Textile, Fashion World’s 2nd Largest Industrial Polluter – Report

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Textile, Fashion World’s 2nd Largest Industrial Polluter – Report

With textiles and fashion expected to constitute an important post-Covid-19 growth driver for West Africa, stakeholders and key players in the industry are exploring ways to implement sustainable practices and make the sector more environmentally friendly.

While one might not instinctively include it among the world’s heaviest polluters, the textile and fashion industry is a key contributor to climate change, accounting for around 10% of global carbon emissions.

Textile, Fashion World’s 2nd Largest Industrial Polluter – Report Brandspurng
Photo by Eva Blue

Indeed, with pre-pandemic annual emissions of 1.2bn tonnes, the industry is the second-largest industrial polluter behind the oil and gas industry, surpassing emissions from all international flights and maritime shipping put together.

A major factor behind the industry’s carbon footprint is the water needed for cotton production. For example, it can take an estimated 20,000 litres of water to produce 1 kg of cotton, or one t-shirt and a pair of jeans.

In addition, with up to 8000 chemicals used to turn raw materials into clothes, the World Bank estimates that 20% of global industrial water pollution comes from dyeing and finishing fabrics.

Another major factor behind the environmental footprint of the industry is the sheer mass of clothes produced to meet the needs of modern “fast fashion”. An estimated $500bn in value is lost every year from clothes that are worn for a short period of time and not recycled, with much of it ending up incinerated or in the landfill.

Pushing for environmental sustainability

To combat the environmental impact of the textiles and fashion industry, a number of industry players are turning towards more sustainable means of operation.

For example, Jendaya, a UK-based, Africa-focused online fashion retailer avoids plastic and ships goods in recyclable cardboard packaging.

Textile, Fashion
Photo by Henry & Co.

The company is also one of a growing number supporting smaller designers who produce clothes in smaller capacities on a made-to-order basis, reducing waste and the amount of clothing that is consigned to landfill.

Other examples of African companies promoting local production using natural materials under made-to-order models include Nehanda & Co in Zimbabwe, Naked Ape in South Africa, Nkwo in Nigeria and Awa Meité in Mali.

There are also efforts to support this approach on an institutional level. Fashionomics Africa, an initiative developed by the African Development Bank, aims to develop a sustainable textile value chain and help create business models that will keep garments in use, make use of renewable materials and recycle old clothes into new products.

Another company driving sustainable solutions across the entire value chain in West Africa’s textiles industry is the India-headquartered Arise.

On top of existing industrial projects in Gabon, Mauritania and Côte d’Ivoire, the company is in the process of constructing two textiles parks in Togo and Benin. The sites, which source raw materials, gin cotton, and process and manufacture final products, will emphasise environmental, social and governance (ESG) factors across all aspects of the operation.

For example, some of the sustainability credentials of the textile park in Togo include processing 100% sustainably sourced cotton, under Cotton Made in Africa standards, and using 100% renewable electricity, offsetting 20 tonnes of carbon emissions per day. The site will also reuse 90-95% of the water used during processing and comply with independent international certifications when it comes to dyeing and finishing fabrics.

Economic benefits

The benefits of such an approach are not just environmental. Increasing textile production on the continent will also provide an economic boon to the region as countries continue their recoveries from Covid-19.

Indeed, in April the African Circular Economy Alliance, a government-led coalition that promotes environmentally and socially sustainable solutions for economic development, identified the textiles and fashion industry as one of the “Five Big Bets” – alongside food systems, the built environment, electronics and packaging – that could drive the continent’s sustainable development in the future.

The issue is particularly pertinent to West Africa. Around three-quarters of the continent’s cotton is produced in the region; however, most of this is shipped to South and East Asia for processing, meaning that West African countries miss out on much of the value-added economic benefits traditionally associated with the textile industry.

Every year leading West African cotton-producing nations Benin, Burkina-Faso and Mali export 1.8m tonnes of unprocessed cotton worth $922m, but then import $2.4bn in finished cotton textiles and apparels.

In an effort to address the situation, Arise’s textile park in Togo aims to convert 56,000 tonnes of cotton fibres valued at $73m into apparel worth $1.5bn. The company says the construction and running of the site will create 20,000 direct and 80,000 indirect jobs, ensuring that much of the profit will filter into local communities.

Meanwhile, in Benin, where the cotton industry accounts for 12% of GDP and 60% of industrial earnings, the government is playing an active role in promoting domestic production, implementing a ban on 30% of cotton lint exports by the end of 2021, with this figure rising to 70% by 2022 and 100% by 2023.

Africa urgently needs 20 million second doses of COVID-19 vaccine – WHO

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Africa urgently needs 20 million second doses of COVID-19 vaccine – WHO

May 27, 2021 – Africa needs at least 20 million doses of the Oxford-AstraZeneca vaccine in the next six weeks to get second doses to all who received the first dose within the 8-12-week interval between doses recommended by the World Health Organization (WHO).

A single dose of the Oxford-AstraZeneca vaccine gives around 70% protection for at least 12 weeks. Data on the protection from one dose after 12 weeks is limited, however, COVID-19 antibodies have been found in the body up to 6 months after one dose. The full course provided with a 12-week interval gives 81% protection for an extended period.

Vaccination COVID-19 vaccine doses shipped by the COVAX Facility head to Ghana, marking beginning of global rollout
On 24 February 2021, staff unloads the first shipment of COVID-19 vaccines distributed by the COVAX Facility at the Kotoka International Airport in Accra, Ghana’s capital.
The shipment with 600 doses of the vaccine also represents the beginning of what should be the largest vaccine procurement and supply operation in history. The COVAX Facility plans to deliver close to 2 billion doses of COVID-19 vaccines this year. This is an unprecedented global effort to make sure all citizens have access to vaccines.
Anne-Claire Dufay UNICEF UNICEF Representative in Ghana and WHO country representative Francis Kasolo said in a joint statement:
After a year of disruptions due to the COVID-19 pandemic, with more than 80,700 Ghanaians getting infected with the virus and over 580 lost lives, the path to recovery for the people of Ghana can finally begin.
“This is a momentous occasion, as the arrival of the COVID-19 vaccines into Ghana is critical in bringing the pandemic to an end,”
These 600,000 COVAX vaccines are part of an initial tranche of deliveries of the AstraZeneca / Oxford vaccine licensed to the Serum Institute of India, which represent part of the first wave of COVID vaccines headed to several low and middle-income countries.
“The shipments also represent the beginning of what should be the largest vaccine procurement and supply operation in history. The COVAX Facility plans to deliver close to 2 billion doses of COVID-19 vaccines this year. This is an unprecedented global effort to make sure all citizens have access to vaccines.
“We are pleased that Ghana has become the first country to receive the COVID-19 vaccines from the COVAX Facility. We congratulate the Government of Ghana – especially the Ministry of Health, Ghana Health Service, and Ministry of Information – for its relentless efforts to protect the population. As part of the UN Country Team in Ghana, UNICEF and WHO reiterate our commitment to support the vaccination campaign and contain the spread

In addition to this urgent need, another 200 million doses of any WHO Emergency Use Listed COVID-19 vaccine are needed so that the continent can vaccinate 10% of its population by September 2021. This follows a call made by WHO Director-General Dr Tedros Adhanom Ghebreyesus at the World Health Assembly, WHO’s governing body earlier this week for all Member States to support a massive vaccination push.

To date, 28 million COVID-19 doses of different vaccines, have been administered in Africa, which represents less than two doses administered per 100 people in Africa. Globally, 1.5 billion COVID-19 vaccine doses have been administered.

“As supplies dry up, dose-sharing is an urgent, critical and short-term solution to ensuring that Africans at the greatest risk of COVID-19 get the much-needed protection,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Africa needs vaccines now. Any pause in our vaccination campaigns will lead to lost lives and lost hope.”

“It’s too soon to tell if Africa is on the cusp of a third wave. However, we know that cases are rising, and the clock is ticking so we urgently appeal to countries that have vaccinated their high-risk groups to speed up the dose-sharing to fully protect the most vulnerable people.”

France is the first country to share COVID-19 vaccines from its domestic supply, donating over 31 000 doses to Mauritania, with another 74 400 set for imminent delivery. France has pledged to share half a million more doses with six African countries in the next few weeks.

The European Union and its Member States have pledged over 100 million doses for low-income countries by the end of 2021. The United States of America has pledged to share 80 million doses with lower-income countries, and other high-income countries have expressed interest in sharing vaccines. Expediting these pledges is crucial and the COVAX Facility is a proven tool for swift delivery.

African countries that are unable to use all their vaccines are sharing them across the continent. While this prevents vaccine wastage, redistributing doses is costly and countries must roll out all available doses as soon as possible. WHO is working closely with countries to improve vaccine rollout by optimizing delivery strategies and increasing uptake.

In the longer term, Africa must boost its manufacturing capacity for vaccines. Yet there is no quick-fix and putting the policies, processes and partnerships in place may take years. Intellectual Property waivers are a crucial first step but must come alongside the sharing of expertise and critical technologies.

More than 100 WHO Member States, including 54 African countries are co-sponsoring a draft resolution led by Ethiopia which is being presented at this week’s World Health Assembly.

The resolution aims to strengthen local production, promote technology transfers and innovation, and consider the agreement on Trade-Related Aspects of Intellectual Property Rights and intellectual property rights through the lens of boosting local production.

WHO is helping the African Member States to lay the groundwork to build up vaccine manufacturing capacity. Around 40 African countries joined a recent WHO training to build manufacturing capacities and WHO is working with the African Union to support the African Pharmaceutical Manufacturing Plan for Africa, supporting feasibility studies and potential technology transfers on request, sharing expertise and helping forge crucial partnerships.

Dr Moeti spoke during a virtual press conference today facilitated by APO Group. She was joined by Honorable Semano Henry Sekatle, Minister of Health, Lesotho, and Her Excellency Stéphanie Seydoux, Ambassador for Global Health, Ministry for Europe and Foreign Affairs, France. Also on hand to answer questions were Dr Richard Mihigo, Coordinator, Immunization and Vaccines Development Programme, WHO Regional Office for Africa, and Dr Nsenga Ngoy, Emergency Response Programme Manager, WHO Regional Office for Africa.

Summer Holidays: British Airways Holidays Launches Exclusive Airport Offer

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Summer Holidays: British Airways Holidays Launches Exclusive Airport Offer

British Airways Holidays has launched an exclusive offer for customers booking summer holiday packages, featuring complimentary airport experiences at London Heathrow Terminal 5.

The offer applies to holidays with departure dates between 9 June and 30 September 2021, for those travelling in Euro Traveller, World Traveller or World Traveller Plus (economy and premium economy) as part of a Flight + Hotel and/or Car holiday package.

British Airways
British Airways Galleries First Lounge | Brand Spur

Customers will automatically qualify when spending a minimum of £1,500pp for two people or more, for a minimum of five nights. Existing bookings will also be eligible.

Those travelling in Club World or Club Europe (business class) and spending a minimum of £2,500pp will also be eligible for First Wing check-in and complimentary access to the Galleries First Lounge at London Heathrow Terminal 5, both of which are exclusive experiences for premium customers.

From tropical beach escapes to city explorations, the offer applies to all destinations and all holiday types, and it features:

  • Premium check-in: Skip the queues and enjoy a speedier check-in experience in a designated area of the terminal
  • Fast Track Security: Sail through security and relax on a smoother path with Fast Track Security
  • British Airways Galleries Club Lounges access: Enjoy complimentary food and beverage before departure, plus a tranquil and exclusive space to relax
  • Priority boarding (from 21 June 2021): Be among the first passengers to board the plane and get comfortable before taking off

Customers taking advantage of this offer can rest safe in the knowledge that their booking still falls under the British Airways Holidays Customer Promise. With low deposits starting from £60pp, ATOL protection, and just three weeks’ notice needed for free amendments or cancellations in return for a voucher, all customers are given peace of mind in case their plans should change.

Claire Bentley, Managing Director of British Airways Holidays, said:

“After the last year, we know how much our customers are looking forward to getting away this summer. We want to make their experience extra special as we welcome them back to travel, by helping them to begin their holiday in style.”

“It’s the first time we’ve offered something like this exclusively for British Airways Holidays customers – we believe it’s a brilliant way to celebrate the joy of travel while continuing to offer flexibility and security for peace of mind.”

Itel Launches Ear Phones, Laptop, TV And A New Phone Into Nigerian Market

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Itel Launches Ear Phones, Laptop, TV And A New Phone Into Nigerian Market

The itel online launch Nigeria is an online event by itel where it introduces new devices to the Nigerian market. This year’s edition held today with the brand unveiling the next iteration of smartphones in the ‘P Series’, new sets of itel earbuds, a new Smart TV series, and to our surprise, an itel Laptop.

This post takes a broader look at all the devices iTel unveils at the event.

The itel P37 Series (P37 and P37 Pro) comes in as the successor to the iTel P36 Series released in 2020. itel says it has enhanced the P37 smartphone in major areas including battery, memory, and display.

Itel
The new itel P37 series features a 5000mAh battery and comes with an upgraded AI power master. It claims to have increased its battery life by 10%. It is backed by a 2GB RAM and 64GB of internal storage.

The P37 has a 6.5-inch waterdrop full HD display, while the P37 Pro is a 6.8-inch HD display (waterdrop, as well). The P37 Pro comes with a 13 mega-pixel AI dual camera.

iTel Earbud T1

The itel earbuds T1 comes with a Bluetooth version 5.0 with a faster and long-range connection, and it has got an IPX5 water-resistant rating. itel also claims the earbud comes with a ‘one charge for all-day use’ feature.

According to itel, the Earbud T1 should give you 8 hours of music playtime and 30 hours battery life from its charging case.

Itel Itel

itel Earbud X

From the looks and specifications of the itel earbud x, it feels like a budget-friendly earbud. It comes with a style loop charging case and a liquid metal design. It also comes with an IPX5 water resistance rating.

This earbud will provide up to 5 hours of music playtime and a charging case of up to 25 hours of battery life.

itel G Series Android TV

During its last online launch event in Nigeria, itel unveiled its first set of Smart TVs and promised that its Android TVs will be available in Nigeria, and will sell at budget-friendly prices. itel has finally unveiled the Android TV set, dubbed ‘G Series Android TV’.

Itel

The itel G Series Android TV features Google assistant, 20W stereo sound, and Google ecosystem which will let gain access to content on one TV.

This TV also has Google Play built into it. This means you get access to your favourite streaming and gaming apps. It also comes with Chromecast Built-in.

itel Laptop

itel has unveiled its first laptop which it calls the ‘Able 1’. This device is a sleek-looking portable laptop – judging from the images itel showed us, at least.

Itel

According to itel, the Abel 1 laptop is coming with a 3000mAh battery and iPad, a quad-core CPU with 1-terabyte of internal storage to ensure you’ve got enough storage space.

This device also features a micro SD card reader, headphone jack, an HDMI port, USD 3.0 ports, and an RJ45 Ethernet Port.

Conclusion

itel didn’t tell when these devices will be released or available for sale in retail stores across the country, but we’re certain we’ll see them in the coming days.

Nestle Nigeria Plc Revenues Sustained By Growth in the Beverage Business Segment

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Nestle Nigeria Plc Revenues Sustained By Growth in the Beverage Business Segment

Nestlé Nigeria Plc. recorded modest year-on-year revenue growth of 1.1% to ₦287.1 billion in FY-2020 from ₦284.0 billion in FY-2019.

This uptick was supported by sustained growth in its beverage products business segment, which grew by 6.9% year-on-year to ₦115.4 billion, compensating for the decline in the food business segment, which was down 2.5% year-on-year to ₦171.4 billion.

The company’s beverage business segment continues to be supported by growth in sales of brands like Milo, Nescafe and Nestlé Pure Life, its water brand. Despite recent price increases, the company’s brands remain largely favoured among consumers.

Nestle ups shareholding in Nigerian unit, acquires additional 105,000 shares

This could also be attributed to other competitors raising prices in line with the broader market, limiting the downtrading impact.

Also, despite the decline in growth during FY-2020, the food business segment remains competitive, especially in the bouillon cubes and infant food businesses.

Supply chain disruptions weigh on raw material cost

In FY-2020, the cost of sales increased to ₦167.9 billion, up 7.7% year-on-year from ₦155.9 billion in FY-2019.

This augmentation in cost of sales was underpinned by a sharp increase in the costs of raw materials which grew abruptly by 12.7% year on year, a consequence of supply chain disruptions in the local market where Nestlé purchases a significant portion of its raw materials.

The company saw prices of essential inputs (maize, wheat, cassava and sugar) rise during the year. Consequently, gross profit shrunk to ₦119.2 billion in FY-2020 from ₦128.1 billion in FY2019, a decline of 7.0% year-on-year.

Operating expenses under control

In FY-2020, Nestlé Nigeria reported a 2.3% year-on-year decline in its operating expenses to ₦55.8 billion from ₦56.1 billion in FY-2019. This is largely attributable to the organization’s deliberate attempts to curtail costs amidst inflationary- and Covid-19-induced pressures.

The downtick in operating expenses was driven by lower marketing & distribution expenses, which was down 4.8% year-on-year, a consequence of decreased spending on sales promotion and advertising.

However, the decline in operating expenses was insufficient in precluding a weakened operating profit, as it fell by 10.6% year-on-year to ₦64.4bn in FY-2020.

Increase in long-term debt weighs on profitability

Nestlé Nigeria acquired new debt from its parent company, Nestlé S.A. A facility of $100 million was approved for the organization, out of which $71.2 million has been drawn. The new facility, with a 7-year tenor, will carry an interest rate of LIBOR+11.34%.

Consequently, Nestlé’s total interest-bearing liabilities increased significantly to ₦41 billion in FY-2020, a sharp increase of 210.4% year-on-year. This fed into higher finance costs in FY-2020 (₦4.4 billion), an increase of 95.3% year-on-year. Conversely, finance income contracted to ₦647 million in FY-2020, a year-on-year decline of 51.3%, despite stronger cash generation.

Consequently, net interest expense increased sharply by 302.9% year-on-year to ₦3.8 billion during the review period. This resulted in decreased profitability, as pre-tax and net incomes declined by 14.7% year-on-year and 14.2% year-on-year to ₦60.6 billion and ₦39.2 billion in FY-2020, respectively.

Tecno Ranked 6th Among Top 100 Most Admired Brands In Africa

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Tecno Ranked 6th Among Top 100 Most Admired Brands In Africa

TECNO Mobile has ranked for five consecutive years among the TOP 6 brands on the African continent, marking another prestigious recognition of the brand’s leadership in Africa.

Established in 2011, the Brand Africa 100: Africa’s Best Brands rankings are the most authoritative survey and analysis on brands and underlying businesses in Africa, based on a study by Geopoll across 28 countries spanning all the five economic regions and analysis and ranking by Kantar and Brand Leadership.

TECNO Most Admired Brands

Collectively they account for over 80% of the population and over 80% of the GDP of Africa. The 2021 survey was conducted between March and April 2021 and yielded over 80,000 brand mentions and over 3,500 unique brands.

Since its establishment, TECNO made a strategic decision to focus on Africa. When the brand first entered Africa, its core strategy was to focus on sub-Saharan Africa, where cell phone penetration was very low and was largely ignored by global cell phone manufacturers.

TECNO Mobile Launches The New-Gen Spark 7P For Gen Z With Cutting-Edge Innovations (Photos) Brandspurng2

The aim was to bring a cell phone that would suit African consumers and improve the lives of as many people in Africa as possible by bridging the digital gap through technology and innovation.

The brand has since then set numerous records that define its success and popularity. To name a few, TECNO was the first to launch dual SIM cards in Africa over a decade ago to solve the expensive data-roaming problem and the complexity of mobile connections.

TECNO was also the first to develop longer-lasting batteries that provided 72 hours of battery life to solve the power supply issues. The brand was the first to bring dark-skin camera solutions and the best Camera phone for the continent, which is now a recognized leader in this regard at the global level.

TECNO
L-R: Mrs. Olajumoke Babatunde, Assistant Director & Head, Lagos NCDC, Mr. Attai Oguche, Marketing Manager, TECNO Nigeria Mr. Chidi Okonkwo, General Manager, TECNO Nigeria and Dr. Everistus Aniaku, Team Lead, EOC Establishment, NCDC during the donation recently.-brandspurng.com

After more than a decade of commitment and consistency in Africa, the rewards are finally falling in. Earlier in the year, Counterpoint Research ranked TECNO as Africa’s Top1 smartphone brand in 2020, stating that TECNO made its breakthroughs in mobile photography technology and continued investment in the market throughout the pandemic despite a challenging year.

And now, with Brand Africa’s new rankings, TECNO has once again come out tops, becoming a leading player in mid to high-end mobile brand segments in Africa.

Tecno

TECNO brand spokesperson sharing that,

“We’re very honoured to be listed again amongst African’s Best Brands ranking this year and to be part of the key contributor to the development of African business.

Shouldering African consumers’ trust and great support, we will keep the momentum to continuously unlock our best of contemporary products and technologies for consumers across Africa and inspire them to pursue a better life via mobile technology innovations.”

President Buhari Appoints Farouk Yahaya As New Chief Of Army Staff

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President Buhari Appoints Farouk Yahaya As New Chief Of Army Staff

President Muhammadu Buhari has appointed Major General Farouk Yahaya as the new Chief of Army Staff (COAS).

This development was announced on Thursday, 27th May 2021.

He replaces Lt General Ibrahim Attahiru, who died in a military plane crash in Kaduna last Friday.

Prior to his appointment Major General Yahaya was the General Officer Commanding 1 Division of the Nigerian Army and the incumbent Theatre Commander of the Counterterrorism Counter Insurgency military outfit in the North East code-named Operation HADIN KAI.

Yahaya who is from Zamfara State is married and blessed with children. He belongs to the Regular Course 37.

The appointment has been confirmed in a statement on the official Twitter handle of the Defence Headquarters.

 

Nestle, MTN, Others Win Big At NECA Employers’ Excellence Awards

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Nestle, MTN, Others Win Big At NECA Employers’ Excellence Awards

Nestle Nigeria and MTN Nigeria are among 25 companies that emerged winners at the NECA Employers’ Excellence Awards on Wednesday night.

According to NAN, Nestle Nigeria won in the Food, Beverages, and Drinks Category, while MTN Nigeria won in the Telecommunication and GSM category.

Dangote Fertiliser/Projects and TGI Group won the Chemical/Allied Products Award and Agro/Allied Services Award, respectively, at the event held at Eko Hotel and Suites, Victoria Island, Lagos.

Other recipients included Dantata and Sawoe Construction Company which was honored for the Prevention and Elimination of Child Labour in the country. The construction company was presented the award by the Minister of State for Labour and Employment, Mr Festus Keyamo.

Organizers of the NECA Employers’ Excellence Awards disclosed that the award is geared toward promoting and encouraging best practices in corporate performance, people management, and industrial relations practices among employers in Nigeria.

In his remarks, the President of NECA, Mr. Taiwo Adeniyi, said the award was to reward and celebrate the doggedness and resilience of organized business in Nigeria.

Adeniyi said: “Nigerian enterprises are arguably the most dogged and resilient in the world despite the myriads of challenges besetting the operating environment.

“While some have buckled under the excruciating local and global operating pressure of unfavorable circumstances; and others relocated in the quest for survival, most organizations have continued to trudge along, amidst the prevailing turbulence.

“In doing this, Nigerian enterprises have demonstrated social responsibility and fruitful partnership with government.

“This they did through the provision of employment opportunities for teeming youths and payment of taxes and levies to the government at all levels for developmental purpose.”

Also, the Director-General of NECA, Dr Timothy Olawale, said the award took into account the performances of the employers for the year 2020, hence, the 2020 Annual Excellence Award.

Olawale said the process leading to the selection of winners might not be perfect, but was credible, rigorous and fool-proof.

“The process had a three-step control that seeks to ensure fairness to all organizations and remove influence from any quarter.

“While we noted the challenges faced by some organizations which may have prevented them from fully completing the process, those challenges have been taken as feedback to improve subsequent awards processes and also make it more open for all organizations.

“It is important to state that while winning is important to us, it is more important to celebrate the doggedness and resilience of our businesses in the face of global and local challenges.

“There is no better time to celebrate than now, having surmounted to some extent,  the challenges posed by COVID-19; while we are not yet in Eldorado, we are definitely not hopeless, ” Olawale said.

CBN Set To Create Nigerian Bitcoin Wallet Says Godwin Emefiele

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CBN Set To Create Nigerian Bitcoin Wallet Says Godwin Emefiele

The Central Bank of Nigeria (CBN) is making plans to create Nigerian bitcoin say CBN Governor, Godwin Emefiele.

Brand Spur Nigeria learnt that the CBN governor announced this at the 279th MPR meeting held in Abuja, Nigeria’s capital, assured Nigerians that digital currencies will have a place in the country.

CBN Governor said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

“Nigeria comes 2nd under cryptocurrency and Bitcoin, while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

The CBN Governor also voiced his concerns surrounding digital assets using the CEO of Tesla, Elon Musk’s uncertainty as an example.

“We saw the market collapse. Initially, when Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he will invest $1.5 billion and the price (Bitcoin) went up. He now tweeted and raised a few concerns and the thing (Cryptocurrency) plunged.”

The CBN governor after stating his concerns went on to say, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

Average Price of 1kg of Yam Tuber Increased by 9.87% in April 2021 – NBS

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Average Price of 1kg of Yam Tuber Increased by 9.87% in April 2021 – NBS

Prices of selected food items including eggs, tomatoes, yam, rice increased in April data from the National Bureau of Statistics (NBS) have shown.

The average price of 1kg of yam tuber increased year-on-year by 9.87% and month on month by 3.26% to N252.80 in April 2021 from N244.82 in March 2021.

The NBS in its selected food price watch data for March 2021 reflected that the selected food price watch data for April 2021 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 11.26% and month-on-month by 1.13% to N530.40 in April 2021 from N524.47 in March 2021.

Yam tuber

According to NBS, the average price of a piece of Agric eggs medium size (the price of one) increased year-on-year by 18.32% and month-on-month by 1.47% to N49.14 in April 2021 from N48.43 in March 2021.

Also, the average price of 1kg of tomato increased year on year by 0.09% and month-on-month by 3.67% to N277.26 in April 2021 from N267.45 in March 2021.
The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 14.57% and decreased month-on-month by -0.67% to N540.58 in April 2021 from N544.21 in March 2021.

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