Nigeria’s Historical Monthly Inflation Rate Data (Updated April 2017)

The National Bureau of Statistics reported that Nigeria’s inflation rate for the month of March rose by 17.62% compared to 17.78% recorded in February 2017.

This table contains the rate of inflation for Nigeria from 2003 to 2017 and will be updated every month.

Click here to get the table…

According to definition of the National Bureau of Statistics, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. The weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.

The percentage difference between the CPI of one month in a preceding year over the CPI of the same month in the current year is known as Inflation Rate. Inflation is thus the change in prices of goods and services over a period of time.

 

 

 

(Nairametrics)

You Can Now Pay Your Tax Online, Says FIRS

The Federal Inland Revenue Service (FIRS) has announced that individuals and corporate organisations in the country can now file their tax returns online. This was made known by the Director of Information and Communication Technology, ICT, Mr. Kola Okunola, at a workshop in Abuja. According to Okunola, the introduction of Integrated Tax Administration System, ITAS, has now made transacting business with the FIRS possible without physically visiting the FIRS offices.

“ITAS automates the processes for registration, self assessment, audit, payments, refund, accounting and other functions of the Federal Inland Revenue Service. It enables tax payers to file their returns and pay online. It provides self-service and improves the efficiency of tax administration and reduces turnaround time for providing services to taxpayers, thereby improving voluntary compliance.” Vanguard quotes him as saying.

This increased ease of operations is expected to stimulate tax collection nationwide as taxes can now be paid from the comfort of the office or homes of the tax payer. Okunola also intimated attendees about several other new platforms, such as Pay Direct, FIRS Webportal, FIRS e-Tax Pay Solution and AutoSWIFT, adding that these software will bring added transparency into tax administration in Nigeria.

Average price of 1kg of yam tuber increases to N255.586 in Mar’ 17 from N215.55 in Feb’ 17

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Selected food price watch data for March 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 50.38% and month-on-month by 1.45% to N527.69 in March 2017 from N520.16 in February 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 40.80% and month-on-month by 2.39% to N43.93 in March 2017 from N42.90 in February 2017.

The average price of 1kg of tomato increased year-on-year by 29.63% and month-on-month by 13.53% to N268.64 in March 2017 from N236.62 in February 2017.

The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 55.00% and month-on-month by 1.98% to N418.71 in March 2017 from N410.58 in February 2017.

Similarly, the average price of 1kg of yam tuber increased year-on-year by 63.40% and month-on-month by 18.70% to N255.586 in March 2017 from N215.55 in February 2017.

Click Here to Download Average Food Price Watch (March, 2017) Report

Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

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The transport fare watch report for March 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.

Average fare paid by commuters for bus journey within the city increased by 3.96% month-on-month and by 56.69% year-on-year to N127.72 in March 2017 from N122.85 in February 2017. States with highest bus journey fare within city in March 2017 were Abuja (N262.50), Cross River (N209.09) & Katsina (N196.67) while States with lowest bus journey fare within city in March 2017 were Borno (N58.00), Yobe (N60) & Enugu (N72.63).

Average fare paid by commuters for bus journey intercity increased by 3.87% month-on-month and 25.59% yearon-year to N1,466.46 in March 2017 from N1,411.87 in February 2017. States with highest bus journey within city in March 2017 were Abuja (N4,500.00), Adamawa (N3,266.67) & Borno (N2,562.50) while States with lowest bus journey fare within city in March 2017 were Kano (N824.00), Akwa (N892) & Abia (N775.00).

Average fare paid by air passengers for specified routes single journey dropped by 0.43% month-on-month and increased by 26.50% year-on-year to N30,587.40 in March 2017 from N30,718.10 in February 2017. States with highest air fare in March 2017 were Edo (N40,000), Jiagawa (N40,000.11) & Akwa Ibom (N35,600) while States with lowest air fare in March 2017 were Katsina (N23,300.33), Kogi (N22,500.65) & Plateau (N25,000).

Average fare paid by commuters for journey by motorcycle per drop increased by 3.60% month-on-month and 23.41% year-on-year to N97.31 in March 2017 from N93.93 in February 2017. States with highest journey fare by motorcycle per drop in March 2017 were Bauchi (N185.71), Rivers (N179.17) & Akwa Ibom (N164.29) while states with lowest journey fare by motorcycle per drop in March 2017 were Ekiti (N57.33), Zamfara (N52.22) & Niger (N57.78).

Average fare paid by passengers for water way passenger transport increased by 1.89% month-on-month and 17.87% year-on-year to N580.70 in March 2017 from N569.94 in February 2017. States with highest fare by water way passenger transport in March 2017 were Bauchi (N2,128.57), Delta (N1,625.00) & Cross River (N1,500.77) while states with lowest fare by water way passenger transport in March 2017 were Abuja (N220.23), Gombe (N170.56) & Borno (N136.15).

 

Click Here to Download Transport Fare Watch – (March 2017) Report

WAEC to now conduct three examinations in one year

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The West African Examinations Council (WAEC) on Thursday said it had approved the commencement of an additional diet in its examination for the private candidates every year.

The council’s registrar, Iyi Uwadiae, announced the approval at a news conference in Lagos.

Uwadiae said the move was in connection with the growing concerns among stakeholders over what they perceived as discrimination or denial of equal opportunity to private candidates.

“WAEC conducts its West African Senior School Certificate Examination (WASSCE) twice every year, in May/June for school candidates and in November/December for private candidates.

“The council also conducts various national examinations in the member countries except Nigeria.

“Now, the school candidates who wish to retake the examination usually have the opportunity of doing so with the private candidates’ examination.

“With this development, there has been a wave of agitation, criticisms and appeal across the sub-region for the council to ameliorate the agony of long waiting experience by private candidates who desire another attempt at WASSCE,’’ he said.

Uwadiae added that the situation was often cited as being responsible for the level of desperation sometimes exhibited by the perpetrators of malpractice at the private candidates’ examination centres.

“The council, after painstakingly considering all ramifications of the matter, has finally given approval for the national offices to begin the conduct of one additional diet each year of WASSCE for private candidates.’’

He noted that the modalities for the take off of the examination were already being worked out and the examination could begin in February/March of 2018.

“I must be quick to point out that though the council has given the nod, the conduct of the additional diet may not take off in all the member countries immediately or at the same time.

“But let me also assure stakeholders in Nigeria that the Nigeria national office has indicated its willingness and readiness to blaze the trail by making the examination available to Nigerians in 2018.

“Details of the scheduled dates, available subjects, location of centres and their information would be provided by the Head of Nigeria national office at the appropriate time,’’ Uwadiae said.

The registrar recalled that the maiden WASSCE was conducted in the Gambia in 1998 and was later introduced in Nigeria, Sierra Leone, Ghana and Liberia in 1999, 2000, 2006 and 2013 respectively.

“Now, I am glad to inform you all that the government of Liberia has now taken the bold decision to finally phase out the country’s national examination (LSHSCE) and adopt WASSCE,’’ he said.

 

 

 

 

(TheCableNg)

GOV. EL-RUFAI COMMENDS NIGERIAN BREWERIES ON CONTRIBUTION TO ECONOMY

The Governor of Kaduna State, Mallam Nasir Ahmad el-Rufai, has commended Nigerian Breweries Plc for its role in the economic development of the state stressing that the company remains the biggest tax payer in Kaduna State.

The Governor, who was at Nigerian Breweries Stand at the just concluded Kaduna Economic and Investment Summit (KadInvest 2.0), said Nigerian Breweries plays a big role in the state as far as investment and economic growth are concerned and remains a concrete testimony of the friendly business and investment environment the state is promoting.

The Governor, accompanied by Chief John Odigie Oyegun, APC’s National Chairman; Kano State Governor, Alh. Umar Ganduje and his Zamfara State counterpart and Chairman of the Nigeria’s Governors Forum, Alh. Abdullazeez Abubakar Yari, as well as the Deputy Governor of Jigawa State, Barrister Ibrahim Hassan maintained that Nigerian Breweries Plc was a shining example in corporate Nigeria and a strategic partner for development in the state given its huge investments and social intervention programmes in Kaduna.

Earlier, while welcoming the Governor and his entourage to the Stand, the Corporate Affairs Adviser of Nigerian Breweries Plc, Mr. Kufre Ekanem, said Kaduna state was a friendly environment for investment and has been home to Nigerian Breweries since 1964 when its first brewery was built in Kakuri.

Mr Ekanem thanked the Kaduna State Government for its support over the years stressing that the company will continue to be a partner for growth and development in the state in line with its commitment to supporting the development aspirations of its host governments and communities.

He commended the Governor for his commitment to the promotion of investment and economic growth in the state, pointing out that Kaduna remains a home for Nigerian Breweries given its successful operations in the state for over 50 years.

“We want to remain an active development partner to the state and look forward to working closely with you in this regard. This is what informs our support not only for this Summit but also other initiatives designed to make the business environment in Kaduna more conducive and friendly”, he added.

Nigerian Breweries Plc is the leading and pioneer brewing company in Nigeria and the second most capitalised company on the Nigerian Stock Exchange. With over 120,000 indigenous shareholders, the company supports an employment impact of over 500,000 people through its value chain. Nigerian Breweries currently operates two breweries and one malting plant in

Kaduna state and has continued to make strategic interventions in the development of education, health, water, agriculture, sports, etc in the state.

Goldberg Begins Expanded Music Talent Hunt, Calls for Audition

“Your Excellency”, Goldberg, has concluded plans for an expanded music talent hunt competition that would encompass Fuji and Juju music under the name Ariya Repete.
 
Over the last years, Goldberg has deepened its bond with the people of the South West with its talent hunt competition, Fuji t’o Bam and has now decided to include Juju music, the other indigenous Yoruba music genre in this new and expanded platform, Ariya Repete.
 
According to Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout brands, “the brand is using the new platform to extend its drive to discover new talents in the two indigenous Yoruba music genres and the move is in line with its commitment to promote the culture and tradition of the people of South West Nigeria. It is therefore calling on talented young men and women who aspire to become the future stars of Fuji and Juju to enter for the auditions.”
 
The inclusion of Juju music on the Goldberg music talent hunt platform is also informed by feedback from lovers of the music during last year’s Fuji t’o Bam competition, who called for its addition as some aspiring Juju artistes tried to pass off as Fuji musicians so as to get a chance to contest on the Fuji t’o Bam platform.
 
With Ariya Repete, Goldberg plans to bring to its consumers the best of both music genres and an unparalleled experience with thirty two contestants from both categories to compete in their respective capacities for a grand prize of One million Naira (N1, 000,000) and a recording deal each.
 
In view of this, the brand has announced that auditions would commence on April 19th, 2017 in Akure and Ibadan and continue till May 12th, in Ilorin, Ijebu Ode, Oshogbo, Abeokuta, Ado Ekiti and Ile Ife, with the quarter finals slated for June 30th in Akure, Ondo State.
 
The semi-finals would take place on July 7th in Abeokuta with the grand finale scheduled for July 14th in Ibadan, Oyo State. In the quarter finals, 32 artistes selected from the auditions would be reduced to 10 and this would be further pruned to five for the grand finale in Ibadan. At the grand finale, a winner, each for Fuji and Juju will emerge and would clinch a grand prize of One million naira (N1, 000,000) and a recording deal.

StarTimes thrives on innovation, superior technology and rich entertainment

Pay TV network, Star Times Nigeria says it has continued to grow stronger and expand its footprint across the African markets owing to its dogged commitment to innovation, superior technology and rich entertainment program for viewers.

The company’s Chief Operating Officer, Tunde Aina, who disclosed this in a recent chat, emphasized that the company strives to be an international media giant with global influence.

“We have continued to grow stronger and cover more grounds across Africa starting with two countries and now in over thirty countries and very active in over 15. Our success story is fuelled by a strong belief and investment in cutting edge technology, life-enriching innovations and quality television entertainment content for our viewing families and households. As a viewer’s driven business, we have consistently churned out different exciting products and offerings to afford our viewers more flexibility and enriched viewing options.

Beyond providing very interesting and affordable TV experience, StarTimes provides many ground-breaking and innovative products like the 2-in-1 combo decoder, Digital TV (with inbuilt decoder), projector TV which have largely enhance pleasurable viewing and boost the industry.

“In just seven years, more people can now afford to enjoy digital television that would otherwise have been impossible. We have given opportunities to many local channels to start broadcasting localised content at minimal cost; we have created more than 2000 direct jobs and more than 20,000 indirect jobs. We have enabled new opportunities for our actors, actresses and musicians to showcase their talents on many more television platforms and earn more revenue. We have stimulated competition in the pay-tv industry thereby making the viewers now spoilt for choice.

Before StarTimes came to Nigeria, clean crisp clear signals could only be enjoyed by the elites as the masses had to make do with grainy pictures provided by the few existing analogue television stations. We have changed this narrative and we intend to continue to provide our services to many more people at an affordable cost. As a platform, we offer local producers and stations opportunities to showcase their offerings to viewers without interference as long as the rules set by the regulators are being adhered to.”

The StarTimes boss added that as the pioneer digital terrestrial television operator in Nigeria, StarTimes has made pay-tv much more accessible and affordable to the low and middle income class which comprises a greater part of the Nigerian population. Digital television, delivered either through terrestrial or satellite in now available in every inch of Nigerian territory, people can now afford to enjoy a variety of entertaining programmes sometimes in their native languages. Information is now much more available to many more people, as you may know, information is power.

On growth and network spread, Aina said the digital TV network currently have digital terrestrial signals in more than 80 towns spread across 34 states of the federation.

“Our next target is to cover the 2nd tier and 3rd tier towns and then possibly to the community level. We recently rolled out signals in Daura Katsina state in December 2016 and we intend to roll out in many smaller towns before the end of 2017.

Rolling out services in the rural areas is very challenging as even accessibility is a big issue; another issue is that because rural areas are inhabited by people with relatively lower purchasing power, there is less chance of being able to recoup investments. However, because our partnership with the Nigerian Television Authority recognizes the need to balance running a business and providing social services, we will continue to extend our services to every nook and cranny of Nigeria”.

Addressing challenges of broadcast business, he explained that “it is capital intensive and takes a relatively long time to recoup investments while stable policies and regulation on the part of government can give investors the confidence to continue to invest in this industry. The private sector is in a better position to develop the broadcast industry if government can only come up with policies that are acceptable to all players in the broadcast industry.”

“Businesses that require a relatively longer time to be profitable require long term funds at relatively low interest rates, Government need to enable businesses to have access to this type of funds either through local financial institutions if they have the capacity or from foreign financial institutions. Broadcasting infrastructure is almost 100 percent imported into Nigeria, the current economic policies have made it difficult to meet up our foreign monetary obligations and it’s been very challenging to continue to provide our services at the same cost to our customers.

Because we deliver our Digital Terrestrial Television signals via terrestrial, we are also affected by the shortcomings of any terrestrial signals which rely on line of sight between transmitter and receiver. We are continuously working to improve our signals within the big cities by building more transmitter sites in order to improve signals in identified areas. In Abuja for example, we are currently building two sites, one in Kuje and the other in Kubwa. We are continually optimizing our coverage in areas where we already operate and are building new sites to cover areas not previously served. We recognized that it is almost impossible to cover every inch of Nigerian territory using terrestrial signals; we have therefore provided the Direct to Home (DTH) platform which relies on satellite and covers the entire sub-Saharan African territory.”

StarTimes is a digital-TV operator in Africa, covering 80% of the continent’s population with a massive distribution network of over 200 brand halls, 3,000 convenience stores and 5,000 distributors. StarTimes owns a featured content platform, with 440 authorized channels consisting of news, movies, series, sports, entertainment, children’s programs, fashion, and religion.

 

 

 

(Businessdayonline)

Lagos is Africa’s most valuable startup ecosystem

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Lagos has the most valuable startup ecosystem in Africa, with the local entrepreneurship scene worth US$2 billion, according to a new report.

The recently released Global Startup Ecosystem Report and Ranking 2017, produced by Startup Genome in collaboration with the Global Entrepreneurship Network (GEN), was based on conversations with entrepreneurs and data on startups.

No African country made the top 20, but Lagos, Cape Town and Johannesburg warranted mention in the report. At US$2 billion, the Lagos startup ecosystem is the most valuable in Africa, but only second after Cape Town in terms of the number of startups.

The Lagos ecosystem has the ninth highest rate of founders with an undergraduate degree at 59%, while 93% of them have a technical background, the third highest rate in the world.

However, Lagos startups have one of the lowest rates of foreign customers, suggesting challenges to going global. Only 11% of startups plan to go global.

“While Nigeria is busy adding six million new internet users every year, the feverish entrepreneurial energy of Lagos and its estimated 400-700 active startups stayed consistent by providing them with useful new technologies,” the report said.

“At the same time as the business models of local startups become more robust and innovative over time, we also see more of them also make headlines by receiving big checks from top Silicon Valley VCs including Greycroft, Khosla Impact, Green Visor, Social Capital Partnership, and many others.”

Cape Town

Cape Town is the largest startup ecosystem on the African continent, with between 700 and 1,200 active tech startups in the city. The whole ecosystem, however, is valued at US$172 million, well below both Lagos and Johannesburg.

The Lagos startup ecosystem is the most valuable in Africa, but only second after Cape Town in terms of the number of startups.

One-third of Cape Town startup founders have gained at least two years of prior experience in a fast-growing startup, making them five percent more experienced than the global average. Yet Cape Town startups have one of the lowest utilisation rates of startup advisors in the world, with only 0.85 advisors with equity per startup.

“Much of Cape Town’s talent comes to the ‘Silicon Cape’ for its solid academic institutions and stays for its moderate living expenses and friendly people,” the report said.

“Cape Town is an emerging city that is not yet plugged into the global ecosystem and its fluid exchange of resources. However, above average startup experience, low cost of engineering talent and relatively solid funding factor in the regional comparison are bright spots to build upon during the next years to come.”

Johannesburg

The ecosystem with the highest global connectedness was Johannesburg, which also has an ecosystem value of US$1.36 billion. The city has the third highest percentage of startups globally that experienced positive corporate interest and involvement, at 67%. The global average is at 51%.

Meanwhile, 27% of startups reported they are offering a product that is the first of its kind globally. Only 10% of startups immediately target the US or UK markets, far below the global average of 36%. Johannesburg startups have 0.9 advisors with equity, indicating a lack of support systems for founders.

“Johannesburg is already home to an estimated 200-500 currently active tech startups. Johannesburg’s rapidly growing tech scene had over 180 startup events last year, while the city’s combined financial resources infused funding of nearly US$252 million for its most promising companies. The high concentration of talented people in the area helps new startups move quickly,” the report said.

“Johannesburg is facing challenges around its relative lack of startup experience, funding, and global connectedness. The average valuations of local startups are currently outperforming considering those handicapping factors.”

Globally, Silicon Valley ranked first, for everything other than talent, with New York second and London third. Beijing and Boston completed the top five.

“Such research increases the global exposure of smaller ecosystems and the innovative new recipes that can now be invented anywhere. In doing so, it puts third-party objective analysis and credible input into hands of many more entrepreneurship champions in a mission to capture their cities’ fair share and standing in this new economy,” said GEN president Jonathan Ortmans.

 

 

(Bizcommunity)

Whatsapp Beta Brings Ability To Revoke Messages 5 Minutes Later

A WhatsApp beta update now allows messages to be revoked a whole 5 minutes after it has been sent. The update arrives for the for WhatsApp Web 0.2.4077 that basically works on improvements to do with the revoke feature. The feature however is turned off by default in Settings, so users will have to enable it to take advantage of the same.
Another new feature has showed up for the Android version of WhatsApp beta tagged as v2.17.148

The update is a new pop up menu that appears while editing or formatting text in the text field.
Upon selecting text, beta users are now seeing new formatting shortcuts including Bold, Italic, Monospace, and Strikethrough. Users on Android 7+ will already be able to see Translate, provided they have Google Translate installed.
Indeed these are updates that showed up on beta version of WhatsApp, so there’s no telling if or when they would be out.

The last update we saw from the beta community was for iOS. The iOS app saw a new Group Info page with a revamped design, new icons that got rid of the older or current spartan interface. For now it has not shown up on the public version of WhatsApp for iOS, so the above updates could indeed be a long way off.

What do you think?