Business
Concerns mount as inflation rate jumps to 13.71 per cent
There are fears that the Nigerians’ living conditions may not fare better in the coming months following the continued rise in inflation rate. The inflation rate rose to 13.71 per cent in September, which is 0.49 per cent higher than 13.22 per cent recorded in August 2020.
The latest inflation figure was released on Thursday by the National Bureau of Statistics in its Consumer Price Index report.
The rate has been on a steady rise this year. For instance, the inflation rate stood at 12.82 per cent in July, compared to 12.56 per cent in June 2020.
The September figure is noted as the highest level since March 2018 when it hit a record high of 13.34 per cent.
According to the NBS new report, “The consumer price index which measures inflation increased by 13.71 per cent (year-on-year) in September 2020. This is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent.”
Details of the report showed that increases were recorded in all COICOP divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.48 per cent in September 2020, which is 0.14 higher than the August 2020 (1.34) figure.
The percentage change in the average composite CPI for the 12-month period, ending September 2020 over the average of the CPI for the previous 12-month period is 12.44 per cent, showing 0.21 percentage point from 12.23 in August 2020.
The urban inflation rate increased by 14.31 per cent (year-on-year) from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent from 12.65 in August 2020.
The urban index rose by 1.56 per cent in September 2020, on a month-on-month basis. This was up by 0.14 from 1.42 per cent in August 2020.
The rural index also rose by 1.40 per cent in September 2020, up by 0.13 from 1.27 in August 2020.
The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020.
This is higher than the 12.85 per cent in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 per cent compared to the 11.66 per cent of August 2020.
The Lagos Chamber of Commerce and Industry has expressed worry at the continued uptrend in headline inflation and urged the government to address issues around the disruption of agriculture value chain including insecurity problem.
Its President, Mrs Toki Mabogunje, said at a recent press briefing on the state of the economy that intense inflationary pressures would exert negative impact on households purchasing power, investment, production cost and business operations.
She noted the currency devaluation and the increase in value added tax rate as likely factors responsible for the higher inflation trend early this year, adding that the COVID-19 pandemic that paralysed the economy compounded the situation in the later months.
Mabogunje urged “the government to stem rising consumer prices through measures aimed at bridging supply gaps and reducing transportation costs. Similarly, there is a need to address the security concerns in the country, especially in the major food-producing areas.”
Auto
Updated: Exploded CNG car in Benin illegally converted, used fake parts – NIPCO, PCNGi
Updated: Exploded CNG car in Benin illegally converted, used fake parts – NIPCO, PCNGi
The Presidential CNG Initiative has said the car explosion that occurred on Wednesday at a filling station in Benin City, Edo State, was caused by illegal conversion of a petrol vehicle to run on Compressed Natural Gas (CNG).
The management of NIPCO Gas Limited also in a separate statement attributed the explosion at its CNG station in Benin to a fake and substandard CNG cylinder installed in the vehicle.
The newly retrofitted CNG-powered car exploded at the NIPCO filling station, causing panic in the area with many injured people rushed to the hospital.
Video footage circulating on social media shows the aftermath, with the vehicle severely damaged and people in the area rushing to assist the injured.
Comparing the high cost of petrol to cheaper CNG, about 70% is said to be saved running a vehicle on the CNG.
Findings by newstrends also show that conversion from petrol to CNG will cost ₦1.5 million, depending on the engine size.
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PCNGi speaks
Reacting to the incident on Thursday, the Presidential CNG Initiative said on its X page, “The unfortunate incident involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.
“The PCNGi commiserate with those injured in this avoidable incident, and is thankful that no lives were lost.”
NIPCO reacts
In a statement, NIPCO said, “The management of NIPCO Gas Ltd wishes to inform the general public of an incident that occurred at approximately 5:30 p.m. on Wednesday, October 16, 2024, at our Compressed Natural Gas (CNG) station located in Eyean, Benin City, Edo State.
“Our preliminary findings revealed that the explosion happened when a vehicle arrived for CNG refueling.
“Unfortunately, the cylinder installed in the vehicle was later identified as a fake, fabricated, substandard unit not designed for CNG.
“It exploded after being filled with just around 4 SCM of gas.
“The driver of the vehicle fled the scene immediately following the explosion. “While no fatalities were recorded, two individuals sustained injuries — one with a leg injury and another with an eye injury.
“Both victims were rushed to the hospital for medical attention, and one of them is scheduled for surgery at another facility, based on medical advice. Our team is ensuring that they receive the necessary care and treatment.”
Auto
Carloha promotes CNG at NATCO 2024, delights with Arrizo 5 conversion display
Carloha promotes CNG at NATCO 2024, delights with Arrizo 5 conversion display
Carloha, assembler of Chery brand of vehicles in Nigeria, has joined a league of prominent auto firms promoting the use of Compressed Natural Gas (CNG) as a sustainable vehicle fuel option in the country.
This was demonstrated by its spectacular display at the just concluded Nigerian Artisans and Technicians Conference (NATCO) held in Lagos where it showcased the Chery Arrizo 5’s CNG conversion capability, a significant step towards more eco-friendly transportation solutions in Nigeria.
The Presidential Compressed Natural Gas Initiative (PCNGi) was launched last year under President Bola Ahmed Tinubu’s directive to ease the impact of fuel subsidy removal on Nigerians by reducing energy costs.
Although the NATCO event organised in collaboration with the Federal Ministry of Industry, Trade and Investment took place a week ago on October 10, 2024, the Chery Arrizo CNG demonstration was found captivating and made a lasting impression on the automobile technicians and artisans in attendance.
It was indeed a major highlight of the event as Arrizo 5 CNG technology shows a combination of Chery’s modern design aesthetics with state-of-the-art technology, making it a stand-out option for eco-conscious consumers.
The vehicle is said to offer impressive fuel efficiency that translates to lower running costs for everyday drivers, with lower carbon emissions, contributing to a cleaner, greener future for Nigeria’s roads.
Carloha’s technical team at the event said the system allows a driver of the vehicle to switch from CNG to petrol and vise versa, giving people flexibility, cost savings, and a lower environmental footprint.
The technicians were impressed with the vehicle’s adaptability and ease of use, receiving practical insights into the CNG system, maintenance tips, and the long-term benefits for Nigerian drivers and mechanics alike.
Aftersales Manager at Carloha Nigeria, Mr. Samson Akinbowale, said, “This demonstration at NATCO is part of Carloha’s commitment to introducing cutting-edge technology and more sustainable energy options to the Nigerian automobile sector.
“We recognise the vital role technicians and artisans play in vehicle maintenance and are committed to empowering them with the knowledge and tools to adapt to this new wave of automotive innovation.”
The Conference convener, Mr. Dayo Bello, expressing appreciating Carloha Nigeria, said, “We are very grateful to all our supporters, especially Carloha, for the Chery display and CNG demonstration.
“We are equally glad to see that great things are beginning to happen in the automotive sectors, especially the assembling of new vehicles and the conversion of CNG interface with petrol engines that will help to save the cost of transportation in Nigeria.”
A statement by Carloha says it is proud to be at the forefront of promoting sustainable driving solutions in Nigeria, and the NATCO Conference was a testament to our ongoing efforts to introduce innovative vehicles that align with global environmental standards.
Carloha is the official dealer of Chery vehicles in Nigeria, offering a wide range of models that cater to diverse customer needs.
It says, “With a focus on innovation and sustainability, Carloha is dedicated to providing Nigerian motorists with cutting-edge automotive solutions, alongside excellent customer service and after-sales support.
“Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometres, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 247 services and parts support nationwide.
“This ensures that owners can enjoy their Chery with confidence, knowing they have reliable support and service from Chery for years to come.”
Business
Naira trades for N1,680/$ in parallel market
Naira trades for N1,680/$ in parallel market
The Naira, yesterday, appreciated to N1,680 per dollar in the parallel market from N1,690 per dollar last weekend.
Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend, indicating N88.35 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 44 per cent to $343.71 million from $616.73 million traded last Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N127.08 per dollar from N48.73 per dollar last weekend.
Naira trades for N1,680/$ in parallel market
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