Naijadazz

08/11/2024

To provide a comprehensive analysis based on the National Bureau of Statistics (NBS) data on Nigeria's Combined Urban and Rural State Consumer Price Index (CPI) from September 2023 to September 2024, this report delves into month-over-month (MoM) and year-over-year (YoY) CPI trends across Nigerian states. By analyzing the NBS report, we can observe shifts in food and all-item indices across urban and rural settings, illuminating the inflationary pressures affecting both food and general consumer prices. This report highlights how specific states are impacted by rising prices, pinpointing areas where inflation is more severe.

General Overview of the CPI Data

The NBS data highlights a consistent upward trend in consumer prices nationwide, with nearly all states showing significant YoY increases in both food and all-items indices. Notably, food inflation tends to be higher than the overall all-items CPI.

To provide a comprehensive analysis based on the National Bureau of Statistics (NBS) data on Nigeria's Combined Urban and Rural State Consumer Price Index (CPI)

08/11/2024

To analyze the cost of living across Nigeria in September 2024, as reported by the National Bureau of Statistics (NBS) Consumer Price Index (CPI), we look at the 10 most expensive states based on their overall All-Items CPI. The CPI measures the average change over time in prices paid by consumers for goods and services, allowing us to evaluate inflation and living costs. For September 2024, the data shows significant variation across Nigeria’s 36 states and Federal Capital Territory, with sharp contrasts in urban and rural expenses, particularly influenced by rising food costs. The following sections discuss each of the most expensive states, highlighting how their CPIs reflect different economic pressures impacting their residents.

1. Sokoto

- All-Items CPI: 820.8

- Food CPI: 1036.7

- YoY All-Items Change: 38.74%

- MoM All-Items Change: 4.63%Sokoto ranks as the most expensive state in Nigeria based on its September 2024 CPI.

To analyze the cost of living across Nigeria in September 2024, as reported by the National Bureau of Statistics (NBS) Consumer Price Index (CPI), we look at th

07/11/2024

FAAC (Federation Account Allocation Committee) allocations between August and September 2023 reveals important trends in Nigeria's revenue streams, bolstered by various factors like VAT growth, statutory revenue, and the Electronic Money Transfer Levy (EMTL). The increases in total allocations highlight the evolving fiscal health of the nation, with month-to-month fluctuations reflecting broader economic activities and policy impacts. This detailed report examines the financial changes from August to September, with expanded statistical insights on each revenue component and its contribution to the nation’s total distributable revenue.

Overall Revenue Allocation

In August 2023, FAAC distributed N1.1 trillion in total to Nigeria's Federal Government, State Governments, and Local Government Councils. By September, the total allocation had increased to N1.2 trillion, a 9% rise, or N100 billion.

FAAC (Federation Account Allocation Committee) allocations between August and September 2023 reveals important trends in Nigeria's revenue streams, bolstered by

06/11/2024

Flour Mills of Nigeria Plc (FMN), one of the leading food and agro-allied companies in Nigeria, has announced a strong financial performance for the first half of its 2025 fiscal year (H1'25). The company reported significant growth across all key financial metrics, despite the challenging macroeconomic environment. The H1'25 results reflect the effectiveness of FMN’s strategic initiatives, operational efficiency, and its resilience in managing external pressures such as foreign exchange volatility, inflation, and high interest rates.

Key Highlights

- Revenue Growth: FMN’s revenue surged by 76% to N1,697.5 billion in H1'25 from N964.6 billion in the same period last year. This impressive growth reflects strong demand across all its core business segments, including Food, Sugar, and Agro-allied operations.

- Gross Profit: Gross Profit increased by 53% to N161.1 billion.

Flour Mills of Nigeria Plc (FMN), one of the leading food and agro-allied companies in Nigeria, has announced a strong financial performance for the first half

06/11/2024

As of Q3 2024, AXA Mansard Insurance Plc. has shown notable resilience and growth in a challenging financial environment. The report, prepared under International Financial Reporting Standards (IFRS) and aligned with Nigeria’s Companies and Allied Matters Act (CAMA) 2020, highlights robust asset management, increased operating profits, and strategic expansions. The company's strengthened equity position and high liquidity affirm its sound financial footing, appealing to both investors and stakeholders.

Key Highlights

- Revenue Growth: AXA Mansard recorded substantial revenue from increased policy sales, demonstrating an expanding customer base and successful market pe*******on.

- Operating Profit: The company achieved a 22% increase in operating profit, reflecting efficiency gains and cost management improvements.

- Net Profit: Net profit after tax surged by 30%, underscoring robust financial health and effective risk management.

As of Q3 2024, AXA Mansard Insurance Plc. has shown notable resilience and growth in a challenging financial environment. The report, prepared under Internation

04/11/2024

Lagos, Nigeria – 4th November 2024: Oando PLC, Nigeria’s leading indigenous energy group listed on the Nigerian Exchange Limited and the Johannesburg Stock Exchange, has released its unaudited financial results for the six months ending June 30, 2024. The report highlights a resilient performance amidst challenging operating conditions, showcasing the company’s ability to adapt and thrive in the dynamic energy landscape.

Key Highlights

- Revenue Growth: Oando recorded a 51% increase in revenue, reaching N2.03 trillion in H1 2024, up from N1.35 trillion in H1 2023. This significant growth was driven by favorable exchange rate movements and increased crude oil production.

- Profit After Tax: The Group posted a Profit After Tax (PAT) of N62.6 billion, representing a 44% decline from the N112.4 billion achieved in H1 2023. The decrease in PAT was attributed to foreign exchange losses and increased finance costs.

https://www.naijadazz.com/oando-plc-reports-strong-h1-2024-performance-with-51-revenue-surge-and-n62-6-billion-profit-despite-operational-challenges/

30/10/2024

In a recent social media post, a Nigerian PhD graduate has sparked a debate about brain drain and the economic realities facing highly educated professionals in Nigeria. The individual, who chose to remain anonymous, shared their experience of returning to Nigeria after completing their doctoral studies in the UK, only to face a stark wage disparity and challenging living conditions.

The Stark Contrast

The graduate revealed that their monthly allowance as a PhD student in the UK was 1,550 GBP (approximately 3,400,000 Naira), while the job they secured upon returning to Nigeria paid only 250,000 Naira per month. This significant drop in income highlights the economic challenges faced by many Nigerian professionals.

Brain Drain and Patriotism

The post touches on the complex issue of brain drain, where highly skilled individuals leave their home countries for better opportunities abroad.

In a recent social media post, a Nigerian PhD graduate has sparked a debate about brain drain and the economic realities facing highly educated professionals in

29/10/2024

Internally Generated Revenue (IGR) is a vital aspect of the financial health of Nigerian states, playing a significant role in their ability to fund public services and infrastructure. This article examines the IGR of the top 15 states in Nigeria for the years 2022 and 2023, highlighting growth trends, sector contributions, and challenges faced by each state in revenue generation according to National Bureau of Statistics (NBS) IGR report.

Overview of IGR in 2022 and 2023

In 2022, Lagos State emerged as the clear leader in IGR, generating approximately ₦6.86 trillion. Its robust economy, driven by sectors like finance, technology, and entertainment, enabled it to maintain this position in 2023, with a remarkable growth to around ₦8.14 trillion, reflecting an increase of 18.63%. This growth underscores Lagos's effective tax policies and diverse economic activities, positioning it as Nigeria's economic powerhouse.

Internally Generated Revenue (IGR) is a vital aspect of the financial health of Nigerian states, playing a significant role in their ability to fund public serv

28/10/2024

Executive Summary

Cadbury Nigeria Plc demonstrated mixed financial performance in the first nine months of 2024, marked by substantial revenue growth but facing significant profitability challenges. While achieving notable top-line growth, the company grappled with margin pressures, foreign exchange losses, and a reduced equity position, necessitating strategic financial restructuring initiatives to maintain stability.

Revenue and Profitability Analysis

Cadbury Nigeria achieved remarkable revenue growth of 51%, reaching ₦89.53 billion compared to ₦59.20 billion in 2023. This substantial increase indicates strong market demand and successful volume growth strategies. However, this top-line success was overshadowed by declining profitability metrics across multiple levels of the income statement.

Gross profit experienced a concerning decline of 9%, falling to ₦14.77 billion from ₦16.31 billion in the previous year.

Executive SummaryCadbury Nigeria Plc demonstrated mixed financial performance in the first nine months of 2024, marked by substantial revenue growth but

27/10/2024

Grenada is on track to become a key energy player in the Caribbean through a historic multi-billion dollar partnership with Nigerian energy firm Oceangate Oil and Gas Engineering. The agreement with Global Petroleum Group is set to unlock Grenada’s considerable hydrocarbon reserves, marking one of the region's largest oil and gas ventures and a major step toward economic transformation for the island nation.

Announced by Oceangate’s Group CEO, Dr. Aisha Achimugu, this deal represents more than an investment in energy—it symbolizes a path forward for Grenada to establish itself as a leader in sustainable energy development in the Caribbean, potentially influencing energy markets across Latin America and beyond.

“This collaboration with Global Petroleum Group opens up immense possibilities for Grenada,” Achimugu stated on Saturday. “The project aligns with Oceangate’s commitment to pioneering sustainable energy that fuels prosperity while maintaining strict environmental standards.

Grenada is on track to become a key energy player in the Caribbean through a historic multi-billion dollar partnership with Nigerian energy firm Oceangate Oil a

27/10/2024

Overview

Ikeja Hotel PLC’s financial statements for the nine months and third quarter (Q3) ended September 30, 2024, reflect an overall positive trajectory compared to 2023, with marked growth in key areas like revenue, gross profit, and net profit. This analysis will dissect each major segment of the income statement, comparing performance over the periods and assessing the impact on the company’s financial position.

Revenue Analysis

Nine Months Ended September 30, 2024:For the nine-month period, Ikeja Hotel PLC recorded a revenue of ₦12.6 billion, a substantial increase from ₦7.7 billion in the same period in 2023. This 63.8% growth suggests that the company has either expanded its operations, improved sales efficiency, or achieved higher occupancy rates, possibly driven by increased tourism or successful marketing strategies.

Third Quarter 2024:In Q3 alone, revenue amounted to ₦4.4 billion, compared to ₦3.1 billion in Q3 2023, an increase of about 40%.

OverviewIkeja Hotel PLC’s financial statements for the nine months and third quarter (Q3) ended September 30, 2024, reflect an overall positive trajectory

26/10/2024

During a poignant service of songs honoring the late Ohanaeze Ndigbo President General, Chief Emmanuel Iwuanyanwu, prominent Igbo leaders united in their appeal for Mazi Nnamdi Kanu's freedom from DSS detention. The gathering, which took place in Enugu, highlighted that securing Kanu's release was among Iwuanyanwu's final aspirations before his death.

At the memorial event, leaders directed their plea to President Bola Tinubu, framing Kanu's release as a way to honor Iwuanyanwu's last wish. The ceremony showcased Iwuanyanwu's legacy as a multifaceted Nigerian leader whose influence spanned nationalism and statesmanship.

Umuada Igbo Nigeria and in Diaspora, representing Igbo women globally, voiced strong support for two key initiatives: Kanu's release and the commemoration of Iwuanyanwu's contributions. Their leader, Lolo Kate Ezeofor, expressed hope for President Tinubu's favorable response to both matters.

During a poignant service of songs honoring the late Ohanaeze Ndigbo President General, Chief Emmanuel Iwuanyanwu, prominent Igbo leaders united in their appeal

26/10/2024

In the bustling landscape of Africa's cement industry, Dangote Cement Plc stands tall, showcasing remarkable resilience and growth amid economic challenges. As we delve into their financial performance for the first half of 2024, I uncover a story of strategic innovation, robust profitability, and a commitment to sustainability that positions them as a leader in the sector.

A Towering Revenue Surge

Dangote Cement has cemented its reputation with an impressive 85.1% revenue increase, soaring to ₦1.76 trillion in H1 2024. This remarkable leap from ₦950.8 billion in H1 2023 is fueled by:

- Volume Growth: A steady rise in sales across Nigerian and pan-African markets.

- Strategic Pricing: Effective price adjustments to combat inflationary pressures.

In the bustling landscape of Africa's cement industry, Dangote Cement Plc stands tall, showcasing remarkable resilience and growth amid economic challenges. A

12/06/2024

https://www.naijadazz.com/six-key-takeaways-from-tinubus-may-12-democracy-day-speech-2024/

Six Key Takeaways from Tinubu’s (May 12) Democracy Day Speech 2024

1. Economic Reforms for Long-Term Growth "The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is

11/06/2024

https://www.naijadazz.com/geregu-powers-q3-2024-profit-projections-soar-to-n9-9-billion-up-147-8-from-last-year/

Geregu Power Plc is setting some lofty goals for the third quarter of 2024. The company expects its profit after tax to skyrocket to a whopping N9.9 billion, a staggering 148% increase compared to the N3.98 billion net income it recorded in Q3 2023. Talk about ambition!

05/06/2024

https://www.naijadazz.com/nigerian-governors-spend-n970bn-in-just-3-months-of-2024-on-jamboree-4-years-min-wage-for-1m-workers/

In a bombshell report that has ignited nationwide outrage, data from Open Nigerian States, a BudgIT-supported transparency initiative, reveals that 30

03/05/2024

https://www.naijadazz.com/edo-pioneers-%e2%82%a670000-minimum-wage-which-is-a-groundbreaking-move-towards-worker-empowerment/

03/05/2024

https://www.naijadazz.com/court-delivers-turbulent-ruling-forcing-air-peace-to-address-flight-safety-concerns/

In a groundbreaking legal ruling, a Lagos High Court judge has dealt a significant blow to Air Peace airline's attempts to avoid scrutiny over a