Business
NBS Puts Inflation Level In December At 10.3 %
The National Bureau of Statistics (NBS) has said the country’s inflation rate stood at 10.3 per cent in December.
A statement issued in Abuja by the NBS said that the figure was lower than 10.5 per cent recorded in November.
It stated that the monthly change in the Consumer Price Index (CPI) was 1.06 per cent in December, compared to the 0.04 per cent achieved in November.
It also said that the biggest contributors to consumer inflation in December were high prices of food items due to the festive period.
“The increase resulted in the inflation rate recorded in the food sector to edge slightly higher into double digits (11 per cent) after averaging 9.1 per cent in the previous six months.
“The increase in the food index was moderated by low increase in the inflation rate of the ‘All Items Less Farm Produce’ section,’’ the statement said.
It said that the All Items Year-on-Year average consumer price level for urban and rural dwellers rose by 9.0 per cent and 11.3 per cent, respectively.
The statement said that the Urban All Items monthly index was 2.0 per cent in December as against 0.1 per cent in November, while the rural index was 0.3 per cent in December compared with 0.0 per cent in November.
“The All Items Less Farm Produce’ index which excluded the prices of volatile agricultural products increased to 10.8 per cent in December against 11.5 per cent in November.
“Month-on-month, the index rose by 0.2 per cent in December, 2011. The increase was mainly due to increases in transport fares, kerosene and hotel and restaurant charges.
“The ‘All items index’ increased by 1.6 per cent at the end of the fourth quarter of 2011 when compared with 3.4 per cent recorded at the third quarter end,’’ the statement said
It said that prices and weighting were the two basic parameters used to arrive at the CPI.
“The price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times.
“The weighting data are estimates of shares of the different types of expenditure in the total expenditure covered by the index.
“These weights are usually based upon expenditure data obtained from expenditure surveys for a sample of household or upon estimates of the composition of consumption expenditure in the National Income and Product Account, ’’ it said
The statement said that 10,534 officers were used to collate the data for the CPI monthly, and that 740 product specifications were priced across the rural and urban areas of the 36 states of the federation and the FCT.
It said that the average price of each item was computed for each sector for each state and the FCT and used for index computation.
The Federal Capital Territory Administration (FCTA) and other stakeholders have charted path to improved organic agriculture practices nationwide.
At a 2024 national organic and agroecology business summit held recently in Abuja, stakeholders took turn to speak on the additional areas of promoting the practices.
The Mandate Secretary, FCT Agriculture and Rural Development Secretariat (ARDS), Lawan Geidam, advocated for sustainable practice to develop resilient food systems that will benefit people.
The event, with the theme,”Towards Policies for Upscaling Organic Agroecological Businesses in Nigeria”, is aimed at fostering growth in the organic agriculture sector.
Geidam, who was represented by the Acting Director, Agric Services, in the Secretariat, Mr. Ofili Bennett, emphasised the success of organic and agroecological farming, reling on the active involvement of farmers, businesses and consumers.
He reassured attendees that the FCT Administration, led by the Minister, Nyesom Wike, and Minister of State, Dr. Mariya Mahmoud, remains dedicated to supporting initiatives that enhance the livelihood of residents.
Geidam described the partnership between the Secretariat and the organic and Agroecology initiative for a monthly exhibition and sale of organic products in the FCTA premises as a testament to this commitment.
“The ARDS remains committed to driving policies and initiatives that align with national goals and global standards”, Geidam said.
On her part, the Chairperson of Organic and Agroecology Initiative, Mrs. Janet Igho, urged residents to embrace healthy eating habits to sustain a good lifestyle. She stressed the importance of adopting organic practices, highlighting the benefits of going organic, growing organic and consuming organic products.
Igho expressed her optimism regarding the Agricultural Revival Programmes as articulated in President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which aims at fostering food and nutrition security.
She also extended her gratitude to ARDS for graciously allocating a space in the FCTA premises for the exhibition and sale of organic products, noting that the platform has been effectively used to advance the promotion of organic agriculture in FCT.
Igho outlined several benefits of organic agriculture which includes improved soil health, increased biodiversity, availability nutritious and healthy food and a reduced carbon footprint.
Stakeholders at the summit, underscored the critical need for enhanced private sector involvement and robust capacity building initiatives for farmers.
They highlighted the importance of implementing supportive policies to foster the growth of the organic agriculture sector.
In the light of the significant challenges facing Nigeria’s agricultural landscape, stakeholders decided that organic agricultural practices present sustainable solutions and a pathway for a more resilient and productive farming systems.
The three-day summit featured exhibitions showcasing organic foods, fruits, vegetables and fertilizers, providing an opportunity for residents to better appreciate the benefits of production and consumption of organic agricultural products.
