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BREAKING: Nigeria’s inflation rate spikes to 34.60 percent in November amid hardship

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Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians.

This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November.

The report showed that the country’s headline or all-items inflation increased by 0.72 percent on a month-on-month basis.

Also, Nigeria’s inflation increased by 6.40 percent compared to 28.20 percent recorded in November 2023.

The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in October.

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The report also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.

The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.

The apex bank, led by Olayemi Cardoso, consistently had a hike in interest rates with rising inflation as justification.

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Business

NB Plc appoints Juliet Anammah as substantive Board Chair

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The Board of Directors of Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced the appointment of Juliet Anammah as the substantive chairman.

Her appointment becomes effective January 1, 2025. She succeeds Sijbe “Siep” Hiemstra, who has been acting as the board chairman in an interim capacity since the start of the year.

According to a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, her appointment was announced after the Board of Directors meeting held on Thursday, December 12, 2024.

Prior to her appointment as the Chair of the Board, she was the Chair of the Governance and Ethics Committee of the company. She joined the Board effective January 1, 2022. She brings three decades of professional experience in Consulting, Consumer Goods, Sales, Marketing, e-commerce, and Sustainability to the board.

Until this appointment, she was the immediate past Chair and Chief Group Sustainability Officer of Jumia Nigeria, having previously held the role of Chief Executive Officer with Jumia. She had also served as the Managing Director, Accenture LLC in charge of the firm’s Consumer Goods Practice, Retail, and Transportation practice in West Africa. She has also served on various boards of local and international organisations, including Flour Mills of Nigeria Plc.
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Following this appointmentwhich takes effect January 1, 2025, the board will now be composed of Mrs. J. Anammah – Chair; H. Essaadi (Dutch) – Managing Director/Chief Executive; Mrs. A.O. Aroyewun; S. Hiemstra (Dutch); MFR; Mrs. S. Ojekwe-Onyejeli; Mrs. I.M. Omoigui Okauru, J.A.A. Overmars (Dutch); R. Pirmez (Belgian); I.A. Puri; B.A. Wessels Boer (Dutch).

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Business

Connect Nigeria Unwraps Exclusive Business Deals This Christmas – The Gift That Keeps On Giving!

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In the spirit of the Christmas season and a commitment to empowering Nigerian business owners, Connect Nigeria, a trusted business information portal, has launched an exciting “Buy One, Get One Free” business deal that keeps giving.

According to a statement from the CEO of Connect Nigeria, this initiative not only allows business owners to purchase subscriptions for themselves but also as gifts for clients, associates, or friends.

This gesture provides recipients with valuable opportunities to network with other entrepreneurs and enhance their chances of business success and prosperity.

His statement emphasizes that Nigerians can take advantage of this offer by visiting the website at connectnigeria.com. Upon subscription of membership, they will receive a second membership free of charge, which can be transferred to another business owner.

This unique Christmas gift has a special touch, as it ensures that there would be no distinction between paid and complimentary memberships.

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The promotion runs through December 31, 2024, offering businesses a Christmas season opportunity to connect and grow within Nigeria’s vibrant business ecosystem.

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Business

Port Harcourt Refinery’s restart crucial to Nigeria’s energy sufficiency – NNPC

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The Nigerian National Petroleum Company Limited, NNPCL, said the restart of the 60,000 barrels per day Port Harcourt refinery marked a turning point in Nigeria’s quest to attain energy security.

The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, stated this on Monday in Abuja at the company’s energy relations stakeholders engagement.

Soneye pointed out that under the leadership of the Group CEO, Mele Kyari, the company has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.

“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

“NNPC has also championed the adoption of Compressed Natural Gas, CNG, as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs,” he said.

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According to him, the strategic decision to secure a $1 billion loan backed by NNPCL’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.

He further stated that the initiative underscores NNPCL’s dedication to fostering public-private partnerships that drive national development.

“In a historic achievement, NNPCL, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.

“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis,” he added.

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