15 Oct

Daily Watch – Inflation is 9.4%, Nigeria to ban rice importation in two years

  • The National Bureau of Statistics has released its September Inflation report showing inflation rate rose marginally by a 100 basis point to 9.4%. According to the NBS, the increase was driven mainly by higher food prices part of which was caused by the Muslim holidays.
  • Nigeria loses N8.7 billion yearly because many electricity consumers use Incandescent bulbs which consume more energy. The Secretary, Board of Trustees of the Electricity Consumers Association of Nigeria, Goodluck Enyinnaya, who said this in Abuja said that the essence of using the energy saving bulbs was to ensure that a lot of energy could be saved for other purposes, and reminded consumers that energy saving bulbs saved more regardless of power source.
  • Nigeria has plans to ban the importation of rice within the next two years, but that the policy will not be enforced until local industries produce enough for local consumption. After a meeting with the Vice President, Yemi Osinbajo in Abuja, Zamfara State governor, Abdulaziz Yari said that with the availability of fertile land, Nigeria should be able to sustain itself with rice production. The governor regretted that so much money had gone into rice importation, leaving local farmers with dwindling fortunes.