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Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021. This is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in February 2021, this is 0.05 percent rate higher than the rate recorded in January 2021 (1.49 percent.

The percentage change in the average composite CPI for the twelve months period ending February 2021 over the average of the CPI for the previous twelve months period was 14.05 percent, showing 0.43 percent point from 13.62 percent recorded in January 2021.

The urban inflation rate increased by 17.92 percent (year-on-year) in February 2021 from 17.03 percent recorded in January 2021, while the rural inflation rate increased by 16.77 percent in February 2021 from 15.92 percent in January 2021.

On a month-on-month basis, the urban index rose by 1.58 percent in February 2021, up by 0.06 the rate recorded in January 2021, while the rural index also rose by 1.50 percent in February 2021, up by 0.04 the rate that was recorded in January 2021 (1.46) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 14.66 percent in February 2021. This is higher than 14.23 percent reported in January 2021, while the corresponding rural inflation rate in February 2021 is 13.48 percent compared to 13.04 percent recorded in January 2021.

Food Index

The composite food index rose by 21.79 percent in February 2021 compared to 20.57 percent in January 2021.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Food products n.e.c, Fruits, Vegetable, Fish and Oils and fats.

On a month-on-month basis, the food sub-index increased by 1.89 percent in February 2021, up by 0.06 percent points from 1.83 percent recorded in January 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending February 2021 over the previous twelve-month average was 17.25 percent, 0.59 percent points from the average annual rate of change recorded in January 2021 (16.66) percent.

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 percent in February 2021, up by 0.53 percent when compared with 11.85 percent recorded in January 2021.

On a month-on-month basis, the core sub-index increased by 1.21 percent in February 2021. This was down by 0.05 percent when compared with 1.26 percent recorded in January 2021.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Miscellaneous services relating to the dwelling, Hospital services, Passenger transport by road, Pharmaceutical products, Paramedical services, Repair of furniture, Vehicle spare parts, maintenance and repair of personal transport equipment, Motor cars, Dental services and Hairdressing salons and personal grooming establishment,

The average 12-month annual rate of change of the index was 10.77 percent for the twelve-month period ending February 2021; this is 0.25 percent points higher than 10.52 percent recorded in January 2021.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In February 2021, all items inflation on year on year basis was highest in Kogi (24.73%), Bauchi (22.92%) and Ebonyi (20.45%), while Enugu (14.73%), Kwara (14.25%) and Cross River (12.97%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, in February 2021 all items inflation was highest in Kogi (3.25%), Ondo (2.46%) and Kebbi (2.43%), while Kwara (0.84%), Kano (0.70%) and Oyo (0.38%) recorded the slowest rise in headline month on month.

Food Inflation

In February 2021, food inflation on a year on year basis was highest in Kogi (30.47%), Ebonyi (25.73%) and Sokoto (25.68%), while Gombe (19.32%), Bauchi (18.74%) and Akwa Ibom (18.70%) recorded the slowest rise .in year on year inflation.

On month on month basis, however, February 2021 food inflation was highest in Kogi (3.34%), Ondo (3.33%) and Ebonyi (3.26%), while Benue and Niger (0.90%), Kano (0.70%) and Oyo (0.09%) recorded the slowest rise in a month on month food inflation.

Shoprite Upbeat About Commendable Results Despite Lockdown Limitations; Confirms Exit From Nigeria

Shoprite Group has announced its unaudited results for the 26 weeks to 27 December 2020 in which sale of merchandise increased by 4.7% to R83.4 billion while its trading profit increased by 18.3% to R4.7 billion.

The Group confirms that the terms of sale have been concluded for the disposal of a 100% equity stake in its Retail Supermarkets Nigeria Ltd subsidiary. The transaction has been lodged with the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) for approval.

Management expects the transaction to be approved by the end of the 2021 financial year. Management is in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.

Further analysis by Brand Spur revealed that Shoprite's diluted headline earnings per share (DHEPS) increased by 10.4% to 418.0 cents (Dec 2019: 378.6 cents). Also, the adjusted DHEPS* increased by 17.1% to 416.2 cents (Dec 2019: 355.3 cents).

The interim dividend per share declared increased by 22.4% to 191 cents (Dec 2019: 156 cents). Shoprite opened a net total of 60 new stores comprising 25 corporate and 35 franchise stores during the 12 months.

Pieter Engelbrecht, Chief Executive Officer

We are proud to report the Group’s sales increasing by 4.7% for the six months. Within that, our core Supermarkets RSA segment, representing 78.0% of Group sales, increased sales by 5.6%. Adjusting for the closure of our RSA LiquorShop business as a result of nationwide COVID-19 lockdown regulations, our Supermarkets RSA business grew sales by 7.8%.

This is an incredible result given that our customer base spans the entire South African food retail spectrum. Our South African supermarkets’ internal selling price inflation of 4.3% for the six months reflects our unwavering commitment to our customers on price. In true Shoprite style, it was a collective effort across our Shoprite, Usave, Checkers and Checkers Hyper banners and the team is to be commended.

The Supermarkets RSA business has achieved 22 months of uninterrupted market share gains and in the six months to 27 December 2020, the Group created a total of 4 305 new jobs.

In significantly more adverse conditions, our Supermarkets Non-RSA continuing operations achieved constant currency sales growth of 0.9%. The business remained vigilant, combating the challenges faced across Africa, however, currency devaluations again eroded much of our efforts.

We closed the last of our Kenyan stores in February 2021 and are at the approval stage in terms of the sale of our Nigeria supermarket operation. From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.

The successful launch of our Xtra Savings Rewards Programme in our South African based Shoprite supermarket chain following the success in Checkers, gave rise to another strategic milestone for the Group. Our Checkers and Shoprite Xtra Savings Rewards Programme now has the largest membership base in South Africa, with 17 million rewards members.

The opportunities that this programme affords the Group and its valued customers are significant and to say we are optimistic with regard to the future for our business, as a result, would be an understatement.

It is noteworthy that the Group increased trading profit by 18.3%, whilst making significant strides in other areas: borrowings declined by R5.9 billion to R5.5 billion, inventories reduced by R3.0 billion and we lived well within our means in terms of capital expenditure of R1.6 billion.

None of this was achieved in isolation. It was due to the collective effort of the more than 140 000 employees across the Group, represented in areas not limited to our aforementioned supermarket operations, who came together daily to serve our customers and sustain the growth of this great company.

It remained a difficult period in the context of COVID-19 which continued to weigh on our customers, our people and our operations and my acknowledgement and sincere thanks go out to all.

Freshly released Q4 2020 labour force statistics by the National Bureau of Statistics (NBS) showed that Nigeria’s labour force (unemployment rate) increased by 33.3% in Q4 2020 from 27.1% in Q2 2020.

Only 46,488,079 were employed at the time of the survey, while the number of people in the labour force was estimated to be 69,675,468.

In the case of unemployment by state, Imo State recorded the highest rate of unemployment with 56.64%. This was followed by Adamawa with 54.89% and Cross Rivers State with 53.65%.

The States with the lowest rates were Osun, Benue and Zamfara States with 11.65%, 11.98% and 12.99% respectively. In the case of underemployment, Benue State recorded the highest rate with 43.52%, followed by Zamfara and Jigawa States with 41.73% and 41.29% respectively.

Combining both unemployment and underemployment, the state that recorded the highest rate was Imo with 82.5% followed by Jigawa with 80%. Ogun and Sokoto states recorded the lowest of the combined rates, 26.2% and 33.7% respectively.

Key Highlights

- The number of persons in the economically active or working-age population (15 - 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. This is 4.3% higher than the figure recorded in Q2, 2020, which was 116,871,186.

- The number of persons in the labour force (i.e., people within ages 15 -64, who are able and willing to work) was estimated to be 69,675,468. This was 13.22% less than the number persons in Q2, 2020. Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.8% of the labour force.

- The total number of people in employment (i.e., people with jobs) during the reference period was 46,488,079. Of this number, 30,572,440 were full-time employed (i.e., worked 40+ hours per week), while 15,915,639 were under-employed (i.e., working between 20-29 hours per week).  This figure is 20.6% less than the people in employment in Q2, 2020.

- The unemployment rate during the reference period, Q4, 2020 was 33.3%, an increase from the 27.1% recorded in Q2, 2020. The underemployment rate declined from 28.6% in Q2, 2020 to 22.8%.

- The unemployment rate among rural dwellers was 34.5%, up from 28.2% in Q2, 2020, while urban dwellers reported a rate of 31.3% up from 26.4%. In the case of underemployment among rural dwellers, it declined to 26.9% from 31.5%, while the rate among urban dwellers decreased to 16.2% from 23.2% in Q2, 2020.

- For the period under review, Q4, 2020, the unemployment rate among young people (15-34years) was 42.5% up from 34.9%, while the rate of underemployment for the same age group declined to 21.0% from 28.2% in Q2, 2020. These rates were the highest when compared to other age groupings.

- Under State disaggregation, Imo State reported the highest rate of unemployment with 56.6%, this was followed Adamawa and Cross River States with 54.9% and 53.7% respectively. The State with the lowest rate was Osun in the South-West with 11.7%.

- For underemployment, the state which recorded the highest rate was Benue with 43.5%, while Lagos State recorded the lowest underemployment rate, with 4.5% in Q4, 2020.

- A total number of 12,160,178 did not do any work in the last 7 days preceding the survey.

Distribution of Working Age Population

The results of the survey indicate that the estimated number of persons in the economically active or working age population (15 - 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. This is 4.3% higher than the figure recorded in Q2, 2020, which was 116,871,186.

Of this number, females represent 50.49%, while males account for 49.5%. Further disaggregation by age group shows that the 30.2% of the total active population is within the ages of 15-24, the highest among the age groupings. The age-group with the smallest active population is 55-64, with 10,221,108 or 8.37% of the total active population.

Labour Force

The number of persons in the labour force (i.e., people within ages 15 -64, who are able and willing to work) was estimated to be 69,675,468. This was 13.22% less than the number persons in Q2, 2020. Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.34% of the labour force.

This is the estimated number of persons within the economically active population or working population, that are available and willing to work. This implies that as of Q4 2020, only 57.09% of Nigeria's economically active population are in the labour force.

Unlike in the economically active population, the age group that accounts for the highest number under the labour force is the 25-34 age group. This is expected as most persons within the age group of 15-24 are involved in one form of schooling or the other, hence are not willing and/or available for work.

While females are more dominant under the active population, albeit marginal, the reverse holds for the labour force, where males are more dominant with 56.72%, with females accounting for 43.28%.

Unemployment and Underemployment Statistics - National Level

During the reference period, the computed national unemployment rate rose from 27.1% in Q2, 2020 to 33.3% in Q4, 2020, while the underemployment rate decreased from 28.6% to 22.8%. A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1%.

This means that 33.3% of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria. This is an additional 1,422,772 persons from the number in that category in Q2, 2020. Using the international definition of unemployment, the rate was computed to be 17.5%.

When considered by educational status, those reporting A 'levels as their highest qualification had the highest rate of unemployment with 50.7%, followed by those with first degree/HND at 40.1%.

Those with Doctorate Degrees as their highest qualifications reported the lowest rate of unemployment, 16.9% during the reference period. Under the age-groupings, the highest rate of unemployment was recorded among the 15-24-year age-group with 53.4%, followed by those aged between 25-34 with 37.0%, together the youth population recorded an unemployment rate of 42.5%.

In the case of underemployment by age grouping, those aged between 55-64 recorded an underemployment rate of 25.7%, the highest amongst the age groups. This was followed by those aged between 45-54 with 24.4%, while those with the lowest underemployment rate were those aged between 15-24 with 19.8%.

A combination of unemployment and underemployment rates shows that those aged between 15-24 reported a combined rate of 73.2%, showing a serious challenge for the age-group in secure full-time employment. Female unemployment was highest among the genders with 35.2% while male was 31.8% during the reference period.

A similar case was recorded for underemployment, 24.2% was reported for females, while males reported an under-employment rate of 21.8%. The unemployment rate among rural dwellers was 34.5%, while urban dwellers reported a rate of 31.3%. In the case of underemployment, rural dwellers reported a rate of 26.9%, while the rate among urban dwellers was 16.2%.

International Unemployment Rate

In comparison with other countries across the world, we apply the International Labour Organisation's standard of 1-hour work per week. Using this measure, Nigeria's recent unemployment rate is 17.5%. Comparing this rate internationally, out of 181 countries with a rate published within the last 2 years, Nigeria currently ranks as the 19th country with the highest unemployment rate.

The countries with the highest unemployment rates presently are Bosnia and Herzegovinian (33.7%), Namibia (33.4%), and South Africa (32.5%) while those with the lowest rates are Qatar (0.1%), Belarus (0.2%), Niger (0.3%) and Myanmar (0.7%). It is important to note that reference periods and methodology of calculating the unemployment rate could differ across the countries.

Therefore, a direct comparison of the unemployment rate in different countries may not be
valid

Ogun State to Begin Estates for Low, Middle Income Earners in Ota, Ilaro, Sagamu, Ijebu Ode (Photos)

The Ogun State Government says it has earmarked large portions of land in Ota, Ilaro, Sagamu and Ijebu Ode to host housing estates for middle and low-income earners in the state.

Disclosing this at the weekend, the State Commissioner for Housing, Jagunmolu Omoniyi Akande, explained that the decision to embark on the housing projects was in consonance with the determination of the Dapo Abiodun-led administration to provide 2,500 housing units in the state in its first term.

He added that locating the planned low and medium-cost houses in Ota, Ilaro, Sagamu and Ijebu Ode was to ensure equitable distribution of amenities and projects in the three senatorial districts of the state.

Jagunmolu stated further that the 150 units of two and three bedrooms at Prince Court Estate was commissioned at Kemta, Idi Aba in Abeokuta, while the 500 units of similar description are on-going at Kobape in the Ogun Central Senatorial District.

He, however, disclosed that the projects in Ota, Ilaro, Sagamu and Ijebu Ode will begin after the completion of the ongoing housing project at Kobape.

"We are now putting final touches to the King's Court Estate, which is currently under construction, in Abeokuta, the state capital. That project is being managed by the Ogun State Property and Investment Corporation, OPIC.

"Meanwhile, Phase 2 of the Prince Court, Kemta is at an advanced stage and would be completed later in the year", the Housing Commissioner submitted.

SooWan:
It's not complete

The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its pledge to reduce the price of the commodity, was done through the Anchor Borrowers' Programme (ABP) to major poultry feed producers and poultry producers in the country.

The CBN facilitated the release of the 50,000 metric tonnes of Maize in the second week of February, which has made an impact as the Maize Market has recorded a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes. It is still anticipated that the current will further reduce.

Major beneficiaries of the February release include Premier Flour Mills, Crown - Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. Others include Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms as well as the South West, South-South, North West and North Central chapters of the Poultry Association of Nigeria (PAN).

The benefiting companies represent the major players in the poultry value chain in the country.

The release of the 50,000 metric tonnes of Maize forestall the pressure and reduce the activities of intermediaries (middlemen) in the Nigerian Maize market.

It will be recalled that the Central Bank of Nigeria had in January this year, announced to release 300,000 metric tonnes of Maize into the Nigerian Maize Market.  This is to bridge the shortfall in production and augment local production of the commodity.

The current shortfall in the quantity of maize available in the market, that CBN is working on mitigating, is attributed to activities of banditry, drought in some parts of the country last year, activities of hoarders and middlemen as well as insecurity around the major maize producing belt of Niger, Kaduna, Katsina, Zamfara and part of Kano states.

As part of the Bank's financing framework, the CBN facilitates the funding of maize farmers and processors through the Anchor Borrowers' Programme (ABP) Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).

The Governor of Akwa Ibom State, Mr. Udom Emmanuel has signed an agreement for the citing of a multi-billion fertilizer plant in his State.

Governor Emmanuel was part of a Nigerian delegation led by the Minister of State for Petroleum Resources, Chief Timipre Sylva, that visited Morocco to set out the next steps of the $1.4 Billion fertilizer production plant project launched in June 2018.

The agreement between the OCP Africa, the Nigerian Sovereign Investment Authority and the Akwa Ibom State Government will birth one of the biggest investments in the fertilizer production industry worldwide.

The signing ceremony took place at the Mohammed VI Polytechnic University (UMP6).

Gov. Udom Emmanuel signing the contract agreement in Morocco. | www.brandspurng.com

Mr. Emmanuel signed one of the agreements of the partnership, which covers a memorandum of understanding between OCP Africa, the Akwa Ibom State in Nigeria and the NSIA on land acquisition, administrative facilitation, and common agricultural development projects in the Akwa Ibom State.

Speaking while signing the agreement, Governor Emmanuel said, “Our state is receptive to investments and we are prepared to offer the necessary support to make the project a reality.

“With a site that is suitably located to enable operational logistics and an abundance of gas resources, all that is left is for the parties to accelerate the project development process”, Mr. Udom said.

The agreement reached between the Nigerian Government and the OCP further links OCP, Mobil Producing Nigeria (MPN), the NNPC, the Gas Aggregation Company Nigeria (GACN), and the NSIA.

The two partners agreed to strengthen further their solid partnership leveraging Nigerian gas and Moroccan phosphate.

This project will lead to a multipurpose industrial platform in Nigeria, which will use Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.

The visit of the Nigerian delegation to Morocco takes place within the frame of the partnership sealed between OCP Group and the Nigerian Government to support and develop Nigeria’s agriculture industry.

Following the success of the first phase of Nigeria‘s Presidential Fertilizer Initiative (PFI) and the progress of the fertilizer production plant project launched in 2018 by OCP and NSIA, the Moroccan phosphates group and the Nigerian government delegation have agreed on the next steps of their joint project which is rapidly taking shape.

Several cooperation agreements were inked on Tuesday at the Mohammed VI Polytechnic University (UM6P) by OCP Africa and the Nigerian delegation. Through these deals, OCP reaffirms its unwavering support of agricultural development initiatives in Nigeria including PFI.

OCP Africa and the NSIA have agreed, inter alia, to set up a joint venture which will oversee the development of the industrial platform that will produce ammonia and fertilizers in Nigeria.

The OCP has also pledged to supply Nigerian famers with quality fertilizers adapted to the needs of their soil at competitive prices and produced locally.

Fahdiga:
So says an Olosho whose CV includes having sex on live TV