Nigeria’s Consumer Inflation Rate Falls To 8.4 percent

Nigeria’s consumer inflation rate fell to to a five-year low of 8.4 percent year-on-year in June, from 9 percent the previous month.

The latest figures which represent a 60 basis points decrease from May were released today by the National Bureau of Statistics (NBS).
Analysts had forecast the exact percentage drop in consumer price index ahead of the NBS release date.
Food inflation was up slightly to 9.6 percent, from 9.3 percent.
“Food prices increased at a faster rate compared to May as the country is deep into the planting season,” it added. “Food supplies continue to be tight as inventories decline, creating upward pressure on prices.”
The rate, the lowest since the 8.1 percent recorded in April 2008, was comfortably within the central bank’s single-digit inflation target.
The largest contributors to the increase in the food index were meats, oils and fats, potatoes, yam and other tuber classes.
The Central Bank of Nigeria (CBN) monetary policy committee will meet on Monday and Tuesday, next week, to decide on the base interest rate, which has been kept at 12 percent for the past 10 meetings.
Despite the fall in inflation this year, CBN Govenor, Lamido Sanusi has resisted calls to cut interest rates to improve lending to businesses, arguing that the current hard-won economic stability cannot be taken for granted.
Most analysts expect rates to be held steady again next week.

Ernst And Young Ranks Nigeria’s Banks In Frontier Category

 

 

Global business rating organization, Ernst and Young has ranked Nigerian banks in the frontier category of the latest barometer of regional banking in emerging markets.

The ranking according to Ernst and Young’s leader of financial services, West Africa, Dayo Babatunde, was based on the Gross Domestic Product (GDP) of banks in emerging countries.
He Explained that Nigeria is ranked in the frontier category where countries with maximum GDP of $2000 are placed. “Nigeria’s GDP as 2011 stood at $1,200 and this indicates there is a lot of room for growth, hence the global interest of investors in Nigerian banks” he stated.

PHCN Says Army, Police, Politicians Owe N21 Billion Electricity Bill In Kaduna

The Power Holding Company of Nigeria (PHCN), Kaduna electricity distribution zone, has claimed that about N21 billion was outstanding as unsettled debts from electricity bills owed it by the armed forces, police, politicians and other federal government agencies in the North West states.

How DPO Shot Fuel Subsidy Protesters– Witnesses

Two witnesses on Tuesday told an Ikeja High Court how a police officer, Segun Fabunmi, allegedly shot at some persons during the protest over the removal of fuel subsidy in January 2012.
The witnesses, Messrs Adekunle Alabi and Alimi Abubakar, made the allegation while testifying at the trial of Fabunmi, a former DPO of Pen Cinema Police Station, Agege, Lagos.
Fabunmi, who was dismissed from the police force after the incidence, is being prosecuted for allegedly shooting Adedamola Daramola to death during the protest on January 9^th, 2012.

CO-CREATING YOUR BRAND WITH YOUNG WORLD CONSUMER-ENTREPRENEURS

Emerging economies such as those of China, India, Brazil, South Africa, and others represent the fastest-growing middle class consumer markets in the world. Nearly one billion potential customers are beginning to earn enough discretionary income to afford quality brands and quality consumer experiences. At the same time, many of these markets are just now seeing widespread penetration of the Internet and social networks – in societies where upwards of 60 percent of the population is under the age of 30.

Six die over Ramadan gifts

No fewer than six people were said to have died and about 20 others injured in a stampede that broke out at the residence of a Gusau-based millionaire, (name withheld) when people gathered to receive Ramadan assistance.
It was gathered that in the early hours of Monday, the wealthy businessman in line with the spirit of Ramadan, had offered to assist the poor and less privileged in keeping with the spirit of the season.
This time around, he had planned to distribute food items and when the people heard of it, they trooped to his house and this led to an overflowing crowd.|’’ It was gathered that the presence of thousands of people in the house made it difficult for those assigned to distribute the food items to control the crowd.
At a stage, the crowd pulled down the main gate,thereby allowing manymore people access to the house. In the stampede that ensued, six people died on the spot and many others sustained injuries.
As at the time of filing this report, the corpses of the six persons had been deposited at the mortuary of the Federal Medical Centre, Gusau. When contacted, the state Police Commissioner, Mr Usman Akila Gwary, confirmed the incident and the number of deaths.
The police boss said normalcy had been restored at the scene of the tragic incident.
Good one for the donor! he actually meant well, but again how come thousands are such poor and hungry and only one man has enough to feed them all? The Northern leaders and elites has some questions to clear though.

Army Confirms Al-Mustapha’s Status In Military

The Nigerian Army has confirmed claims made by Major Hamza al-Mustpha that he is still personnel of the Nigerian Army.
At a briefing by the joint security information committee, the Director of Army Public relations who was represented by his Chief of Staff, Colonel Joe Agim, said that Major Al-Mustapha, the Chief Security Officer to late General Sani Abacha, is still enlisted in the Nigerian Army.

Shocker in Borno: Army uncovers Boko Haram bunkers, shallow graves

The Joint Task Force (JTF) Operation Restore Order II in Borno yesterday said it uncovered Boko Haram mass grave, tunnels and bunkers in Maiduguri, the epicenter of the insurgency.
Spokesman of the JTF, Leutenant Colonel Sagir Musa, who took journalists to the site of the shallow graves, tunnels and bunkers at Bulabulin Nganaram, said some residents killed by the insurgents and some of the Boko Haram members that died in gun battles with security men were buried in the graves.