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
Toyota Nigeria set to hold 2nd exclusive Toyota Motor Show in Lekki
Toyota Nigeria set to hold 2nd exclusive Toyota Motor Show in Lekki
There are high expectations as Toyota Motor Show second edition is set to hold in Lagos, between May 27th and June 1st, 2025.
The five-day exclusive programme, (excluding Friday 30th May), specially put together by Toyota (Nigeria) Limited, will take place between 11am and late evening, inside The Podium, located at 124 Tunde Kuboye Road, Lekki, Lagos.
A statement issued by Toyota (Nigeria) Limited said the exclusive Toyota Motor Show would provide an enabling environment for customers and prospects alike, to interact closely with the vehicles, among other benefits lined up at the show.
Old and new customers and prospects who visit the show stand to enjoy discounts offered at the show ground and deals sealed there, according to the auto statement.
The discount cuts across vehicle purchase, after-sales services and packages, parts, body and paint work and products while visitors stand a chance of seeing the process of buffing and polishing a vehicle with the Before and After effect, it stated.
“The international standard show also offers FREE vehicle diagnostics to all Toyota vehicles without exception plus visitors can test drive Toyota vehicles on the Show ground.
“It is a bumper Show that promises to be fun for all.
A wide range of wonders on wheels from the commercial and passenger segments will be on display and also dedicated booths for parts, after-sales service, body & paints, and our sales team would be on ground to interact with visitors”, the statement read.
The show ground is closed on Friday 30th May, 2025 only, and would resume on Saturday 31st May, through 1st June 2025,” TNL stated.
Last year, the vehicle display was held inside the well air-conditioned pavilion, with ample space for display of each of vehicles. It attracted a lot of quality customers from the private and public sectors.
Managing Director of Toyota Nigeria, Mr. Kunle Ade-Ojo, spoke on the idea behind the solo auto show, saying, “The Toyota Motor Show is a purpose-planned show with the main objective of creating a befitting and conducive environment for our teeming customers to be able to interact with our vehicles and relevant staff.
“We are happy to offer them discounts and special packages on our products, after-sales packages and deals sealed at the Show, in appreciation of their visit.
“I am pleased to add that there is an opportunity for visitors to test drive our vehicles, which we will make available at the Show grounds.
“And as a gesture of inclusivity, all Toyota vehicles, purchased from us or not, could be brought to us for a free diagnosis to determine its state of reliability.”
The Toyota MD also assured all visitors of an exciting and fulfilling time at the show.
Business
Naira extends gain at FX, offered at N1,596/$
Naira extends gain at FX, offered at N1,596/$
The Naira appreciated further on Wednesday, closing at N1,596.70 per U.S. dollar in the official market, continuing a positive trajectory seen in recent sessions.
Data published on the Central Bank of Nigeria’s (CBN) website indicated the local unit appreciated by N3.33 compared to the previous day’s rate.
This marks a 0.21 per cent gain from Tuesday’s closing rate of N1,600.03, reflecting sustained upward movement by the domestic currency.
The Naira had already recorded a slight increase of 0.02 per cent earlier in the week.
Analysts have linked the currency’s improved showing to better foreign exchange liquidity and consistent interventions by the CBN.
“Improved foreign exchange liquidity and sustained interventions by CBN” have been credited for the positive trend, according to market analysts.
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Observers also believe recent confidence in monetary policy reforms is helping bolster the Naira.
“Market observers also note that increased confidence in monetary policy reforms may be contributing to the currency’s steady performance in recent days.”
Despite persistent economic headwinds, recent market activity suggests a sense of cautious optimism among forex traders and investors.
“In spite of ongoing economic challenges, the recent movements suggest cautious optimism among traders and investors watching the foreign exchange market.”
The Naira’s performance this week remains under close watch as efforts continue to attract foreign capital and reinforce economic stability.
Naira extends gain at FX, offered at N1,596/$
Business
Microsoft to sack 6,000 employees
Microsoft to sack 6,000 employees
Microsoft, an American multinational technology company, plans to lay off about 6,000 employees.
The company had 228,000 employees as of June 2024.
In a report on Tuesday, CNBC said the layoffs represent 3 percent of employees across all levels, teams, and geographies.
“We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson said in a statement to the publication.
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“One objective is to reduce layers of management.
“These new job cuts are not related to performance.”
The development comes one week after the company announced Skype’s official shutdown.
Skype had been running for over two decades as a pioneering video and messaging platform.
The company had earlier announced the discontinuation on February 28, asking users to move to Microsoft Teams to retain their contacts and chats.
Skype confirmed the move, describing it as the end of an era for the platform that connected people globally for nearly 22 years.
The tech company said users have until January 2026 to transition or migrate their data before permanent deletion.
The tech company added that the decision aligns with its goal of streamlining communication tools
Meanwhile, in 2023, Microsoft said it would lay off about 10,000 or 5 percent of its workforce, as it responds to “macroeconomic conditions and changing customer priorities”.
Microsoft to sack 6,000 employees
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