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Nigeria’s Inflation rate falls for the first time in 15 month

Spectr News Theme GHANA |TVAFRICAONLINE.COM |ROMEO APPIAH PEMPEM
14 March, 2017

Nigeria’s inflation rate fell for the first time in about 15 months as consumers price index went down signalling a recovery of the country’s economy.
 
Nigeria’s Inflation rate falls for the first time in 15 months

Nigeria

In a report released on Tuesday by the national Bureau of Statistics NBS, the inflation rates dropped from 18.17 percent in January to 17.78 percent in February 2017.

According to NBS this represents the first time in 15 months that the headline CPI has declined on year on year basis.

Representing the effects of slower rises in already high food and non food prices and favourable base effects over 2016 prices.

In the report, the bureau said the country however, recorded price increases in “housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and foottware and transportation services.

However, despite the signs of recovery, food prices remain on the rise, with a surge in food index, from 17.82 percent in January to 18.53 percent in February 2017.

Meanwhile, the Central Bank of Nigeria (CBN) has disclosed plans of positioning the country’s insurance industry among the 15 largest in the world come year 2020.

The apex bank says a lot of transformations was going on in the sector, as enshrined in its Financial System Stability 2020 (FSS 2020) aimed at revamping the sector.

The Bank added that it was working with the national Insurance Commission to achieve this feat.

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Television Africa Limited, the only fully Ghanaian owned private free-on-air television station on the air in the country was founded in 1995 by Kwaw Paintsil Ansah, a renowned filmmaker and advertising business executive. The company has its long-term objective ‘to play an effective role in the development of communications as a major instrument for nation building and a vital element in the socio-economic development process.’ One of its core objectives is to transmit high quality programmes on education, development, culture, and current affairs to viewers in Ghana, and later the international market.
The station started test transmission in 2002, and was officially launched by the President of the Republic on 17th of May 2003