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U.K Consumer Price Index Increased by 0.1 Percent in July

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Mark Carney

UK Consumer Price Index (CPI) increased slightly from 0.0 percent to 0.1 percent in July. The CPI which measures change in the price of goods and services purchased by consumers-shows that prices increased by 10p on a £100 shop in the year to July 2015.

According to Office for National Statistics, the slight increase in the rate of inflation from 0.0 percent to 0.1 percent was mainly due to price movements in the clothing and footwear sector, with last year’s unusually steep price drop between June and July falling out of the inflation rate calculation. Prices in this sector follow a seasonal pattern.

This is because prices tend to be at their lowest over the winter and summer sales periods, rising in between. If the timing of the sales moves from its regular pattern, this can have a temporary impact on the rate of inflation. While this has happened a few times in recent years, the market has always moved back to its regular pattern.

Product Price Index (PPI) increased by 0.9 percent from previous month, beating analyst’s expectation. This shows surge in price of goods and raw materials purchased by manufacturers for last month, the surprise increase in weeks indicates possible renew orders.  Core CPI also increased from 0.8 percent to 1.2 percent last month.

Although, the CPI increased by 0.1 percent it is still below Governor Mark Carney inflation target of 2 percent, it is believe that strength of pound is still hurting the economy and with time export is expected to pick up.

The pound rose by 0.4 percent to 1.5669 immediately after the report, economists interviewed by Bloomberg forecast that interest rate increase from the benchmark rate of 0.5 will happen in early 2016 when the inflation might have pose threat.

Markets across Asia continue to fall for second consecutive day. China stock fall the most in 3 weeks, erasing over 6.14 percent in capital today alone.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NCDMB To Hold Virtual Oil And Gas Opportunity Fair

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The Nigerian Content Development and Monitoring Board (NCDMB) has announced that the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) will be held virtually on May 25 and 26, 2021.

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote revealed this last week during a press conference organised in Lagos, adding that the Board decided on the virtual option in compliance with the Federal Government’s guidelines on curtailing the COVID-19 pandemic as well as the subsisting travel restrictions in some countries.

While admitting that hosting the conference virtually was new for the Board and other stakeholders, Wabote expressed excitement that it offers an opportunity for participants to join from anywhere in the world without incurring logistics costs, thereby recording increased participation. He explained that the core objective of organizing NOGOF is to showcase the opportunities that are likely to emerge from the short to medium-term plans and activities of operators and project promoters operating in the upstream, midstream and downstream sectors of the Nigerian Oil and Gas industry.

“We must as NCDMB continue to give hope to Nigerians and the industry and show them that even when you have a pandemic like this, there are still opportunities for people to look forward to and invest,” he said.

He added that the showcase of upcoming projects by operating companies gives Nigerian service companies ample opportunity to build relevant capacities that might be required to execute the projects in-country, thereby creating employment opportunities and retaining spend in-country.

He stated further that “hosting NOGOF is line with the key thrusts of the Nigerian Oil and Gas Industry Content Development Act 2010 (“NOGICD Act”) which charged the NCDMB to build and support the development of local capacities and capabilities in the oil and gas industry, to foster institutional collaboration, maximizing the participation of Nigerians in oil and gas activities, linking oil and gas sector to other sectors of the economy, maximizing utilization of Nigerian resources, among others.”

He noted that this year’s edition of the bi-annual fair would be the third in the series with the theme “Leveraging Opportunities & Synergies for Post Pandemic Recovery of The Nigerian Oil & Gas Industry”.

He said the theme acknowledges the industry wide disruption caused by the COVID-19 Pandemic and it encourages constructive discussions on recovery and the way forward, especially within the context of the energy transition.

He said the fair would feature technical and opportunity sessions from various stakeholders, virtual networking opportunities, an award ceremony in recognition of distinguished industry players and a virtual exhibition opportunity for registered organisations to present their activities and products to delegates.

He recalled that the maiden edition of NOGOF in 2017 at Uyo, Akwa Ibom State had over 1,200 delegates and 33 exhibitors, while the 2019 edition in Yenagoa, Bayelsa State had over 1500 delegates and 52 exhibitors and more delegates would likely partake in this year’s edition.

Dwelling on the impact of NOGOF on the industry over the years, Wabote said some of the projects unveiled in the previous editions were already underway like the Nigeria LNG Train 7, while some others were delayed by the COVID-19 pandemic and would soon start to be executed.

He assured that Nigeria would record impressive local participation in the Train 7 project.

He said: “When we executed Train 1-6, there was minimal Nigerian participation. But today the Nigerian Content and out-country scope are split 50/50. Most of the cryogenic areas would be done outside the country because we do not have capacities in those areas. But 50 percent of the whole project activities would be done through Nigerian business and must be in-country. That is the value that would be retained in the Nigerian economy. We would achieve more in the upstream sector of the project because we have developed capacities in that area.”

Speaking further, the NCDMB boss indicated that the COVID-19 pandemic was the biggest test and confirmation of the need to develop local capacities in the oil and gas and other key sectors of the economy. He said the pandemic forced nations to depend on their local productions to survive, expressing delight that local capacities developed in the oil and gas industry proved capable of sustaining crude oil productions.

He added that First E&P Company -an indigenous operating company completed its project and started producing oil during the pandemic because of local content. “NCDMB insisted that they must build platform in-country. They thanked us later for that decision because their platform was completed even during the pandemic and deployed to work. If the project were being executed overseas, it would have been suspended during the period.”

Responding to questions from the media, the Executive Secretary clarified that Local Content implementation was not at all costs. He maintained that every project has its economics and the return on investments must be viable, which was why the Board adopts pragmatism in its implementation of the NOGICD Act. He added that building local capacities takes some time and that Nigeria’s Content was not about the Nigerianization of personnel, rather it focuses on domestication and domiciliation of industry activities.

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Economy

Lagos Extends Development Plans To 30 Communities

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Lagos State Ministry of Physical Planning and Urban Development said it has extended development plans to 30 communities across different Local Government Areas of the state.

The Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, stated that the ministry prepared local/ action plans for the communities through the Lagos State Physical Planning Permit Authority.

A statement by the Assistant Director, Public Affairs, Mukaila Sanusi, on Friday titled ‘LASG extends development plans to 30 communities’ said this was to ensure that no part of the state was without a plan.

The communities that had their local/ action plans prepared, it stated, were Lafiaji Action Area Plan(2021-2031) in Eko District, Abule Oja Action Area Plan (2021-2031), Ajiwe Action Area Plan(2021-2031), Review of Maiyegun and Action Area Plan of an Extension to Aparakaja Casia/Abiodun Dada.

The ministry also undertook the review of the Ojodu Core Action Area Plan and prepared Ilo Awela Community Action Area Plan, Igbogbo Core Action Area Plan, and Ologunebi Excised Village Action Area Plan as well as Shasha Oguntade Action Area Plan and Ladipo Osoro Action Area Plan among others.

Salako noted that the state would derive maximum benefits from the preparation of the action area plans, including the effective control and proper development guide within its jurisdiction, functional land use pattern and arrangements, good road networks while urban regeneration of the slum environment would be achieved.

Other benefits were the provision of enabling environment for categories of land uses such as industrial, commercial, institutional and residential as well as investments in a sustainable manner.

The commissioner also explained that the development plans would bring about the provision of quality infrastructural developments within the planned area and guarantee a sustainable physical environment during the stipulated planning period.

He added that in pursuit of the THEMES agenda, the ministry also prepared development guide plans for some excised villages in the state.

“In the same vein and with due cognition of the need to extend physical planning administration to non-schemed areas, development guide plans are being prepared to make the excised villages more sustainable,” he said.

According to the commissioner, development guide plans were prepared for villages in different Local Government Areas of the state.

The areas included Onimedu Eleputu, Lakowe, Adeba, Bogije, Igando-Oja and Awoyaya in Ibeju-Lekki LGA; Ajangbadi, Kemberi and Ketu Ijanikin in Ojo LGA; Parafa and Gberigbe in Ikorodu LGA and; Sangotedo and Langbasa in Eti-Osa LGA.

Development guide plans were also extended to Suberu-Oje in Alimosho LGA; Apa (Parcel A) in Badagry LGA; Ibowon in Epe LGA and Tedi in Amuwo-Odofin LGA.

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Economy

World Bank In Partnership With Lagos State Plan To Construct 13.16km Farm Access Road

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Lagos State Government says its World Bank-assisted Agro-Processing, Productivity Enhancement, Livelihood Improvement Support (APPEALS) Project will construct 13.16km Farm Access Roads (FARs) in four cluster areas.

The state Commissioner for Agriculture, Ms. Abisola Olusanya, said this on Thursday during the activities to commemorate the second year of Gov. Babajide Sanwo-Olu’s administration.

Olusanya noted that the four farm cluster areas were Igbodu in Epe, Araga also in Epe, Erinkorodo in Ikorodu, and Afowo in Badagry. She said the access roads when completed would ensure smooth movement to and fro the farms.

Olusanya added that it would reduce losses encountered by egg farmers as a result of the bad road and also improve the productivity of the concerned farmers.

She said the evaluation and engineering design for the four roads had since been finalised and construction would commence immediately.

“APPEALS Project is a World Bank-assisted project aimed at enhancing the productivity of small-scale farmers in the three identified value chains of poultry, aquaculture, and rice through capacity building, provision of infrastructure, and empowerment.

“The project will be rehabilitating and constructing 13.16Km farm access roads already identified in four different clusters across the state. The design of the Bill of Engineering Measurement and Evaluation for the four FARs is at the final report stage.

“The advertisement for potential contractors and subsequent implementation will be carried out once the work plan is approved by the governor,” she said.

According to Olusanya, 1,621 regular beneficiaries under the Project’s Women and Youth Empowerment Programme (WYEP) has been trained in agribusiness management and other soft skills within the last two years.

“Of the number, 462 have received “No Objections” on their Business Investment Plans and are presently implementing their projects. Other beneficiaries will equally be supported before the end of the year, “ she said.

Olusanya added that the APPEALS project had equally identified and verified 9,942 farmers and Small and Medium Scale Enterprises, while 8,156 of them had received at least one form of training in relevant areas of agribusiness. She said this was with a view to enhancing their agricultural productivity and improving value addition. Olusanya noted that no fewer than 460 beneficiaries were sponsored for training, workshop, and conferences out of which 425 of them were farmers.

“A cluster of fish farmers at Badagry have adopted the production of fish crackers and fish cakes. Over 1,000 packs (696 Kg) of fish fillet and crackers had been produced and sold during the period under review.

“Use of nets for the control of birds in rice farming had since been adopted by our farmers. Over 100 rice farmers in Ganyingbo, Badagry are presently trying this technology with other agronomic practices learnt through the state collaboration with AfricaRice, IITA, Ibadan,” Olusanya said. (NAN)

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