16112017 - FG revokes Intels' expatriate permits

Inflation falls to 15.91% in October —NBS
•As food price soars
By Elizabeth Adegbesan
THE National Bureau of Statistics,
NBS, yesterday announced
that the Consumer Price
Index (CPI) which measure Inflation
rate declined to 15.91 per cent
Year-on-Year, YoY in October, 2017.
This is 0.07 per cent points lower
than the 15.98 percent recorded in
September 2017, making it the ninth
consecutive decline in the headline
Y-o-Y inflation since January this
year.
Data from the bureau showed that
on a Month-on-Month, MoM basis,
the headline index increased by
0.76 percent in October 2017,
0.02per cent points lower from the
rate of 0.78percent recorded in September,
representing the fifth consecutive
month on month contraction
in headline inflation since May
2017.
The bureau stated that Urban index
rose by 16.19 per cent YoY in
October 2017, up by 0.01 per cent
point from 16.18 per cent recorded
in September and the rural index
increased by 15.67 percent in the
same month down from 15.81 percent
in September 2017. On MoM
basis, the report showed that the
urban index rose by 0.82 per cent in
October 2017, down from 0.84 per
cent recorded in August, while the
rural index rose by 0.72 per cent in
October 2017, down from 0.74 per
cent in September this year.
On food Index, the bureau said
that high food price and food price
pressure continued into September
though generally at a slower pace.
According to the report, the rise
in the food index, last month was
caused by increases in prices of
bread and cereals, meats, oils and
fats, coffee, tea and cocoa, milk,
cheese , eggs, vegetables and fish.
On a MoM basis, data from the
bureau indicated that the food subindex
increased by 0.85 per cent last
month, down from 0.87percent recorded
in August. This represents
the fifth consecutive disinflation in
MoM inflation since a 2017 high of
2.57 per cent in May 2017. October
2017 also represented the lowest
recorded m-o-m inflation since September
2016.
The bureau explained that the “All
$127. 90 +0 85
$2,110.00 -39.00
$15. 08 -0.02
$14. 71
$61.49 -0. 72
$55.04 -0.66
CURRENCY BUYING SELLING
US DOLLAR 305 305.5 306
POUNDS 399.245 399.8995 400.554
EURO 355.4165 355.9992 356.5818
FRANC 306.5635 307.066 307.5686
YEN 2.6908 2.6952 2.6996
CFA 0.5227 0.5327 0.5427
WAUA 427.2919 427.9924 428.6929
RENMINBI 45.9142 45.9899 46.0656
RIYAL 81.3225 81.4558 81.5891
SDR 428.037 428.7387 429.4404
RAND 21. 0161 21.0505 21.085
CBN Exchange rate as at 15/11/2017
Items less Farm Produce” or Core
sub-index, which exclude the prices
of volatile agricultural, stood during
the month of October at 12.14 percent
points from 12.12 percent recorded
in September as all key divisions
which contributes to the index
increased. It further said that
the highest increases were recorded
in prices of maintenance and repair
of personal transport equipment
and other services related to personal
transport equipment, air
transport, Vehicle spare parts, carpets
and other floor coverings, furniture
and furnishings and repair
of furniture, solid and liquid fuels
,Shoes and other foot ware and
Garments, clothing materials, other
articles of clothing and clothing accessories.
On a month-on-month basis, the
bureau noted that the Core sub-index
increased by 0.76 per cent in
Vanguard, THURSDAY, NOVEMBER 16, 2017 — 19
Ondo State Governor, Chief Oluwarotimi Akeredolu (middle) welcomes the Director-General
of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, to a meeting to discuss the Nigerian
Romania Wood Industry (NIROWI) at the Government House, Akure, recently. With them is the
BPE’s Director of Industry and Services, Mr. Chigbo Anichebe.
October 2017, lower from 0.80 per cent
recorded in September the same
year.
Analysts Comment
Analysts at Vetiva Capital Management
stated: “Inflation trend maintained,
energy prices are one to
watch. Our overall inflation outlook
is little changed from the previous
month, and we maintain our expectations
over the pace of inflation moderation
in the near-term.
NNPC should be partially privatised — Moghalu
By Prince Okafor
DESPITE effort by the current
administration to diversify the
nation’s economy, a former Deputy
Governor of the Central Bank of
Nigeria, CBN, Mr. Kingsley
Moghalu, has urged the Federal
Government to partially privatize the
Nigerian National Petroleum Corporation,
NNPC.
This is even as he said that, 60
percent of government revenues
have being spent on servicing national
debt. In his keynote address
at the 5th Goddy Jidenma Foundation,
GJF, public lecture, tittled:
“The Challenge of Economic Growth
in Nigeria” in Lagos, Moghalu
said: “Nigeria’s poverty rate is 62
per cent. Our national debt
is increasing, and we now
spend more than 60 percent
of government revenues
serving the national
debt.
“This plan, akin to the
Saudi Arabian
government’s economic
diversification plan, should
include a clear strategy
with interlinked policies,
trade, industrial, fiscal and
far reaching structural and
governance reforms of the
NNPC that could include
partial privatization, with
share listed on the stock exchange
for purchase by ordinary
Nigerians and not
government related cronies.
“In doing so, the interest
of local communities in the
oil producing regions must
be protected by ensuring a
set aside in private ownership
of the NNPC by members
of the communities in
the region.”
Moghalu who is the Founder and
President, Institute for Governance
and Economic Transformation
stated that, “Roughly 200 million
persons in the world are jobless, and
most of them are young men and
women in developing countries
such as Nigeria. That 30 million out
of these 200 million people are in
Nigeria - roughly 15percent of the
world’s jobless - is a staggering fact
with important consequences for
Nigeria’s future.
“When we consider that Nigeria’s
population is projected to double
by 2050, the implications of millions
of young people entering the job
market without a radical success in
job-creation in Nigeria becomes
clearer.
“The first insight is to understand
By Babajide Komolafe
FITCH Ratings yesterday
assigned a ‘B+(EXP)’
rating to Nigeria’s upcoming
$2.5 billion Eurobond.
The rating implies presence
of default risk with limited
margin of safety. The $2.5 Eurobond
is part of the $5.5 billion
foreign loan approved by
the Senate on Tuesday. The
Federal government said that
the $2.5 billion Eurobond is to
finance the 2017 Appropriation
Act while the $3 billion is
to refinance domestic debts.
In a statement announcing
the rating, Fitch said: “Fitch
Ratings has assigned
Nigeria’s upcoming senior
that governments by themselves do
not create jobs in today’s world dominated
by private sector-led economic
activities. The private sector does.
Government creates the conditions for
job growth through sound economic
policy.
“The second insight is that, for a
country like Nigeria, job-creation cannot
be addressed in isolation of the
wider macroeconomic environment
which is a product of economic policy.
“The key to creating jobs is to ensure
the constant increase in productivity
across broad areas of the
economy. Some aspects of the
economy, such as manufacturing and
agriculture, as well as entrepreneurship,
and the IT industry, can by their
nature create more jobs than others
such as the petroleum exploration
industry, for example.
Fitch rates Nigeria’s $2.5bn Eurobonds ‘B+’
unsecured USD-denominated
notes an expected rating of
‘B+(EXP)’.
“The assignment of the final
ratings is contingent on the receipt
of final documents materially
conforming to information
already reviewed.
“The expected rating is in line
with Nigeria’s Long-Term Foreign-Currency
Issuer Default
Rating (IDR) of ‘B+’ with a
Negative Outlook.
“The rating is sensitive to any
changes in Nigeria’s Long-
Term Foreign-Currency IDR.
“On 31 August 2017, Fitch affirmed
Nigeria’s Long-Term
Foreign-Currency IDR at ‘B+’
with a Negative Outlook. The
Long-Term Local-Currency IDR
Made in
Nigeria
cables are
world class
– SON DG
By Peter Egwuatu
THE Director General /
CEO of Standard
Organisation of Nigeria (SON)
Mr. Aboloma A. Osita has said
that some made in Nigerian
products are world best and that
Nigerians should not be afraid
of her products and services.
Speaking at Consumer Rights
Awareness Advancement and
Advocacy Initiative (CRAAAI)
2nd Annual National Consumer
Summit held at Lagos
Chamber of Commerce and
Industry (LCCI) conference
centre Ikeja, Lagos, Osita who
was represented by Victoria
Yoriyo of the SON stressed that
Nigerian cable products are the
best globally.
He therefore urged Nigerians
to patronize Nigerian products
that have MANCAP certification,
even as he urged consumers
to obtain original receipt
when making purchases
as it would enable them to make
legal complaints if the products
they bought turned out to be
counterfeited or of low quality.
In the same vein Barrister
Babatunde Irukera, DG Consumer
Protection Council
(CPC) who was represented by
Mr. Tam Tamono called on consumer
advocacy groups, manufacturers
and others to act as
effective whistle-blowers in the
war against counterfeit food and
beverage products.
He said this would enable
the government agencies to be
more effective and efficient in
their drive to ensure enforcement
of the rules and regulations
of the federal government
bothering on sub-standard
goods and services.
According to him product
counterfeiters are criminals,
and only effective collaboration
between agencies,
consumers and NGOS can
ameliorate or eradicate their
evil activities across the
country.
is also ‘B+’ with a Negative
Outlook.”
Data released by the Debt
Management Office (DMO
on Tuesday showed that Eurobonds
account for 21.5 percent
of the country’s $15.35
billion foreign debt and 53
percent of debt service payments
in the third quarter.
Total domestic debt stood at
N15.68 trillion as at September,
compared with N13.35
trillion last year. Multilateral
loans, including financing
from the World Bank, accounted
for 64.5 percent of
foreign loans while bilateral
loans with China and other
countries make up 14 percent.