Below are the latest happenings surrounding the world of finance;
Nigeria’s inflation rate down to 16.63% in September 2021
According to the recently released CPI report for the month of September, by the National Bureau of Statistics, the inflation in the month of September dropped further to 16.63% compared to 17.01% in the previous month.
Also in the report, Food inflation also dropped to 19.57% in September from 20.3% recorded in August, while core inflation rose to 13.74% from 13.41% (0.33% point decrease) recorded in August 2021.
The rise in the food index was caused by increases in prices of oils and fats, bread and cereals, fish,coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.
Household expenditure in Nigeria rises to 54.84 trillion in the first half of 2021.
According to the recently released Expenditure and Income GDP report, by the National Bureau of Statistics, Nigerians’ household expenditure rose to 54.84 trillion in the first half of 2021, which represents a 13.7% increase when compared to 48.22 trillion recorded in the corresponding period of 2020.
Household final expenditure consists of expenditure incurred by resident households on individual consumption of goods and services.
Why Nigerian exports fail in international market – NEPC reveals.
The Nigerian Export Promotion Council (NEPC) has given reasons to why many Nigerian businesses including women entrepreneurs fail in export business.
Mr Olusegun Awolowo, the Executive Director/CEO of the NEPC who was represented by the Head/Trade Promotion Advisor, NEPC Akure, Mr Macpherson Fred-Ileogben, at a capacity building workshop for women-owned businesses in the non-oil export value chain organized by the Export Development and Incentive Department of the NEPC, held in Akure, said many exporters failed in the export business for lack of adequate training.
He said, “Lack of export market training is one of the major reasons Nigerian exporters fail in the international market. Exporters need to learn the specific requirements of the target markets as well as the certification needed for the product to be exported.”
30% of FX spent on imports will be saved by Dangote refinery – Godwin Emefiele
Godwin Emefiele – the Central Bank Governor stated that Nigeria’s import of petroleum products using 30% of its forex can be saved by the successful commencement of operations at the Dangote refinery situated in Lagos State.
He said, “Dangote refinery once it begins would be a major FX saving source for Nigeria. In Nigeria, from the FX we spend on imported items, importation of petroleum product consumes close to about 30%. Dangote refinery has the capacity to produce 650,000 barrels per day of refined crude oil. If the 650,000 is sold in Naira it would be a major FX saver for Nigeria”.
He also noted, “That project is one of Nigeria’s backward integration programmes and we are very proud it is coming to light and indeed we know that refineries abroad are already scared because they know the market they will lose because Nigerians will prefer to patronize that than foreign imported refined products where we will save (on) transportation and logistics,”.
On the Global Scale
China’s Economic Growth slows to 4.9% in the third quarter.
China saw a dip in its economic growth in the third quarter of 2021. The economy grew 4.9% in the third quarter from a year earlier, slowing sharply from the previous quarter’s 7.9% growth rate, as power shortages and supply-chain problems added to the impact from Beijing’s efforts to rein the real estate and technology sectors.
Although, earlier forecasts projected the economic growth to slow down in the third-quarter to as low as 5.1%, but 4.9% in the third quarter was sharper than expected.
source: nairametrics, wall street journal.