bank Limited. This landmark takeover is expected to strengthen NucleusIS Africa’s ability to deliver cutting-edge healthcare financing services across the continent.

Speaking on the acquisition at press time, Mr. Femi Niyi, Board Chairman of NucleusIS Africa Limited, expressed optimism about the expanded opportunities this acquisition creates. “This acquisition aligns perfectly with our vision of transforming healthcare financing in Africa. Combining our innovative solutions with Rigo Microfinance Bank’s financial services infrastructure will enable us to address critical healthcare challenges more effectively,” he said.

The acquisition underscores NucleusIS Africa’s mission to close the healthcare funding gap through technology-driven solutions. By integrating Rigo Microfinance Bank’s established financial infrastructure, the company aims to broaden its reach and enhance its ability to offer seamless, customized financial services to healthcare providers and patients.

Industry experts believe this acquisition positions NucleusIS Africa as the leading force in healthcare finance innovation across Africa. NucleusIS Africa will be able to better support medical service providers and expand access to essential healthcare services for more Africans.

With the added capacity, the company plans to introduce new financial products designed to support healthcare providers, facilitate patient financing, and significantly improve access to quality healthcare services.

The move is a strategic step toward reshaping Africa’s healthcare financing landscape.

The acquisition of Rigo Microfinance Bank Limited marks a new chapter in the company’s mission to create sustainable healthcare solutions through financial empowerment.

NucleusIS Africa Limited, founded in 2021, is a Nigerian Tech Company leading groundbreaking innovation to enhance healthcare access in Africa, through technology and finance driven solutions. The company’s flagship platform automates health insurance operations, connecting insurers, healthcare providers, and individuals across Nigeria and Ghana.Within the last few years, the organization has onboarded over 700,000 insured individuals, while partnering with major health insurance providers.

NucleusIS has also introduced a groundbreaking credit product – Provider Advance, that has transformed the financing landscape for healthcare businesses. Pharmacies, hospitals, laboratories, and other providers can access collateral-free business loans in as little as 48 hours, eliminating the traditional financing hurdles of collateral requirements and lengthy turnaround times.

Within the last few years NucleusIS has demonstrated its commitment to supporting the healthcare industry, having disbursed over ₦10 Billion in loans to healthcare businesses across Nigeria.

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Fuel hike, bad roads behind onion shortage – Anambra traders

Published

4 days ago

December 17, 2024

John

Fuel hike, bad roads – Fuel hike, bad roads…

Fuel hike, bad roads – Traders and buyers at…

Traders and buyers at Eke Awka Market, in Anambra State’s capital, have attributed the scarcity of onions to rising fuel prices and the country’s poor road network.

A News Agency of Nigeria (NAN) survey conducted on Tuesday revealed that onions, a key condiment used to spice food, have become increasingly difficult to find and afford.

Obigaeli Nwokoye, a petty trader dealing in onions, explained that a few weeks ago, there was no onion available in the entire market due to bad roads. She added that suppliers from the northern part of the country faced delays, as the high cost of fuel and poor road conditions hindered transportation and logistics.

“Drivers coming from Kano face major challenges, which delay their deliveries to Awka.

“The government should address these issues and give special attention to food transporters to ensure a steady supply of food items.”

Mrs Chioma Okeke, another seller, shared that the price of a bag of onions had skyrocketed to ₦370,000, compared to ₦258,000 in November. She further noted that the price had steadily increased throughout the year, from between ₦70,000 and ₦90,000 in January to ₦110,000 to ₦170,000 around August/October.

“From November to December, the price jumped to between ₦250,000 and ₦300,000.”

Mrs Doris Beluchukwu, a buyer, expressed frustration at the soaring prices and scarcity.

“Onions that used to cost ₦100 or ₦200 are now priced between ₦500 and ₦2,000,” she said.

She also urged the government to ensure its food regulatory agencies functioned effectively, as some of the food shortages might be artificial.

“Government needs to act quickly to ensure a steady supply of basic food items to markets across the country,” Beluchukwu added.

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Free Slots: An accessible way to enjoy casino games

Published

5 days ago

December 17, 2024

John

Free Slots: An accessible – Free Slots: An accessible…

Free Slots: An accessible – According to statistics, the…

According to statistics, the revenue in the online gambling market is projected to reach 97.15 billion USD in 2024. This represents a revenue change of 14.1%. As more and more people want to enjoy the fun of the casino, it makes sense for online casinos to offer some games for free. In this article, we’ll tell you all about free slots and how you can access them for casino fun.

How Free Slots Work

Essentially, free slots are slot machine games that don’t cost you anything to play them. This means you can enjoy them as much as you want without worrying about spending any money. There are many benefits to this, of course. You can find your favorite games and enjoy them without the gambling element and you can try out new games to see if you like them before spending any of your hard-earned cash.

The games you can play will vary from site to site, just like their paid versions. You’ll get access to all of the common features like bonus rounds, free spins, and the progressive jackpot element if there is one. However, because you’re playing for free, anything you win will also be virtual, so there’s no chance of winning a payout—unless you’re using free spins from a no-deposit bonus, for example.

The Benefits of Free Online Slots

Free online slots have their advantages. Here’s a summary of why many people enjoy them:

It’s risk-free entertainment: You can play the games to your heart’s content without the fear of losing money being there.
Skill development: For slots that are more strategic or challenging, free slots and demo versions mean you get to practice your gameplay and familiarize yourself with the rules.
Work out how much you’d like to play with: When you play a game for free, you can test out its volatility and RTP (return to player) to see if it’s worth the risk of betting higher or whether you should stick to small amounts.
Diverse game selection: Free slots are available in a wide range of themes and styles. There are thousands of different ones available so you’ll always find something you enjoy.
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Key Features to Look For in Free Slots

Ultimately, what you look out for depends on the individual, but some things will make the free slot experience better. This includes:

The graphics and sound: This enhances the gaming experience and some games are much better than others.
Return-to-player (RTP) percentage: Playing free slots allows you to test out games with different RTPs to see if you like playing them and they’re worth the risk if the RTP is lower.
Mobile compatibility: Trying out a game on a mobile device for the first time can be a bit hit-and-miss. Using a free version means you can see if it works well before spending your money.

Tips For Finding the Best Free Online Slots

To find the best free slots, you’ll need to look around. Some online casinos don’t allow you to play their games for free until you register while others are happy to let you try them out before you sign up.

Looking at online reviews by other players is also useful as you won’t then waste time playing games you know aren’t great. Also, there are plenty of sites that aren’t casinos that allow you to play games by top developers in demo mode.

The Potential Problem of Free Slots in Online Gaming

Realistically, software developers allow you to play their games for free because they want you to enjoy them. Online casinos offer free games to entice you to join and spend real cash. If you know this and are a responsible gamer, there’s no reason why you can’t have fun playing this way. All reputable sites have responsible gaming tools so if you do decide to stop playing the free versions, be sure to join a site that is licensed and reputable, then you have protection against problem gambling.

Conclusion

Free slots have so many advantages and as long as you’re aware of the potential downside and are a responsible gamer, there’s no reason why you can’t continue to enjoy free slots for as long as you want. These are an entry point into the world of online casinos but they can just be where you stop too. Free slots are a relaxed way of learning about casino gaming mechanics and can help you unwind.

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