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Economy

Food prices continue to rise in November – NBS

Food prices continue to rise in November – NBS

Food

By Okeoghene Akubuike

Abuja, Dec. 26, 2022 (NAN) The National Bureau of Statistics (NBS), said that prices of selected food items increased in November.

This is, according to the NBS Selected Food Prices Watch Report for November 2022, released in Abuja on Monday.

The report said that the average price of 1kg boneless beef on a year-on-year basis, increased by 29.00 per cent from N1,812.03 recorded in November 2021 to N2,337.46 in November 2022.

“While on a month-on-month basis, 1kg boneless beef increased by 3.14 per cent from N2,266.24 recorded in October 2022.”

It showed that the average price of 1kg rice (local) increased on a year-on-year basis by 18.95 per cent from N421.02 in November 2021 to N500.80 in November 2022.

“On a month-on-month basis, the average price of this item increased by 2.73 per cent from N487.47 recorded in October 2022. ”

The report said the average price of 1kg of tomato on a year-on-year basis rose by 30.18 per cent from N350.15 in November 2021 to N455.13 in November 2022.

“Also, on a month-on-month basis, 1 kg of tomato increased by 0.15 per cent from N454.46 recorded in October 2022.”

Also, the report showed that the average price of 1kg brown beans (sold loose) rose by 18.03 per cent on a year-on-year basis from N490.19 recorded in November 2021 to N578.55 in November 2022.

“While on a month-on-month basis, the price rose by 2.45 per cent from N564.69 recorded in October 2022.”

The NBS said the average price of Palm oil (1 bottle) increased by 29.87 per cent from N775.11 in November 2021 to N1,006.64 in November 2022.

“On a month-on-month basis, the item grew by 3.91 per cent from the N968.76 recorded in October 2022.”

Also, it said the average price of Vegetable oil (1 bottle) stood at N1,142.99 in November 2022, showing an increase of 30.41 per cent from N876.47 in November 2021.

“On a month-on-month basis, it rose by 3.34 per cent from N1,106.08 recorded in October 2022.”

The report said the average price of a yam tuber stood at N421.08 in November 2022, showing an increase of 29.25 per cent from N325.78 in November 2021.

“On a month-on-month basis, 1 tuber of yam increased by 2.74 per cent from N409.86 recorded in October 2022.”

The NBS said the average price of white garri (sold loose) stood at N325.82 in November 2022, showing an increase of 7.79 per cent from N302.28 in November 2021.

“On a month-on-month basis, the item increased by 2.49 per cent from N317.90 recorded in October 2022.”

The report said at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N632.05, while the lowest price was recorded in Jigawa at N378.81.

It said Ebonyi state recorded the highest average price of beans (brown, sold loose) at N868.33, while the lowest was recorded in Kebbi state at N365.71.

Also, the report said Ekiti recorded the highest price of Vegetable oil (1 bottle) at N1,584.31, while Kwara recorded the lowest price at N693.08.

It said analysis by zone showed that the average price of 1kg boneless beef was higher in the South-East and South-South at N2,851.51 and N2,570.87, respectively, while the lowest price of the item was recorded in the North-East at N1,971.83.”

The report said the South-South recorded the highest average price of 1kg rice (local, sold loose) at N555.80, followed by the South-West at N526.41, while the lowest price was recorded in the North-West at N457.16.

Also, it said the South-West recorded the highest average price of Palm oil (1 bottle) with N1,174.30, followed by the North-West at N1,129.63, while the North-East recorded the lowest price at N765.04. (NAN) (www.nannews.ng)

OKE/VAO

Edited by Vincent Obi

Economy

FEC approves 3 PPP projects for NIMASA, targets $1.1bn revenue – ICRC

FEC approves 3 PPP projects for NIMASA, targets $1.1bn revenue – ICRC

Projects

By Okeoghene Akubuike
Abuja, Dec. 23, 2022(NAN) The Federal Executive Council (FEC) has approved three Public Private Partnership (PPP) Projects to be executed in the Nigerian Maritime Administration and Safety Agency (NIMASA.

This is contained in a statement by Mrs Manji Yarling, Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC).

Yarling said the projects, under the regulatory guidance of the ICRC, were projected to generate over 1.1 billion  dollars to the Federal Government during the concession period.

She said the projects included the Eastern Offshore Waste Reception Facility, Central/Western Offshore Waste Reception Facility and a Floating Dry Dock.

Yarling said the projects were approved by FEC following the issuance of Full Business Case Certificate of Compliance (FBC) by the PPP regulatory body, the ICRC.

She said the Director-General, ICRC, Michael Ohiani issued the FBCs for the Offshore Waste Reception Facilities (OWRF) projects.

According to her, Ohiani said the move demonstrated the commitment of President Muhammadu Buhari’s administration to the environmental well-being of coastal communities and offshore fishermen.

“The essence of the approvals by FEC is for the OWRF to put in place a standard facility for use in Nigeria’s international waters, in compliance with the International Convention for the Prevention of Pollution from Ships (MARPOL) 1973/1978.”

Ohiani said the goal of the proposed partnership was to protect the offshore environment and provide a visible deterrent for offshore polluters from a surveillance point of view.

He said it was also to reduce the current level of pollution to the benefit of offshore fishermen and coastal communities.

The director-general said the OWRF projects would essentially help keep the seas and oceans clean.

“Each facility, when completed, would be adequate to fully meet the needs of ships and other installations regularly making use of the facilities, and contribute to the improvement of the marine environment.

” They will allow for the ultimate disposal and discharge of wastes from ships and other installations in an environmentally friendly way,” Ohiani said.

He said more details on the Eastern OWRF showed that the Design, Finance, Build, Operate, Maintain and Transfer (DFBOMT) PPP model would be adopted with XPO Marine Services Limited as the concessionaire for an initial period of 10 years.

“The projected total revenue from Eastern OWRF for the entire concession period due to Federal Government based on revenue sharing ratios is 279.4 million dollars.

“The projected total revenue for the entire concession period from the Central and Western zones due to Federal Government, based on the revenue sharing ratios, is 765.2 million dollars.

“The concessionaire for the Central and Western OWRF is African Circle Pollution Waste Management Limited and the concession period is also 10 years.”

He said also approved by FEC was the management contract to Operate, Maintain and Transfer (OMT) the Floating Dry Dock (FDD) of NIMASA.

” The FDD is for the repair of cabotage vessels.

“The concessionaire, J. Marine Logistics Limited, is to manage the Modular/Floating Dry Dock for 15 years.

“Total revenue accruing to NIMASA for the 15 years concession period is 65.6 million dollars (N27.2 billion).

When fully implemented, the project is expected to create over 800 direct and indirect jobs.”

Ohiani said beyond revenue generation, the project was also expected to create jobs, develop capacity and provide maintenance facilities for ships and boats.

He said FEC also approved a PPP project in Ikeja Lagos, for the Federal Radio Corporation of Nigeria (FRCN) to develop a commercial mixed-use complex.

Ohiani said that the complex would comprise houses, hotels, recreational facilities as well an office complex.

‘The FRCN PPP project was approved for a concession period of 55 years with expected revenue for the period put at N14.9 billion while the concessionaire is Fish Valley Investment & Property Limited. “(NAN)(www.nannews.ng)
OKE/IA

Edited by Idris Abdulrahman

General news

Average price of 5kg cooking gas stood at N4,549.14 in Nov. – NBS

Average price of 5kg cooking gas stood at N4,549.14 in November – NBS
Gas

By Okeoghene Akubuike

Abuja, Dec. 20 2022 (NAN) The National Bureau of Statistics (NBS) says the average price of 5kg of cooking gas increased from N4,483.75 in October to N4,549.14 in November.

The NBS stated this in its “Cooking Gas Price Watch’’ for November 2022 released on Tuesday in Abuja.

It said that the November price was a 1.46 per cent increase over what was obtained in October.

It said on a year-on-year basis, the increase was 37.34 per cent from N3,312.42 recorded in November 2021 to N4,549.14 in November 2022.

On state profile analysis, the report showed that Niger recorded the highest average price of N4,983.33 for 5kg cooking gas, followed by Kwara at N4,963.33, and Adamawa at N4,960.00.

It said on the other hand, Abia recorded the lowest price at N4,125.00, followed by Delta and Anambra at N4,202.78 and N4,204.17, respectively.

Analysis by zone showed that the North-Central recorded the highest average retail price of N4,852.74, followed by the North-East at N4,606.80.

“The South-East recorded the lowest average retail price at N4,357.18,” the NBS said.

Similarly, the average retail price per litre of kerosene rose to N1,083.57 in November on a month-on-month basis, showing an increase of 4.08 per cent compared to N1,041.05 recorded in October.

According to its “National Kerosene Price Watch” for November 2022, on a year-on-year basis, the average retail price per litre of kerosene rose by 145.68 per cent from N441.06 in November 2021.

On state profile analysis, the report showed the highest average price per litre of kerosene in November was recorded in Akwa Ibom at N1,416.67, followed by Cross River at N1,366.67 and Abuja at N1,306.67.

“On the other hand, the lowest price was recorded in Borno at N875.83, followed by Rivers at N910.00 and Nasarawa at N913.56.(NAN) (www.nannews.ng)

OKE/GY

Edited by Grace Yussuf

 

Economy

Nigeria needs help from private sector to meet investment needs – Finance Minister

Nigeria needs help from private sector to meet investment needs – Finance Minister

Help

By Okeoghene Akubuike

Abuja, Dec. 15, 2022 (NAN) The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says Nigeria needs help from the private sector to meet its public investment needs.

Ahmed said this at the presentation of the latest World Bank Nigeria Development Update (NDU): “Nigeria’s Choice” and “Country Economic Memorandum(CEM): Charting a New Course” in Abuja on Thursday.

The Minister was represented by the Director-General of Budget Office of the Federation, Ben Akabueze.

“I wish to conclude my address by conceding that we need help. The Nigerian Government at the national and subnational levels cannot provide all the financing required to meet Nigeria’s public investment needs.

“As stated in the National Development Plan (NDP) 2021-2025, we need the private sector, both foreign and domestic, as integral partners in securing the much-needed financing required to fund both physical and social investments for Nigeria’s overall development.”

Ahmed said the report noted that under a business-as-usual scenario, Gross Domestic Product (GDP) per capita will continue to decline, however, drastic reforms could change this.

She said the Nigerian economy had demonstrated considerable resilience in addressing the challenges caused by COVID-19 and the Russian-Ukraine war which were global issues.

The Panelists at the presentation of the report also agreed that the private sector was needed to help change the country’s economic trajectory.

Gov. Godwin Obaseki of Edo said the solution was beyond microeconomics but in building a consensus and having an agreement to build the economy.

Obaseki said the report talked about jobs and the private sector, saying that the private sector accounts for 90 per cent of GDP.

“So, why should policy not be tuned to support the activities of the private sector so we can create more jobs?

“There is no alignment of interests for those in government. Look at our budget, up to 70 per cent of our budget is on servicing government and government institutions and much less on providing a supportive environment to allow the private sector.

“Unless and until we have that alignment in terms of interests and build the political and social consensus we will just keep turning around.

“I think we must broaden the conversations and understand that there is nothing new. It is either we drive our potential or things will fall apart,” he said

Gov. Nasir El -Rufai of Kaduna state said the private sector had a major role to play in arriving at a consensus to change the economic trajectory of Nigeria since it accounts for 95 per cent of Nigeria’s GDP.

“The consensus is that if 95 per cent of jobs are from the private sector and 90 per cent of GDP is from the private sector, the private sector should agree that these things must be done.

“ I have told you the two big elephants in this room are subsidy and exchange rate and those at the receiving end of these are the private sector and the subnational.”

He said that Nigeria needed a President who would reverse the trajectory of the country permanently.

“ Nigeria’s next President must make urgent and immediate decisions, maybe three to five years of pain to reverse this trajectory.

“So that President that is ready to change the trajectory will remove the word potential from Nigeria’s vocabulary and we will finally be the country we deserve to be,” he said.

Dr Sarah Alade, Adviser to the President on Finance and Economy, said the government needs to provide a platform for the private sector to invest if Nigeria is to improve its microeconomic climate.

Alade said this would be achieved by restoring the confidence in local and foreign investors through restoring microeconomic stability because every market economy thrived on confidence.

“The way we will do this is through urgent reforms in terms of the fiscal stance, the fiscal stance has to be consistent, and then we talk about removing subsidies, making revenue available and so on.

“We also must have a monetary policy stance consistent with low inflation. We have to also look at the exchange rate, our exchange rate must be such that it avoids volatility.

“We cannot grow the economy by ourselves, we need revenue, we need jobs, we need to be able to do things to encourage and motivate the private sector to come and provide all we need,” she said.

The World Bank Country Director for Nigeria, Shubham Chaudhuri, said the NDU report titled ” Nigeria’s Choice” was not political but referred to the choices in terms of policies and going forward.

” The choice we are talking about is that Nigeria stands at a critical juncture with a choice to make instead of floating along.

“This is a choice that rising to potential is realised going forward, “he said.

Dr Alex Sienaert, World Bank’s Lead Economist for Nigeria, who gave a presentation of the report, said the report recommended a set of reform choices Nigeria could make in three key areas in the short and medium terms.

Sienaert said the first reform was to restore macroeconomic stability through measures to reduce domestic and external imbalances.

“This will require a coordinated mix of the exchange rate, trade, monetary, and fiscal policies, notably including adopting a single, market-responsive exchange rate, eliminating the petrol subsidy, and increasing oil and non-oil revenues.”

He said the second thing was to boost private sector development and competitiveness by eliminating structural constraints that hinder productivity, and thirdly to expand social protection to protect the poor and most vulnerable.

The News Agency of Nigeria(NAN) reports that the NDU which is released every six months assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context.

The CEM offers key insights into Nigeria’s growth record since 2000 and highlights key policy reforms to chart a new and inclusive growth path that boosts growth and accelerates job creation(NAN) (www.nannews.ng)

OKE/VIV

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Edited by Vivian Ihechu

 

General news

Inflation rate hits 21.47% in November – NBS

Inflation

By Okeoghene Akubuike

Abuja, Dec.15, 2022 (NAN) Headline inflation rate increased to 21.47 per cent on a year-on-year basis in November, the National Bureau of Statistics (NBS), has said.

It made the declaration in its Consumer Price Index (CPI) and Inflation Report for November 2022 released in Abuja on Thursday.

According to the report, the increase is 6.07 per cent points higher compared to the 15.4 per cent recorded in November 2021.

“This means that in November 2022, the general price level was 6.07 per cent higher relative to what it was in November 2021,’’ it stated.

It added that some of the factors responsible for the rise were increase in import costs occasioned by persistent currency depreciation and general increase in production costs occasioned by the increase in energy cost.

The report stated also that on a month-on-month basis, headline inflation rate in November was 1.39 per cent, which was 0.15 per cent higher than the rate recorded in October at 1.24 per cent.

“This means that in November, the general price level was 0.15 per cent higher relative to October,’’ it added.

According to the report, the likely factor responsible for the increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experienced during the festive season.

The report stated that the percentage change in the average CPI for the 12 months ending November 2022 over the average of the CPI for the previous 12 months period was 18.37 per cent.

“This indicates a 1.39 per cent increase compared to the 16.98 per cent recorded in November 2021,’’ it stated.

It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The report added that food inflation rate in November was 24.13 per cent on a year-on-year basis, and was 6.92 per cent higher compared to the rate recorded in November 2021 at 17.21 per cent.

“The rise in food inflation is caused by increases in the prices of bread and cereals, potatoes, yams and other tubers, and oil and fat,’’ it stressed.

It added that on a month-on-month basis, food inflation rate in November was 1.40 per cent, which was a 0.17 per cent rise compared to the rate recorded in October 2022 at 1.23 per cent.

It attributed the increase to a rise in prices of some food items like oil and fat, fruit, fish, and tubers.

“The average annual rate of food inflation for the 12 months ending November 2022 was 20.41 per cent.

“It was a 0.21 per cent points decline from the average annual rate of change recorded in November 2021 at 20.62 per cent.

“All items, less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 18.24 per cent in November 2022 on a year-on-year basis.

“This increased by 4.39 per cent compared to 13.85 per cent recorded in November 2021,’’ it stated.

On a month-on-month basis, core inflation rate was 1.67 per cent in November 2022, which was a 0.74 per cent rise compared to what it stood at in October 2022 at 0.93 per cent.

Highest increases were recorded in the prices of gas, liquid fuel, air fares, vehicle spare parts, and solid fuel, it added.

“The average 12-month annual inflation rate was 15.69 per cent for the 12 months ended November; this was 2.73 per cent points higher than the 12.96 per cent recorded in November 2021.

“On a year-on-year basis urban inflation rate in November 2022 was 22.09 per cent, which was 6.17 per cent higher compared to the 15.92 per cent recorded in November 2021.

“On a month-on-month basis, urban inflation rate was 1.50 per cent in November 2022; this was a 0.16 per cent increase compared to October 2022 at 1.33 per cent,’’ it stated.

The NBS stated also that the corresponding 12-month average for urban inflation rate was 18.9 per cent in November 2022.

“This was 1.35 per cent higher compared to the 17.55 per cent reported in November 2021.

“On a year-on-year basis in November 2022, rural inflation rate was 20.88 per cent, which was 5.99 per cent higher compared to the 14.89 per cent recorded in November 2021.

“On a month-on-month basis, rural inflation rate in November 2022 was 1.3 per cent, which increased by 0.14 per cent compared to October 2022 at 1.16 per cent.

“Corresponding 12-month average for rural inflation rate in November was 17.88 per cent, which was 1.46 per cent higher compared to the 16.42 per cent recorded in November 2021,’’ it stated.

On states’ profile analysis, the report showed that in November, all-items inflation rate on a year-on-year basis was highest in Ebonyi at 26.11 per cent, followed by Kogi at 25.84 per cent, and Rivers at 24.45 per cent.

The lowest rise in headline year-on-year inflation was recorded in Kaduna State at 18.87 per cent, followed by Sokoto State at 19.02 per cent, and Cross River at 19.17 per cent.

In November, all items inflation rate on a month-on-month basis was highest in Ebonyi (3.16 per cent), Niger at 2.70 per cent and Plateau at 2.44 per cent.

“In Ogun State, there was -0.17 per cent rise, followed by Abuja at -0.12 per cent and Sokoto State at 0.25 per cent on a month-on-month basis.

“Food inflation in November 2022, on a year-on-year basis, was highest in Kwara at 29.74 per cent, followed by Kogi at 29.51 per cent, and Ebonyi at 28.25 per cent.

“Kaduna State recorded 19.3 per cent, followed by Sokoto State at 19.48 per cent and Jigawa at 20.55 per cent is slowest rise in year-on-year food inflation,’’ it stated.

On a month-on-month basis, November 2022 food inflation was highest in Nasarawa State at 2.87 per cent, followed by Delta at 2.66 per cent, and Plateau at 2.53 per cent.

Sokoto State recorded -0.94 per cent, followed by Ogun State at -0.34 per cent and Yobe at -0.1 per cent being the slowest rise in month-on-month inflation, the NBS added. (NAN) (www.nannews.ng)

OKE/ALLI

========

Edited by Alli Hakeem

 

Features

Inflation, food security and implications for agric revolution

Inflation, food security and implications for agric revolution

By Okeoghene Akubuike, News Agency of Nigeria (NAN)

“My pension is only N90, 000 monthly; my children, two undergraduates, and one graduate all rely on this money and my wife’s little income from her petty trading.

“With the rising prices of food, we can barely afford to eat twice a day, not to mention meeting other needs.

This is the story of Mr David Omotayo, a pensioner whose children still rely on to meet their needs amidst other family demands in the face of increasing food prices and inflation.

The situation not different with Ms Blessing Ike, who said inflation has negatively affected her business and eroded her purchasing power.

“There is no profit from this business anymore, we are barely managing. The high prices of foodstuffs coupled with the increasing price of cooking gas which I use for my business, leave me with no profit,” she told the News Agency of Nigeria.

For Mrs Amina Audu, a civil servant, the high cost of living caused by inflation has reduced her living standard.

She says that 90 per cent of the family income is used on expenses ranging from food to other consumables such as cooking gas and electricity bills.

“It is impossible to save money in recent times”, Audu told NAN.

This is the reality in many Nigerian homes as inflation rate hits a 17- year high, the highest since September 2005 amid soaring food prices, according to the National Bureau of Statistics (NBS).

NBS statistics shows that Nigeria’s headline inflation rate increased to 21.09 per cent on a year-on-year basis in October 2022, indicating a 5.09 per cent increase compared to 15.99 per cent recorded in October 2021.

According to the Statistician-General of the Federation, Prince Semiu Adeniran, factors responsible for the increase in annual inflation rate include disruption in the supply of food products, increased import cost due to currency depreciation, among others.

Consequently, the average Nigerian cannot afford to purchase some of these staple food items, which the Multidimensional Poverty Index Survey (MPI) report launched on Nov. 17 confirms.

The MPI report revealed that 63 per cent of Nigerians are multi-dimensionally poor, accounting for 133 million Nigerians.

According to The World Bank’s Food Security report, domestic food price inflation remains high around the world. Information between June and September 2022 shows high inflation in almost all low-income and middle-income countries.

The bank, therefore, recommended Social Protection Responses to the Global Food Crisis, advising policymakers in developing countries to focus on the poor through social investment.

“Strengthening national social protection systems can help populations manage shocks and stressors and build long-term resilience to food insecurity.

“Social protection, food, and health systems can work together across sectors to improve food security and nutrition outcomes of vulnerable groups,” the report said.

Similarly, the International Monetary Fund (IMF) says high food insecurity is compounding the Covid-19 pandemic’s scarring effects on the vulnerable in Nigeria.

After its routine official visit to Nigeria in November 2022, the IMF said it anticipates that food prices would continue to increase in Nigeria in 2023 due to high fertiliser prices and recent flooding in many parts of the nation.

“Similarly, further volatility in the parallel market exchange rate and continued dependence on central bank financing of the budget deficit could exacerbate price pressures,” IMF said.

The Fund’s position is contained in its Staff Concluding Statement of the 2022 Article IV Mission in Nigeria.

The IMF recommended strengthening the performance of the agricultural sector as key to job creation, food security, and social cohesion.

However, the Federal Government has debunked insinuations that Nigeria will experience food shortage due to recent floods.

At the 5th Edition of President Muhammadu Buhari Administration Scorecard 2015-2017 series in Abuja, the Minister of Agriculture and Natural Resources, Dr Mohammad Abubakar, assured Nigerians that there would be no food shortage in the country.

Abubakar said in spite of the rising inflation in the country, which he said was a global crisis and the flood disaster notwithstanding, the country would not experience food shortage.

“Absolutely, we have enough to eat in this country. There is no shortage of food.

“Yes there is inflation and an increase in prices, but we have enough food to feed everyone. It is better to have inflation than to have no food. We have enough to eat and we will continue to have enough to eat”, Abubakar said.

Mohammed said one of the measures the government had put in place to ensure food security was dry season farming which would be done by also harnessing some of the flood waters.

However, Sam Amadi, an analyst and Director, Abuja School of Social and Political Thoughts, said: “if we are food secured then we want to see it in its affordability.

“Experts are predicting a difficult time with respect to food in Nigeria. Human security includes food affordability.

Economists have suggested concrete steps to address the rising inflation and food prices in Nigeria.

They also opine that the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians.

Prof. Aminu Usman, a lecturer at the Department of Economics, Kaduna State University, said the rising inflation rate meant devaluation of individual income, which amounted to drop purchasing power.

Dr Ayo Anthony, an economist, said Nigeria’s exchange rate management needed to be revisited; and the cost of production must be looked into before inflation can come down.

“The cost of production must be looked into because inflation in Nigeria is more of cost-push inflation. We have energy costs with diesel and petrol, which are on the high side now”, he said.

Mr Tope Fasua, an economist, advised the federal government to put more efforts into the agriculture sector for increased food production.

“Nigeria is a largely agricultural country, yet 62 years after independence we can’t do better than grow rice. We are also not growing the crops properly and we are not even growing enough crops, diversify across the board, not even the ones we need.”

“So, one place to start is to do more in agriculture and bring some science into agriculture and recognise our luck, capability, and capacity to turn things around”, she said. (NANFeatures)

**If used please credit the writer and News Agency of Nigeria.

Economy

FG records success in PPP in major sectors- ICRC boss

PPP
By Okeoghene Akubuike
Abuja, Dec. 1, 2022 (NAN) Michael Ohiani, Director-General, Infrastructure Concession Regulatory Commission (ICRC) says the Federal Government has recorded successes in Public Private Partnership (PPP) projects in major sectors of the economy.

Ohiani said this at the Fourth Quarter 2022 PPP Units’ Consultative Forum (3PUCF) in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the fourth quarter forum was hosted by the Nigeria Communications Commission (NCC).

Ohiani said the sectors, which had recorded milestones in PPP include the transportation and port sector, the energy and urban sectors, the social infrastructure and special projects sectors.

In the transport and port sector, he said the procurement process for the concession of Tin Can Island Truck Transit Park by Federal Ministry of Transportation and Nigeria Shippers Council (NSC) in Lagos State had commenced.

“Secure Ticketing Solution for the Lagos-Ibadan and Warri-Itakpe Standard Train services by the Federal Ministry of Transportation and Nigeria Railway Corporation has received a Full Business Case (FBC) Certificate of Compliance.

“This will be presented at the Federal Executive Council (FEC) for approval.”

He said the Onitsha River Port project by the National Inland Waterways Authority and Federal Ministry of Transportation was approved by FEC for 30 years in February 2022.

Ohiani said the development of the Deep-Sea Port project was approved by FEC in August for a 45-year concession period.

“The Lekki Deep Sea Port project has almost reached 100 per cent completion and is set to commence operations this month.

” The Ministry of Aviation’s Development of a Maintenance, Repairs and Overhaul Facility was approved by FEC in October 2022.”

For the energy and urban sector, Ohiani said the Federal Capital Territory Administration was set to revive the Pay and Park project and had commenced the procurement process.

He said the Federal Ministry of Water Resources had submitted for revalidation, the 136 MW Manya and 182 MW Bawarku hydropower projects in Taraba and Benue, respectively.

“Also the 40 MW Itisi Dam in Kaduna state and the Makurdi Hydropower projects have been issued Outline Business Case (OBC) Certificates of Compliance to commence procurement.

Ohiani said in a move to actualise the Petroleum Industry Act, the NNPC PLC had continued the procurement process in the concession of the Pipelines Network and Refineries.

“Under our regulatory guidance, the Bureau of Public Enterprises, Federal Ministry of Water Resources and Ministry of Power have commenced the development of the 700MW Zungeru Hydro Plant in Niger state.

“This is to boost agriculture, while adding to the National Power Grid.”

For the successes recorded in the social infrastructure sector, Ohiani said more federal universities had embraced PPP procurement to deliver on critical infrastructure, ranging from hostels to community centres and mini-grids.

The director-general said OBC and FBC Certificates of Compliance had been issued for at least five projects in various federal institutions across the country.

He said the health sector through the Federal Ministry of Health had commenced PPPs in the upgrading, renovating and procurement of medical equipment in facilities across the country.

In terms of special projects, Ohiani said the Nigeria Police Force had undertaken five PPP projects in 2022 in its bid to rejuvenate its dilapidated properties across the country.

“The Air wing of the NPF has also been approved for a concession and is currently at the procurement stage.”

He said the first-of-its-kind planetarium built by the National Space Research and Development Agency and Federal Ministry of Science and Technology had been approved by FEC for a 10-year concession period.

 

Ohiani said in 2022, a total of 34 OBC Compliance Certificates and 12 FBC Compliance Certificates had been issued, while a record of nine projects had received FEC approval.

“We have over 200 PPP projects at different stages of development and procurement. In addition, we have 75 PPP projects at the implementation stage.

“There are also many PPP projects at the inception stage waiting to commence development, and I believe that together, we can do even more in the coming year.

“We hope that more projects will be developed and concluded through the PPP process as we strive to improve our infrastructure and economy.”

The Executive Vice-Chairman of NCC, Prof. Umar Danbatta, said the commission had embarked on two PPP projects – the Revenue Assurance Solution (RAS) and Device Management System (DMS).

Danbatta, represented by Director of Special Duties, NCC, Ikechukwu Adinde said the commission established the PPP unit to implement the two PPP projects of the commission.

“RAS project was conceived as a technology solution with the capacity to block revenue leakages and enhance the collection of Annual Operating Levy revenue accruing to the government within the telecommunications industry.

“After a rigorous procurement process that involved BPP and later ICRC; a preferred bidder emerged. Public Private Partnership Agreement (PPPA) has been executed and hopes to achieve financial close very soon.

He said the commission, in its desire to discourage widespread mobile crime in Nigeria, decided to deploy a technology solution based on the Central Equipment Identification Register referred to as DMS.

“The DMS will combat the proliferation of fake, counterfeit, substandard and identify phones with cloned or duplicated IMEI in Nigeria.

“In addition, the DMS will enhance national security by adding another layer to the individual mobile phone verification and authentication process.”

Danbatta said the board and management of the NCC appreciated the ICRC for being an effective channel that had been aiding the commission to efficiently deliver these projects. (NAN) (www.nannews.ng)
OKE/GY
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Edited by Grace Yussuf

 

Science & Tech

FEC approves PPP for satellite internet broadband to fight insecurity

 

Satellite
By Okeoghene Akubuike
Abuja, Nov. 30, 2022 (NAN) The Federal Executive Council (FEC) has approved the concession of Research and Development of Satellite Internet Broadband Project to ensure uninterrupted and high-speed fixed broadband internet penetration in Nigeria.

This is contained in a statement signed by Manji Yarling, Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC) in Abuja on Wednesday.

Yarling said the project, under the regulatory guidance of the ICRC, is owned by the National Space Research and Development Agency,  an agency under the Ministry of Science, Technology and Innovation.

According to her, within the 15-year concession period, the project is expected to create over 10,000 direct and indirect jobs and generate over N28 billion.

Yarling said the project would also help in the fight against insecurity.

She said that it would also mitigate the effect of climate change, aid in disaster relief and improve healthcare services, especially for Nigerians in the rural areas.

“It will also aid in the transfer of technology to Nigerians in the area of communication equipment design and manufacturing,” Yarling said.

She said that earlier in the year, the Full Business Case Compliance Certificate for the project was issued by the Director-General of ICRC, Michael Ohiani to the Minister of Science, Technology and Innovation, Dr Adeleke Mamora.

Yarling said: “Ohiani said the proposed concession will be carried out, using the Design, Finance, Build, Operate and Transfer (DFBOT) PPP model and the preferred bidder for the Project is Messrs Gilat-Eleo Consortium (GO360).

“According to Ohiani at the FBC presentation, apart from ensuring internet penetration to rural areas, the project will also create employment opportunities, generate revenues, improve fixed-broadband penetration and support government’s fight against insecurity.

“In terms of the broadband, we are expecting 10,000 direct and indirect jobs for the 15 years of the concession.

“The project will also bring revenue of N28 billion to the country.’

“Ohiani said that the concession also targets the deployment of over 7,000 Very Small Aperture Terminal (VSATs) all over Nigeria over the next two years.” (NAN) (www.nannnews.ng)
OKE/GOK
Edited by Olagoke Olatoye

Economy

Food prices continue to rise in October – NBS

Food prices continue to rise in October – NBS

 

Food

By Okeoghene Akubuike

Abuja, Nov. 30, 2022 (NAN) The National Bureau of Statistics (NBS), said that prices of selected food items increased in October.

 

This is according to the NBS Selected Food Prices Watch Report for October, released in Abuja on Wednesday.

 

The report said that the average price of 1kg onion bulb on a year-on-year basis, increased by 32.56 per cent from N306.07 recorded in Oct. 2021 to N405.72 in Oct. 2022.

 

“While on a month-on-month basis, 1 kg of onion bulb increased to N405.72 in Oct. 2022 from N397.18 recorded in Sept. 2022, indicating a 2.15 per cent increase,’’ the report said.

 

The report showed that the average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 17.45 per cent from N415.03 recorded in Oct. 2021 to N487.47 in Oct. 2022.

 

“On a month-on-month basis, the average price of this item increased by 3.40 per cent in Oct. 2022 from N471.42 recorded in Sept. 2022,’’ the report says.

 

The NBS said the average price of 1kg of tomato increased on a year-on-year basis by 30.79 per cent from N347.47 recorded in Oct. 2021 to N454.46 in Oct. 2022.

 

Also, the report showed that on a month-on-month basis, 1 kg of tomato increased by 2.10 per cent from N445.12 in Sept. 2022.

 

Also, the report showed that the average price of 1kg brown beans (sold loose) increased by 17.95 per cent on a year-on-year basis, from N478.76 recorded in Oct. 2021 to N564.69 in Oct. 2022.

 

The report showed that the average price of Palm oil (1 bottle) increased by 33.22 per cent from N727.21 recorded in Oct. 2021 to N968.76 in Oct. 2022.

 

“It also grew by 4.47 per cent on a month-on-month basis from N927.34 recorded in Sept. 2022,’’ the report said.

 

Also, the average price of Vegetable oil (1 bottle) stood at N1, 106.08 in Oct. 2022, indicating a 33.99 per cent increase from N825.46 recorded in Oct. 2021.

 

“On a month-on-month basis, it rose by 2.81 per cent from N1, 075.89 in Sept. 2022,’’ the report said.

 

The report revealed that the average price of 500g sliced bread increased by 36.68 per cent on a year-on-year basis from N382.77 recorded in Oct. 2021 to N523.16 in Oct. 2022.

 

“On a month-on-month basis, the item increased by 2.23 per cent from N511.74 recorded in Sept. 2022,’’ says the report.

 

The report showed that at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N630.66, while the lowest price was recorded in Jigawa at N381.54.

 

It said Ebonyi recorded the highest average price of beans (brown, sold loose) at N848.74, while the lowest price was reported in Plateau at N360.03.

 

“In addition, Abia recorded the highest price of Vegetable oil (1 bottle) at N1, 484.31, while Benue recorded the lowest price at N650.89,’’ the report said.

 

It said that Cross River recorded the highest average price of 1kg of onion bulb at N980.62 while Benue recorded the lowest price at N180.34.

 

The report also showed that the highest average price for 1kg of tomato was recorded in Delta at N824.55 while the lowest price was at N166.67 in Taraba.

 

It said the highest average price of 500g sliced bread was recorded in Abuja at N705.00 while Plateau recorded the lowest price at N310.00.

 

The report said analysis by zone showed that the average price of 1kg onion bulb was higher in the South-South and South-East at N670.63 and N538.31, respectively, while the lowest price was recorded in the North-East at N212.83.

 

It said the South-South recorded the highest average price of 1kg rice (local, sold loose) at N545.03, followed by the South-West with N519.53, while the lowest price was recorded in the North-West at N435.06.

 

Also, the report showed that the South-East recorded the highest average price of Palm oil (1 bottle) at N1, 101.04, followed by the South-West at N1, 096.17, while the North-Central recorded the lowest price at N742.62. (NAN) (www.nannews.ng)

 

OKE/KM/IA

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Edited by Kabir Muhammad/Idris Abdulrahman

Economy

Average price of kerosene hit N1,041.05 per litre in October – NBS

Average price of kerosene hit N1, 041.05 per litre in October – NBS

Kerosene

By Okeoghene Akubuike

Abuja, Nov. 30, 2022 (NAN) The National Bureau of Statistics (NBS), says the average retail price of Household Kerosene (HHK) paid by consumers in October was N1, 041.05 per litre.

The NBS stated in its “National Household Kerosene Price Watch” for October 2022 that the average price was a 9.90 per cent increase over the N947.30 per litre recorded in September 2022.

“On a year-on-year basis, the average retail price per litre of the product increased by 145.87 per cent from N423.42 recorded in October 2021.”

On state profile analysis, the report showed that the highest average price per litre of kerosene in October 2022 was recorded in Cross River at N1,304.17, followed by Enugu at N1,300.00 and Lagos at N1,294.44.

Conversely, it said the lowest price was recorded in Borno at N783.33, followed by Rivers at N804.17 and Bayelsa at N805.67.

The NBS said that analysis by zone showed that the South-East recorded the highest average retail price per litre of Kerosene at N1,191.14, followed by the South-West at N1,142.60.

It said the North-East recorded the lowest average retail price per litre of kerosene at N905.18.

The report said the average retail price per gallon of kerosene paid by consumers in October 2022 was N3,516.87, indicating an 8.67 per cent increase from N3,236.27 recorded in September 2022.

” On a year-on-year basis, the average price per gallon of kerosene increased by 126.46 per cent from N1,552.96 recorded in October 2021.”(NAN) (www.nannews.ng)

OKE/JPE

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Edited by Joseph Edeh