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Nigeria’s inflation records first drop in 20 months, now 18.12%

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Nigeria’s inflation rate dropped to 18.12 per cent in April this year from 18.17 per cent recorded in March, the first decline in headline inflation in 20 months.
This is contained in the latest consumer price index report just released by the National Bureau of Statistics.
The last time the consumer price index which measures the rate of change in the price of goods and services dropped was in 2019 when it slowed from 11.08 per cent in July to 11.02 in August.
The NBS, which announced this on Monday, stated that the food inflation also reduced to 22.75 per cent in April from 22.95 in March.
“The urban inflation rate increased by 18.68 per cent (year-on-year) in April 2021, down by 0.61 the rate recorded in March 2021(1.60), while the rural index also rose by 0.95 per cent in April, down by 0.57, the rate recorded in March 2021 (1.52 per cent),” the report said.
It also stated, “The rise in food index was caused by increase in prices of Coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oils and fish and potato, yam and other tubers.
“On a month-on-month basis, the food sub index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.”
The report noted that food inflation on a year-on-year basis in April was highest in Kogi at (30.52 per cent), Ebonyi (28.07 per cent), Sokoto (26.09 per cent), while Abuja (18.63 per cent), Akwa-Ibom (18.51 per cent), and Bauch (17.64 per cent) recorded the slowest rise in year-on-year inflation.
“On a month-on-month basis, however, April 2021 was highest in Kebbi (2.46 per cent), Ekiti (2.42 per cent), and Kano (2.17 percent) while Abuja (0.05 per cent) recorded the slowest rise in the month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.”

Aviation

Rains: NiMet warns of severe turbulence, flight cancellations

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The Director-General, Nigeria Meteorological Agency (NiMet), Prof. Mansur Matazu, has said airlines will encounter severe turbulence, flight delays and cancellations during rainfall.
He therefore called on pilots and airline managements to adhere to the weather forecast as the likely severe turbulence could cause discomfort, injury to passengers, instability and even loss of control for small aircraft.
Matazu was quoted in a statement on Friday as saying, “Heavy rains could also lead to skidding of aeroplanes due to surface wetness and impaired horizontal visibility.
“Thunderstorms could also lead to accidents, incidents, flight delays, flight cancellation, death, damage among others.
“Windshear could lead to accidents, incidents, aircraft nosedive, discomfort, aircraft lost control and death.”
The NiMet boss urged airline operators to take weather forecast seriously, stating the turbulence usually would cause poor visibility.
He also called on passengers to be patient with the airlines as flight delays, flight cancellations and flight diversion will be experienced within this period.

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Business

Navy arrests 10 vandals with smuggled 210,000 litres of diesel

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Operatives of the Nigerian Navy Ship (NNS) Beecroft have arrested 10 suspected vandals with 210,000 litre of stolen diesel.
The suspects were alleged to have attempted to smuggle the products concealed in water tanks to neighbouring Benin Republic through a wooden boat when they were intercepted around the Lagos anchorage.
A statement released on Friday by Base Information Officer, Sub-Lieutenant Veronica Effiong, said the suspects with the seized products had been handed over to the Nigerian Security and Civil Defence Corps, after preliminary investigations.
She said, “The vandals and seized products were on Tuesday, June 15, handed over to the Lagos Command of the NSCDC for further investigation and prosecution.
“The Commander NNS BEECROFT Commodore Bashir Mohammed reiterated the NNS BEECROFT`s commitment to the protection of critical national infrastructure and the eradication of all illegal activities in its area of responsibility in line with the Chief of the Naval Staff`s mission statement and strategic directive of 2021-5.
“As partners for a safe maritime environment, members of the public especially our host communities are enjoined to kindly furnish the base with credible information to assist in curbing the activities of criminal elements and economic saboteurs.”

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Business

Buhari challenges MTN on quality service, data rate

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President Muhammadu Buhari has asked the MTN Group to offer quality service to its Nigerian subscribers at cheaper rates.
He stated this when he received in audience members of the board of MTN Group, led by its President and Chief Executive Officer, Ralph Mupita, at the State House, Abuja, on Friday.
Buhari said, “I congratulate you on your appointment as the Group President of MTN. I wish you all the best.
“Nigeria is your most lucrative market in Africa, Asia and the Middle East as well as the source of a third of the income of the entire MTN Group. As such, we urge you to offer top-of-the-range and affordable services to Nigerians.
“As we seek to make broadband widely available and affordable, we urge MTN to continue to support our efforts by expanding high-quality connectivity to Nigerians in un-served and under-served areas.”
The President also called on MTN to support the implementation of the National Policy for the Promotion of Indigenous Content in the telecommunications sector.
He said, “I recently unveiled and launched the National Policy for the Promotion of Indigenous Content in the Nigerian telecommunications sector.
“I call on MTN to support the implementation of this policy and, train and engage more Nigerians in your company.”
He assured his visitors that his administration was doing everything possible to make Nigeria investor-friendly by addressing identified challenges.

He said, “We have identified and addressed the key challenges that affected the growth of the digital economy sector. I am happy to note that the right of way charges have now been pegged at a maximum of N145/linear metre.
“I have given directives for the protection of critical national infrastructure and this has addressed the issue of vandalism of such infrastructure.”

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