Oyo’s inflation figures lowest in February-NBS

…why Oyo recorded best inflation rates- Makinde’s Economic Adviser

Statistics released by the National Bureau of Statistics (NBS) for February 2021 have shown that Oyo State’s month-on-month as well as year-on-year inflation figures were the slowest in the country within the time under review.

Data made available by the NBS in February indicated that the inflation rate rose to 17.33 per cent (year-on-year); 1.54 percent rise month-on-month above the January 2021, while urban rate increased by 17.92 percent (year-on-year) in February 2021 from 17.03 percent recorded in January.

However, the NBS report indicated that price increase remained the slowest in Oyo at all levels, with the Economic Adviser to Governor ‘Seyi Makinde, Professor Musbau ‘Tunji Babatunde, stating that the effective management of the state’s economy by the governor were responsible for the development.

A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted Prof. Babatunde as saying that Oyo State was able to record the slowest growth in headline inflation and food inflation month-on-month and year-on-year because of the sound economic policies of the Governor Makinde administration.

He pointed out that the regular payment of salaries, which according to him, increased effective demand in the food system, support to farmers with inputs at the height of the pandemic and the expansionary fiscal policy from the various capital projects embarked on by the state were among factors responsible for the slow inflation increase.

According to Babatunde, a professor of Economics at the University of Ibadan, the NBS Data had indicated that “the consumer price index, at the national level, (CPI) which measures inflation, increased by 17.33% (year-on-year) in February 2021. This is 0.86% higher than the rate recorded in January 2021 (16.47) %.

“On a month-on-month basis, the Headline index increased by 1.54% in February 2021, this is 0.05% rate higher than the rate recorded in January 2021 (1.49%).

“The urban inflation rate increased by 17.92% (year-on-year) in February 2021 from 17.03 % recorded in January 2021, while the rural inflation rate increased by 16.77 % in February 2021 from 15.92% in January 2021.

“The upward increase in inflation can be attributed to the lingering effect of the COVID-19 pandemic, fluctuations in the price of crude oil, weakened Naira that has increased the price of imported input, insecurity in the food producing parts of Northern Nigeria, the food blockade during the Shasa riot, among others.

He added:

“The components of inflation that witnessed surges in the review period are food, health care, imported food and transportation.

“However, food price is the main component of the inflation basket. It rose to 21.79% in February, a jump of 1.22 % point from the January figure.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Food products, Fruits, Vegetable, Fish and Oils and fats.”

Further analysis of the performances of the state had shown that on month on month basis in February 2021 all items inflation was highest in Kogi (3.25%), Ondo (2.46%) and Kebbi (2.43%), while Kwara (0.84%), Kano (0.70%), while that of Oyo stood at (0.38%), the slowest rise in headline month on month.

On month on month basis, however, February 2021 food inflation was highest in Kogi (3.34%), Ondo (3.33%) and Ebonyi (3.26%), while Benue and Niger (0.90%), Kano (0.70%), oyo again recorded (0.09%), the slowest rise in month on month food inflation.

Babatunde, who explained that the implication of the slowest rise in headline and food inflation in Oyo State meant that the state has the lowest cost of living in Nigeria, said that the cost of health care services in Oyo State has not risen due to the strategic investment that the state has made in the management of COVID-19 pandemic.

He said: “The conversion of isolation centres to Level 3 primary health care centres has improved access to health care services. “The effects of the strategic investment in the health sector by the State has manifested in the stable service cost.

“Transportation cost has also been stable in the State despite the fluctuation in domestic price of petroleum products. The positive effect of the Park Manager System with respect to managing the commercial transport sector is showing positive with respect to the regulation of transportation costs across the routes.

“So, one can say that there is good value for money can be obtained in Oyo State.”

He further said that the positive inflation figures recorded in Oyo State in headline and food inflation month on month across the 36 States can be attributed to the regular payment of salary, which has increased effective demand in the state.

He said that the regular payment of salary in the State has improved demand.

“Similarly, the effective support to farmers with inputs at the height of the COVID-19 pandemic has paid off. The strategy of supporting farmers with inputs impacted positively on their output level which has been translated to the moderation in price increase of agric. output.

“Also, the effective distribution of the COVID-19 palliatives to different categories of people in the state moderated the demand for those goods that were distributed in December 2020.

“More so, the expansionary fiscal policy from the various capital projects embarked on by the State also had impacts. The contractors have employed a sizable number of artisans across the geopolitical zones in the State. This has created both direct and indirect jobs.”

Babatunde added that the effective management of the government deficit structure and the use of alternative infrastructural financing framework have also allowed the government to simultaneously embark on welfare enhancing projects, a factor which, according to him, also contributed to the slow inflation growth.

He further stated that the ongoing construction of the Moniya-Iseyin road has also enhanced the movement of agricultural goods to the main city and has reduced farm-gate losses, which he said, has also improved the supply of agricultural goods.

“The merit driven staff recruitment across the educational, health and environmental sectors of the State have boosted household confidence about the activities of Government given the economic opportunities available to the newly employed candidates.

“Low interest fund support to SMEs to cushion the impact of COVID-19 pandemic that is being coordinated by OYSIPA has enhanced the business framework in the State. It has enhanced the business performance of the beneficiaries with feedback to the Oyo State economy.

“In conclusion, effective economic management has been very supportive of the low headline and food inflation being witnessed in the state,” the Prof. added.


Taiwo Adisa

Chief Press Secretary to Governor Seyi Makinde


Leave a Comment

Your email address will not be published.

You may also like

Business Opinion Technology Technology Trends Telecoms

South Africans can now access faster and affordable internet as Liquid Dataport lands Equiano in Cape Town


Liquid Dataport, a business of Cassava Technologies,  is bringing much-needed access to affordable internet in South Africa. Liquid Dataport has acquired a pair of fibre cables on Equiano, the new West coast submarine cable, capable of delivering up to 12 Terabytes of new internet capacity, providing the South African economy with the boost it needs to ensure the successful digital transformation of businesses and individuals. See



The additional capacity augments Liquid Dataport’s existing pan-African fibre network, global satellite connectivity and subsea cable backbone that ensures businesses on the continent have access to affordable and reliable high-speed connectivity – a vital element as they leverage the digital economy. The Equiano sea cable is the highest capacity cable landing in South Africa. Liquid Dataport foresee a much-needed drop in internet connectivity prices and improved quality in South Africa and numerous sub-Saharan countries. As Liquid’s existing and potential…

Read More
Business Investments Opinion Technology Technology Trends Telecoms

How cloud technology can boost economic development in Africa


Cloud technology could be a major enabler of economic development on the African continent – but some stubborn barriers need to be cleared first, says Andrew Cruise, Managing Director of vendor neutral cloud infrastructure provider, Routed.

The African continent represents 60 percent of the world’s arable lands and 30 percent of the earth’s mineral reserves – making it a rich continent in many ways. Yet it contributes only 2 percent of the world’s research output and lags behind in several key technological sectors. For the continent to achieve its potential and escape the unsustainable colonial development model of resource extraction, investment in digital competencies is crucial. In certain areas, the continent is faring reasonably well in this regard. Mobile penetration, for example, is skyrocketing – 615 million users in sub-Saharan Africa are

Read More
Business Government News Security Society Technology Technology Trends




The Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami FNCS FBCS FIIM has said that it has become imperative to implement legislations that will ensure the protection and confidentiality of citizens data as part of the government’s responsibility to protect the lives and property of Nigerians.

Prof. Pantami made his assertion when he flagged off the “National Validation on Data Protection Bill” workshop organised by the Nigeria Data Protection Bureau (NDPB) in collaboration with the Nigeria Digital Identification for Development (ID4D) at the Nigeria Air Force (NAF) Conference Centre, Abuja.

In his keynote address, Pantami said that as part of efforts to sustain the country’s digital economy growth, it was crucial to have legislation that would ensure data protection considering the amount of data being generated in the country daily.

He said, “We know the data generated today is mind-boggling and we must therefore have regulations in place…

Read More
Announcements Business Gadgets Leisure News Society Technology Technology Trends

Garmin Enduro 2 ultraperformance smartwatch adds mapping, touchscreen and its longest-ever battery life


Garmin International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), today announced the Enduro 2 ultraperformance multisport GPS smartwatch. Purpose built for endurance athletes, the rugged yet lightweight Enduro 2 includes built-in TopoActive maps with multicontinent coverage, a superbright LED flashlight and Garmin’s exclusive SatIQ™ technology to help optimize battery performance. What’s more, enhanced solar harvesting provides up to 46 days in smartwatch mode and up to 150 hours in GPS mode1 to outlast the longest ultra race or greatest adventure.

Crafted with premium materials for ultimate durability and comfort, Enduro 2 includes a lightweight and sophisticated titanium bezel and rear case, 1.4” Power Sapphire™ lens, Ultrafit nylon band for a secure and comfortable fit, and a new touchscreen interface that complements Garmin’s traditional button controls. During the day, Enduro 2 harnesses the sun’s energy to provide battery life of up to 150 hours in GPS mode and up to…

Read More
Business Energy Government Investments News Security Society Telecoms Tourism

Africas Economic Growth Decelerates Sharply


Africa’s economic activity is expected to expand by a moderate 2.7% in 2022 and 2.4% in 2023, following a rebound of 5.1% in 2021, according to the UN Conference on Trade and Development (UNCTAD) its Trade and Development Report 2022 .

As a result, an additional 58 million Africans will fall into extreme poverty in 2022, adding to the 55 million already pushed into extreme poverty by the COVID-19 pandemic, the report says.

“The economic slowdown causes further setbacks in the realization of the 2030 Agenda for Sustainable Development,” said UNCTAD Secretary-General Rebeca Grynspan.

According to the report, almost 60% of Africa’s low-income countries are already in debt distress or at high risk of it, as debt levels, both private and public, stand at record levels.

Besides, more than 60% of African countries need external assistance for food, with hunger further spreading across the continent.

Several new challenges

UNCTAD says the sharp economic slowdown…

Read More
Business Events Health Trends

mPharma Launches Hypertension Test and Treat Program to Control Hypertension in Africa


To celebrate world heart day, mPharma ( launched the Hypertension Test and Treat program (HTT) to support the prevention and control of hypertension in Africa. Heart disease is one of the greatest causes of premature death in Africa.The World Health Organization estimates that the prevalence of hypertension is highest in the African region, with about 46% of adults aged 25 years and older being hypertensive compared to 35% in the Americas and other HIC, and 40% elsewhere in the world. Hypertension is of public health importance in sub-Saharan Africa, particularly in urban areas, with evidence of considerable under-diagnosis, treatment, and control. There is an urgent need to develop strategies to prevent, detect, treat, and control hypertension according to a research by Julliet Addo et al.


The HTT program will be delivered through the company’s network of mutti pharmacies in Nigeria, Ghana, Kenya, Zambia with plans to…

Read More
Announcements Business Opinion

Keep customer promises to ensure success,Ukheshe appoints Lee Ziervogel as COO




In today’s fast-paced, wealth-driven world where customer service often ends at the point of sale, true business success requires solid, customer-centric ethics.


This is the belief of Lee Ziervogel, the newly appointed Chief Operating Officer at fintech enablement company Ukheshe. “This is especially important for a fintech company like Ukheshe. It’s essential to manage our clients’ journeys with our highly technical products, because if they’re successful, so are we.


“I love being surrounded by an ethically sound team that operates from these solid business principles. One of Ukheshe’s core focus areas is enabling financial inclusion, and enriching lives.”


Ziervogel’s people-centric approach ensured her success as President of Customer Delivery and Success at Ukheshe before stepping into the role of COO. She explains: “I was leading the part of the organisation that is responsible for ensuring we meet our promises to our clients. This needs to happen from several perspectives – regulatory and…

Read More
Business Events News Technology Technology Trends Telecoms

NCC, NLRC inaugurate committee to strengthen consumer protection

The Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) on Thursday in Abuja set up a committee to work towards the protection of the interest of telecom consumers against malpractices that may attend mobile lotteries in the country.
The Committee, which was inaugurated at the NCC Head Office in Abuja, was tasked with the responsibility of articulating measures to address mutual regulatory issues, including the review of revenue-sharing formula between Mobile Network Operators (MNOs) and lottery operators.
The NCC’s Executive Commissioner, Stakeholder Management (ECSM), Barrister Adeleke Adewolu, who presided at the meeting comprising senior staff of the two agencies, recalled fondly previous engagements between the agencies and stated that the committee was important in order to review and…

Read More