JA Nigeria, Union Bank Empower 1000 Girls On Leadership Skills

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JA Nigeria, Union Bank Empower 1000 Girls On Leadership Skills

The Junior Achievement Nigeria (JA Nigeria), in collaboration with Union Bank of Nigeria Plc, has equipped over 1000 young girls during an empowerment programme recently.

The move, the group said, was aimed at impacting on them leadership skills while bridging the gender equality gap.

Speaking at the 20th Leadership, Empowerment, Achievement and Development (LEAD) Camp, Executive Director of JA Nigeria, Foluso Gbadamosi, said the training was important “because we believe young girls should be equipped with life skills needed to assume leadership positions in the nearest future. Since the programme started in 2000, we have reached over 1,000 girls.”

Chief Brand Marketing Officer, Union Bank, Ogochukwu Ekezie-Ekaidem said it was refreshing to see the tremendous impact the programme has had on the young girls through the years.

Ekezie-Ekaidem, who pledged the bank’s continued support, commended the passionate efforts of the JA Nigeria team in creating a more sustainable future.
“Union Bank is delighted to partner with JA Nigeria for the seventh year, to organise the LEAD camp. This sustained partnership is a strong indication of our commitment to supporting the push for gender balance,” she said.

Marvelous Olabanji, a 2021 LEAD camp participant from Topfield Schools, Lagos, said: “I appreciate Junior Achievement Nigeria and Union Bank for their continuous support, for selecting me to be a part of LEAD Camp 2021. My experience was very amazing, I learnt a lot like coding, vision boarding, goal setting, personal hygiene, critical thinking. I know with this great knowledge I have acquired, I am going to impact the lives of so many young girls.”

The LEAD Camp, which addressed the United Nations Sustainable Development Goal 5: ‘Gender Equality and Empowerment of Women and Girls’, is an annual week-long programme designed to identify and coach exceptional female students from across Nigeria.

The programme is designed to inspire and prepare young girls to become high-achieving leaders. To foster this mission, each year, participants are taken through a series of activities, including leadership and empowerment, workshops, and panel sessions with leading women from the private and public sectors in Nigeria.

World U20 Athletics Championships: Team Nigeria Finishes Third With Four Gold, Three Bronze Medals

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World U20 Athletics Championships: Team Nigeria Finishes Third With Four Gold, Three Bronze Medals

For the first time since it started participating in the World Athletics U-20 Championships, Nigeria is returning home with four gold and three bronze medals.

Team Nigeria captured one gold and one bronze medal on the last day of the competition yesterday. The gold came from the women’s 4x400m relay team featuring Oke Opeyemi, Ella Onojuvwevwo, Nigeria’s star of the championship, Imaobong Nse Uko and Favour Ofili. Their 3:31.46 seconds finish was enough to get Nigeria the gold medal.

In the women’s 4x100m relay, Nigeria settled for the bronze medal. Praise Ofoku started a rather slow race and handed baton to Favour Ofili, who improved to hand over to Anita Taviore. Tima Godbless anchored at 43.90 seconds to pick the bronze. Jamaica won the race in 42.94 seconds.

Team Nigeria could not finish in the men’s 4x100m final due to a mix up in the baton exchange between Udodi Nwazurike and Godson Brume. Nigeria started the race well with Nicholas Fakorode handing the baton on time to Nicholas Mabilo. He delivered by handling over to Udodi Nwazurike.

At this point, Nigeria was already casting home for a gold medal finish until the unexpected happened. Udodi, who won Nigeria’s gold in the 200m on Saturday, ran a fast race only to bump into Brume, who could not move early. Nigeria lost the gold in the process.

The country’s athletes and officials had celebrated late into the night on Saturday when the duo of Imaobong Uko and Udodi Nwazurike captured two gold medals while Favour Ofili got a bronze medal.

In all, Nigeria athletes made nine final appearances at Nairobi 2021. Host Kenya topped the medals table with eight gold, two silver and six bronze medals, followed by Finland with four gold and one silver. Nigeria got four gold and three bronze medals, just as Ethiopia was third with three gold, six silver and two bronze medals.

The performance, according to the President of the Athletics Federation of Nigeria (AFN), Tonobok Okowa, is a mission accomplished.

Speaking with The Guardian yesterday, Okowa praised the athletes, their coaches and other officials for maintaining discipline, which he said accounted for the huge success in Nairobi.

“From the beginning, I sounded it clear that for a team to achieve success at any competition, both the athletes and officials must be disciplined. I am happy it is paying off for us and I thank every member of the team,” he said.

The AFN boss continued: “This crop of athletes will form the bulk of our team to the Commonwealth Games, African Championships and Paris 2024 Olympics.

“We will continue to work on them, give them the assistance they need in terms of training and competitions. I thank the Sports Minister for his support and I also appreciate the efforts of AFN board members. Together, we will make Nigeria’s athletics great again.”

In the 1996 edition of the championship, Nigeria made it to the podium in the 100m event when Francis Obikwelu made history as the second man after Trinidad and Tobago’s Ato Boldon to win the 100 and 200m titles.

Two years later in 1998, Nigeria’s Nduka Awazie won 400m gold at Annecy Park des-sports in France, running 45.54 seconds to beat Australian Casey Vincent (45.45sec) and Kuwait athlete Fawze Shammari (45.89 sec).

Nigeria did not win any medal in the year 2000, but the country got one bronze in 2002. There was no medal in 2004, but the 2006 edition produced one silver medal.

The last time Nigeria got a gold medal was in 2008 when Folashade Abugan won in 400m in Poland. Two years later, Nigeria got three silver medals (4×400m men), 400m women and 4x400m women). There was no medal in 2012.

Nigeria got her last medal at Championship in 2016, where Divine Oduduru got a silver in the 200m event. Nigeria did now win any medal in 2016 and 2018.

U.S. Consulate Supports 100 Oyo State Teachers

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U.S. Consulate Supports 100 Oyo State Teachers

The acting U.S. Consulate General in Lagos, Stephen Ibelli has said the Consulate supported professional development workshops for 100 primary and secondary school teachers drawn from local communities in Oyo State.

The Information Specialist Public Affairs Section (PAS) U.S. Consulate General, Temitayo Famutimi, disclosed this in a statement.

The capacity development project tagged “Ibadandun” he said, seeks to introduce the participating teachers to fun, creative and interactive teaching methods that enhance educational outcomes such as improved numeracy, literacy and school attendance.

Famutimi said Five Cowries Arts Education Initiative, One Million Teachers Incorporated and the American Corner Ibadan are collaborating to implement “Ibadandun” with generous support from alumni of the U.S. government exchange programmes.

He noted that the series of workshops will integrate a variety of hands-on activities that provide the teachers a deeper understanding of new approaches of using arts to improve classroom instruction and students’ learning.

Delivering remarks on Friday during a workshop for a cohort of the teachers in Ibadan, Ibelli, explained that integrating a variety of hands-on activities, including arts, in classroom instruction will engender critical thinking, creativity and collaborative learning.

“The U.S. Mission is fully committed to supporting a more educated population by increasing and strengthening the capacity of Nigerian teachers. Teachers who use innovative pedagogy and interactive assessment techniques enliven the teaching-learning process for their students. Students who have effective and engaged teachers tend to perform far better than their peers,” Ibelli said.

Ibelli also lauded the efforts of alumni of U.S. government exchange programmes for supporting the project by serving as mentors and trainers during the 12 month-long project.

“U.S. Government exchange alumni are at the forefront of promoting access to qualitative education, good governance and civic engagement throughout Nigeria. They have strong ties to their communities and with the support of the U.S. Mission, create and execute projects to address specific needs, including basic education,” he stated.

Famutimi stressed that through teacher training workshops and exchange programmes like the Fulbright Teaching Excellence and Achievement Programme and the Fulbright Foreign Language Teaching Assistant Programme, the U.S. Mission provides teachers the opportunity to develop expertise in their subject areas and enhance their teaching skills.

Navigating The Future Of Connected Living

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Navigating The Future Of Connected Living

It’s no longer news to say that innovations and advances in technology can have a profound change in lifestyles.

While smart homes and smart products have clearly been embraced by mainstream consumers, what hasn’t been clear is what benefits users are actually getting in return for their investments.

With this in mind, LG dug deeper into how homes of the new age are transforming everyday lives.

By gathering the opinions of 857 U.S. smart homeowners, the LG ThinQ 2021 Smart Home Report reveals just how smart homes can be a win for everyone.

A graph showing 50–54-year-olds as the group most satisfied with smart homes.

No Need For An Advanced Degree

Contrary to what many might think, less tech-savvy users are actually more satisfied with their smart homes with twice as many users between the ages of 50 and 54 (60 percent) responding that they were “very satisfied” compared to participants in the 25-29 age group. Satisfaction was higher for older homeowners as they spend more time at home with their families compared to other age groups, affording them more time to fully enjoy the benefits of their smart homes. The fact that smart homes provide adaptable, easy-to-use solutions was an added plus. Smart homes can be enjoyed by everyone regardless of tech fluency or age and they can play an important role in narrowing the digital divide.

 Two graphs showing how people with little knowledge of AI are just as satisfied with smart homes.

Flexible Homes Adapt To Unique Lifestyles

While smart homes are designed to be universally beneficial, those benefits have the advantage of being unique to every individual. The survey revealed how smart spaces are providing flexible solutions that adapt to distinctive lifestyles based on users’ key values, interests and hobbies. For example, when it comes to leisure time, survey respondents with a passion for gardening named the remote control/voice command function of their smart TVs, refrigerators and washing machines among their top three most utilized features as they allow users to communicate with their products even when they’re busy in the garden.

A man doing his laundry to explain that preferred smart appliances and features depend on lifestyles and values.

Paving A Smart Way For Sustainable Living

Today’s smart homes are setting a new benchmark for environmentally-friendly living. Among the long list of smart home benefits, saving energy was mentioned most frequently by respondents. Through energy optimization features found in the latest connected products, smart homes help users achieve a more sustainable way of life while protecting consumers from hefty energy bills.

A graph showing energy saving as the biggest benefit of smart homes according to users.

The LG ThinQ Smart Home Report presents an interesting look at how consumers’ lifestyles may change in the years ahead, a blueprint for those interested in incorporating smart technologies in their everyday lives. Click here for the full report.

LG Electronics Launches Innovation Center To Accelerate New Business Creation

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LG Electronics Launches Innovation Center To Accelerate New Business Creation

LG Electronics has formed LG NOVA, its new Silicon Valley-based innovation center, tasked with creating a collaborative ecosystem to accelerate the growth of new ideas that embody LG’s innovation for better life philosophy.

Powered by the LG brand and resources, LG NOVA will partner with startup and entrepreneur communities to scale up ideas and concepts to its next stage of development, working with them to build new businesses.

LG NOVA will engage with innovators in North America and around the world who are creating accessible, socially impactful solutions that push the envelope of the technologically advanced lifestyle.

The innovation center is focused on catalyzing solutions that improve accessibility, mobility, usability and connectivity – for home, work, school and life, as well as ideas and approaches for carbon reduction and renewable energy.

“Innovation can be sparked in many ways, and the best innovations happen through collaboration,” said Dr.Sokwoo Rhee, corporate senior vice president for innovation at LG Electronics and head of LG NOVA. “That’s why we created this philosophy of outside-in innovation, and that’s the guiding principle behind LG NOVA.”

William Cho, global chief strategy officer for LG Electronics, added, “LG has had a longstanding commitment to innovation for a better life, and LG NOVA is a testament to how we will help fuel and promote new ideas to build a better future and ultimately, better quality of life for all.”

The LG NOVA ecosystem serves as the median network to connect fresh ideas from startups to businesses. What’s more, its community focus helps foster cross-pollination of innovative thinking and conversations that can result in corporate collaborations, joint ventures and business initiatives between small and medium-sized businesses and enterprises.

With a world-class team of experienced leaders, industry veterans, former White House Presidential Innovation Fellows, entrepreneurs-in-residences, and leading challenge and innovation program executives, LG NOVA offers startups and innovators opportunities for mentorship and resources to help them achieve optimal growth.

LG NOVA’s innovation-growth approach combines strategic partnerships, incubation, investment and industry collaborations to create a strong network to support founders, startups and entrepreneurs.

Business Owners Dialogue To Reap AfCFTA Gains Using Digital Platforms

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Business Owners Dialogue To Reap AfCFTA Gains Using Digital Platforms

About 50 business owners from across Africa have begun a three-day consultation in Dakar, Senegal with Micro, Small and Medium Enterprises (MSMEs) on how to reap the benefits of the African Continental Free Trade (AfCFTA), the United Nations Economic Commission for Africa said in a statement (ECA).

Delivering her opening remarks, Ms. Karima Bounemra Ben Soltane, Director of the African Institute for Economic Development and Planning (IDEP), said the MSME consultation was in the context of thorough research and analysis conducted by ECA to provide key and far-reaching recommendations for a sector that is the critical engine of AfCFTA implementation.

‘The meeting will offer the opportunity for MSMEs to reap the benefits of some of the work ECA is doing on MSME digitalization and a digital application it is developing to help monitor and correct remarks capable of negatively impacting AfCFTA implementation,’ the Director said.

One of the critical issues raised in the deliberations was the potency of the AfCFTA in transforming African economies, which continue to depend on the activities of MSMEs.

Mr. Adeyinka Adeyemi, Senior Advisor at the ECA, informed the meeting that the AfCFTA avails unprecedented opportunities for growth-seeking MSMEs and called on African businesses to prepare themselves to reap the benefits of AfCFTA.

‘This meeting constitutes part of the strategy of the ECA to establish a continental network and interactions amongst MSMEs to grant them access to information and understanding on the implementation process as well as the impact of the free trade agreement,’ Mr. Adeyemi highlighted.

Key concerns centred on the imperative of transforming Africa’s weak economies, building the capacities of Africa’s small and medium enterprises (SMEs), enhancing the participation of diverse stakeholders at all levels and digitalizing their operations to be able to lead economic reforms.

Ms. Mama Keita, Director of the ECA Sub-Regional Office for Eastern Africa, highlighted that while the COVID-19 pandemic triggered an unprecedented economic contraction, recovery can be catalysed by the implementation of the AfCFTA.

Trading under the AfCFTA commenced on the 1st of January 2021. The AfCFTA will create an African market of more than 1.2 billion people with a combined Gross Domestic Product (GDP) of US$2.5 trillion, building on the progress towards integration achieved in Africa’s regional economic communities.

This consultation is part of a more extensive project aimed at deepening Africa’s trade integration through the effective implementation of the AfCFTA.

Financially supported by the European Union, ECA has been working with its partners including the African Union Commission (AUC), International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD) and a selection of independent trade experts to ensure effective AfCFTA implementation strategies.

FAAC: Federal, States And Local Governments Share N760.7 Billion

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FAAC: Federal, States And Local Governments Share N760.7 Billion

The Federation Accounts Allocation Committee (FAAC) has shared N760.717 billion as federation allocation for the month of July.

This is contained in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Friday which also noted that the meeting was held virtually.

He said that out of the N760.717 billion shared, the Federal Government received N325.988 billion, the states received N224.929 billion while the Local Government Councils got N168.424 billion.

“The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain. Meanwhile, the oil-producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue).

The communique issued by the committee indicated that the Gross Revenue available from the VAT for July was N151.134 billion as against N154.465 billion distributed in June. This resulted in a decrease of N3.331 billion.

“The distribution is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, Allocation to NEDC received N4.534 billion and Cost of collection/transfers/ refunds got N6.045 billion.

“The distributed Statutory Revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the Federal government received N303.765 billion, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13 per cent Mineral Revenue) got N41.081 billion.”

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally.

It, however, disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion

FirstBank Boosts SMEs With N500,000 Grant – Official

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FirstBank Boosts SMEs With N500,000 Grant – Official

FirstBank of Nigeria Ltd on Sunday announced an N500,000 business grant to five Small and Medium Enterprises (SMEs), through its SMEConnect initiative aimed at boosting employment.

Mrs Oludolapo Adigun, Group Head, Retail Banking, Lagos Mainland 1, FirstBank, listed the five beneficiary SMEs to include: Buyscrap Nigeria Enterprise; Arteasy Nigeria; Gris Business; Digital Solutions Network and Edatsu Technology Ltd.

She said each of the SMEs was given a N100,000 grant to support their businesses after the SME clinic 2021, held in partnership with Techpoint Africa.

Adigun explained that SMEConnect was one of the tools by which FirstBank delivers the capacity-building pillar of its value propositions to SMEs, with a focus on impacting SMEs in key areas that affect their business growth and development.

“In recent years, FirstBank has embarked on the task of empowering SMEs, considering their immense value to the Nigerian economy.

“We created SMEConnect to help drive this mission and we’re delighted to have partnered with Techpoint Africa for the SME clinic 2021.

“The small business grant is the tip of the iceberg of what SMEs stand to benefit from the programme. We’re looking forward to future partnerships, Adigun said.

Also speaking, Precious Mogoli, Director, SME Clinic by Techpoint, said SMEs were the lifeblood of any economy, and in Nigeria, current data had shown that SMEs made up to 96 per cent of businesses, contributing over half of the country’s Gross Domestic Product.

She noted that COVID-19 was changing the way businesses operate globally, with more emphasis being placed on technology.

“While technology startups have been able to handle this change, traditional enterprises have found it more difficult.

“With this in mind, the SME Clinic by Techpoint creates a forum that teaches Nigerian SMEs grit, resilience, and how to scale their businesses with technology.

“The SME Clinic by Techpoint tries to reach Nigerian SMEs through its newsletter, town halls/webinars, an annual flagship event.

“It was a truly memorable moment and we hope to keep building a community of business owners who will use technology to impact the Nigerian economy,” Mogoli said.

She explained that small business owners in a pandemic-ridden world must find ways to the new normal – social distance, remote work and technology, among others, to survive.

“While few businesses have found ways to use these new and emerging tech tools to solve everyday problems and grow their businesses, several others still struggle to adapt,” she added.

Participants at the 2021 SME Clinic, were taught how to sustain their businesses using technology, with training on bookkeeping and managing an online business.

Bonds Yields To Decline Further On Expected Liquidity Boost

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Bonds Yields To Decline Further On Expected Liquidity Boost

Bonds investors will see a further moderation in yields this week on the expectation of robust liquidity in the financial system, analysts projected.

The projection is anchored on the expectation of an improved inflow into the financial system during the week.

At least N281.77 billion will flow into the financial system from maturing Treasury and Open Market Operations (OMO) bills this week. This is expected to keep adjustment in interbank rates, and by extension yields in check.

Market data shows that average yields on fixed-income market instruments have been on the decline due to limited issuance and four consecutive month inflation drop.

Nigeria has raised a significant amount via Treasury bills and another instrument in the first half, resulting in a steep yield repricing. Now, yields have been on the downward, helped by liquidity boost as subscription levels at bonds and treasury auctions remain robust.

In the just concluded week, the Federal Government bond spot rates dropped amidst sustained bullish sentiment, following a deliberate effort put into play by the DMO seeking to reduce debt service.

DMO sold N260.09 billion more than its offer of N150.00 billion at the weekly bond auction with stop rates for the 13.98% FGN FEB 2028, 12.40% FGN MAR 2036 and 12.98% FGN MAR 2050 securities allocated at 11.60%, 12.75% and 12.80% respectively.

This was lower than 12.35%, 13.15% and 13.25% respectively at the previous auction, which analysts at Cowry Asset said was in line with their expectations. At the secondary market, the 5-year 13.53% FGN APR 2025, the 10-year 16.29% FGN MAR 2027 bond and 20- year 16.25% FGN MAR 2037 paper gained N0.52, N3.38 and N0.64 respectively.

The instruments corresponding yields fell to 10.72% (from 11.90%), 11.45% (from 12.22%) and 12.67% (from 12.75%) respectively. However, analysts said the 10-year 13.98% FGN MAR 2028 bond lost N3.45 and its corresponding yield rose to 11.55% (from 11.99%).

In a related development, the value of Federal Government of Nigeria Eurobonds traded at the international capital market moderated for all maturities tracked. The 10-year, 6.375% JUL 12, 2023, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost US$0.28, US$1.32 and US$1.22 respectively, Cowry Asset said.

FGN Eurobond corresponding yields rose to 3.09% (2.98%), 7.75% (from 7.60%) and 7.84% (from 7.73%) respectively. Meanwhile, analysts expect yields to further moderate as local over-the-counter bond prices increase on the back of bargain hunting activities amid an expected boost in financial system liquidity.

In the outgone week, open market operations (OMO) bills worth N91 billion matured, thus boosting financial system liquidity. Cowry Asset analysts said the inflows partly led to depression in Nigeria Interbank Offered Rates for most tenor buckets.

Specifically, Nigerian Interbank Offer Rate (NIBOR) 1 month, 3 months and 6 months rose week-on-week to 9.13% (from 11.69%), 10.48% (from 12.60%), and 11.05% (from 14.59%) respectively.

However, NIBOR for overnight funds increased to 22.50% (from 16.00%), suggestive of some level of tightness, as Standing Lending Facility spiked 290.7% to N204.83 billion to partly offset outflows worth N260.09 billion in FGN bond purchases.

Elsewhere, Nigeria Interbank Treasury Bills True Yields (NITTY) moved in mixed directions. NITTY for 1 month and 12 months moderated week on week to 2.49% and 7.52% respectively from 2.52% and 7.77% respectively.

However, NITTY for 2 months and 6 months increased week on week to 3.36% and 4.46% respectively from 3.28% and 4.17% respectively. “In the new week, T-Bills worth N124.50 billion and OMO bills worth N157.27 billion will mature. We expect interbank rates to moderate amid anticipated boost in financial system liquidity”, analysts projected.

Inflation Slowdown Has No Effects, In Reality, Says Firm

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Inflation Slowdown Has No Effects, In Reality, Says Firm

Nigeria’s inflation rate slowdown has no effect in realities as pressure continues to weigh on the local currency, naira, in the foreign exchange market, says Atlass Portfolios in an email to clients.

The recent inflation report from the National Bureau of Statistics figure shows consumers’ price index dropped further in July 2021.

According to the latest reading, the headline inflation rate fell to 17.38 per cent from 17.75 per cent in June, marking the fourth consecutive month’s decline after it had galloped for 19 months.

However, realities on the streets speak differently than what the statistics say as pressure has become stronger on market prices of goods and services including gas, diesel and kerosene.

“Prices have remained relatively high in the local market, widening pressures on Nigerians finances”, analysts polled by MarketForces Africa said while noting that harvest season has not peaked to allow moderation in food item prices.

On currency inflation, it is noted that the weak purchasing power of naira and dearth of investment alternatives are reducing the strength of the middle-class economy, resulting in dwindling private investments. The unemployment rate remains abysmally highly while food prices and partial scarcity have become a threat to survival especially in the southern part of the country.

Looking ahead, Afrinvest analysts said they expect the impact of the pressure on the Naira from the recent ban on FX sale to BDCs to drive core inflation rate to 13.8% year on year, 1.4% month on month in August.

“Nevertheless, we believe that the impact of a high base-year effect on food inflation would result in further moderation of the headline index to 16.9% in August 2021”, says Afrinvest.

Market realities show that food inflation is far from slowing down. As such, the Nigerian streets estimates of the average increase in foods prices differ significantly from formal inflation calculations from the Bureau of Statistics, leading to questioning whether the data is meant for the poor or financial markets.

Amidst inflationary burdens with pressure on the Naira in the foreign exchange market, increased electricity tariffs and high Gas costs, the Nigerian headline inflation rate slowed to 17.38 per cent, analysts said.

Atlass Portfolios Limited had projected the consumer price index will slowdown year-on-year given the base year effects, which eventually played out. The base effect will keep inflation rate movement downward for the rest of the year, according to consensus analysts’ project

Explaining the NBS figures which shows moderation in the headline inflation was driven by the 80 basis points decline in the food inflation, while the Core inflation (All-Items Less Farm Produce) expanded by 63 basis points.

Accordingly, the composite food inflation index dipped 0.80 per cent to increase by 21.03 per cent in July 2021, compared to 21.83 per cent in June 2021.

This means that food items became less expensive in July 2021 as against June 2020, and less expensive compared to June 2021, as the index slowed to 0.86 per cent in July 2021, from 1.11per cent in June 2021, impacted by the harvest season period.

On the other hand, Core inflation which excludes all agricultural produces, stood at 13.72 per cent year on year, up 0.63 per cent, and 1.31 per cent month on month increase by 0.81 per cent after a sharp decline in June.

The increase in Core Inflation was a result of a price increase in Vehicle spare parts, Major household appliances, Pharmaceutical products, Furniture and furnishing materials, Medical services and Hospital services.

Notably, the Naira in the month of July, both in the Investors and Exporters Window and parallel markets, depreciated by 0.07 per cent and 2.59 per cent, to close at N411.10 and N515 a dollar, respectively, following the stoppage of dollar sales to the BDCs by Central Bank.

“Amidst the existing policies by policymakers, we expect the headline inflation to continue to slow down on the back of the base year effect but have no impact in reality as pressure continues to weigh on the Naira in the foreign exchange market”, Atlass Portfolios said.

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