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Published in Data Card
For Today’s Numbers to Ponder, N4.6 trillion was spent on food consumed outside the home in 2019, representing 20.19% of total food expenditure. DATAPHYTE takes a look at what the NBS figures mean for FMCG businesses. Setting records straight, the Bill and Melinda Gates Foundation has denied media reports that it offered a $10 million bribe to the Nigerian House of Representatives to pass the controversial Control of Infectious Diseases Bill. Nigeria’s EFCC has received court permission to use data to probe a controversial company P&ID that received a $9.8 billion arbitration award against the government. Nigeria has added 2 weeks to the ongoing movement restrictions across Nigeria. The effort is to tame the spread of COVID-19.
May 19th, 2020
The Nigeria fast-moving consumer goods (FMCG) of the manufacturing sector is the bride of household expenditure in the last 10 years. Despite earning little, Nigerians spent N22.8 trillion on food expenditure, 56.7% of the total household consumption in 2019. According to the 2019 NBS household consumption data, food consumed outside the home where largely the FMCG sector played constituted 20.19% in the overall food expenditure, gulping N4.6 trillion from citizens. Despite this alarming figure, the FMCG sector posed as one of the main drivers of the manufacturing sector. The overall sector contributed more than $30 billion – 9.06% to the Gross Domestic Product (GDP), and it is regarded as one of the largest employers of labour in the country. [DATAPHYTE]
American billionaire philanthropist and co-founder of Microsoft, Bill Gates, has denied media reports that he offered a $10 million bribe to the Nigerian House of Representatives to pass the Control of Infectious Diseases Bill being considered by the House. The Bill and Melinda Gates Foundation registered the denial in a memorandum submitted to an ad-hoc committee of the House investigating the allegations on Monday.
Brent crude, the international benchmark, rose 3.2 percent to $33.54 a barrel in Asian trading Monday, as traders responded to signs demand was recovering with parts of Europe and North America beginning to ease some virus-related restrictions.US oil climbed above $30 and Asia stocks made modest gains as investors took heart from easing coronavirus lockdowns, even as the head of the US Federal Reserve warned a full economic recovery could take until 2021. West Texas Intermediate, the US crude benchmark, rose 4.3 per cent to $30.68 a barrel on Monday in Asia, climbing above $30 for the first time in two months. A month ago, prices collapsed into negative territory for the first time as a lack of storage capacity forced producers to pay buyers to take the product off their hands.
President Muhammadu Buhari approved two weeks extension of the ongoing movement restrictions across Nigeria because the country is “not yet ready for full opening of the economy,” an official said. The Secretary to the Government of the Federation (SGF), Boss Mustapha, made this known, on Monday, at the daily briefing of the Presidential Task Force on COVID-19. The extension of the ongoing restriction will be effective from 12 midnight today (May 18) to June 1.
A U.S. court has granted Nigeria permission to request documents from VR Capital Group Ltd., the part-owner of P&ID, a controversial company that received a $9.8 billion arbitration award the government is trying to overturn. According to a report by Bloomberg, U.S. District Judge Paul Engelmayer ordered in New York on May 14 that Nigeria can subpoena information from London-based hedge fund VR Capital, four subsidiaries and three of its directors. Nigeria’s anti-graft agency plans to use the data in its probe of British Virgin Islands-registered Process & Industrial Developments Ltd. and allegedly corrupt government officials.
Abuja Municipal Area Council (AMAC) has asked business owners within the local government to pay N120,000 for disinfection of their facilities. In a letter to operators of businesses, Yahaya Ahmed Kana, director of administration, AMAC, said it is compulsory for all public and private offices within the area to be disinfected before they reopen. According to him, the directive was in line with the guidelines for the gradual easing of the lockdown in the federal capital territory.
The Non-Academic Staff Union of Educational and Associated Institutions (NASU) says it will begin a 14-day warning strike in Federal Universities, Polytechnics and Colleges of Education over the shortfall in payment of its members’ salaries. Mr Peters Adeyemi, General Secretary of NASU, made this known in a statement on Monday in Abuja. Adeyemi said that the non-teaching staff union was protesting the short-payment of its members’ salaries since February 2020 through the Integrated Payroll and Personnel Information System (IPPIS).
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For Today’s Numbers to Ponder, N4.6 trillion was spent on food consumed outside the home in 2019, representing 20.19% of total food expenditure. DATAPHYTE takes a look at what the NBS figures mean for FMCG businesses. Setting records straight, the Bill and Melinda Gates Foundation has denied media reports that it offered a $10 million bribe to the Nigerian House of Representatives to pass the controversial Control of Infectious Diseases Bill. Nigeria’s EFCC has received court permission to use data to probe a controversial company P&ID that received a $9.8 billion arbitration award against the government. Nigeria has added 2 weeks to the ongoing movement restrictions across Nigeria. The effort is to tame the spread of COVID-19.
