Business

Cost of food items highest in Kwara, Nasaeawa, Yobe in 2017—NBS

Published

8 years ago

January 16, 2018

The National Bureau has said that the cost of food items was highest in Kwara, followed by Nasarawa and Yobe in 2018. It follows that residents in these states paid more for food in 2017. NBS in its lates report on inflation said “in December 2017, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Yobe (22.60%), while Kogi, Bauchi and Benue recorded the slowest rise in food inflation. On a month on month basis however, December 2017 food inflation was highest in Edo (1.90%), Niger(1.76%) and Akwa Ibom (1.76%), while Kogi, Kwara, Ebonyi, Jigawa, Abia, Nasarawa, Sokoto, Gombe, Borno, Benue, Oyo, Kaduna, and Abuja all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in December 2017.

“In December 2017, all items inflation on a year on year basis was highest in Bauchi (21.92%), Nasarawa (18.16%) and Kebbi (18.67%), while Kogi (10.03%), Delta States (12.61%) and Benue (13.35%) recorded the slowest rise in headline Year on Year inflation. On a month on month basis however, November 2017 all items inflation was highest in Edo (1.48%), Yobe (1.34%) and Kebbi (1.27%), while Kogi(-0.96%), Bauchi(-0.67%), Nasarawa (-0.40%), Kwara(-0.37%), Ebonyi(-0.30%) and Sokoto (-0.05%) recorded price deflation.”

According to the report annual inflation in Nigeria stood at 15.37 per cent in December, compared with 15.90 per cent in November, the National Bureau of Statistics said. A separate food price index showed inflation at 19.42 per cent in December, compared with 20.30 per cent in November, said Yemi Kale, the statistics office’s chief, said on his personal Twitter account. “The Consumer Price Index (CPI) which measures inflation ended the year 2017 with an increased by 15.37 percent (year-on-year) in December 2017. This was 0.53 percent points lower than the rate recorded in November (15.90) percent making it the eleventh consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017 Increases were recorded in all COICOP divisions that yield the Headline Index.

“On a month-on-month basis, the Headline index increased by 0.59 percent in December 2017, 0.19 percent points higher from the rate of 0.78 percent recorded in November. The percentage change in the average composite CPI for the twelve month period ending in December 2017 over the average of the CPI for the previous twelve month period was 16.50 percent, showing 0.26 percent point lower from 16.76 per cent recorded in November 2017. The Urban inflation rate rose by 15.78 per cent (year-on-year) in December from 16.27 per cent recorded in November, while the Rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November. On month-on-month basis, the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with 0.72 percent in November.

“The corresponding twelve month year-on-year average percentage change for the urban index is 16.92 per cent in December. This is less than 17.26 per cent reported in November 2017, while the corresponding rural inflation rate in December is 16.10 per cent compared to 16.29 per cent recorded in November 2017. High year on year food prices and food price pressure continued into December though consistently at a slower pace month on month and at a slower pace year on year.

The Food Index increased by 19.42 percent (year-on-year) in December, down from the rate recorded in November (20.30 percent).
“On a month-on-month basis, the Food sub-index increased by 0.58 percent in December, down by 0.30 percent from 0.88 percent recorded in November. The average annual rate of change of the Food sub-index for the twelve-month period ending in December 2017 over the previous twelve month average was 19.55 percent, 0.16 percent points from the average annual rate of change recorded in November (19.39) percent.
The rise in the index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, coffee tea and cocoa, milk cheese and eggs, fish and oils and fats.

The “All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural, stood duringthe month of December at 12.10 percent points, down from 12.20 percent recorded in November as all key divisions which contributes to the index increased. On a month-on-month basis, the Core sub-index increased by 0.51 percent in December, higher from 0.78 percent recorded in November. The average 12 month annual rate of change of the index was 13.46 percent for the twelve-month period ending in December 2017; this is 0.47 percent points lower than 13.93 percent recorded in November. The highest increases were recorded in prices of Fuel and lubricants for personal transport equipment, solid fuels, passenger transport by air, clothing materials and other articles of clothing, Vehicle spare parts, non durable goods, furniture and furnishing, carpet and other floor coverings, shoes and other footwear, bicycles and motor cycles, hospital services and glassware, table and household utensils and appliances

Business

FG earned N2.78trn from Company Income Tax in second quarter 2025—NBS

Published

1 week ago

November 28, 2025

Business News Report

National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.

The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.

The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.

According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.

This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.

Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.

On the flip side, some sectors experienced sharp declines in company income tax remittances.

Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.

The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.

In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.

Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.

Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.

At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.

Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.

Business

Lagos govt promises MSMEs continued visibility, market access

Published

3 weeks ago

November 16, 2025

Business News Report

Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”

Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.

“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.

The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.

This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN

Business

Jumia posts $17.7m pre-tax loss in Q3, down 1% in 12 Months

Published

3 weeks ago

November 12, 2025

Business News Report

Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.

Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.

Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.

Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.

In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.

“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”