Agriculture
Food and commodity price increases push Nigeria’s inflation rate to 19.64%.
The Consumer Price Index (CPI) which measures the rate of change in prices of goods and services in Nigeria increased to 19.64 percent in July, compared to the 1percent cent it was the previous month, the National Bureau of Statistics (NBS) disclosed yesterday.
However, on a year-on-year comparison, the CPI stood at 17.38 percent in the corresponding month of 2021.
The NBS attributed the 2.27 percent rise in the headline index to the uptick in the food and core indexes.
Food inflation rose by 0.99 percent to 22.02 percent year-on-year in July compared to 21.03 per cent in 2021.
According to the CPI report for July which was posted on the statistical agency’s website, the rise in food inflation was caused by increases in prices of bread and cereals, food products potatoes, yam and other tubers, meat, fish, oil, and fat.
On a month-on-month basis, food inflation declined by 0.01 per cent to 2.04 per cent in July, which was an insignificant reduction compared to 2.05 per cent.
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The NBS however attributed the decline to a reduction in the prices of some food items namely tubers, maize, garri, and vegetables.
The average annual rate of food inflation for the 12-month period ending July 2022, over the previous 12-month average was 18.75 per cent, which was a 1.42 per cent decline from the 20.16 per cent average annual rate of change recorded in July 2021.
Similarly, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce increased by 2.54 per cent to 16.26 per cent year-on-year compared to 13.72 per cent in 2021.
On a month-on-month basis, core inflation rose by 0.20 per cent to 1.75 per cent in July compared to 1.56 per cent recorded in June.
According to the statistical agency, the highest increases in core inflation were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road, air, garments, cleaning, repair and hire of clothing.
Meanwhile, year-on-year, food inflation was most severe in Kwara (29.28 per cent), Akwa Ibom (27.22 per cent), and Kogi (26.08 per cent), while Kaduna (17.16 per cent), Jigawa (17.46 per cent) and Anambra (19.25 per cent) recorded the slowest rise.
On a month-on-month basis, food inflation was highest in Kwara (3.90 per cent), Delta (3.61 per cent), and Benue (2.94 per cent), while Taraba (0.14 per cent), Gombe (0.94 per cent), and Niger (1.13 per cent) recorded the slowest rise.
On the other hand, core inflation year-on-year basis was highest in Akwa Ibom (22.88 per cent), Ebonyi (22.51 per cent), Kogi (22.08 per cent), while Jigawa (16.62 per cent), Kaduna (17.04 per cent) and Borno (18.04 per cent) recorded the slowest rise in the headline index.
The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its
Development strategy with Federal Government initiatives, and boost the state’s economic potential.
Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.
Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.
He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.
The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”
He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.
The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.
He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”
According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support
Local communities.
He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.
The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states
Long-term economic stability and self-reliance.
The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation.
The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989.
The News Agency of Nigeria (NAN) reports that the old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd.
It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion dollars loan to rehabilitate the facility which contract was awarded to an Italian firm, Tecnimont S.P.A, a subsidiary of Maire Tecnimont Group.
NAN) reports that Malam Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. is leading the team to inspect the first lifting of petroleum product from the facility after its rehabilitation.
Alia appoints head of agric company, others
Gov. Hyacinth Alia has approved the appointment of Mr. Donald Aorkwagh Akule as the Managing Director/Chief Executive Officer of the Benue State Agricultural Development Company (ADC).
The governor also approved the appointment of Dr Aondoakaa Asambe as Principal Special Assistant (PSA) on Livestock Development and Animal Transboundary Disease Control.
The appointments were announced in a statement signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi on Friday.
According to the statement, the governor also appointed Mr Abraham Agogo as Senior Special Assistant (SSA) on Community Mobilisation.
The statement added that the appointments take immediate effect.
It said that Akule brings over 15 years of experience in agricultural systems, community development, research and development, and food processing.
He holds a B.Sc. in Food Science and Technology from Joseph Sarwuan Tarka University, Makurdi, and is a Certified Fellow in Agricultural Systems Development under USAID and Lagos Business School.
Meanwhile, Asambe, a member of the Nigeria Veterinary Medical Association and a registered veterinary surgeon with the Veterinary Council of Nigeria, has been a lecturer at Federal University, Dutsima, for the past 12 years.
He holds a Doctor of Veterinary Medicine at the University of Agriculture, Makurdi (now Joseph Sarwuan Tarka University, Makurdi).
He also holds a postgraduate degree in Food Animal Medicine at the Ahmadu Bello University, Zaria.
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