NAIJAFEED

Thursday, August 15, 2024

Nigeria Inflation Slows for First Time in Almost Two Years

Nigeria’s annual inflation decelerated for the first time in almost two years, providing some respite to consumers who have become increasingly frustrated by the high cost of living.

Consumer prices rose 33.4% in July from 34.2% a month earlier, according to data published on the website of the National Bureau of Statistics on Thursday. The median estimate of eight economists in a Bloomberg survey was 33.35%.

The reading, and expectations that inflation will continue to ease, could see monetary policymakers leave interest rates on hold at their next meeting in September, after lifting borrowing costs by 15.25 percentage points to 26.75% since 2022.

Central bank Governor Olayemi Cardoso has repeatedly said that policymakers are committed to defeating inflation, while suggesting last month that rates could come down in the not-too-distant-future if price pressures moderated.

What Bloomberg Economics Says…

“Nigeria’s inflation has begun what will likely be a protracted slowdown. A stabilizing naira and high base effect will help temper price gains over the next several months. Moderating inflation — and weak growth — warrant ending the rate-hiking cycle and holding the policy rate stable at 26.75% until the end of 2024.”

— Yvonne Mhango, Africa economist. Click here to read more.

Inflation is expected to continue to cool because of plans to reduce the cost of food, including a 180-day window to import wheat and corn duty free, and as the impact on prices of a currency devaluation and partial removal of fuel subsidies last year recede. The measures were part of reforms introduced by President Bola Tinubu after he took office in May 2023 to attract investors, float the currency and ease budget pressures.

The slowdown will also be welcome by Nigerians angered by high inflation. Crowds chanting “we are hungry” marched through the streets of several cities earlier this month demanding the government fully reinstate fuel subsidies, cut electricity tariffs and reduce duties on imports. A clampdown by security forces left at least 13 dead.

The main driver of the deceleration was food inflation. It slowed to 39.5% from 40.9% in June. Core price growth, which excludes agricultural produce and energy, quickened slightly to 27.5% from 27.4% a month prior.

Ruth Olurounbi, Bloomberg

Wednesday, August 14, 2024

Nigeria unveils first national protection plan for endangered elephants

Nigeria has launched the country's first National Elephant Action Plan. Authorities say the measure is designed to protect the small and rapidly declining population of elephants in the country.

Human-caused activities, including poaching, have forced Nigerian elephants to the verge of extinction. The plan aims to save the remaining elephants by reducing illegal killings and trade, maintaining elephant habitats, creating public awareness and promoting community-led vigilance.

Iziaq Adekunle Salako, Nigeria's minister of state for environment, said the National Elephant Action Plan will be a comprehensive approach to ensure the protection of wildlife.

"What we're seeing today is an upscaling of the commitment of Nigeria to ensure that our natural resources are protected and preserved,” Salako said. “We're also focusing on the host communities, because these elephants live around some people. We're going to see a situation where people can see alternative livelihoods from preservation of our elephants."

Over the last decade, Nigeria has emerged as a key source, transit and destination country for illegal wildlife trade.

Elephant ivories and pangolin scales are some of the most trafficked items. The Elephant Protection Initiative Foundation said Nigeria accounts for nearly a quarter of the world's seized ivory.

As a result, Nigeria's elephant population — about 300 to 400 animals — is a fourth of the population size three decades ago.

Authorities say that along with the threats from poachers and habitat destruction, human-elephant conflict due to the animals’ invasion of farms is leading to more elephant killings.

Andrew Dunn, country director of the Wildlife Conservation Society, is author of the National Elephant Action Plan. He said the plan has eight main objectives ranging from law enforcement to conservation education to sustainable livelihoods.

"It's quite a comprehensive document,” he said. “There are a lot of actions in there, including the importance of reducing conflicts between farmers and elephants. That's a serious problem.

“Nigeria is unthinkable without elephants,” he added. “It's time we came together and protect the last of our elephants. It would be criminal, sad and catastrophic if we lose them."

In 2010, all 36 African elephant range states committed to developing measures to ensure a secure future for the continent’s elephants.

And in April, Nigeria and Cameroon agreed to a wildlife protection partnership to tackle cross-border wildlife crimes.

As the world marked World Elephant Day on August 12 to raise awareness about the numerous threats elephants face, Nigerian authorities say the launch of the National Elephant Action Plan is a boost to the pact.

By Timothy Obiezu, VOA

Tuesday, August 13, 2024

Video - Nigeria startup prioritizes community engagement in plastic waste management

Of the estimated 870,000 tonnes of plastic waste generated in Lagos annually, authorities say only about 12 percent of that is collected by waste pickers or recyclers. Startup Statewide Waste and Environmental Project (SWEEP) collects and processes 13 tons of plastic waste monthly. SWEEP employs at least 300 women, who collect and bring in plastic waste every day.

CGTN

Plastic bottles paying for education in Nigeria

Video - Nigerian woman summoned for ripping up husband’s passport

The Nigeria Immigration Service has summoned a woman for questioning after she was filmed apparently tearing up her husband's passport at Lagos airport in a video which has been widely shared on social media.

The woman, identified as Favour Igiebor, was seen shouting at her husband in the video while pieces of the Nigerian passport lay on the floor.

She had returned from Europe alongside her husband and children and landed at the Murtala Mohammed airport where the incident happened in front of dozens of other travellers.

"I tore it," she was heard admitting.

The authorities said in a statement they were looking into the issue.

“The Nigeria Immigration Service (NIS) has launched formal investigation, following the circulation of a video on social media, showing a female traveler [sic] destroying a Nigerian Standard Passport at the Murtala Mohammed International Airport (MMIA), Lagos.

“The individual involved has been identified as Mrs. Favour Igiebor,” the statement read.

It noted that destroying the country’s passport was a criminal offence, which could be punished by up to a year in prison.

After the video went viral, eliciting numerous comments, Mrs Igiebor released her own video. She did not go into details but said she was suffering.

“Look at my eyes - I do cry a lot. Many people commenting on social media don’t understand what I am going through.

“You have to ask what happened - don’t just look at the action alone. I have my reasons. I have gone through a lot of family issues. I cannot be suffering. I suffered with him.”

She said she had thought of tearing up the passport in Europe but decided that would have caused her husband too many problems.

In the video at the airport, one traveller was heard saying the couple had been having issues throughout the flight.

Some people were also seen consoling the husband and telling him to be calm.

If she were to be charged, she would be the first person to be taken to court for destroying the Nigerian passport.

But in recent months, the country has been getting tough on protecting its national symbols, including a clampdown on the common practice of throwing around the national currency, the naira, at social events.

By Mansur Abubakar, BBC

Nigerian Government Threatens British Airways

Nigeria may force British Airways (BA) and Virgin Atlantic (VS) to land at remote sites if Air Peace (P4) is not permitted to land at London Heathrow Airport (LHR).

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has written to his British counterpart about rejecting P4’s request for slots at LHR.

Due to LHR’s slot system, Nigeria’s flag carrier, P4, operates scheduled flights to London Gatwick (LGW). The airline is forced to use this airport as it cannot obtain slots at LHR.

Air Peace operates a fleet of 19 aircraft, including six Boeing 737s, four 737 NGs, four Boeing 777s, and 12 Embraer jets, according to airfleets.net.

Denial of Slots

In an official letter (dated August 1, 2024), addressed to Louise Haigh, the UK’s secretary of state for transportation, Keyamo threatened to reciprocate the treatment its airline is afforded in the UK. He said Nigeria would deny BA and VS their slots at Lagos (LOS) and Abuja (ABV) airports if P4 were not awarded space at LHR.

A few weeks prior, the Minister had stated that Nigeria’s Federal Government would write to the United Kingdom to request permission for Nigerian carriers, specifically P4, to operate scheduled flights into and out of LHR.

In accordance with the Bilateral Air Services Agreement (BASA), the Minister stated at the League of Airports and Aviation Correspondents (LAAC) seminar in LOS that Nigeria would no longer tolerate a situation in which its airlines are denied access to tier-one airports abroad.

Operating out of Gatwick

The Nigerian national carrier has not successfully obtained slots at LHR, which is closer to the center of London. Hence, it is forced to operate from and out of LGW airport, which is not a primary airport.

That said, some international airlines, including Air Mauritius, have shifted their operations to LGW as it offers added convenience for passengers traveling into London, compared to LHR.

By Lorne Philpot, Airways