BusinessDay 19 Nov 2019

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news you can trust I **TUESDAY 19 NOVEMBER 2019 I vol. 19, no 438

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Nigeria’s inflation rises the most in 17 months to 11.6% OLUWASEGUN OLAKOYENIKAN

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L-R: Aliko Dangote, president, Dangote Industries Limited; Niyi Adebayo, minister of industry, trade and investment/special guest of honour; Kayode Falowo, president, Nigerian-British Chamber of Commerce, and his wife, Dorothy; Martin Sorrell, guest speaker; Agboola Ajayi, deputy governor of Ondo State, and Harriet Thompson, British Deputy High Commissioner, at the 16th presidential inauguration dinner of the NigerianBritish Chamber of Commerce in Lagos.

Rice farmers, millers ramp up production as Nigerians shift to local brands prices decline by 19% as harvest commences local milling capacity now about 5m MT, says RIPAN JOSEPHINE OKOJIE & BUNMI BAILEY

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igeria’s rice farmers and millers who struggled in the past to sell their products are now smiling to the bank as Nigerians are

forced to shift preference to local rice varieties, according to BusinessDay investigation. The rising demand means the farmers and millers are now having to ramp up production to meet the ever-increasing demand for

rice, a key staple in Nigerians’ diet. The price of rice rose suddenly following the closure of the land borders by the Federal Government but it may have peaked, forced down in the last 10 days by an unusually heavy harvest by rice

farmers across the country. It is pushing millers with an estimated capacity of near 5 million tons annually to expand operations. “A whole lot of rice farmers are increasing their production areas because there is a huge market for paddy since the border closure,” Aminu Goronyo, national presi-

Continues on page 38 Continues on page ???

igeria’s inflation rose to a 17-month high in October as sustained food shortage amid growing demand, coupled with its resultant effects, pressured consumer prices higher. The measure of composite changes in the prices of consumer goods and services increased by 11.61 percent in October from a year earlier compared with 11.24 percent in September, the National Bureau of Statistics (NBS) said on Monday. This is the highest October inflation since 2008, and the same inflation rate recorded by Nigeria in May 2018 when the Central Bank of Nigeria (CBN) kept the country’s interest rate at a record 14 percent to tame the macroeconomic variable. “The factors driving inflation

Continues on page 38

Inside Kogi/Bayelsa guber: Large-scale violence re-echoes need for electoral reforms P. 2


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BusinessDay 19 Nov 2019 by BusinessDay - Issuu