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Nigeria Records 14.23% Inflation Rate For October 2020

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Nigeria’s inflation rate has increased to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

Nigeria’s National Bureau of Statistics announced a rise in its most recent the consumer price index report, released on Monday 16, 2020.

On a month-on-month basis, the Headline Index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).

The Composite Food Index, a closely watched index is now 17.38% in October 2020 compared to 16.66% recorded in September 2020.

The category “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.

Meanwhile, the rise in the food index was caused by increases recorded in prices of Bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and Oils and Fats.

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Egypt Poverty Rate Decreases for 1st Time in 20 Years

In the latest figures released by CAPMAS, the country’s poverty rate declined to 29.7%, compared to 32.5% in the study of income and spending for FY 2017/18.

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The Central Agency for Public Mobilization and Statistics (CAPMAS) has disclosed that Egypt’s poverty rate has declined for the first time since fiscal year (FY) 1999/00.

In the latest figures released by CAPMAS, the country’s poverty rate declined to 29.7%, compared to 32.5% in the study of income and spending for FY 2017/18.

The results were revealed during a speech by CAPMAS head Khairat Barakat at a press conference in the presence of Prime Minister Mostafa Madbouly and a number of ministers.

He explained that the average household income has increased 15% from EGP 60,400 to EGP 69,000, and the average family spending increased from EGP 61,000 to EGP 63,000.

He, however, pointed to the decline in extreme poverty from 6.2% in the previous research. to 4.5% in the FY 2019/20 research.

He also said that the average spending on food support for families reached 1,420, indicating that the number of families receiving support amounted to 84% compared to 88% in the previous research.

He attributed the decline to the Ministry of Supply’s re-review of those families eligible for subsidies.

Egypt’s Minister of Planning and Economic Development Hala El-Said said that the study of income, expenditure and consumption is of special importance. By studying these aspects, the state can monitor the average and patterns of consumption and expenditure for families and individuals, according to the social, demographic and economic characteristics of the population.

Read also: Egypt’s Tourism: Minister, Private Sector Discusses Field’s Opportunities, Challenges

The study also provides data that are used to measure the living standards of families and individuals, as well as creating databases for measuring poverty, whether material or multidimensional.

The data additionally is used to calculate the average annual consumption expenditure of families and individuals, for each item of spending. It is used to study the factors affecting consumption, identify the relative distribution for household spending on different spending items, and uses them as weights in calculating the consumer price index.

The index is an indicator for measuring inflation, in addition to providing the necessary data for preparing national accounts. This includes tables of inputs and outputs and commodity scales and identifying the average household and individual income according to different sources of income.

El-Said added that all these indicators and data included in the research represent a basic pillar for development planning and directing the state’s efforts to achieve comprehensive and sustainable development.

“In recent years, the poverty rate decreased for the first time since 1999, decreasing to 29.7% compared to 32.5% in FY 2017/18, as the poverty rate decreased in all regions and the decline was greater in rural Lower Egypt by (4.73%), followed by rural Upper Egypt (3.79%),” El-Said, “The research also indicates an increase in the average annual net income for a family at  Egypt from EGP 60,400 in FY 2017/18 to EGP 69,100 in FY 2019/20, an increase of about 15%.”

“The average annual income of a family in urban areas rose from EGP 69,600 annually in FY 2017/18, to EGP 80,900 in FY 2019/20, reflecting an increase of 16.3%,” El-Said said, “The average annual income of a family in rural areas increased from EGP 52,700 annually in FY 2017/18 to EGP 59,700 annually in FY 2019/20, reflecting an increase of 13.3%.”

The minister also said that one of the most important indicators included in the research includes the increase in the proportion of poor with the increase in the size of the family, as large families are more vulnerable to poverty.

With this in mind, this places importance on controlling population growth rates and addressing the imbalance between the rate of population growth and the size of resources. In turn, this devours the results and fruits of the achieved growth and even threatens more pressures and economic and social challenges.

It also leads to a decline in the return from development efforts, as it increases the difficulty of facing the problems of unemployment and the disparity in development indicators between different regions and governorates.

The state must work to manage the housing issue, by controlling population growth, and upgrading population characteristics, such as education, health, job opportunities, and empowerment.

In this context, the state is also looking to meet this challenge by developing a comprehensive plan to control population growth rates. This will be implemented as of early 2021, in cooperation between all ministries and relevant authorities.

At the conclusion of her speech, El-Said confirmed that the relative improvement and positive indicators included in the income and spending research for this year indicates that Egypt is on the right path. This encourages the state to continue its efforts in this direction.

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Business Edge | Nigeria, UAE Signs MOU, Eskom Faces R5 Million Over Kendal Power Station Pollution

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The Nigerian Government has signed a Memorandum of Understanding with the United Arab Emirates (UAE), which provides a platform for both countries to establish a Joint Commission between the two friendly countries, seeking to enhance cooperation and coordination between both countries in all fields.

Also, Eskom could face fines of up to R5-million under South Africa’s air quality legislation for supplying blatantly false and misleading information about its toxic pollution at the Kendal coal-fired power station to authorities.
On 28 January 2021, the state-owned energy utility will appear in the Emalahleni regional court on four counts of environmental transgressions.

Tolulope Adeleru-Balogun and Mukhtar Mohammed, CEO Asher Dynamic Solutions, discussed these on Business Edge.

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Nigeria’s Federal Government Approves N117 Billion for Road Rehabilitation

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

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The Federal Executive Council (FEC) on Wednesday approved N117.6 billion for the rehabilitation of some major roads across Nigeria.

This was disclosed to journalists by the Minister of Works and Housing, Babatunde Fashola, after the meeting chaired by President Muhammadu Buhari.

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

Read also: Full Text Of Nigeria’s President Buhari Budget Proposal Speech

“The first set of roads is for a total sum of N18,923,846,198.47, and it is with respect to roads and bridges as follows: rehabilitation of 26 km road linking Kano, Jigawa and the Katsina States, N8.767 billion; Omo-Umulokpa road in Anambra and the Enugu States, N1.712 billion; rehabilitation of Oye-Oranta road in Anambra, N2.504 billion; Okpoko bridge along Benue-Cross River road, N1.057 billion; the bridge at km 22.7 along Bida-Zungeru road in Niger State, N1.022 billion; Nkumi bridge linking Abia and Enugu States, N1.0.72 billion, and Challawa-Nunku road in Kombotso, Kano State, N2.787 billion.

“The other memorandum relating to roads is also for the total sum of N98,073,840, 842.81. The roads are Rijiya-Gusau road in Zamfara State, N7.799 billion; Jegga-Kwana-Sanagi-Gumi road in Kebbi State, N31.539 billion; Koko-Mahuta road in Kebbi, N19.713 billion; Kuka Babbangida-Ganagara road in Katsina State, N11.731 billion; Ihiala-Olu-Umudu road, N16.750 billion; Oye-Ama-Etite-Umuawulu road in Anambra, N2.155 billion and Bichi road in Kano State, N8.384 billion,” Fashola said.

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