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Rising Petrol Prices Drive Inflation Surge to 32.70%
Rising Petrol Prices Drive Inflation Surge to 32.70%. Nigeria’s headline inflation rate for September 2024 rose to 32.70 percent after slowing consecutively in July and August.
This was according to the latest Consumer Price Index report from the National Bureau of Statistics.
The World Bank projected that Nigeria would experience a further rise in inflation rates in September 2024, largely driven by a significant hike in the price of petrol.
The latest inflation figure is a marginal increase of 0.55 percent from the August 2024 figure of 32.15 percent, reflecting ongoing price pressures across the country.
Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 percent recorded in September 2023.
The report read, “In September 2024, the Headline inflation rate was 32.70 percent relative to the August 2024 headline inflation rate of 32.15 percent. Looking at the movement, the September 2024 Headline inflation rate increased by 0.55 percent compared to the August 2024 Headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 5.98 percent points higher compared to the rate recorded in September 2023 (26.72 percent). This shows that the Headline inflation rate (year-on-year basis) increased in September 2024 compared to the same month in the preceding year (i.e., September 2023).
“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52 percent, which was 0.30 percent higher than the rate recorded in August 2024 (2.22 percent). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”
The World Bank, in its Africa’s Pulse report released on Monday, projected that Nigeria would experience a further rise in inflation rates in September 2024, largely driven by a significant hike in gasoline prices.
The report noted that the government’s decision to implement market-based pricing, which initially tripled gasoline prices in May 2023, led to an additional 40-45 percent rise in fuel costs in September 2024.
This development is expected to exacerbate inflationary pressures, with transportation and production costs rising sharply, leading to higher prices for goods and services across the country.
This rise in inflation follows a trend that began in June 2024, when headline inflation peaked, influenced heavily by increases in fuel prices and the subsequent rise in transportation and production costs.
The higher cost of fuel has had a ripple effect on various sectors, pushing up the prices of goods and services across the country.
The report read, “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 percent in September may reverse the disinflationary trend. The consolidation of macroeconomic reforms should support higher growth in the country in 2025.”
The NBS report also noted that food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77 percent in September 2024, a notable rise of 7.13 percent from the 30.64 percent recorded in the same period last year.
The increase in food inflation is largely attributed to rising prices of staples such as rice, maize, beans, and yams. Month-on-month, the food inflation rate also increased to 2.64 percent in September 2024, up from 2.37 percent in August.
Inflation is more pronounced in urban areas than rural regions, with urban inflation rising to 35.13 per cent in September 2024, up from 28.68 percent in the previous year. In rural areas, the inflation rate reached 30.49 per cent, compared to 24.94 per cent in September 2023. Month-on-month, urban inflation stood at 2.67 per cent, while rural inflation was recorded at 2.39 per cent.
Among the states, Bauchi recorded the highest year-on-year inflation rate at 44.83 per cent, followed by Sokoto (38.74 per cent) and Jigawa (38.39 per cent). Conversely, Delta (26.35 per cent), Benue (26.90 per cent), and Katsina (27.71 per cent) experienced the slowest inflation rise. On a month-on-month basis, Sokoto saw the sharpest increase at 4.63 per cent, with Taraba (4.07 per cent) and Anambra (3.74 per cent) also showing significant rises.
Core inflation, which excludes volatile agricultural products and energy prices, rose to 27.43 per cent in September 2024, a 5.59 per cent increase compared to the 21.84 per cent recorded in September 2023. Significant price increases were observed in housing rentals, transport, and medical services.
The rise in inflation occurred after a consecutive drop, which was triggered by a decrease in food prices following the harvest period in Nigeria.
The Monetary Policy Committee of the Central Bank of Nigeria last month voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.
This new rate, a move that stunned the financial markets, was an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024.
Financial experts had expected that the CBN would either hold or lower interest rates following two consecutive months of declining headline inflation.
According to the CBN, the decision to raise interest rates was premised on recent events in the economy regarding inflation and the stability of the foreign exchange market.
The CBN Governor, Yemi Cardoso, mentioned the threats of food inflation, flooding in many parts of the country, and rising petrol and energy prices as reasons why further monetary policy tightening should be executed.
Some market analysts earlier said that factors such as the depreciation of the naira and the fuel prices would likely see inflationary trends re-emerge.
The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, during the firm’s recent Third Quarter Webinar Series, expressed concerns that there may be a re-emergence of the inflationary trend due to rising fuel prices, which impacts the services of goods and services.
Chukwu added that the effectiveness of the CBN’s tight monetary policy in curbing inflation remains uncertain, particularly in light of structural challenges such as inadequate infrastructure, high fuel costs, unreliable power supply, and logistical bottlenecks.
Commenting on the inflation figure on Tuesday, Dr Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, expressed concerns over Nigeria’s resurgence of inflationary pressures, particularly after months of relative respite.
He said, “It is troubling that we are witnessing a resurgence of high inflationary pressures after some few months of respite despite policy measures to tame inflation, especially on the monetary side. Purchasing power had continued to plunge over the past few months. The situation had been further exacerbated by the surging petrol price.”
He attributed the increase in inflation to factors such as the rising cost of petrol, depreciation of the naira, and surging transportation and logistics costs.
He noted, “the reality is that the dynamics driving inflation are yet to be effectively subdued. These factors include the depreciating exchange rate, surging fuel price, rising transportation costs, logistics and supply chain challenges, high energy cost, climate change including resultant incidents of flooding, insecurity in farming communities and structural bottlenecks to production.
“These are largely supply-side issues. There is also the factor of seasonality of agricultural outputs which activates seasonal price surge in some food crops. Elevated inflationary pressures escalate production costs, weakens profitability, and dampens investors’ confidence.”
Yusuf urged the government to provide concessionary import duties for industrialists and prioritise the resolution of critical issues like power supply, logistics, and foreign exchange.
Also, he highlighted the importance of sub-national governments in addressing food inflation by improving rural infrastructure to ease transportation and access to markets.
He concluded by expressing hope that the proposed economic stabilisation measures currently before the National Assembly could provide much-needed fiscal relief.
However, he warned that without concerted efforts to tackle these fundamental challenges, taming inflation would remain difficult.
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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 – 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 – 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.
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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