Inflation in Nigeria declines to 11.61%

For the 16th month, inflation rate continued a downward trajectory, declining from 12.48 per cent in April to 11.61 per cent in May.

This is just as the US Federal Reserve Wednesday hiked its benchmark short-term interest rate a quarter percentage point and indicated that two more increases are likely this year.

The Fed pushed interest rate to a range of 1.75 per cent to two per cent and this may have negative effect on capital flows to Nigeria and may compel the Central Bank of Nigeria (CBN) to maintain its tight monetary policy stance.

THISDAY had reported on Monday that Nigeria’s external reserves has maintained a sustained decline in the past three weeks as foreign portfolio investors (FPI) continued to weigh the possibility that the US Fed would raise interest rate at its meetingWednesday.

Meanwhile, the latest inflation figures released by the National Bureau of Statistics (NBS) showed that the Consumer Price Index (CPI), which measures inflation stood at 11.61 per cent (year-on-year) in May 2018, saying: “This is 0.87 per cent points less than the rate recorded in April 2018 (13.34) per cent. “

However, by this claim, the NBS inadvertently contradicted itself, having put the inflation rate for April at 12.48 per cent last month, contrary to its latest report alluding to April inflation rate as 13.34 per cent.

But a closer look at the info graph contained in the report reflected the accurate rate for April.

The statistical agency stated that in the May figures, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

COICOP is a classification and analysis of individual consumption expenditures incurred by households, non-profit institutions serving households and government according to their purpose.

It includes categories such as clothing and footwear, housing, water, electricity.

On a month-on-month basis, the Headline Index increased by 1.09 per cent in May 2018, up by 0.26 percentage points over the rate recorded in April 2018.

The percentage change in the average composite CPI for the 12 months period ending May 2018 over the average of the CPI for the previous 12 months period was 14.79 per cent, indicating a 0.41 percentage point decline from 15.20 per cent posted in April 2018.

The composite food index rose by 13.45 per cent in May 2018.

This rise in the index was caused by increases in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

On month-on-month basis, the food sub-index increased by 1.33 per cent in May 2018, up by 0.42 percentage points from 0.91 per cent recorded in April.

The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April (18.89) per cent.

The ”all items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.7 per cent in May 2018, down by 0.2 per cent from the rate recorded in April (10.9) per cent.

On month-on-month basis, the core sub-index increased by 0.98 per cent in May 2018.

This was up by 0.11 per cent when compared with 0.87 per cent recorded in April.

The highest increases were recorded in prices of hairdressing saloons and personal grooming establishment, vehicle spare parts, fuels and lubricants for transport equipment, books and stationery, domestic services and household services, pharmaceutical products, paramedical services, medical services and passenger transport by road.

The average 12-month annual rate of change of the index was 11.83 per cent for the 12-month period ending May 2018; this is 0.19 per cent points lower than 12.02 per cent recorded in April.

Also, all items inflation on year on year basis was highest in Kebbi (14.65 per cent), Yobe (13.68 per cent) Jigawa (13.62 per cent), while Kwara (8.87 per cent), Kogi (9.07 per cent) and Delta (9.22 per cent) recorded the slowest rise in headline year- on -year inflation.

Month-on-month basis however, May 2018 all items inflation was highest in Adamawa (1.98 per cent), Kwara (1.79), and Kaduna (1.70 per cent), while Kogi (0.02 per cent), Lagos and Ogun (0.52 per cent) and Cross River (0.56 per cent) recorded slowest rise on a month- on-month all item basis in May 2018.

In May 2018, food inflation on a year-on-year basis was highest in Yobe (15.86 per cent), Kebbi (15.62 per cent) and Jigawa (15.56 per cent), while Kogi (8.54 per cent), Benue (9.93 per cent) and Akwa Ibom (11.13 per cent) recorded the slowest rise in food inflation.

On month-on-month basis, however, May 2018 food inflation was highest in Taraba (2.80 per cent), Adamawa (2.38 per cent) and Enugu (2.36 per cent), while Kogi, Oyo and Ekiti all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in May 2018.

The Federal Reserve hiked its benchmark short-term interest rate a quarter percentage point Wednesday and indicated that two more increases are likely this year.

The move pushes the funds rate target to 1.75 per cent to 2 per cent. The rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate instruments.

In an unusually terse statement that ran just 320 words, the Federal Open Market Committee changed multiple phrases from its previous missives, pointing to a more optimistic view on economic growth and higher inflation expectations.

Though the statement contained less than half the words of some of the committee’s typical communiques, there was a lot to unpack in the language.

This Day

Nigeria is the most stylish team in the 2018 FIFA World Cup

The World Cup has not started yet and Nigeria has already won -- for being the most stylish team in Russia.

It started with the fan frenzy to to buy the Nigeria Nike-designed World Cup kit, which sold out globally on the day it was released, with queues snaking round the block outside the Nike store on London's Regent Street.

Football fans queue outside Nike store in Oxford, London for the newly released Nigerian kits designed by Nike for the 2018 World Cup on June 1, 2018.

Nigeria had heads turning again for the team's outfits as they arrived in style ahead of the tournament in Russia. 

Fans are talking about their stunning white and green ensemble set off with a matching hat, worn at a jaunty angle.

The Super Eagles, as the team is known, arrived looking crisp in starched white traditional attire, known locally as the kaftan.

The knee-length white shirt was embroidered with a green eagle representing the country's green, white, green colors.

 
Social media was quick to react after the National Football Federation shared the images online.
There was so much chatter online that Twitter dedicated a 'moment' to it.

Twitter user Kirekaboy wrote: "Has anybody seen how the Nigerian team was dressed as they landed in Russia?...I have never seen a people so proud of their culture." While another wrote: "Nigeria's World Cup squad rocking that slick cricket umpire meets confident gospel choir singer look. Just give these guys the trophy now." 

There's no denying the love for the Nigerian players' outfits as they prepare for the start of the World Cup tournament on June 14. 

Nigeria's Nike-designed kit was voted the best of the World Cup in several polls, including UK broadcaster Sky. 

International men's magazine GQ also voted the Super Eagles strip top the best of all the 32 teams in Russia. 

The highly-sought after kit received three million pre-orders before it's release, according to Nigerian Football Federation.

'Nigerian swagger'

Design director Peter Hopkins told Fader magazine that the Nigerian team's confidence inspired him in his designs for the kit which has a bold neon green pattern that echoes the pattern of eagle wing feathers.

He said: "There's a confidence in all these young players, they're going to go for it and we were attracted to that."

"We've been following them from afar, and the players on social media...a lot of them are playing in some of the top clubs in Europe, and there's that boldness that aligns in Nigeria and Lagos and in London.

"We thought that there's something in here to do something different," Hopkins added. 

The kit has also been the subject of intense discussions in Nigeria where some people thought the football federation had missed an opportunity to boost local manufacturing.

One prominent politician said outsourcing the kits to be produced outside the country contradicted the Nigerian government's plans to expand and encourage production of 'Made in Nigeria' goods.
Senator Ben Bruce said the country could have made $100 million if the kit was made in Nigerian factories. 

The lawmaker said,"Just imagine if those 3 million Nigerian Super Eagles jerseys were made by a firm in Aba (a Nigerian state famed for local manufacturing) rather than Nike. Aba tailors have the capacity to produce them. 

"We just lost an opportunity to infuse at least $100 million into the Nigerian economy and provide jobs for our youths," he said.

Made by Nigeria for Nigerians

However, some enterprising young Nigerians have seized the initiative and are looking to cash in on the vacuum created by the sold out official Nike jerseys. 

One example is the 'Unity Collection," created by Chekwas Okafor, founder of e-commerce site OnChek in collaboration with designer Adebayo Oke-Lawal of Orange Culture and footwear designer Shem Paronelli.

The designers said they wanted to pay homage to the Super Eagles with their version of the jersey.
Okafor told CNN he conceived the idea to make jerseys for the national team back in 2014 when he noticed that Nigerian creatives were not active in the sports industry.

 
"My goal was to show that we can leverage our creative industry to make products like jerseys. We only stocks brands on our site that make their products in Africa. I also want to show that we could make similar products in Nigeria, in large scale," he says. 

The Unity kit is more than a jersey, it is also a medium to tell the Nigerian story, he adds.
"The Unity collection is made up of many parts, it tells a story of differences, cultures, traditions, and dialects. It's a story about the one thing that brings us together. A story about unity. The story of Nigeria."

CNN

Video - Muslim group offended by 'This is Nigeria' music video content

A muslim group has voiced concerns about the popular 'This is Nigeria' video by music artist Falz. The video, a spin on U.S. artist, Childish Gambino's "This is America", has been trending in the country for weeks now. But Muslims have taken offense with a part of the video that shows Chibok girls doing a popular dance move known as 'Shaku Shaku' and wants it removed. They also want an apology from the artist.

World Cup child trafficking bid caught by Nigerian authorities

Nigerian authorities say they have rescued nine young girls and one boy who were being trafficked to Russia.

Five suspects, including a policeman and a quarantine officer, were arrested for allegedly facilitating their travel, the government agency fighting trafficking says.

The victims were found while trying to board a plane from Lagos to Moscow.

They had football supporter ID cards in order to look as though they were fans heading to the World Cup in Russia.

The children, who were unaccompanied, are now in a shelter for victims of trafficking which run by the National Agency for Prohibition of Trafficking in Persons (Naptip).

Five other potential victims, also children, were stopped from boarding a flight to Russia when staff noticed they had one-way tickets.

Criminals have been pressurising young Nigerians and their parents to take advantage of the World Cup to get Russian visas, Naptip says.

It warns that, once out of the country, the victims would be exploited by traffickers.

Many victims of trafficking from Africa to Europe come from Nigeria.

According to the UN's agency for migration, most of the potential sex trafficking victims arriving in Italy by sea are Nigerian.

BBC

Nigerians mourn the passing of reggae star Ras Kimono

Nigerian reggae singer Ras Kimono has died aged 60, after a short illness. 

Born Ukeleke Elumelu Onwubuya, Ras Kimono, alongside his Massive Dread Band, won several awards and was prominent in the Nigerian music scene for his socially-conscious lyrics.

 
Kimono's music addressed the country's various socio-political problems and his debut album 'Under Pressure,' was a huge hit in the Nigerian music scene in the late 80s. 

Kimono also addressed the ills of South Africa's apartheid regime through his song 'Kill Apartheid.'
The reggae singer, who recently celebrated his birthday, died on Sunday morning after taking ill ahead of a scheduled trip to the US, according to local media. 

Many Nigerians, such as lawmaker Shehu Sani, took to social media to pay tribute to the music star.
Sani spoke of Kimono's impact in tackling injustice through his music. 

"Ras Kimono.. made an immeasurable contribution in the field of arts. He used music for political awakening. He was not a praise singer for the establishment. His songs were for the poor and for his country. Adieu," Sani wrote on Twitter.

Nigerian musicians tend to avoid political commentary, partly due to an ingrained fear of persecution from the powerful ruling class. 

One notable exception was legendary Afrobeats star Fela Kuti who frequently clashed with Nigeria's military regime -- at huge personal cost to him. 

Another senator, Ben Murray Bruce also paid tribute to Kimono on Twitter, writing: "I feel so sad hearing about the death of reggae legend Ras Kimono. He redefined the face of music and there will be none like him. He will be dearly missed."

Others recalled how Kimono's music was a part of their childhood and a staple of birthday parties growing up.

CNN