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Inflation Rate To Rise Further in October – FSDH

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  • Inflation Rate To Rise Further in October – FSDH

The rising cost of goods and services across the country is projected to rise even further in October, according to a report released by the FSDH Research.

FSDH report predicted that consumer prices, which measures inflation rate, would rise from 11.28 percent filed in September to 11.34 percent in October.

The increase, according to FSDH research, will reflect the surge in prices within the food and non-alcoholic beverages division.

The National Bureau of Statistics is expected to release inflation report for the month of October on November 14th.

While the Food Price Index report for the Food and Agriculture Organisation indicated a decrease in food prices on the international market from the level recorded in September, FSDH sees 0.95 percent rise in food and non-alcoholic index.

“FSDH Research’s analysis indicates that in October 2018 the value of the naira appreciated at the Nigerian Autonomous Foreign Exchange, while it depreciated at the parallel market.”

“At the NAFEX market, the value of the naira appreciated by 0.09 per cent to close at $/N363.40 from $/N363.72 in the prior month, while at the parallel market the naira depreciated by 0.28 per cent to close at $/N362.00 from $/N361 in September 2018. The appreciation recorded in the value of the naira at the NAFEX market should lower the pass through effect of imported inflation in Nigeria.”

It added that “The prices of food items that FSDH Research monitored in October 2018 moved in varying directions, and led to an overall 0.95 per cent increase in our food and non-alcoholic index.”

Other reports, attributed the projected rise in prices to flooding in the Northern part of the country and the persistent Farmers-Herdsmen crises.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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BUA Foods and ASR Africa Donate N10m, Foodstuffs to Lagos Widows on International Widows’ Day

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BUA Foods in collaboration with the Abdul Samad Rabiu Initiative for Africa (ASR Africa) has extended a compassionate hand to widows in Lagos.

The initiative, aimed at alleviating economic hardship among widows, saw the distribution of N10 million in grants along with essential food items generously donated by BUA Foods.

The event, held under the auspices of the International Women Society’s Widows Feast and Empowerment program in Lagos, underscored the commitment of both organizations to corporate social responsibility and community welfare.

The donations, which included BUA Foods’ renowned products such as IRS Pasta, IRS Semolina, and BUA Rice, were met with gratitude and appreciation by the beneficiaries.

Managing Director of BUA Foods, Ayodele Abioye, emphasized the company’s broader social impact beyond business profitability.

“Our responsibility extends to making a meaningful difference in the lives of those around us,” he stated. “Initiatives like this resonate deeply with our commitment to corporate social responsibility.”

Dr. Ubon Udoh, Managing Director and Chief Executive Officer of ASR Africa, highlighted that the N10 million grant forms part of ASR Africa’s ongoing efforts in social development, emphasizing its significance in improving livelihoods and welfare.

“This grant is a testament to our dedication to supporting vulnerable groups,” Dr. Udoh remarked.

The Chairperson of the Widows’ Trust Fund of IWS, Mrs. Adeola Adebanke, expressed her heartfelt gratitude for the support received from ASR Africa and BUA Foods.

She noted that such initiatives play a crucial role in providing relief and sustainable support to widows facing economic challenges.

Widows who benefited from the donations also shared their appreciation, highlighting the impact of the support on their daily lives.

“We are overwhelmed with gratitude for ASR Africa and BUA Foods,” said Mrs. Khadija Rufai, one of the beneficiaries. “This donation will alleviate significant pressure on my household.”

Mrs. Adebimpe Lanre, another beneficiary, added, “The generosity of ASR Africa and BUA Foods is a lifeline for many of us. It will make a huge difference in our households and allow us to focus on other important needs.”

The collaboration between BUA Foods and ASR Africa not only underscores their commitment to social welfare but also sets a commendable example of private sector involvement in addressing societal challenges.

As Nigeria continues to navigate socio-economic complexities, initiatives like these contribute significantly to fostering community resilience and support.

 

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Arik Air Directed to Pay $21,466.64 to Former Air Hostess for Unpaid Salaries

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The Industrial Court in Lagos has ordered Arik Air to pay $21,466.64 in salary arrears to Mrs. Andreia Perdigao, a former air hostess who was wrongfully dismissed by the airline.

This decision, marked as SUIT NO.: NICN/LA/532/2017, brings a significant victory for Perdigao, who had been seeking justice and her unpaid wages since her termination in 2017.

Mrs. Perdigao, who worked with Arik Air for approximately three years, took legal action against her former employer after being dismissed in March 2017.

She sought the court’s intervention to recover her unpaid salaries from December 2016 to March 2017, which amounted to $2,683.33 per month. The total arrears for the eight months were calculated at $21,466.64.

In his judgment, Justice M.N. Esowe affirmed that a valid contract of employment existed between Mrs. Perdigao and Arik Air, thus entitling her to the claimed salaries.

“It is declared that the defendants are bound to pay to the claimant eight months’ arrears of salary for the months of August 2016 through December 2016 and for the months of January 2017 to March 2017 when the 1st Defendant wrongfully terminated the Claimant’s employment,” Justice Esowe stated.

The court further directed Arik Air to pay Mrs. Perdigao an additional $2,683.33 as general damages for breach of contract.

Furthermore, the court ordered that the airline must pay interest at a rate of 15 percent on all the judgment sums from the date of delivery of the judgment until full payment is made.

The court’s decision, dated May 9, has yet to be enforced by Arik Air. When contacted, Adebajo Ola, Head of Corporate Communications at Arik Air, stated he was unaware of the ruling.

“I am not aware of the case. I will need to find out,” Ola said, upon receiving the document and suit information from our correspondent.

This ruling highlights the ongoing issues faced by employees within the aviation sector regarding wrongful termination and unpaid wages.

The judgment serves as a reminder to employers about the legal obligations they hold towards their staff and reinforces the judiciary’s role in upholding employees’ rights.

Mrs. Perdigao’s victory may pave the way for other employees in similar situations to seek justice and proper compensation for wrongful dismissals and unpaid wages.

The case also underscores the importance of adhering to contractual agreements and ensuring fair treatment of employees in all sectors.

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Cholera Outbreak in Lagos: 15 Dead, 350 Infected in Aggressive Strain

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Authorities in Lagos, Nigeria’s bustling commercial capital, have issued a public health warning following the confirmation of a “highly aggressive and contagious” cholera strain that has resulted in 15 deaths and infected 350 individuals.

The densely populated city, home to approximately 25 million residents, has been on high alert since the outbreak was first detected.

The outbreak’s epicenter is in the affluent Lekki-Victoria Island neighborhood, where investigations into a potential water contamination source began a week ago.

Health officials have been working tirelessly to contain the spread, deploying community-based case finding and contact tracing measures.

Despite these efforts, at least 30 other regions across Nigeria, Africa’s most populous nation, have reported cases, pushing the national total to 882 as of June 2, according to data from the National Centre for Disease Control (NCDC).

Akin Abayomi, Lagos State Health Commissioner, took to X (formerly Twitter) to share the severity of the situation.

“The identified strain is highly aggressive and contagious, with potential for widespread dissemination,” he stated. “Through community-based case finding and contact tracing, we have observed that the number of cases has peaked.”

In response to the outbreak, Lagos has activated public health emergency operations at a hospital in the Yaba area. Test results have confirmed that the cholera strain is a subtype associated with more severe disease manifestations.

However, Abayomi reassured the public that “cases are now dramatically subsiding in previously affected local government areas.”

The outbreak comes at a time when Nigeria is grappling with its worst inflation in 28 years, largely driven by soaring food costs.

This economic strain is exacerbating poverty and diminishing the purchasing power of the nation’s 231 million people, 60% of whom are classified as multi-dimensionally poor by the government.

Cholera, a waterborne disease, causes severe dehydration through vomiting and diarrhea and is treatable with prompt administration of oral rehydration solutions.

However, treatment is challenging in communities with poor general health and limited access to medical facilities.

Over the past two years, cholera outbreaks have impacted at least 16 African countries, fueled by severe storms and conflicts that have accelerated the spread of the disease.

The Nigerian government has issued a national alert as the country recently celebrated the Muslim Eid Adha holidays, prompting widespread travel and large gatherings that could further propagate the outbreak.

Health officials are urging citizens to exercise caution and adhere to public health guidelines to mitigate the spread of cholera.

Efforts to control the outbreak are ongoing, with health authorities focusing on improving water sanitation and hygiene practices across the affected regions.

The government has also called for increased public awareness campaigns to educate residents about the symptoms of cholera and the importance of seeking immediate medical attention if symptoms arise.

As Lagos battles this public health crisis, the resilience and cooperation of its residents will be crucial in overcoming the aggressive cholera strain and preventing further loss of life.

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