The Board of Directors of PZ Cussons Nigeria Plc, hereby announces the following appointment of Mr. Gbenga Oyebode, MFR as Non-Executive Director and Chairman of the Board effective 11th December 2020.
Mr. Oyebode is the Chairman of Aluko & Oyebode (Barristers & Solicitors), one of the largest integrated law firms in Nigeria.
Gbenga was conferred with national honours of Nigeria (Member of the Order of the Federal Republic of Nigeria “MFR” and Belgium (Royal Honour of ‘Knight of the Order of Leopold’) in 2001 and 2007 respectively. He received INSEAD’s inaugural International Directors Network (IDN) Recognition Award in 2020.
He was Chairman, Access Bank Plc (2005-2015), Director MTN Nigeria Plc (2001-2019, Chairman of Okomu Oil Palm Company Plc and serves on the Boards of Nestle Nigeria Plc, Lafarge Africa Plc (all listed on the Nigerian Stock Exchange), Socfinaf S.A (listed on the Luxemburg Stock Exchange) and he is the Chairman of CFAO Nigeria Plc.
Gbenga is the Chairman of Teach for Nigeria, Director Teach for All, New York, Member of the Global Advisory Council of the Africa Leadership Academy, Johannesburg, Director Jazz at the Lincoln Centre, New York and Director African Philanthropy Forum. Member Board of Trustees Carnegie Hall, New York. Member, Board of Trustees Ford Foundation, New York.
He is a Member of the International Council of Collectors – The Cleveland Museum of Art, Ohio; Member, Board of Trustees – The African Center, New York; Member, Advisory Board
Smithsonian’s National Museum of African Art, Washington DC and Member of the International Circle, Amis du Centre Pompidou, Paris.
RETIREMENT – ALHAJI LAWAL TUKUR BATAGARAWA
The retirement of Alhaji Batagarawa, as a Non-Executive Director of the Company effective 11th December 2020 was accepted.
217.6M Annual Increase In Subscriptions in Q3 2020 Beats Previous Record
The continued strength of the video streaming market is confirmed by the latest analysis from Strategy Analytics’ TV and Media Strategies research. The report, Q3 2020 Global VOD Service Competitor Review, found that the annual increase in global Subscription Video-on-Demand (SVOD) subscriptions in Q3 2020 reached 217.6 million, the highest ever, beating the previous record of 211.7 million in Q4 2018.
Average Increase In Global Video Subscriptions (Graphic: Strategy Analytics)
The annual increase grew for the third quarter in a row, after declining for the previous four quarters from Q1 2019 thru Q4 2019. The trend reflects the impact of the COVID-19 pandemic on video consumption as well as the popularity of the Disney+ service.
Based on analysis of 21 leading global SVOD services, the report found that subscriptions reached 769.8 million in Q3 2020, compared to 552.1 million a year earlier. The annual increase of 217.6 million represents a growth rate of 28.3% and suggests that the SVOD market is still a long way from reaching maturity.
The report notes that major services such as Disney+ continue to expand geographically and the potential for SVOD in many countries is still largely untapped.
“Until early 2020 it looked like the SVOD growth curve was heading towards a plateau, but the annual growth rate has actually been accelerating during the past twelve months,” says Michael Goodman, Director, TV & Media Strategies.
“Netflix of course remains the clear leader, but its share of subscriptions has been falling steadily as new entrants arrive. Disney’s rapid growth has helped it reach the #2 position in subscriptions, and with its various D2C services it has already reached an annual revenue run rate of $5.8B.”
“This evidence confirms that the transformation of TV is well underway,” notes David Mercer, VP and Principal Analyst. “SVOD services are playing a key role in changing the way people watch TV, and we expect hundreds of millions of homes worldwide to move away from traditional broadcast and pay-TV over the coming decade.”
Recently released Consumer Price Index data by the National Bureau of Statistics showed that headline Inflation rate for November rose for the 15th consecutive month to 14.89% (from 14.23% printed in October). The northward movement in the headline inflation was chiefly driven by rising food inflation to 18.30% (from 17.38% in October).
Heightened insecurity in the food-producing states, higher logistics cost, lingering effects of Covid-19 pandemic and yuletide season demand exacerbated the food inflationary pressures for November.
However, the core inflation rate moderated to 11.05% (from 11.14% in October) despite the increase in the price of PMS and a partial rise in electricity tariff in November.
The imported food index rose by 16.58% (higher than 16.51% in October) amid depreciation of the Naira – specifically, two months moving average foreign exchange rates at the BDC and Parallel market rose y-o-y by 2.39% and 2.04% to N461.80/USD and N468.16/USD respectively in November 2020.
On a monthly basis, headline inflation worsened to 1.60% in November (from 1.54% in October). Notably, monthly food inflation rose to 2.04% in November (from 1.96% in September) as prices of bread, cereals, potatoes, yam and meats, amongst others, increased.
However, Core inflation rate slowed to 0.71% (from 1.25% in September) despite higher clothing and footwear (+0.22%), transportation costs (+0.46%) as well as housing and energy costs (+0.23%). Meanwhile, urban and rural inflation rates rose to 15.47% and 14.33% (higher than 14.81% and 13.68%) respectively.
Outlook:
We expect inflation to continue its upward trend in Decemebr as increased
festive demand for goods and services, sustained exchange rate pressures
and continued insecurity, especially in food producing areas of the country,
are expected to have a negative impact on price level.
NIGERIA, 11 DECEMBER 2020: Kid rapper and pint-sized powerhouse Young Dylan will join the Nickelodeon Africa family this festive season. The brand-new live-action series, Tyler Perry’s Young Dylan, will premiere on Monday, 14th December exclusively on Nickelodeon Africa (DStv Channel 305) at 16:25 CAT/15:25 WAT.
Executive produced, directed and written by Perry, the first scripted kids’ series by Tyler Perry, follows a family whose world is turned upside down when their nephew, Young Dylan played by Dylan Gilmer, an aspiring hip-hop star, moves in unannounced.
Monde Twala, Senior Vice President and General Manager at ViacomCBS Networks Africa commented,
“Festive season kids viewing has never been more entertaining and exciting these holidays. We are thrilled to bring, Tyler Perry’s first kids scripted series to our channel and parents can rest assured their kids will be happily entertained this festive season. Our young viewers can look forward to a hilarious, relatable and street smart Dylan Wilson”.
In Tyler Perry’s Young Dylan, Dylan’s grandmother Viola realises that raising her grandson is too much to take on, so she decides to send him to live indefinitely with her affluent son Myles, his wife Yasmine and their two kids Rebecca and Charlie.
Suddenly, the Wilson family household needs to adapt as lifestyles clash between rising hip-hop star Young Dylan and his straight-laced cousins. From Dylan giving Rebecca and Charlie lessons in “swag” and street smarts to learning that even rappers have rules in the Wilson house. The series follows the hilarious hijinks this family faces as they try to get on the same beat.
Nickelodeon’s partnership with Tyler Perry is part of his long-term pact with ViacomCBS, producing original series for BET Networks (The Oval and Sistas) and other ViacomCBS channels, with exclusive licensing rights on this programming. Additionally, Perry recently announced his joint venture with BET Networks for the new streaming video-on-demand service BET+.
The production of Tyler Perry’s Young Dylan for Nickelodeon is overseen by Shauna Phelan, Senior Vice President, Live-Action Scripted Content. Brian Banks serves as Nickelodeon’s Executive in Charge of Production for the series.
Tyler Perry Studios is a state-of-the-art film and television production facility founded in 2006 by actor, producer, filmmaker, playwright and philanthropist Tyler Perry. Located in Atlanta, Georgia on the historic grounds of the former Fort McPherson army base, the new 330-acre campus is one of the largest production studios in the country.
It boasts a variety of shooting locations including 40 buildings on the national register of historic places, 12 purpose-built sound stages, 200 acres of green space and an expansive backlot.
An affluent family’s world is turned upside down when their nephew, an aspiring hip-hop star, moves in unannounced. Young Dylan, starts 14 December at 15:25 WAT / 16:25 CAT / 17:25 EAT on Nickelodeon, DStv Channel 305.
Nickelodeon, now in its 40th year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The company includes television programming and production in the United States and around the world, plus consumer products, digital, recreation, books and feature films.
Nickelodeon’s U.S. television network is seen in more than 90 million households and has been the number-one-rated kids’ basic cable network for 22 consecutive years.
Extending delivery of new CBN diaspora remittance rules whilst offering customers another convenient and flexible payout option
LAGOS, Nigeria WorldRemit, a cross-border digital payments service, today launched a service for customers in Nigeria to receive international transfers in their bank accounts in USD ahead of the Christmas celebrations.
This further demonstrates WorldRemit’s ongoing commitment to offering customers easy and convenient ways to send and receive money following the Central Bank of Nigeria’s (CBN) new directive for remittances.
According to consumer research, 30% of those who responded to a WorldRemit survey stated that they will not be travelling to visit family and friends due to pandemic-related travel concerns. The ability to transfer money to USD denominated bank accounts in Nigeria offers greater flexibility and payment options for those sending money transfers to support those back home during the festive season instead of visiting in person.
The CBN recently revealed that annual remittance inflows to Nigeria are estimated to be approximately $24bn. These funds can be used to finance activities that are important to our customers such as education, medical costs, daily living expenses and investments into new opportunities.
In responding to changes in the Central Bank’s remittance policy, WorldRemit was the first company of its kind to make it possible to send money from countries including the United Kingdom and the United States to Nigeria for cash pickup in US dollars and is now facilitating bank transfers to offer greater convenience for senders and recipients.
International money transfers to US dollar bank accounts are already available through two of WorldRemit’s partner banks: Fidelity Bank and GT Bank. WorldRemit is working to add other partners shortly.
Speaking on this announcement Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said:
“Ensuring that our customers are able to transfer money to friends and family back home safely and as quickly as possible is why we exist. We’re constantly looking for ways to improve our services. We hope that by making it possible to send money to USD bank accounts in Nigeria, this gives our customers more flexibility and options to receive the money which we know is a welcome development during this festive season.”
WorldRemit also recently launched a Transfer Tracker App which allows recipients of money transfers to track their funds. The app is free to download through the Google Play store in a number of countries including Nigeria. The innovative cross-border payments company continues to create opportunities for customers to support their family and friends across the world.
WorldRemit is a leading global payments company. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side, WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
Through the USAID-funded Feed-the-Future Nigeria Integrated Agriculture Activity, IITA recently built the capacity of 28 women in beekeeping to enhance household nutrition and income. The three-day training took place in Marama community in Hawul Local Government Area (LGA) of Borno State between 20 and 22 October.
It featured beehives set-up, colony management, and other skills necessary to set up a beekeeping enterprise to produce honey and other hive products. Honey contains many nutrients that are useful in fortifying foods for children that have just been weaned, and it is a perfect substitute for sugar in adult meals.
Some of the kitted women trainees with modern Beehives during the training in Marama Community, Hawul LGA, Borno State. | www.brandspurng.com
They conducted similar learning events for 30 women in Demsa (October 2020) and 29 women in Guyuk (July 2020) LGAs of Adamawa State, bringing the total number of women trained to 87. At the end of the training, participants received necessary start-up kits such as honey production suits, hives, and other demonstration apiary equipment to commence the beekeeping enterprise, which will improve their household nutrition and livelihood.
In a similar development, 154 women from three LGAs, Gombi (Adamawa), Bayo, and Kwaya-Kusar LGAs (Borno), participated in goat rearing skill-acquisition activities in October 2020. The training was in collaboration with Life Helper Initiatives, who taught the women the techniques and methodologies for goat feeding, health, and housing.
Some of the kitted women trainees with modern Beehives during the training in Marama Community, Hawul LGA, Borno State. | www.brandspurng.com
The women also learned how to use supplementary feeds to improve animal productivity and breeding, the importance of goat feeding and nutrition, standard procedures for feed combinations, drug administration, and other basic practices, which will lead to improved productivity and reproduction.
The organizers will extend the training to additional 400 women in six LGAs across Adamawa and Borno states in the coming months.
Goat training session in Kwaya-kusar LGA, Borno State. | www.brandspurng.com
In addition to the first flights to Israel, DHL is preparing to carry out further flights in December and beyond with vaccines from its worldwide operating hubs.
Further flights to various countries are scheduled for 2020 and beyond
DHL is ready with 9,000 specialists and a logistics network spanning 220 countries and territories
With vaccines historically developed over a timeline of 5~20 years, the accelerated process of COVID-19 within one year is unprecedented. | www.brandspurng.com
DHL starts the international distribution of COVID-19 vaccine. For the provision of its citizens, the government of Israel received the first batch of the vaccine with flights operated by DHL Express and DHL Global Forwarding last week.
The first DHL Express aircraft touched down at the Ben-Gurion International Airport Tel Aviv last Wednesday morning and was received by Prime Minister Benjamin Netanyahu.
DHL Global Forwarding, the international freight specialist arm of Deutsche Post DHL Group, also dedicated a charter flight for additional supplies of vaccine doses, which arrived at the Ben-Gurion airport on December 10, at 3.00 PM local time – with more to follow.
“After numerous months of preparation we are happy that our mission of vaccine distribution has now started and we could contribute our logistics expertise and capabilities to make vaccine accessible worldwide”, says Travis Cobb, Head of Global Network Operations and Aviation at DHL Express.
“The current crisis has shown how indispensable international logistics networks are for ensuring that societies have the necessary personal protective equipment and test kits to secure their health. Now we are embarking on the next step in our common fight against the coronavirus. Our teams across 220 countries and territories and our global network as the backbone of cross-border Express logistics is ready – to deliver anytime and anywhere.”
“The development of a Coronavirus vaccine is a silver lining and we are proud to play an active role as the most global logistics provider in bringing this silver lining to people.
With our extensive logistics expertise in the Life Sciences & Healthcare sector paired with the commitment and passion of our people, we want to play our part in making the Corona pandemic history. That’s the purpose of Deutsche Post DHL Group – connecting people and improving lives”,states Thomas Mack, Head of Global Airfreight, DHL Global Forwarding.
In addition to the first flights to Israel, DHL is preparing to carry out further flights in December and beyond with vaccines from its worldwide operating hubs.
More than 9,000 specialists work across DHL’s dedicated global network so that pharmaceutical, medical devices, clinical trials and research organizations, wholesalers and distributors, as well as hospitals and healthcare providers are connected across the value chain and through digitalization, from clinical trials to point of care, and every step in between.
DHL’s portfolio for the healthcare industry includes 150+ pharmacists, 20+ clinical trials depots, 100+ certified stations, 160+ GDP-qualified warehouses, 15+ GMP-certified sites and 135+ medical express sites.
With an aircraft fleet of more than 260 dedicated planes, numerous partner airlines and a hub and gateway network spanning more than 220 countries and territories DHL is optimally equipped and prepared for a worldwide supply of COVID-19 vaccines.
On a global scale logistics providers are challenged to establish medical supply chain rapidly to deliver vaccines of an unprecedented amount of more than 10bn doses worldwide – also in regions with less developed logistics infrastructures, where ~3bn people live. To provide global coverage of the next two years, up to 200k pallet shippers and 15m cooling boxes, as well as 15k flights, will be required across the various supply chain setups.
With vaccines historically developed over a timeline of 5~20 years, the accelerated process of COVID-19 within one year is unprecedented. As COVID-19 vaccines have leapfrogged development phases, stringent temperature requirements (up to -80°C) are likely to be imposed for certain vaccines to ensure the effectiveness of the vaccines during transportation and warehousing.
Mercedes-Benz is expanding its range of new-generation Mercedes me Apps: The Mercedes me Logbook App now makes it much easier for the self-employed and small business owners in particular to maintain a vehicle log.
Because the key data of every route travelled is automatically recorded and can be categorised with just a few clicks and also exported for tax records. Mercedes-Benz customers can test the app free of charge up until 31 January 2021.
The Mercedes me Logbook App belongs to the new generation of Mercedes me Apps and is now available to download from the App Store or Play Store – and it can even be used free of charge up until 31 January 2021. After downloading, Mercedes me connect or Mercedes me Adapter users log in with their Mercedes me ID.
The app then connects directly to the vehicle and records trips automatically, including time, mileage and address. Thanks to intelligent in-app logic, the familiar route to the workplace will be conveniently categorised for the customer as “commute to work”. As with all Mercedes me Apps, the user interface of the Logbook App has been optimised so that it is simple and intuitive to use.
Matthias Vaitl, Head of Mercedes me & Digital Services Business at Daimler AG: “The Mercedes me Vehicle Log App will make life tangibly easier for many self-employed people and small business owners.
Because it puts an end to having to record each individual journey, which takes up a lot of time: The app automatically records all the relevant data and can be controlled conveniently via smartphone. The export function means that even extracting information for the tax documentation is just a click away – an elegant and convenient solution, especially for those whose vehicles are for both business and private use.”
The Mercedes me Logbook: Requirements and features
The Mercedes me Logbook App is available to all Mercedes me connect customers who use a vehicle delivered from spring 2018 onwards (excluding V-Class and X-Class vehicles) as well as all Mercedes me Adapter users (available for many model series from 2002 onwards). The offer currently applies to Germany, with additional markets to follow in the coming year.
The Mercedes me Logbook includes a wealth of practical features which make maintaining a vehicle log easier. For example, the app recognises recurring routes: On request, the app saves frequently visited places, so-called ‘Points of interest’ (POIs).
For the routes between two workplaces or to the gym, the corresponding address fields are already pre-filled. Now the user can quickly categorise them as either business or private trips. The classifications can be changed for up to seven days afterwards. In addition, with just a single click, the user can export all the relevant data for tax records.
About the new generation of Mercedes me Apps
The new generation of Mercedes me Apps was presented to the public in August 2020. It is based on a common, standardised developer platform and forms its own digital ecosystem. Since developers around the world have access to the underlying Software Development Kit (SDK), the apps can be quickly and flexibly supplemented with additional services.
At the launch in August, three apps were initially made available: Mercedes me, Mercedes me Store and Mercedes me Service.
Since then, Mercedes-Benz has gradually expanded the offer with additional apps that are consistently oriented to customers’ needs: For example, selected Mercedes-Benz vehicles can be parked and unparked remotely with an independent Mercedes me Remote Parking App.
This also makes manoeuvring safe in tight parking spaces and in the garage. The Mercedes me ENERGIZING App sends vital data of the wearer to the vehicle via a smartwatch, e.g. pulse rate, stress level and sleep quality. Upon receiving this information, the system can immediately start a suitable comfort programme.
In addition, the newly introduced Eco Coach App is for drivers of EQ Power plug-in hybrids and all-electric EQ models: They receive tips for energy-optimising charging or an efficient driving style in a fun way.
Since the launch of the new generation of the Mercedes me Apps, the offers have already been downloaded more than 4.8 million times and have received consistently good reviews in the App Stores. Users gave the Mercedes me App an average of 4.5 out of 5 stars – more than any other app from an automotive manufacturer.
Mercedes-Benz has unveiled the newest member of its passenger car segment. The all-new GLB brings the best of both worlds from Mercedes with its strong SUV DNA. The all-new Mercedes-Benz GLB is the 8th entry in Mercedes-Benz’s compact class as it joins the A-Class, B-Class, CLA, GLA, A-Class Saloon, CLA Shooting Brake and the long-wheelbase A-Class Saloon.
Mercedes-Benz GLB, Edition 1, digitalweiß Mercedes-Benz GLB Edition 1, digital white
Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria is proud to announce the arrival of the all-new GLB to the Nigerian market.
The exterior design of the new GLB comes with great off-road appeal with its front apron with a visual skid plate that emphasizes the GLB’s unmistakable SUV character. The radiator grille comes with a double louvre finished in chrome inserts and there is the option of a diamond radiator grille with pins in chrome for the AMG line.
Mercedes-Benz GLB, Edition 1, digitalweiß Mercedes-Benz GLB Edition 1, digital white
Another highlight on the front end is the headlamps which come with the MULTIBEAM LED lighting technology. The side view comes with recognizable features like a raised roof railing in chrome finish, 17 – 20-inch light-alloy wheels, door panels and wheel arches (claddings).
Mercedes-Benz GLB, Edition 1, digitalweiß Mercedes-Benz GLB Edition 1, digital white
The rear-view features two-piece tail lamps with the reflectors relocated to the bumper, a chrome-plated loading sill protector and visible tailpipe trim elements that complement the overall design of the vehicle.
Sporting a high-quality design, the interior of the all-new GLB stands out with several comforts and luxury features. From fully digital displays to an off-road character, the GLB’s interior is interpreted in a young way.
Mercedes-Benz GLB, Edition 1, digitalweiß Mercedes-Benz GLB Edition 1, digital white
The dashboard wears a technical, avant-garde look, with the Widescreen Cockpit free-standing, positioned on the lower part of the dashboard, while the air-conditioning control panel wears an analogue-look with buttons in an aluminium finish.
Other standout features include; three different seat variants that offer good ergonomics and a high level of comfort, ambient lightning provided exclusively by energy-saving LEDs and a centre console that comes with a stowage compartment which houses a cup holder, a 12 V socket and a USB port.
The GLB impresses with plenty of space combined with compact dimensions, at 2829 mm the GLB has the longest wheelbase of the current compact-class generation from Mercedes-Benz. The headroom in the first seat row is 1069 mm – an optimum in this segment. At 967 mm, the effective legroom in the rear of the five-seater is at an especially comfortable level.
The GLB is equipped with MBUX (Mercedes-Benz User Experience), the system features as standard two 7-inch displays (optionally: 2 x 10.25-inch), a sports steering wheel with Touch Control buttons on the left and right, a USB port (Type C) and Bluetooth® connection for telephony and audio sources.
The new GLB places its trust in the four-cylinder petrol engines which have been completely updated to relaunch the compact model series. In comparison to the previous generation, they are characterized by significantly increased power and torque.
The GLB 200 uses a 1.66 liters M282 petrol engine with an output of 163hp (120kw) and a peak torque of 250 nm; while the GLB 250 4MATIC uses a 2.0-litre M260 petrol engine with an output of 224hp (165kw) and a peak torque of 350 nm. The GLB 200 and the GLB 250 4MATIC engines are paired with the 7G-DCT and 8G-DCT automatic transmission systems respectively.
The GLB is also equipped with the permanent all-wheel system 4MATIC, with fully variable torque distribution. This sporty all-wheel-drive configuration allows the driver to use the DYNAMIC SELECT switch to influence the characteristics of 4MATIC.
The latest driving assistance systems from the S-Class are also onboard the new GLB. Thanks to improved camera and radar systems, the GLB is able to see up to 500 meters ahead and drive in a semi-automated mode in certain situations.
This includes, for example, the convenient speed adjustment ahead of bends, junctions or roundabouts carried out by Active Distance Assist DISTRONIC. The Active Lane Change Assist also features as a new function of the Active Steering Assist in the GLB, and if the Active Parking Assist with PARKTRONIC is additionally on board, it is included with the extended automatic restart function on motorways.
Speaking on the arrival of the new GLB, Mr. Mirko Plath, MD/CEO Weststar Associates Limited, said;
“We are proud to introduce this brand-new addition in the Mercedes-Benz family to this market. The new GLB caters to a growing demographic which we have also identified here in Nigeria. We strongly believe that our customers will embrace this new product as they have with our better-known products.”
The Mercedes-Benz GLB is now available in Nigeria, courtesy of Weststar Associates Limited, the Authorized General Distributor of Mercedes-Benz in Nigeria and is now available at our numerous dealerships nationwide – Barbedos Cars Limited, MB Automobile Services Limited, Skymit Motors Limited, Sunny Motors Limited and Tetralog Nigeria Limited.
Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 1.60 percent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 percent).
The percentage change in the average composite CPI for the twelve months period ending November 2020 over the average of the CPI for the previous twelve months period was 12.92 percent, representing a 0.26 percentage point increase over 12.66 percent recorded in October 2020.
Wempco Road, Nigeria | www.brandspurng.com
The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020.
On a month-on-month basis, the urban index rose by 1.65 percent in November 2020, up by 0.05, from
1.60 percent recorded in October 2020, while the rural index also rose by 1.56 percent in November 2020, up by 0.08 from 1.48 percent recorded in October 2020.
The corresponding twelve-month year-on-year average percentage change for the urban index was 13.65 percent in November 2020. This is higher than 13.29 percent reported in October 2020, while the corresponding rural inflation rate in November 2020 is 12.35 percent compared to 12.09 percent recorded in October 2020.
FOOD INDEX
The composite food index rose sharply by 18.30 percent in November 2020 compared to 17.38 percent in October 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam
and other tubers, Meat, Fish, Fruits, Vegetables and Oils and fats.
On a month-on-month basis, the food sub-index increased by 2.04 percent in November 2020, up by 0.08 percent points from 1.96 percent recorded in October 2020.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2020 over the previous twelve-month average was 15.75 percent, 0.33 percent points from the average annual rate of change recorded in October 2020 (15.42 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 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.
On a month-on-month basis, the core sub-index increased by 0.71 percent in November 2020 representing a sharp 0.54 percentage point decrease when compared with 1.25 percent recorded in October 2020.
The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Repair of furniture, Passenger transport by road, Maintenance and repair of personal transport equipment, Vehicle spare parts, Hairdressing salons and personal grooming establishments, Pharmaceutical products, Paramedical services and Motor cars.
The average 12-month annual rate of change of the index was 10.14 percent for the twelve-month period ending November 2020 representing a 0.18 percent points increase over 9.96 percent recorded in October 2020.
STATEPROFILES
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All ItemsInflation
In November 2020, all items inflation on year on year basis was highest in Bauchi (19.67%), Kogi (19.81%) and Zamfara (17.30%), while Abia (13.26%), Delta (13.20%) and Kwara (12.24%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis, however, November 2020 all items inflation was highest in Kogi (3.08%), Bauchi (2.33%) and Oyo (2.25%), while River (0.88%), Akwa Ibom (0.77%) and Nasarawa (0.44%) recorded the slowest rise in headline month on month inflation.
FoodInflation
In November 2020, food inflation on a year on year basis was highest in Kogi (24.00%), Sokoto and Zamfara (20.60%) and Ebonyi (20.20%), while Abia (16.20%), Bauchi (15.60%) and Gombe and Nasarawa (15.00%) recorded the slowest rise.
On month on month basis, however, November 2020 food inflation was highest in Kogi (3.37%), Osun (3.08%) and Cross River (2.93%), while Akwa Ibom (0.60%), Edo (0.43%) with Nasarawa recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
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