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Food prices maintain steady rise — NBS

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The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, tomato, and other food items increased in January 2024.

It said this in its Selected Food Prices Watch report for January 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of boneless beef increased by 37.08 percent from N2,418.91 recorded in January of 2023 to N3,315.78 in January 2024.

“On a month-on-month basis, 1kg of boneless beef increased by 5.37 percent in January from the N3,146.94 recorded in December 2023,” the report said.

It said that the average price of 1kg of local rice increased by 98.47 percent on a year-on-year basis from N514.83 recorded in January 2023 to N1,021.79 in January 2024.

“On a month-on-month basis, 1kg of local rice increased by 11.31 percent from the N917.93 recorded in December 2023.”

It said that the average price of 1kg of brown beans increased by 64.42 percent on a year-on-year basis from N593.96 in January 2023 to N976.58 in January 2024.

“On a month-on-month basis, the price increased by 12.16 percent from the N870.67 recorded in December 2023 to N976.58 in January 2024.”

The NBS said the average price of 1kg of onion bulb rose by 97.38 percent on a year-on-year basis from N446.44 in January 2023 to N881.20 in January 2024.

“However, on a month-on-month basis, the price decreased by 9.33 percent from N971.86 recorded in December 2023.”

The report said that the average price of 1kg of tomato increased by 80.98 percent on a year-on-year basis from N467.04 in January 2023 to N845.26 in January 2024.

“On a month-on-month basis, 1kg of tomato increased by 3.82 percent from N814.16 in December 2023 to N845.26 in January 2024.”

On state profile analysis, the report showed that in January 2024,the highest average price of 1kg of boneless beef was recorded in Abuja at N4,000, while the lowest price was recorded in Gombe at N2,639.

It said that Abuja recorded the highest average price of 1kg of local rice at N1,350, while the lowest was recorded in Benue at N800.64

The NBS said that the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N1,466.67, while the lowest price was recorded in Adamawa at N677.23.

It said the highest average price of 1kg of onion bulb was recorded in Rivers at N1,454.09 while the lowest was recorded in Zamfara at N435.71.

According to the report, Delta recorded the highest average price of 1kg of tomato at N1,474.79 while Kano recorded the lowest price at N422.7.

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,761.32, followed by the South-West at N3,608.76.

“The lowest price was recorded in the North-East at N2,854,86.”

The North-Central and South-West recorded the highest average price of 1kg of local rice at N1,083.36 and N1067.39 respectively, while the lowest price was in the North-East at N941.57.

The report said that the South-South recorded the highest average price of 1kg of brown beans at NN1,296.66, followed by the South-East at N1,088.18 , while the North-West recorded the lowest price at N729.95.

It said that the South-South and South-West recorded the highest average price of 1kg of onion bulb at N1,331.74 and N1,024.89, respectively, while the lowest was recorded in the North-West at N525.60.

The NBS said also that the South-South recorded the highest average price of 1kg of Tomato at N1,321.47, followed by the South-West at NN1,029.25.

“The North-West recorded the lowest price of 1kg of tomato at N490.94,” the NBS said .

Business

Fidelity Bank MD commends Air Peace London service

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The Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, has commended Air Peace for its Lagos to London operations.

Onyeali-Ikpe gave the commendation in a statement signed by the airline’s Corporate Communications lead, Mr Stanley Olisa, on Monday in Lagos.

She commended the airline’s giant strides and financial discipline which it has upheld since inception.

She said, “Air Peace has been very loyal to us. We are grateful to have them as our client.

“We are celebrating their milestone of launching direct flight service to London and other milestones they will achieve,” Onyeali-Ikpe said.

The Chairman, Air Peace, Dr Allen Onyema, who said it was not easy to attain the current status, expressed unreserved gratitude to the flying publics, aviation stakeholders, media and government for the support shown so far.

He acknowledged the role played by former Director-General, Nigerian Civil Aviation Authority, Ben Adeyileka, in helping the airline secure its Airline Operator Certificate (AOC).

The Air Peace boss thanked Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

Onyema said Air Peace was committed to its Corporate Service Responsibility (CSR), to empower Nigerians economically by creating employment and not to profiteer.

He highlighted how the airline never fails to engage in humanitarian interventions for Nigerians, especially the numerous evacuation flights at critical times,

“Air Peace was not borne out of the intent to profiteer but to create jobs.

“Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation.”

Appreciating the bank for its support, Onyema said, “I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution.

“Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he added.

Onyema, therefore, called for the continued support of Nigerians to sustain the newly launched London service, adding that passengers can fly to London from any domestic airport.

“For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos.

“From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer,” Onyema affirmed.

The Air Peace boss also said that the airline would continue to fully adhere to safety standards, while lauding the management and staff for the efforts in realising the London dream.

He advised Nigerians to shun ethnic nationalism, stating that Air Peace is not an Igbo airline but a Nigerian airline belonging to over two hundred million people.

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Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch

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In a thrilling exclusive event on the 16th of April, 2024 at the Tingo place, Victoria Island, the Tingo Group launched its new products, Tingo Cola and Tingo Electric drinks. Present at the event was His Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife who was the official host and was accomplished by his wives, Traditional Chiefs, Senior government officials and media executives.

In his welcome speech, the Ooni who is also the Chairman of Tingo BV beamed with joy as expressed that the success of the product is a dream come true as he has always wanted to be a part of a team that will design, conceptualise and produce a drink that will bring pride to Nigeria and Africa and these products are on the right path to going global.

He also noted that the ingredients used in manufacturing the drinks were about 80-85 percent home sourced and efforts were made by the Tingo Group to ensure that it meets International standard. Ooni stated that he has taken up the responsibility of ensuring that the beverage is a success as he is the brand’s “number one ambassador.”

Founder of Tingo Foods, Dozi Mmobuosi, said the company has been existing for 23 years and Tingo Electric and Tingo Cola represent not only a “triumph in innovation but also a celebration of Nigerian ingenuity,” while also adding that “the team was proud to showcase these exceptional beverages to the world and are deeply grateful for the support of his Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife and all esteemed guests.”

The Ooni towards the end of the event requested everyone to have a taste of the beverages and the feedback was positive. Dr Reuben Abati stated that he felt electrified after taking the Tingo electric and casually joked that he is hoping that there will be many Tingo babies in the coming nine months.

The Executive Governor of Nasarawa State, His Excellency  Abdullahi Sule, ably represented by the Attorney General of the State, Barrister Shuaibu Labaran Magaji said he is proud to be a part of the product launch and to show his support. He promised to buy and way bill a large number of the product to Abuja and Lafia on the spot and that the product was launched at the right time as the second edition of the Nasarawa Investment Summit is at hand. He asked the Ooni for his presence at the summit  and the Tingo Group for collaboration.

On a personal note, the Tingo Cola didn’t have excessive gas and the Tingo Electric drink was mild in the mouth but gave a sensational feeling, both of which were excellent.

The Tingo BV Plc expressed profound gratitude after the feedback and assured the introduction of a variety of new flavours which include Tingo Electra energy drink, Tingo twist, Tingo booze, Ojaja bitters and Ojaja herbal drink.

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Nigeria to raise $30bn from inaugural forex bond

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Nigeria targets up to $30 billion from its inaugural foreign currency-denominated bond issuance planned for June, 2024.

Patience Oniha, Director-General of the Debt Management Office, disclosed this recently in an interview with newsmen.

Accordingly, the government authority said the sovereign domestic foreign currency issuance aligns with moves to attract more forex inflows to stabilise the naira, which had suffered immensely from dollar shortages.

“It’s when we appoint the advisers that we can probably do a projection.
Oniha said: “But the assumption is that many Nigerians hold dollars in their domiciliary accounts, and not just individuals but institutions including banks and Nigerians in the diaspora as well.

“So it’s a way of bringing dollar liquidity into the system; the federal government of Nigeria (FGN) will get needed dollar liquidity. The target investors are individual Nigerians and institutions, and if Nigerians in the diaspora want to invest, they can also.”

The development comes as the Minister of Finance and Coordinating Minister for the economy, Wale Edun, recently announced that a debut forex bond is planned for the second quarter of 2024 and will be a short to medium-term instrument.

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