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Food Inflation Reaches 39.93% as Nigeria’s Inflation Rate Hits 34.6%

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Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024, the National Bureau of Statistics (NBS) said Monday.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).

The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sadine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

Bretton Woods institutions like the World Bank and the International Monetary Fund had advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.

After his inauguration in May 2023, President Bola Tinubu removed petrol subsidy and floated the naira. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a nosedive, wobbling from around N700/$ to N1,600.


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RCCG Turns Former Barclays Banks’s Branch Building into Church

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A former Barclays branch building in Middleton is set to be transformed into a church, two years after the bank shut its doors.

RCCG Turns Former Barclays Banks’s Branch Building into Church

The Redeemed Christian Church of God (RCCG)has received council approval to establish their newest place of worship at the site, adding to the growing number of the faith’s churches in the Greater Manchester area

Despite receiving 51 letters of objection from locals concerned about potential traffic impact and overdevelopment, Rochdale Council’s highways officers are confident there would be no increase in traffic as a result of the development.

Planning officers also noted that the application is only for a change of use, meaning the building’s appearance would remain the same.

No major internal or external changes are planned.

As the building would effectively look the same and the application was for a change of use, this work would not be deemed ‘inappropriate’ or ‘overdevelopment’.

The Redeemed Christian Church of God, a form of Christianity founded in Nigeria in 1952, has a presence in 197 countries and territories worldwide, with millions of members in Nigeria alone.


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Shell Approves FID On $5Bn Bonga North Deepwater Project

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Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has officially announced a Final Investment Decision (FID) on the Bonga North deepwater project, marking a significant milestone in Nigeria’s energy sector.

Shell Approves FID On $5Bn Bonga North Deepwater Project

The $5 billion Bonga North project, located offshore in Oil Mining Lease (OML) 118, is set to sustain and enhance production at the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% operational interest.

In a statement released on Monday, Shell confirmed that the project has an estimated recoverable resource of more than 300 million barrels of oil equivalent (boe) and is projected to achieve a peak production of 110,000 barrels of oil per day..

“This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.

The Bonga North project encompasses the drilling, completion, and commissioning of 16 wells—8 production wells and 8 water injection wells.

It also involves modifications to the existing Bonga Main FPSO and the installation of advanced subsea infrastructure, which will be tied back to the FPSO.

Bonga North represents a key component of Shell’s strategy to bolster its Integrated Gas and Upstream business, which continues to drive cash generation well into the next decade

This project follows a wave of international investment in Nigeria’s deepwater oil industry, underscoring the country’s significance in the global energy landscape.

Shell’s decision reaffirms its long-term commitment to maintaining its leadership in energy production while contributing to Nigeria’s economic growth.

The FID announcement aligns with Nigeria’s ongoing efforts to attract foreign direct investment in its oil and gas sector, fueled by strategic reforms and an improved regulatory environment under the current administration.


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FEC Approves 161.3m Euros for Phase 1 Siemens Power Project

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Federal Executive Council (FEC), meeting presided over by President Bola Tinubu on Monday approved the sum of 161,328,228 euros for the execution of contracts in the first batch of the Phase 1 of the Siemens Power projects across the country.

FEC Approves 161.3m Euros for Phase 1 Siemens Power Project

Tinubu after extensive deliberations at the FEC also approved N1.7 billion for the acquisition of an office complex for the National Electricity Liability Management Company (NEMCO), in Abuja.

Briefing newsmen after the meeting, Adebayo Adelabu, minister for Power, said: “At the Federal Executive Council meeting held this afternoon, there were basically two approvals for the Federal Ministry of Power, as I presented. The first was actually an approval for the award of contract for engineering, procurement, construction and financing for the implementation of the 331 32 KV And 132 33 KV substations upgrade under the Phase One of the Presidential Initiative, popularly known as the Siemens project, consequent upon completion of the pilot phase of this project.

“The Federal Executive Council at today’s meeting considered it necessary for us to move forward as promised by the President of the Federal Republic of Nigeria at a meeting he held with the President of the Republic of Germany last week.

“The cost of this first batch of the phase one of the Siemens project was 161,328,228 euros. And the Phase One of this Siemens projects, as it relates to the transmission, upgrade and expansion, actually includes 14 brownfield substations that need upgrade and revamping, and 21 greenfield substations, which are new substations to be built across the country to improve the transmission segment.

“The first batch of this Phase One of the projects include: Onitsha 331 3233 KV substation, under the Enugu Electricity Distribution Company; Offa 132 33 KV substation under the Ibadan Electric Distribution Company, there is the new Abeokuta 331 3233 KV substation. We have Ayede 331 3233 KV substation. And lastly, Sokoto 132 33 KV substations.”

Adelabu also explained that the five sub-stations are to be worked upon and under the first batch of this Phase One of the Siemens project.

According to him: “We expect that this will further improve and stabilise the transmission segment of the power sector value chain in no distant future on completion.

“Another approval that was given at the FEC this afternoon actually relates to the award of contract for the acquisition of an office complex for the Nigeria Electricity Liability Management Company, which you all know as a NEMCO, and the office complex approved for outright purchase is at Plot No. 2148, Cadastral Zone, Wuse 1 District, Abuja, for NEMCO, and the cost of this acquisition is 1.7 billion naira inclusive of 7.5% VAT.

“We all know that NEMCO is the product of the Electricity Power Sector Reform Act of 2005 with a very specialised role to play in ensuring the success of the electricity sector reform. And the company currently resides in this particular facility, but it is expedient that the property be acquired to avoid the escalating rent which is being increased regularly due to inflation.

“So this offer of outright purchase was opted for, and this will also enable the company to meet up with its expanded mandate and increase in staff strength.”

 


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