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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Nigerians face tougher times as inflation hits 19.64 %; the highest in 17 years




By Akinola Ajibade



Many Nigerians may experience a more riskier and harder economic times in the days ahead, if the recent report of the Nigerian Bureau of Statistics ( NBS) is anything to go by. 

NBS released the report yesterday, Monday. 

Already, the nation's economy is going through one of its worst moment as prices of consumables and non-consumables are increasing daily, leaving Nigerians with an option of skipping their meals. 

However, the headline inflation rates released for the month of July 2022 by the Bureau may have  compounded the issue as it stands at 19.64 per cent, the highest since 2005.

Based on this, Nigerians  may  find it difficult to afford to afford basic needs of life, especially foods, clothings and transportation.

In a statement signed by the Statistician-General of the Federation/ Chief Executive Officer , Mr Semiu Adeniran  and made available to the media, the Bureau explained that the CPI measures the average change in the prices of goods and services consumed daily over time.

“It is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy. 

“In July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent. This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent.

“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.

“This means that in July 2022, the general price level was 2.26 per cent higher than in July 2021,’’ the statement read.

He noted that the increase in inflation was caused by an increase in food index owing to the disruption in the supply of essential food merchandises as well as increase in the cost of transportation arising from higher cost of energy.

Adeniran added that the rising inflation is also attributable to increase in import costs as a result of currency depreciation, as well as a general increase in the cost of production.

“On a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 at 1.816 per cent.

“The percentage change in the average CPI for the twelve months ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 per cent. This is showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.’’

“The composite food index on a year-on-year basis was 22.02 per cent in July 2022, showing a rise compared to 21.03 per cent in July 2021.”

According to the NBS data,  the rise in the food index was caused by increase in prices of bread and cereals, food products, potatoes, meat, fish, oil and fat, yam and other tubers,.


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