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...
By Favour Ajibade
The current spate of inflation is weakening purchasing power of citizens, eroding incomes and culminated in increase in poverty level, the Chief Executive Officer, Centre For Promotion Of Private Enterprise,Dr.Muda Yussuf,has said.
Nigeria's inflationary rates stood at 20.77 per cent in September before it jumped to 21.09 in October 2022
Inflation is also contributing to the escalation of production costs which negatively impacts profitability,he said in his comment on October inflation in the country.
According to him,the development also accounts for erosion of shareholder value in many businesses and weakening of investors’ confidence in the country.
Headline inflation accelerated to 21.09% in as against 20.77 in September.
On a month-on-month assessment, there was a decline of 0.11% in the headline inflation. It declined from 1.36% in September to 1.24% in October. Food inflation maintained its upward trajectory, accelerating to 23.72 with a month on month decline of 0.21%. Core inflation similarly spiraled to 17.76% in October.
Yussuf said it was evident Nigeria is yet to see an abatement to the key factors fueling inflation which are global and domestic in nature.
He said:”They are a combination of structural and policy issues.These factors include the depreciating exchange rate, rising transportation costs, logistics challenges, forex market illiquidity, hike in diesel cost, climate change, insecurity in many farming communities and structural bottlenecks to production.
“These are largely supply side and policy concerns. Monetary policy tightening in most economies around the world, especially the leading economies, is also driving imported inflation and the depreciation in the exchange rate.The accelerated growth in fiscal deficit financing by the CBN is heightening liquidity in the economy with consequences for soaring inflation”
He reasoned that tackling inflation requires urgent government intervention to address the challenges bedeviling the supply side of the economy, addressing production and productivity constraints, fixing the dysfunctional forex policy, and institution of fiscal reforms to curb escalating deficit spending.
He added: To give producers and citizens some relief, the government could tweak the tariff policies by granting concessionary import duty on intermediate products for industrialists, especially those in the food processing segments of the agriculture value chain”
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