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NBS Report: Nigeria’s Inflation Rate Dropped Further to 17.01% in August

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Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.

This was disclosed in the Consumer Price Index report just released by the National Bureau of Statistics.

According to the report, composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa,” the report read in part.

At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021,” the report further stated.

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Business

Fitch Upgrades Fidelity Bank’s Issuer Default Rating from ‘B-’ to ‘B’

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Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’.

According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the improved rating reflected the bank’s increased creditworthiness relative to other issuers in Nigeria, emphasizing that, “Fidelity’s Long- and Short-Term IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b’ ’’.

The agency further stated that the VR reflects healthy asset quality, good business profile and reasonable capitalisation and liquidity. These are balanced against high sensitivity to Nigeria’s challenging operating environment as well as higher credit concentration as a percentage of equity and weaker profitability than larger domestic-rated peers.

Commenting on the upgraded rating, Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc, stated, “Receiving this upgrade at a time when the global economy is faced with a myriad of challenges, speaks to the strength of our business model, the efficacy of our risk management culture and the commitment of our staff towards creating sustainable value for all stakeholders.  As a bank, we will continue to execute our growth strategy in a prudent manner that allows us to take advantage of emerging opportunities in our various markets”.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Unity Bank Corpreneurship Challenge: Delta, Rivers Corps Members to Benefit from N10m Business Grant

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Unity Bank’s flagship Entrepreneurial Development Initiative, Corpreneurship Challenge, is set to return for the 8th edition across 10 locations in Nigeria, including a debut in Delta and Rivers States.  

The Retail lender kick-started the Corpreneurship Challenge scheme in 2019, with a launch in Lagos and in three other states, which included Edo, Ogun, and Abuja, but with the increasing traction of the initiative among corps entrepreneurs, the Bank has now expanded the programme to 10 states across the federation.

The first expanded edition covered Lagos, Ogun, Abuja, Edo, Katsina, Enugu, Bayelsa, Akwa Ibom, Sokoto, Kano and Kaduna. This edition will hold for the first time in Rivers and Delta as well as making a return to Sokoto, Edo, Abuja, Akwa-Ibom, Osun, Kano, Bayelsa and Enugu.

The Corpreneurship Challenge, which has earned the Bank a national recognition for its impact on youth empowerment and job creation, has continued to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition.

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED), the initiative prominently features a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500, 000 cash in the business grant.

Previous editions saw participants pitching business plans from several sectors including software solutions, fashion, fish production, poultry farming, bee farming, retail chains, and piggery to beverages which were assessed based on originality, marketability, and future employability potential of the product and knowledge of the business.

So far, Unity Bank has invested over N100 million in the initiative which has now produced 58 winners since it was launched.

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IPMAN Warns Members Against Selling PMS Above N165/Litre

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The Independent Petroleum Marketers Association of Nigeria on Wednesday warned members of the association not to dispense Premium Motor Spirit, popularly called petrol, above the approved N165/litre pump price.

IPMAN in conjunction with the Association of Distributors and Transporters of Petroleum Products gave the warning in Abuja following reports that many retail outlets had adjusted the price in their various pumps upwards above the government-regulated rate.

The factional National President, IPMAN, Chinedu Okoronkwo, admitted that members of the association had called for a hike in petrol price, but noted that the Nigerian National Petroleum Company Limited had released enough petrol.

He said, “Our members in Lagos were getting the fuel at N170 – N173/litre, that’s why they wanted price increased. It is only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165/litre.

“That is why we are thanking the NNPC for bringing the product to N143/litre. So, our members must sell the product at N165 which is the government-approved price.”

Okoronkwo further revealed that IPMAN and its partner had engaged the services of Benham Group to recover money owed them for the supply of petroleum products.

“Our business requires technology, that is why we brought a seasoned financial expert and we’ve been able to recover a lot of funds in other countries and Nigeria,” he said.

The IPMAN official added, “The incessant mishaps and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us. Leaving the risk for the owner of the truck to bear will affect our businesses.”

On his part, the National President, Association of Distributors and Transporters of Petroleum Products in Nigeria, Mohammed Danzaki, said the NNPC had done a lot to import the product, “but the main issue is the transportation.”

He added, “We have not been getting our payments. That is why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations.”

The Chairman, Benham Group, Maurice Ibe, said the collaboration was to ensure stabilisation of fuel supply at the filling stations.

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