Uncertainty Has Overtaken Oil Markets Once Again

Oil Price
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Uncertainty Has Overtaken Oil Markets Once Again

July 16th, 2021 – The baseline amendment agreement between Saudi Arabia and the UAE foreshadowed a familiar path forward for the oil markets, at the same time the lack of detail on how exactly major OPEC+ producers would bring back production maintains a hefty level of uncertainty. Meanwhile, weak demand numbers from the US have cast doubts upon the health of gasoline demand amidst peak driving season.

2022 To See A Full Crude Demand Rebound. OPEC foresees a return to pre-pandemic demand levels in 2022, with the annual average reaching 99.86mbpd next year on the back of improved containment of COVID-19, 3.4% higher year-on-year.

Surging Electricity Needs Keep Fossil Fuel Demand Alive. Global electricity demand is growing faster than aggregate renewables capacity, meaning that more fossil fuels will be required to meet the increasing needs, warns the International Energy Agency (IEA). The IEA sees 2021 power consumption rising by 5% year-on-year, followed by another 4% increment in 2022.

Chinese Steel Output Slows Down (Temporarily). Chinese steel output dropped almost 6% in June, to 93.9 million tons, down from an all-time high recorded in May. In large part, the decrease in activity is owing to Chinese authorities ramping up environmental controls ahead of the CCP’s centenary.

Oil markets Back Down As COVID Cases Surge

Gold Relieved On Fed Assurances. Gold rose to a 1-month high, moving above $1,825 per ounce, as the US federal reserve chair Jerome Powell played down concerns of monetary tapering, stating that the “US market is still ways off” where the Fed would like to see it.

India Tries To Lure Upstream Investors. India curbed the number of regulatory approvals required to launch an exploration project, to 18 from 37 previously, in a bid to breathe life into the country’s upstream sector. Facing structural decline, India produces some 770kbpd of crude and is 80% reliant on imports.

Nigeria Petroleum Bill Gets Stuck Again. More than 10 years in the making, Nigeria’s Petroleum Bill failed to see a final approval from the Lower House of Parliament as MPs started arguing over funds designated to oil-producing communities in the regions. There is no clear timeline for future proceedings.

China’s Bitcoin Crackdown Good For Environment. Rystad Energy stated that China’s crackdown on Bitcoin, having previously mined some 65% of the world’s total digital currency whilst mostly running on coal-generated electricity, will ease the pressure on electricity grids. Most of the cryptocurrency was mined in remote provinces such as Xinjiang, Nei Mongol, and partially Sichuan, using up more than 1% of China’s total electricity demand.

PEMEX Bans New Deals With Trafigura. According to Reuters, Mexican national oil company PEMEX temporarily nixed all-new dealings with Swiss international trader Trafigura as several countries in Latin America launch investigations into bribes of public officials. Valid contracts, including the one seeing Trafigura supply LNG cargoes, remain in effect.

Industry Heavily Impacted By Rioting In South Africa. Widespread unrest across South Africa’s KwaZulu-Natal and Gauteng provinces forced the country’s refiner Sasol (NYSE:SSL) to shut its 110kbpd Natref refinery, whilst steelmaker Arcelor Mittal (NYSE:MT) declared force majeure as it remains unable to fulfil its obligations amidst disrupted highway transportation.

OPEC eases cuts marginally...Oil markets not out of the rout Brandspurng

U.S. Reiterates Prime Condition for Venezuela Sanction Removal. Following the authorization of LPG sales to Venezuela, exempting cooking gas from the stringent sanctions regime that Washington has created to pressurize President Nicolás Maduro, the U.S. State Department foresees no sanctions-related change until Venezuela holds free and fair elections.

Japan Mulls Extending Nuclear Plants Beyond 60 Years. Wary of public outcry on any new nuclear plant projects, Japanese authorities are currently considering the possibility of extending the maximum service period of currently operating units beyond 60 years. The government intends to submit a draft bill allowing such extensions next year.

Volkswagen To Switch To Dual-Fueled LNG Ships. Volkswagen (OTCMKTS: VWAGY) vowed to use dual-fuel engines that can run on LNG to reduce its carbon footprint on cargo movements between regions. Four new LNG vessels would replace current diesel-fuelled ones by 2023, with the possibility of retrofitting them further with battery cells.

ADNOC Invests In Monster Drilling Contracts. The national oil company of the UAE, ADNOC, is backing up its OPEC+ oil ambition with an almost 0.8 billion set of drilling-related contracts signed this week with Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL), and its own drilling unit. Seeking to boost spare production capacity to 5mbpd by 2030, these contracts will expand the output potential of the Upper Zakum crude stream.

Congo Sets Cobalt Price For Artisanal Miners. Congo’s national cobalt company EGC set up a price floor of $30 000 per metric ton for the cobalt miners find as both the government and international investor seek to push out unregulated middlemen. EGC signed a 5-year supply deal with Trafigura for a total of 45 000 metric tons.

EU To Ban ICE Vehicles By 2035. The European Commission proposed banning the sales of new diesel and gasoline cars from 2035 onwards, with the aim of seeing “nearly” all vehicles on European roads becoming zero-emission cars by 2050.

Ford Recalls 775,000 Explorers Globally | Here is why

Esan Bolaji
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Ford Recalls 775,000 Explorers Globally | Here is why

July 16, 2021 – Ford Motor Company today announced details of three safety recalls in North America. Safety recall for certain 2020-2021 Ford F-350 Super Duty vehicles with the 6.7-litre engine and single rear wheel axle for a rear axle housing spring seat interface weld issue.

Safety recall for select 2013-2017 Ford Explorer vehicles that may experience a seized cross-axis ball joint

Ford is issuing a safety recall for approximately 774,696 2013-2017 Ford Explorer vehicles that may experience a seized cross-axis ball joint that may cause a fractured rear suspension toe link. Affected vehicles may experience a clunk noise, unusual handling, or a misaligned rear wheel. Fracture of a rear toe link significantly diminishes steering control, increasing the risk of a crash.

Ford
Photo by Ryan

Ford is issuing a safety recall for approximately 34,939 Ford F-350 Super Duty vehicles with the 6.7-litre engine and single rear wheel axle for a rear axle housing spring seat interface weld issue.

Affected vehicles may experience rear driveline disconnection. Customers may experience vibration and/or shaking while driving at highway speeds, and/or shuddering upon acceleration. In the event of a disconnected driveshaft, customers may experience loss of motive power while driving or loss of transmission park function if the parking brake is not applied, increasing the risk of a crash.

This action affects 34,855 vehicles in North America, with the remaining balance in Ford’s International Markets Group. Vehicles were built at Kentucky Truck Plant between Aug. 6, 2020, and May 15, 2021.

Ford is not aware of any accidents or injuries related to this condition.

Owner notifications will begin the week of Aug. 16. Dealers will inspect the rear axle to determine if the deformation is present. If the axle is deformed, the axle housing will be replaced. If the axle is not deformed, the dealer will perform a weld repair on the spring seats. The Ford reference number for this recall is 21S31.

Ford Recalls 661,000 Explorer SUVs

This action affects approximately 676,152 vehicles in North America, 59,935 in China, 25,257 in Ford’s International Markets Group, 13,162 in Europe and 190 in South America. In the U.S., the affected vehicles are located in high-corrosion states as defined by the National Highway Traffic Safety Administration or in regions with a combination of cold winter weather with relatively high humidity and substantial road salt use.

Vehicles were built at Chicago Assembly Plant between Sept. 4, 2012, and Sept. 30, 2017, and Elabuga Assembly Plant in Russia between Jan. 28, 2013, and July 28, 2017.

Wakanow Opens Now Experience Centre in Lekki

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Wakanow Opens Now Experience Centre in Lekki

As travellers adapt and social interactions slowly return to normalcy, Wakanow, the largest online travel agency in Africa has once again has taken the lead by opening up an experience centre in Jubilee Mall, Admiralty way, Lekki, Lagos as it positions to deliver an unparalleled immersive travel experience in a warm and relaxing atmosphere. 

The COVID-19 pandemic heavily impacted the travel and tourism industry particularly in 2020 at the peak of global lockdowns with most countries closing their borders to non-essential travel forcing airlines to heavily reduce capacity globally.

Wakanow
Wakanow Opens Now Experience Centre in Lekki-Brand Spur Nigeria

Wakanow was able to scale through this period due to the hybrid model of being an offline and online agency further solidified by the massive investment, it has made in technology over the years enabling business sustainability through the pandemic. During this same period, Wakanow was the only travel agency running 24/7 customer service centre operations which enabled it to take care of teeming customers during the upheaval in flight operations.

According to the Chief Executive Officer, Mr. Bayo Adedeji,

“Wakanow was able to weather the pandemic storm due to its innovative approach in the development of new complementary products and the unwavering commitment of the staff to the customer which has paid off hugely in customer retention and service uptake in the wake of travel restrictions.”

2021, has seen the resurgence of interest and demand in travel, with Airlines steadily increasing capacity offered to Nigeria and even the launch of new domestic and international airlines.

Wakanow Opens Now Experience Centre in Lekki-Brand Spur Nigeria
Wakanow Opens Now Experience Centre in Lekki-Brand Spur Nigeria

Wakanow is positioned to continue supporting its customers across all channels with their travel needs as travel demand resurges and is now closer to their customers in the heart of Lekki with the state-of-the-art travel experience centre. The event drew stakeholders from local and international airlines and other Nigerian travel enthusiasts.

“Wakanow is an online travel agency also with extensive offline presence with over 30 travel centres across Nigeria, Ghana & Dubai. We meet our customers’ travel needs across multiple touchpoints, wherever they are.

We continue to expand our product portfolio& service offering as we aim to be their indispensable and trusted travel companion exciting them with travel deals, packages, and services that are unobtainable elsewhere” says Mrs. Adenike Macaulay, Chief Commercial Officer.

Avoiding Instant Electronic Funds Transfer Risks

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Avoiding Instant Electronic Funds Transfer Risks

In 2020, e-commerce in South Africa spiked by 66%, driven by COVID-19-induced lockdowns and a drop in brick-and-mortar retail sales.

This increase was accompanied by an upsurge in the use of instant Electronic Funds Transfer (EFT) payments.

Towards the end of last year however, the SA Reserve Bank, Payment Association of South Africa (PASA), and Financial Sector Conduct Authority (FSCA) issued a joint statement warning consumers to be aware of the risks associated with this payment method, particularly the use of screen scraping, “which makes it possible for third parties to access bank account data and automate actions on behalf of a consumer using that consumer’s online banking access credentials”.
The statement went on to detail some of these risks such as the potential for fraud and financial crime as well as data privacy issues. One of the big four banks recently noted that there are also significant risks for the businesses themselves that sign over their banking and client information to a third party. So, how can South African consumers and businesses continue to use instant EFT in a safe way?
Francois Hamer, Business Development Lead at Pay@ – a leading payment aggregator and provider of secure payment solutions – shares that while screen scraping is actually a common technology that has been used for a number of years, dealing with trustworthy third parties is paramount.
“I would advise both businesses and consumers to do their homework when it comes to instant EFT providers and to check things like their longevity in the market, size of their payment network, and the kinds of clients they service.”
He continues by saying that the security of the site in which the transaction occurs is also key. “Additionally, all communication must be encrypted as this makes it difficult for hackers to infiltrate the system.”
Hamer adds that service providers should ensure that data is not stored, and that any information inputted is masked. “This helps to prevent the possibility of fraud and is a must now with the Protection of Personal Information Act coming into effect.”
Over and above this, he notes that payment providers should strive for zero misallocated payments. “When Pay@ first started working with instant EFTs as a mechanism for bill payments four years ago, we picked up that there was a misallocated payments issue in instant EFTs for certain transaction use cases.
Pay@ has continued its track record of a near zero percent error rate in terms of our transaction processing through working closely with EFTSecure to eradicate this issue. Even though we’ve seen sharp increases in volumes processed, Pay@ has not experienced any misallocated payments.”
“I believe that if all these criteria are met, businesses and consumers will benefit enormously from instant EFT,” says the Business Development Lead. “Open Banking APIs are the future, and it will be beneficial for Instant EFT payment services and banks to collaborate on open banking solutions. Pay@ is working closely with both to provide a world class payment experience.”
Melissa Nield, Senior Collections Specialist at 1Life shares: “In line with the increasing digital adoption within the industry, our clients required a product that offers an easy and secure way to make payments.
We can now provide them with the ability to execute a payment at any time of the day, with the knowledge that it has been safely received. By using the instant EFT option, they can securely and confidently pay without the uncertainty of other payment links.
This has increased the arsenal of secure payment options we can offer our clients and has also contributed greatly towards positive payment results in a difficult economic environment.”

PepsiCo Declares Quarterly Dividend

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PepsiCo Declares Quarterly Dividend

The Board of Directors of PepsiCo, Inc has declared a quarterly dividend of $1.075 per share of PepsiCo common stock, a 5 percent increase versus the comparable year-earlier period.

Today’s action is consistent with PepsiCo’s previously announced increase in its annualized dividend to $4.30 per share from $4.09 per share, which began with the June 2021 payment.

This dividend is payable on September 30, 2021, to shareholders of record at the close of business on September 3, 2021.
PepsiCo has paid consecutive quarterly cash dividends since 1965, and 2021 marked the company’s 49th consecutive annual dividend increase.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world.
PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Stanbic IBTC Bank Identifies Opportunities For SME Growth In Nigeria

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Stanbic IBTC Bank Identifies Opportunities For SME Growth In Nigeria

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, recently hosted a webinar where it reiterated its zeal and commitment to assisting the Small and Medium Enterprises (SMEs) ecosystem in Nigeria.

The webinar themed “Scaling Your Business in Challenging Economic Times”, was well attended by enthusiastic entrepreneurs looking to overcome the economic challenges currently faced by their businesses.

In his opening remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, listed the COVID-19 pandemic, dearth of innovative solutions and lack of access to adequate business finance as some of the challenges that have plagued the SME sector in Nigeria in recent times.

GCR Stanbic IBTC Holdings PLC Announces the Establishment of its wholly-owned Life Insurance Subsidiary

Wole said, “As a business entity, Stanbic IBTC understands that running a business is not a bed of roses and that challenges differ from one business ecosystem to another. For this reason, Stanbic IBTC Bank is always in search of solutions to solve business challenges as they arise.”

Wole also advocated for the diversification of the economy through policies that will be aimed at driving commercial growth in various sectors, as SMEs are vital to the vast business ecosystem of any economy. According to him, this would boost economic growth and lead to an improved standard of living for the citizenry. He further advised SMEs to monitor their expenditure and make the necessary adjustments closely.

Speaking on how the pandemic affected SMEs and the outlook of the post-pandemic era, Ayodele Ojosipe, Head, Enterprise Banking, Stanbic IBTC Bank, explained that challenges faced by SMEs during the lockdowns still have profound effects on their businesses to date.

He added that whilst these challenges have resulted in increased costs of doing business, the inability of most SMEs to pass these costs to their customers has led to margin compression and outright losses in most cases thereby threatening their business sustainability.

Ayodele stated further that despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the immediate business environment that small businesses can explore to turn the tide.

He advised SMEs to take advantage of the Stanbic IBTC unsecured SME Loan which is available to both existing and new clients of the Bank within 24hrs to enable them to meet their financing needs.

Ayodele identified changes in business dynamics, client focus, optimising cash flows and business partnerships, talent retention, restructuring loans (if any), deferring costs and accessing cheaper funding as key focus areas for SMEs to guarantee business continuity. He further cited aspects of the recently promulgated Finance Act which would benefit small businesses.

Some of the areas include the Company Income Tax Act, which stipulates those small businesses with less than N25m million turnover will no longer have to pay taxes and the CAMA act which states that small businesses with a turnover of less than N120m million need not turn in audited financials while filing their taxes, hence saving them costs in the appointment of auditors.

Ife Durosimi-Etti, Founder, AGS Tribe, highlighted the need for small businesses to explore innovative ways of staying relevant through identifying what customers need. She harped on the advantages of collaborations with other business owners, avoiding unnecessary loans, seeking opportunities for grants, and the importance of joining accelerator programs for exposure.

The Bank urged SMEs to build well-positioned brands for opportunities and take advantage of services available within enterprise banking as they come with numerous benefits to boost their businesses. Stanbic IBTC Bank is committed to the continuous support and development of SMEs through targeted initiatives and products.

Tesla Accelerates Into Most Valuable Automotive Brand Position

Kantar
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Tesla Accelerates Into Most Valuable Automotive Brand Position

Kantar BrandZ finds that Tesla is the most valuable and fastest-growing auto brand on the planet, more than trebling its value from 2020.

According to the Kantar BrandZ™ Most Valuable Global Brands 2021 ranking, Tesla has surged ahead of its rivals in the automotive sector, with 275% brand growth and a valuation of $42bn. It also reported a full-year profit for the first time.

While Tesla more than trebled its brand value, increasing from $11.35bn in 2020 to $42.6bn in 2021, German automotive makers had a strong year, with brand value increasing by 21% for BMW to $24.8bn, Audi by 22% to $8.9bn, and Mercedes-Benz by 21% to $25.8bn.

Honda led the charge for Japanese brands, growing its brand value by 6%, compared to a less positive year for Toyota and Nissan, declining their brand values by 5% and 4% respectively.

Tesla Accelerates Into Most Valuable Automotive Brand Position-Brand Spur Nigeria
Tesla Accelerates Into Most Valuable Automotive Brand Position-Brand Spur Nigeria

Only the top four car brands achieved a brand value high enough to be ranked in the Top 100 Global Brands, with Tesla’s meteoric rise positioning it at #47 in the index.

The Kantar BrandZ Most Valuable Global Brands 2021: Automotive Sector

Rank 2021 Rank Change Brand Country of Origin Brand value 2021 ($MN) Brand value 2020 ($MN) Brand Value Change
1 +3 Tesla US 42,606 11,350 +275%
2 -1 Toyota Japan 26,974 28,388 -5%
3 -1 Mercedes-Benz Germany 25,835 21,349 +21%
4 -1 BMW Germany 24,821 20,517 +21%
5 +1 Honda Japan 10,570 9,974 +6%
6 -1 Ford US 10,444 10,067 +4%
7 +1 Audi Germany 8,931 7,334 +22%
8 -1 Nissan Japan 8,317 8,658 -4%
9 0 Volkswagen Germany 7,059 6,462 +9%
10 0 Porsche Germany 6,858 5,606 +22%

While Tesla has clearly shown tremendous growth, and Toyota is well established as a hybrid/EV manufacturer, other established carmakers like Mercedes-Benz and BMW are seeing the brand growth benefits of transforming new production and promoting hybrid, electric and other new fuel vehicles.

Those brands growing their value in this year’s index have been faster to adapt and have been rewarded as a result. The challenge now is for car brands to embrace their responsibility along the entire cycle of production and use and clearly communicate progress to their customer base.

Automakers lagging on environmental responsibility

Tesla’s position may be as the poster child for environmental responsibility, but the automotive industry is falling behind compared to other industries. While all brands are trending upwards from 2020 in terms of perceptions of being environmentally responsible, they are still perceived as being behind when compared to other companies ranked in Kantar BrandZ Most Valuable Brands ranking.

To catch up with Tesla, brands like Toyota must communicate more emphatically about their environmental credentials and leverage this with a broader point of difference. Our Issues Radar research shows us that the automotive industry’s environmental performance dominates the social conversation around sustainability, telling us there is a willing audience to hear how these brands reshape their industry.

Fresh marketing is required to broaden consumer appeal

The results in this year’s ranking show that brands need to meaningfully engage with their audience to drive business. Even Tesla, with the largest stock valuation ahead of Toyota and the most valuable automotive brand in the ranking, has the opportunity to meet the needs of more consumers by becoming more meaningful.

Car brands have traditionally used marketing to position themselves as desirable, contemporary, and adventurous. Failing to communicate open, honest, and fair brand values may inhibit future growth as consumers increasingly align with brands that show their commitment to ethical and social practices.

This year’s results show that high growth brands have a stronger reputation, especially for sustainable and ethical purposes. For automotive makers, the results suggest that leveraging environmental responsibility with a meaningful difference is the winning formula for future growth in this sector.

Family Time Gets An Upgrade With Two New Kid-Friendly Features

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Family Time Gets An Upgrade With Two New Kid-Friendly Features

Shows and movies are an important way for kids to connect with the world – helping to teach them about new places, create bonds with family or friends and understand other perspectives.

We know that each family has its own standards, and we’re continually making strides to help parents/caregivers make informed decisions about what their families watch on Netflix.

So, to foster greater connection around your kids’ favorite titles — like the recently launched series Ridley Jones or The Mitchells vs. The Machines, we’re launching two new features to help families connect around their favorite series and films or discover their next favorite.

Whether it’s a fantasy film like Wish Dragon or an action-adventure series like Ridley Jones, the Kids Recap Email will give parents insights into their kids’ content preferences, along with unique ways to interact with their child on the basis of their interests as well as additional insights like:

First, bi-weekly kids recap emails to give parents a better understanding of their child’s preferences and news ways to engage those interests, like:

  • Recommendations based on your child’s favorite shows and movies.
  • Printable coloring sheets and activities inspired by your kid’s favorite characters.
  • Top themes or topics charts that show the types of programs your child enjoys most (i.e. science, friendship); and
  • Tips for how to use our Kids features on Netflix.

Second, we’re launching Kids Top 10 rows featuring our most popular children’s content in your country. 

(This is an example of the Kids Top 10)

We’ve seen how Top 10 rows help our members find something to watch, because families make the best decisions has always been important to us. That’s why we offer a wide variety of safe (and fun!) tools for younger viewers like kids’ profiles, custom ratings and profile locks.

Whether it’s reciting your favorite lines with your friends or sharing a laugh during family movie night, seeing what’s popular can help kids and families find something to watch and bring them closer together.

The Kids Top 10 will feature the most popular kids’ titles overall -including shows and movies – across each country with a maturity rating of PG and below (*or local country-level PG rating equivalent). Also, the Kids Top 10 will be updated daily.

Popular Kids movies, series, and specials that make this list will have a red “Top 10” badge wherever they appear in Kids profiles on Netflix – across all devices. Members can find the Top 10 list on their kids  homepage or in the ‘New & Popular’ section within the menu bar.

Connecting kids with their families, friends and stories around the world has never been easier.

Nigeria’s inflation rate drops further to 17.75% in June 2021 – NBS

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Nigeria’s inflation rate drops further to 17.75% in June 2021 – NBS

Headline Inflation decreases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate – NBS

The consumer price index, (CPI) which measures inflation (rate of change in the increase in prices) increased by 17.75 percent (year-on-year) in June 2021. This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93) percent.

What does this mean?

This implies that prices continued to rise in June 2021 but at a slightly slower rise than they did in May 2021).

On a month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point increase over 15.50 percent recorded in May 2021.

The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021.

On a month-on-month basis, the urban index rose by 1.09 percent in June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), while the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 16.51 percent in June 2021. This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate in June 2021 wass 15.36 percent compared to 14.94 percent recorded in May 2021.

Food Index

The composite food index rose by 21.83 percent in June 2021 compared to 22.28 percent in May 2021. (This implies that food prices continued to rise in June 2021 but at a slightly slower speed than it did in May 2021.)

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats and Meat.

HEADLINE INFLATION Nigeria’s Inflation Rate
Photo by Eva Blue

On a month-on-month basis, the food sub-index increased by 1.11 percent in June 2021, up by 0.06 percent points from 1.05 percent recorded in May 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending June 2021 over the previous twelve-month average was 19.72   percent, 0.54  percent points from the average annual rate of change recorded in May 2021 (19.18 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 13.09 percent in June 2021, down by 0.06 percent when compared with 13.15 percent recorded in May 2021.

On a month-on-month basis, the core sub-index increased by 0.81 percent in June 2021. This was down by 0.43 percent when compared with 1.24 percent recorded in May 2021.

The highest increases were recorded in prices of Garments, Passenger travel by air and by road, Motor cars and Vehicle spare parts, Shoes and other footwear, Pharmaceutical products, Medical services, Hairdressing salons and personal grooming establishments, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing and clothing accessories, Furniture and furnishing and Fuels and lubricants for personal transport types of equipment.

The average 12-month annual rate of change of the index was 11.75 percent for the twelve-month period ending June 2021; this is 0.25 percent points higher than 11.50 percent recorded in May 2021.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns that 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 June 2021, all items inflation on year on year basis was highest in Kogi (23.78), Bauchi (20.67%) and Jigawa (19.81%), while Cross River (15.53%), Delta (15.18%) and Abuja (15.15%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, in June  2021 all items inflation was highest in Kano (2.22%), Akwa Ibom (1.98%) and Osun (1.92%), while Bauchi  (0.00%) recorded no change in headline month on month with Abuja and Cross River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Food Inflation

In June 2021, food inflation on a year on year basis was highest in Kogi (30.34%), Enugu (25.18%) and Kwara (24.78%), while Bauchi (18.97%), River (18.92%) and Abuja (17.09%) recorded the slowest rise in year on year inflation.

On a month-on-month basis, however, June 2021 food inflation was highest in Jigawa (2.67%), Edo (2.43) and Cross River (2.16%), while Lagos (0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in food inflation.

Nigerian Football: Going, Going…?

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Nigerian Football: Going, Going…?

Certainly, writing that most Nigerians are extremely passionate about various sports is akin to telling the obvious. Nigeria’s sports betting industry alone is not only witnessing an astronomical boom, it is consistently attracting new entrants.

“The country has over 200 million people, supplying the population to feed the betting companies. Nigerians are passionate about their sports; especially football and this has extended into their love for sports betting,” notes an article published in businessday.ng.

Another report credited to the News Agency of Nigeria, NAN, and published in www.businesswire.com, perfectly put it, “roughly 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting. Almost N2 billion is spent on sports betting daily in Nigeria which translates to nearly N730 billion in a year.”

Football, as rightly observed, has been the most popular and active sport in the country. But, gone are the days when Nigerian football enthusiasts were obsessed with activities in domestic football clubs or deeply concerned about performance of local talents therein.

“UEFA Champions League and English Premier League are the most followed and viewed leagues in Nigeria…Nigeria’s Professional Football League (NPFL) placed sixth, averaging 35.8% and Seria A placed seventh, averaging 35%,” claim some respondents drawn from Lagos, Abuja, Kano and Rivers State, in a report published in cheeronnigeria.blogspot.com.

Another report in m.guardian.ng adds, “the ecstatic chant of ‘Flaming’-the nickname of the boisterous Lagos City team, Stationery Stores of Lagos-gave way to ‘Up Blues’, Barca forever in honour of Chelsea of England and FC Barcelona of Spain.”

Another report in www.theafricareport.com, continues, “…the fans of…Rangers in Nigeria now put on Manchester United, Chelsea, Arsenal and Liverpool shirts and debate the league fortunes of these clubs rather than their own local giants.”

Not surprising, some Nigerian footballers have been actively plying their trade in some of the top-flight overseas football leagues.  Available reports, however, indicate that their foreign counterparts have been the ones stealing the hearts of Nigerians.

Cristiano Ronaldo, Portuguese captain, known for his electrifying performance on the pitch, presently, boasts of appreciable cult-following across the country. “Ronaldo is now a cult hero among young talents and they will strive to emulate his style,” Wale Amos, a computer analyst, confirms, in thenationonlineng.net. The Juventus super-star is equally nicknamed Ororo which means groundnut oil, in Yoruba language.

“We call him Ororo because he is slippery and fluid in the field. It is difficult to hold him as he is everywhere,” Gbenga Ashiru, a student, reportedly explains. David Adeleke, Nigerian hip-hop star, popularly called Davido, also proudly admits, in www.goal.com, “I’m a massive fan of Ronaldo…” Davido is said to be Ronaldo’s 376th follower on Instagram.

Back home, Super Falcons, the nation’s premium female football team, though still tops the rating log in Africa, reportedly, remained stagnant, 38th on FIFA rankings. Their male counterpart, Super Eagles, on the other hand, is likely to drop in the same FIFA ratings due to their losses in recent international friendlies.

Then, at this time, when Nigeria is over-relying on her foreign-based players in executing global football competitions, emerging signals indicate that all might not be well with the same stars. The market values of the likes of Victor Osimhen, Alex Iwobi, Samuel Chukwueze, Samuel Kalu and Henry Onyekuru is said to have significantly dropped. “…Osimhen, who joined Napoli for £81.3m, saw his valuation drop (by 38.5 per cent) to £50m…Iwobi, who will be in his third season at Everton, also saw his valuation drop by 31.25 per cent from £32m to £22m…Villareal midfielder, Chukwueze’s market value also dropped by 33.33 per cent from £30m to £20m, while Kalu’s valuation is now at £7m from £10m-a reduction of 30 per cent-Onyekuru, who spent the final part of last season at Galatasaray, also saw his value crash down by 46.15 per cent (£13m to £7m),” stress a report in punchng.com.

For Ahmed Musa, considered as one of the pillars of the current national team, a recent report in www.brila.net, notes “he is Nigeria’s leading scorer in the history of FIFA senior world cup but recently; it is visible to even the blind that his career with the Super Eagles has fallen into sharp decline.”

The disturbing trend, some trusted experts strongly agreed, goes beyond putting the blame on the quality and experience of Nigerian players, home or foreign-based. In their estimation, from inception, it has not been well with the entire process of managing and promoting football in the country.

“For many years, the NFF have played lip service to the development of the game right from the grassroots. There has been a proliferation of so-called football academies but even the country’s annual schoolboys’ competition, the Manuwa/Adebajo Cup, has long stopped and age-group competitions are left in the hands of traders,” claims a report in africanfootball.com.

Another report in www.icinigeria.org, perfectly put it “like a bedridden patient whose condition has failed to improve despite a series of interventions from physicians, so is the story of the Nigerian Professional Football League (NPFL). It’s fate is uncertain; the present state is abject and its future looks bleak.”

The good news, however, is that in the midst of the alarming challenges stifling the development and growth of football in Nigeria, the game, besides its thrilling actions and economic gains, still remains a very powerful tool in igniting and strengthening unity and patriotism in the country.

Recall the mood of the country, before and after Ahmed Musa, scored the two goals that saw Nigeria trouncing Iceland during the last World Cup at Russia.

The same unifying scenario clearly played out in most homes when the country lost the semi-final ticket to Algeria during the last African Cup of Nations in Egypt. A recent report in www.channelstv.com captures the reactions of some eminent Nigerians.

“Fantastic result. But there’s a lot of work. Let’s not forget that. Well done boys! You’ve made your nation and Africa proud.-Bello El-Rufai (@B_ELRUFAI), June 22, 2018. “Congratulations@NGSuperEagles. Indeed, a delightful evening of quality football. When we stand united, victory is assured…”Atiku Abubakar (@atiku), June 22, 2018.“

Ahmed Musa once again proved that talents abound in all parts of Nigeria and that no part of Nigeria will lose out if we restructure and replace ethnicity with merit. If not for this Northerner, Nigeria would have had little hope in this #RussiaWorldCup2018. All Nigerians matter” -Reno Omokri (@renoomokri), June 22, 2018.

So, how can Nigeria urgently address the unexhausted factors militating against the development and growth of her football? This piece, certainly, will not proffer all the desired solutions. However, it will be greatly rewarding, if concerned managers of football in Nigeria stop reflecting and dwelling on the teething challenges bedeviling the game.

They must, truly, start thinking about how to get it right such as under-studying how some countries re-crafted the bigger picture for their national teams. England is already putting measures in place to get over her defeat at Euro 2020.

“The future is undoubtedly bright for England despite their Euro 2020 final heartbreak at the hands of Italy, with a bright group of young talents desperate to break through the system and work their way into the senior team,” notes another report in www.dailymail.co.uk.

“After Euro 2000, “Germany’s…disastrous group-stage departure, featuring a rare defeat to England, prompted a thorough review of their football philosophy. It was a rebirth that would yield a World Cup victory 14 years later…,” notes a report in edition.cnn.com. Belgium embarked on the same rebranding journey and succeeded in producing world-class talents. “

A core group of Belgium’s current squad is highly experienced; nine of them have played 80 or more games for their country, four have earned more than 100 caps and two-Lukaku and De Bruyne are among the topmost valuable players in the world,” adds the same report in edition.cnn.com.

It is also not in doubt that as long as the near-perfect football leagues like the ones in Europe remain very lucrative; they will keep attracting super-stars that will continue to display electrifying styles needed by football enthusiasts. “…most fans are interested in high-quality entertainment and thus gravitate towards large leagues of Europe, the World Cup or the UEFA Champions League,” admits a report in www.footballbenchmark.com.

The appreciable presence of fans means that such leagues will continue to create huge valuable sponsorship opportunities for brands, looking to increase their reach far beyond football pitch as well as pull appreciable returns on investment.

Nigeria, however, can appreciably cut down the popularity of foreign football leagues in the country by recruiting great thinkers to develop home-grown solutions rather than just blindly following what is obtained from the rest of the world.

Ex-Governor Orji Uzor Kalu’s persistent investment in Enyimba FC, not only attracted prominent talents to the club, the latter was boasting of players that were creating memorable experiences and inspiring the next generations of footballers. “Enyimba had the benefit of a benefactor, the football-crazy former Abia State Governor, Orji Uzor Kalu, who ceaseless investment led the club to acquire and stockpile the very best legs on the local scene…Those wins gave Enyimba a name and a reputation, not just in Africa, but all over the world,” notes a report in m.guardian.ng.

“People feared us. We had the best players in the country, the best youngsters, severe coaches. Take Kadiri Ikhana for instance. He worked like Jose Mourinho, he had his own football concepts and wanted us to walk, not talk. We need such a leader and it worked,” Vincent Enyeama, former Enyimba FC’s goal-keeper, reportedly adds.

Odiaka, a media practitioner, writing from Lagos, can be reached through: shorikwueodiaka@gmail.com

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