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Economic misery worsens as Nigeria’s inflation climbs to 26.72 per cent

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necessities, including three square meals. This information was disclosed by the National Bureau of Statistics September Consumer Price Index, which measures changes in the prices of goods and services. Notably, this 26.72% figure is the highest inflation rate recorded in September, with food inflation playing a significant role at 30.64%.

The National Bureau of Statistics attributes the soaring food inflation to rising prices of oil and fat, bread and cereals, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, and dairy products like milk, cheese, and eggs.

A food trader at Wuse Market, Aishat Mabe, confirmed that prices for items such as eggs, beans, and spaghetti have increased by at least 20% in the past three weeks. For instance, a crate of eggs, which cost N2500 last week, now sells for N2900. This situation is causing concern.

This development compounds the challenges facing Nigeria’s economy, with over 200 million people already grappling with a struggling economy. President Bola Ahmed Tinubu’s administration, which is just four months old, is dealing with the issues of rising inflation, debt management, and a forex crisis.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, have their work cut out to address these economic challenges and prevent an impending poverty crisis.

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Speaking to DAILY POST, economist Prof. Segun Ajibola stressed the importance of tackling inflation as a priority. He suggested that Nigeria’s inflation is driven by rising production costs due to factors like energy costs and exchange rate fluctuations. He believes that monetary policies alone won’t suffice and that a comprehensive approach involving non-monetary measures is needed.

Mazi Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, emphasized the need for Nigeria to utilize its resources effectively, reduce the cost of governance, and combat corruption to control inflation. Recovering stolen funds from previous administrations was also mentioned as a way to boost the economy.

Dr. Muda Yusuf, the Director at the Centre for the Promotion of Private Enterprise, highlighted the importance of addressing high energy costs by declaring an emergency in the power and energy sectors to control inflation.

Finally, Idakolo Gbolade, CEO of SD & D Capital Management, stressed the urgency of implementing policy measures to alleviate the suffering of Nigerians. He called for the government to focus on increasing revenue, stabilizing the Naira, and creating confidence in the economy to combat inflation effectively.

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Germany, Nigeria trade relations hits €3bn – Envoy

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The German Ambassador to Nigeria, Mrs. Annett Gunther, stated that trade relations between Nigeria and Germany currently amount to approximately three billion euros. In an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday, Gunther highlighted the growth of trade relations, noting an increase from two billion euros in 2022 to the present three billion euros, with the balance of trade favoring Nigeria due to crude oil exports.

Gunther emphasized the potential for further improvement in trade relations, particularly in the agricultural sector. She remarked, “Agriculture is a very promising area for cooperation. It not only supports food security in Nigeria but also enhances the export of processed products. This shift from exporting raw products to creating value within the country will help generate more jobs.”

She mentioned that as part of development cooperation, there is an agricultural program focusing on value chains that support small and medium-sized enterprises in the sector.

Gunther noted that several German delegations have participated in trade fairs in Lagos, including the agri-food festival, where German companies had one of the largest pavilions. She explained that the German Chamber of Trade and Commerce in Lagos represents German companies operating in Nigeria. Currently, around 90 German companies have representative offices in Nigeria, engaging in both trading and production activities.

She cited Nivea as an example of a German company with a significant production facility in Nigeria. Nivea’s lotions and creams produced in Lagos maintain the same quality and standards as those produced in Germany, using imported raw materials like oils and fragrances.

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Gunther praised the economic reforms initiated by President Bola Tinubu, stating, “For a production facility, you need investment, particularly foreign direct investment, which is essential for boosting the economy. The new administration has made significant economic reforms, improving the investment climate, although challenges like the forex issue remain. The environment must be conducive to attract further investments.”

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Six dead, many injured as trailer crashes into four buses at IMSU Junction

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Six people died, and many others were injured in a fatal motor accident involving a Mack Truck and four minibuses at IMSU Junction on Okigwe Road, Owerri, the capital of Imo State.

The incident was confirmed by Imo State police spokesperson Henry Okoye in a statement to DAILY POST. Preliminary investigations revealed that the driver of the Mack Truck (registration number KWL 857 YE), heading towards IMSU Junction from Orji along Okigwe Road, allegedly lost control of the vehicle, veered into the wrong lane, and ran over four minibuses and several pedestrians, causing multiple serious injuries.

Okoye said, “After receiving a report from a concerned citizen on 18/05/2024 at about 1745hrs about the accident at IMSU Junction, the Commissioner of Police, Imo State Command, CP Aboki Danjuma, quickly dispatched operatives from Orji Divisional Headquarters and the State Traffic Department to the scene.

“Upon arrival, the police, with help from public-spirited individuals, evacuated the victims to Federal Medical Center (FMC), Owerri, for medical attention. The medical practitioner on duty confirmed six deaths on arrival, while efforts began to save the injured victims.

“Photos and sketches of the accident scene were taken, and the wrecked vehicles were cleared to ease traffic flow. The deceased victims’ bodies were deposited at the FMC mortuary for preservation.

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“Efforts are ongoing to contact the families of the deceased and injured victims and to apprehend the truck driver, who fled the scene after the accident.

“Commissioner of Police, CP Aboki Danjuma, expressed condolences to the families, friends, and relatives of the deceased, prayed for the repose of their souls, and wished the injured victims a speedy recovery, noting that the Command is deeply saddened by this preventable accident.

“The Commissioner of Police has instructed the State Traffic Officers to conduct a thorough investigation into the accident and locate the truck driver who is currently at large.

“He urges road users in the State to drive responsibly and regularly check the roadworthiness of their vehicles to prevent such accidents.”

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Why I may not hesitate to support Peter Obi in 2027 – Atiku Abubakar

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The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has suggested he might support Peter Obi, his Labour Party counterpart from the last election, in 2027.

The former Vice President, currently in merger talks with stakeholders from various opposition political parties, indicated he would back Obi if the Labour Party nominates him for the next election.

According to The Sun, Atiku made this statement during an interview with BBC Hausa Service.

It was recently reported by DAILY POST that Obi and Atiku had a closed-door meeting, sparking rumors about a potential merger of opposition parties ahead of the 2027 general elections.

Atiku confirmed the efforts of opposition parties to align in order to challenge the ruling All Progressives Congress (APC) in the 2027 election, saying, “We can merge to achieve a common goal. So, it’s possible and nothing can stop it if we so wish to achieve that.”

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Atiku added that if the new party decides it’s the turn of the South-East and chooses Peter Obi, he would not hesitate to support him.

“I have said repeatedly, and even before the 2023 general elections, that if the PDP decides to zone the presidential ticket to the South or South-East specifically, I won’t contest it.

“But I contested the 2023 presidential ticket because it was open to all members of the party,” Atiku explained.

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