Connect with us

E-Business

Nigeria’s Inflation Hits 28.20% in November – NBS

Published

on

Kindly share this post

Nigeria’s headline inflation rate for November increased to 28.20% compared to the October 2023 rate which was 27.33%, the National Bureau of Statistics has disclosed.

The NBS in its Consumer Price Index of November 2023 published on Friday said the headline inflation rate showed an increase of 0.87% points when compared to that of October 2023.

“On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.

“This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).

“Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%).

“This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023,” NBS said.

It added that the food inflation rate in November 2023 was 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%).

According to the NBS, “the rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

“On a month-on-month basis, the Food inflation rate in November 2023 was 2.42% this was 0.51% higher compared to the rate recorded in October 2023 (1.91%).

“The rise in food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Oil and fat, Meat, Coffee, Tea and Cocoa, Potatoes, Yam and other Tubers.

“The average annual rate of Food inflation for the twelve-months ending November 2023 over the previous twelve-month average was 27.09%, which was a 6.68% points increase from the average annual rate of change recorded in November 2022 (20.41%).”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Senate Okays Bill to Allow Foreigners in Nigeria Obtain NINs

Published

on

Kindly share this post

The Senate on Tuesday passed for a second reading a bill seeking to allow all persons including foreigners resident in Nigeria the right to obtain and use National Identification Numbers (NINs).

Senate Okays Bill to Allow Foreigners in Nigeria Obtain NINs

Engineer Abisoye Coker-Odusote, DG, NIMC

The bill also seeks to replace criminal penalties with administrative enforcement measures to encourage compliance with NIN usage requirements without imposing “undue legal consequences” on individuals.

The bill, which was sponsored by Sen. Barau Jibrin, deputy president of the Senate, seeks to broaden the eligibility criteria for registration to ensure inclusivity and universal coverage.

“This allows all persons resident in Nigeria to obtain a National Identification Number (NIN) and utilise it as a recognised form of identification”, Jibrin informed the Senate in his lead debate.

The title of the bill reads, “A Bill for an Act to Repeal the National Identity Management Commission (NIMC) Act 2007, and to Provide for the Establishment of a National Identity Database and the National Identity Management Commission Charged with the Responsibilities for Maintenance of the National Database, the Registration of Individuals, and the Issuance of Identity Credentials; and for Related Matters, 2024. The lead debate on the general principles of the  bill was read by Senator Cyril Fasuyi (Ekiti North) during plenary as the sponsor, Senator Barau Jibrin, presided over the session.

The lead debate on the general principles of the bill was read by Senator Cyril Fasuyi (Ekiti North) during plenary as the sponsor, Senator Barau Jibrin, presided over the session.

Senator Fasuyi said the bill seeks to repeal the extant Act and enact a new regulatory regime for the National Identity Management Commission, adding it  is aimed at enhancing the NIMC’s regulatory capacity to enable more effective oversight and regulation of the Nigeria ID System.

The senator said, “The objectives of the bill are as follows: (a) Expanding the scope of registrable persons by broadening the eligibility criteria for registration under the Nigeria ID System to ensure inclusivity and universal coverage.

“This allows all persons resident in Nigeria to obtain a National Identification Number (NIN) and utilise it as a recognised form of identification.

“(b) Streamlining the sharing of personal data by incorporating robust data protection measures to not only safeguard the privacy and confidentiality of individuals’ data but also to foster trust among citizens in the landing of their information.

“(c) Enhancing administrative enforcement powers. The efficiency and effectiveness of the NIMC’s enforcement powers will ensure timely and accurate compliance with ID registration requirements.

“(d) Removing Criminalization for Non-Use of NIN: Replacing criminal penalties with administrative enforcement measures to encourage compliance with NIN usage requirements without imposing undue legal consequences on individuals.”

The senators debated and passed the bill


Kindly share this post
Continue Reading

E-Business

NSIA Announces Phase 2 of $220,000 Start-ups Innovation Prize

Published

on

Kindly share this post

The Nigeria Sovereign Investment Authority (NSIA) has announced the start-ups to participate in the second phase of the accelerator stage (physical bootcamp) of the NSIA Prize for Innovation (NPI 2.0).

The week-long physical bootcamp will culminate in a mini demo day where the start-ups will pitch their solutions before a panel of judges drawn from the technology and the business eco system for a chance to proceed to the Demo Day and vie for a total combined prize value of $220,000 with an all-expense paid five-week training at Draper University, Silicon Valley, USA.

Mr. Aminu Umar-Sadiq, Managing Director/Chief Executive, NSIA, noted said the authority remained focused on leveraging the prize to propel socio-economic development especially by catalysing the technology ecosystem, encouraging youth entrepreneurship, advancing innovative solutions to everyday challenges and positioning Nigerian tech talents for global relevance.

The two-part accelerator phase initially had 100 start-ups selected after rigorous evaluation and due diligence carried out on over 7,000 early-stage businesses that registered for the competition. Out of these, and following additional screening, the following start-ups from multiple sectors have been shortlisted to proceed to the physical bootcamp.

Umar-Sadiq further explained that the NPI was the authority’s multi-year commitment to identify and nurture early-stage businesses with potential for transformative impact in the country.

Currently in its second edition, NPI has garnered significant attention as high-quality applications from interested businesses grew from 2,000 in the maiden edition to over 7,000 in 2024.

The initiative aligns with the authority’s ongoing commitment to catalyse the technology ecosystem by identifying and rewarding Nigerian innovators, equipping them with the right tools to scale product – market fit, connecting start-ups with potential investors and delivering a robust community of technology innovators and entrepreneurs.

 


Kindly share this post
Continue Reading

E-Business

Excitement as Konga Ups the Tempo With 12th Anniversary

Published

on

Kindly share this post

The much-anticipated Konga Anniversary sale is here, and this year, it promises to be bigger and better than ever. As part of the Konga Mid-Year Shopping Festival, the anniversary sale will run from July 1 to July 31.

During this time, Konga will offer shoppers ultra discounts, unbeatable prices, free and same-day delivery, and exciting deals across all product categories. Celebrating its 12th anniversary, Konga is set to make this month-long event a memorable shopping experience for all its customers.

The Konga Mid-Year Shopping Festival has already been an immense success, with savings on Fast-Moving Consumer Goods (FMCG), Home and Kitchen Appliances, Electronics, Computing, Mobile Phones, Wine & Spirits, Fashion, and more.

As Konga celebrates its 12th anniversary, the discounts and offers are set to reach unprecedented levels. Shoppers can expect price slashes on a wide range of products, allowing them to save significantly on their purchases.

Konga, Nigeria’s leading e-commerce platform, has always been synonymous with quality, reliability, and superior customer service. Over the years, it has grown to become a household name, providing genuine products and exceptional service to millions of Nigerians.

This year’s anniversary sale is a testament to Konga’s commitment to its customers, offering extra savings and incredible deals that are too good to miss.

Since its inception in 2012, Konga has consistently strived to provide the best shopping experience for its customers. The growth and success over the past 12 years are a testament to its unwavering commitment to quality, customer service, and innovation.

As Konga celebrates its 12th anniversary, it is also celebrating the loyalty and trust of its customers, who have been the driving force behind its success.

“We’re thrilled to offer our customers an unparalleled shopping experience this July,” says Dave Omoregie, COO at Konga. “The combination of the ongoing Mid-Year Shopping Festival and our 12th Anniversary Sale creates a double dose of savings that’s truly unbeatable.

“We’re committed to providing Nigerians with access to high-quality products at affordable prices, and this event exemplifies that commitment.”

Konga has built a reputation for being a trusted e-commerce platform where customers can find genuine products at unbeatable prices. The anniversary sale is an opportunity for shoppers to experience the freedom and convenience that Konga offers. With the best prices, free delivery, and a wide selection of products, customers can shop confidently, knowing that they are getting the best prices available.

Customers in major cities will also enjoy having their orders delivered to their doorstep on the same day at no extra cost.

This value is only available on selected products. This service is part of Konga’s ongoing efforts to enhance the shopping experience and ensure customer satisfaction. With this initiative, Konga aims to set a new standard for e-commerce delivery in Nigeria.

The anniversary sale is an opportunity for all customers to join in the celebration and take advantage of the incredible deals on offer.

With a month-long celebration of unbeatable deals, convenience, and a touch of anniversary magic, Konga has everything you need to make this shopping extravaganza truly unforgettable.

Take advantage of this opportunity to save big and enjoy a premium shopping experience.


Kindly share this post
Continue Reading

Trending