BUSINESS
Food Prices Soared In November — NBS Reveals
The National Bureau of Statistics (NBS) reported on Friday that the average cost of some food items skyrocketed in November.
The average cost of one kilogram of brown beans climbed by 6.18% from N790.01 in October 2023, according to the data. From N578.55 in November 2022 to N838.85 in November 2023, the item increased by 44.99% on an annual basis.
Additionally, the average price of a 1 kg onion bulb increased by 60.62% year over year from N425.71 in November 2022 to N683.78 in November 2023, while the average price of a 1 kilogram tomato increased by 66.69% year over year and by 12.24% from N675.91 in October 2023 to N758.65 in November 2023.
World Wide Gist reports that the survey, placed Lagos had the highest average price of rice in the month of November.
“The state profile analysis in November 2023 reveals that the highest average price of 1kg of local rice sold was recorded in Lagos state with N1,122.42 while the lowest was recorded in Kebbi state with N688.00,” NBS Selected Food Prices Watch report released for the month of November partly read.
The report further detailed that Anambra State had the highest average price for 1kg of boneless beef at N3,850.47, while Yobe State had the lowest at N2,533.33.
Imo state had the highest average price for 1kg of Beans brown, at N 1,109.75, while Jigawa had the lowest price, at N 575.00.
Anambra State had the highest average price for a 1kg Onion bulb sold loose, N 872.23, while Gombe had the lowest, N 506.41.
The highest average price for 1kg of tomato was N 1,505.16 in Delta, while the lowest average price was N396.04 in Kano.
Further study by zone revealed that the average price of 1kg local rice was greatest in the South-West at N956.28, followed by the South-South at N932.47, and the North-East at N776.12.
The average price of 1kg of boneless beef was N3,643.65 in the South-East and N3,290.11 in the South-West, respectively, while it was N2,632.22 in the North-East.
BUSINESS
Naira drops to N1,089 against US dollar at official forex market
The Naira on Tuesday depreciated to N1,089.51 against the US dollar at the official foreign exchange market.
Data from FMDQ showed that the Naira dropped to N1,089.51 per US dollar compared to N856.57, which was quoted at the end of business on Monday.
The figure represents N220.38 depreciation in the local currency compared to the N856.57 per dollar on Monday.
The development comes after the country’s currency dropped after three days of successive gains in the new year.
Similarly, the Naira dropped to N1,245 per US dollar from N1,240, which it traded on Monday at the parallel market.
The depreciation comes despite the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank over a week ago.
BUSINESS
Nigeria’s economy to grow at 3.3 per cent in 2024 – World Bank
The Washington-based World Bank has projected Nigeria’s economy to grow 3.3 per cent this year.
The leading development bank disclosed this in its recent Global Economic Prospect (GEP).
Accordingly, the latest growth projection for Africa’s largest economy, Nigeria, is about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.
Meanwhile, the projection is slightly behind that of sub-Saharan Africa (SSA), which is to expand by 3.8 per cent, but far modestly above the estimated global average of 2.3 per cent.
The latest projections for 2024 and 2025 are way above June forecasts, which were three and 3.1 per cent, respectively, re-validating the global bank’s rising confidence in the prospect of the economy since downstream oil and foreign exchange reforms that started the mid-last year.
According to the report, Nigeria’s inflation will “gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade”, with the structural reforms expected to boost fiscal revenue.
“Growth in SSA is expected to accelerate to 3.8 per cent in 2024 and further to 4.1 per cent in 2025 as inflationary pressures fade and financial conditions ease.
“The projections for regional growth in 2024 and 2025 have changed little from June forecasts, but these aggregates mask a mix of upgrades and downgrades at the country level.
“While growth in the largest economies in SSA is expected to lag the rest of the region, non-resource-rich economies are forecasted to maintain a growth rate above the regional average.
“Excluding the three largest SSA economies, growth in the region is expected to accelerate from 3.9 per cent in 2023 to 5 per cent in 2024 and a further 5.3 per cent in 2025,” the report said about Africa.
WORLD WIDE GIST reports that on the first day of this year, President Bola Ahmed Tinubu signed the N28.7 trillion 2024 appropriation bill into law with a 3.76 per cent projected economic growth rate.
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