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...
Nigeria's economy has reached a feverish level,as headline inflation hits 20.52 per cent in August, this year, the National Bureau of Statistics (NBS) revealed in its monthly reports recently.
Headline inflation is the raw figure reported through the Consumer Price Index( CPI) , that is released monthly by NBS. The CPI calculates the cost to purchase a fixed basket of goods to determine how much inflation is occurring in a broad economy.
The country has for some time, been experiencing a two-digit inflation figures, owing to the fact prices of commodities have reached astronomical level, without commensurate increase in production of goods and services.
This development, according to the National Bureau of Statistic (NBS) was fuelled by the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production.
The headline inflation had a Year on Year (YoY) increase to 20.52% in August 2022 compared to the 19.64% YoY figure recorded in July 2022.
On the other hand, food and core inflation which excludes the prices of volatile agricultural produce YoY figure increased to 23.12% and 17.20% in August 2022 showing a 1.1% and 0.94% point rise when compared to 22.02% and 16.26% recorded in the previous month.
Month on Month (MoM), the rate of the inflation in Nigeria increased by 1.77% compared to the 1.82% recorded in the previous month due to decline in current month food index and relative stability in transportation cost.
On a month-on-month basis, the food inflation rate in July stood at 1.98%, this is 0.07% lower than 2.04% recorded in the previous month.
The rise in food inflation was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam and other tubers, meat, fish, oil.
The core inflation rate was 1.59% in August 2022 MoM. This was down by 0.17% when compared to 1.75% recorded in July 2022.
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