The National Bureau of Statistics (NBS) has revealed alarming food price increases in October 2024, with brown beans experiencing the most dramatic surge of 254.23% compared to the previous year.

According to the NBS Selected Food Prices Watch report, key food items saw significant price hikes:

- Brown beans: Increased from N790.01 to N2,798.50 per kg

- Eggs: Rose from N1,112.22 to N2,671.60 for 12 medium-sized agricultural eggs

- Sliced bread: Jumped from N760.82 to N1,550.24

- Local rice: Climbed from N819.42 to N1,944.64 per kg

- Boneless beef: Escalated from N2,948.03 to N5,858.58 per kg

Regional variations were notable, with Bauchi recording the highest brown beans price at N3,750.00 per kg, while Yobe had the lowest at N1,749.52. Niger state saw the highest egg prices at N3,450.00 for 12 pieces, and Rivers state had the most expensive sliced bread at N1,867.14.

In July, the federal government attempted to address rising food prices by implementing a 150-day duty-free import window for food commodities like maize, cowpeas, wheat, and brown rice.

Experts continue to recommend more sustainable solutions, including addressing insecurity, managing foreign exchange rates, and reducing transportation costs to stabilize food prices and ensure food security.​​​​​​​​​​​​​​​​

The Nigerian National Petroleum Company (NNPC) Limited has reported that the rehabilitated old Port Harcourt refinery is now operating at 70% of its installed capacity, with plans to increase production to 90% in the near future.

The refinery, which has a capacity of 60,000 barrels per stream day, has resumed operations after years of challenges and underwent significant repair work. NNPC began truck loading of petroleum products on Tuesday, 26 November, and is currently producing a range of daily outputs including:

- 1.4 million litres of blended petrol

- 900,000 litres of kerosene

- 1.5 million litres of diesel

- 2.1 million litres of low-pour fuel oil

- Additional volumes of liquefied petroleum gas

NNPC emphasized that the refinery uses a standard global blending practice, incorporating crack C5 from Indorama Petrochemicals to ensure the gasoline meets required specifications. The company also hinted at substantial progress on the new Port Harcourt refinery, which is expected to begin operations soon.

The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 27.25% to 27.50%, marking a key decision by the bank’s Monetary Policy Committee (MPC). The MPR serves as the benchmark interest rate for the country.

CBN Governor, Olayemi Cardoso, announced that the MPC maintained the asymmetric corridor around the MPR at +500 and -100 basis points. Additionally, the committee retained the cash reserve ratio (CRR) at 50% and the liquidity ratio at 30%.

Cardoso explained that the hike in the MPR is aimed at addressing rising prices and stabilizing inflation. He highlighted the committee’s focus on managing price pressures, which continue to affect the income and welfare of Nigerians.

“The committee noted that inflationary pressures remain persistent, with a month-on-month increase across key indicators,” Cardoso said. “This underscores the need for policy measures to stabilize prices, anchor inflation expectations, and maintain exchange rate stability.”

While food prices remain a significant driver of inflation, the MPC acknowledged the federal government’s efforts to improve security in the northeast, which is expected to boost agricultural productivity. However, rising energy costs, particularly the recent increase in the price of premium motor spirit (PMS), have continued to elevate production and distribution costs across various sectors.

Despite these challenges, Cardoso expressed optimism that the full deregulation of the downstream petroleum sector will eventually stabilize fuel prices and reduce scarcity, positively impacting the broader economy in the medium term.

The MPC also emphasized the importance of collaboration between monetary and fiscal authorities to achieve sustainable growth and price stability.

In addition, Cardoso highlighted improvements in Nigeria’s external sector, including a rise in the current account surplus, increased remittances, and higher capital inflows, all of which have bolstered the country’s external reserves.

“The committee is pleased with the progress being made as key policy measures by both monetary and fiscal authorities begin to deliver positive results,” he added.

Israel-Hezbollah ceasefire, brokered by US and France, aims for permanent peace

A ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday after U.S. President Joe Biden said both sides accepted an agreement brokered by the United States and France.

The accord clears the way for an end to a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza war last year.

Biden spoke at the White House on Tuesday shortly after Israel's security cabinet approved the agreement in a 10-1 vote. He said he had spoken to Israeli Prime Minister Benjamin Netanyahu and Lebanon's caretaker Prime Minister Najib Mikati, and that fighting would end at 4 a.m. local time (0200 GMT).

"This is designed to be a permanent cessation of hostilities," Biden said. "What is left of Hezbollah and other terrorist organizations will not be allowed to threaten the security of Israel again.”

Israel will gradually withdraw its forces over 60 days as Lebanon's army takes control of territory near its border with Israel to ensure that Hezbollah does not rebuild its infrastructure there, Biden said.

"Civilians on both sides will soon be able to safely return to their communities," he said.

Hezbollah has not formally commented on the ceasefire but senior official Hassan Fadlallah told Lebanon's Al Jadeed TV that while it supported the extension of the Lebanese state’s authority, the group would emerge from the war stronger.

"Thousands will join the resistance ... Disarming the resistance was an Israeli proposal that fell through," said Fadlallah, who is also a member of Lebanon's parliament.

Iran, which backs Hezbollah, the Palestinian group Hamas as well as the Houthi rebels that have attacked Israel from Yemen, has not publicly commented on the ceasefire.

French President Emmanuel Macron said on social-media platform X the deal was “the culmination of efforts undertaken for many months with the Israeli and Lebanese authorities, in close collaboration with the United States.”

Lebanon's Mikati issued a statement welcoming the deal. Foreign Minister Abdallah Bou Habib said the Lebanese army would have at least 5,000 troops deployed in southern Lebanon as Israeli troops withdrew.

Netanyahu said he was ready to implement a ceasefire but would respond forcefully to any violation by Hezbollah.

He said the ceasefire would allow Israel to focus on the threat from Iran, give the army an opportunity to rest and replenish supplies, and isolate Hamas, the Palestinian militant group that triggered war in the region when it attacked Israel from Gaza last year.

'SET IT BACK DECADES'

"In full coordination with the United States, we retain complete military freedom of action. Should Hezbollah violate the agreement or attempt to rearm, we will strike decisively," Netanyahu said.

Hezbollah, which is allied to Hamas, was considerably weaker than it had been at the start of the conflict, he added.

"We have set it back decades, eliminated ... its top leaders, destroyed most of its rockets and missiles, neutralized thousands of fighters, and obliterated years of terror infrastructure near our border," he said.

A senior U.S. official, briefing reporters on condition of anonymity, said the U.S. and France would join a mechanism with the UNIFIL peacekeeping force that would work with Lebanon's army to deter potential violations of the ceasefire. U.S. combat forces would not be deployed, the official said.

Jon Finer, deputy national security adviser in the Biden administration, told CNN that Washington would be watching for any violations of the deal.

"Implementation of this agreement will be key and we will be very vigilant to any attempts to disrupt what the two parties have committed to as part of this process today," he said.

Biden, who leaves office in January, said his administration would continue to push for an elusive ceasefire and hostage-release deal in Gaza, as well as for a deal to normalize relations between Israel and Saudi Arabia.

In the hours leading up to the ceasefire, hostilities raged as Israel ramped up its campaign of airstrikes in Beirut and other parts of Lebanon, with health authorities reporting at least 18 killed.

The Israeli military said it struck "components of Hezbollah’s financial management and systems" including a money-exchange office.

Hezbollah also kept up rocket fire into Israel.

Israel's air force intercepted three launches from Lebanese territory, the military said, in an extensive missile barrage on Tuesday night that led to warning alarms in about 115 settlements.

Alia Ibrahim, a mother of twin girls from the southern village of Qaaqaiyat al-Snawbar, who had fled nearly three months ago to Beirut, said she hoped Israeli officials, who have expressed contradictory views on a ceasefire, would be faithful to the deal.

“Our village – they destroyed half of it. In these few seconds before they announced the ceasefire, they destroyed half our village,” she said. “God willing, we can go back to our homes and our land."

A poll conducted by Israel's Channel 12 TV found that 37% of Israelis were in favour of the ceasefire, compared with 32% against.

Opponents to the deal in Israel include opposition leaders and heads of towns near Israel's border with Lebanon, who want a depopulated buffer zone on Lebanon's side of the frontier.

Both the Lebanese government and Hezbollah have insisted that a return of displaced civilians to southern Lebanon is a key tenet of the truce.

Israeli Security Minister Itamar Ben-Gvir, a right-wing member of Netanyahu's government, said on X the agreement did not ensure the return of Israelis to their homes in the country's north and that the Lebanese army did not have the ability to overcome Hezbollah.

"In order to leave Lebanon, we must have our own security belt," Ben-Gvir said.

Reuters

WESTERN PERSPECTIVE

Russia accelerates advance in Ukraine's east

Russian forces are advancing in Ukraine at the fastest rate since the early days of the 2022 invasion, taking an area half the size of London over the past month, analysts and war bloggers said on Tuesday.

Russian troops swept through swathes of Ukraine in early 2022 before being pushed back to its east and south. The 1,000 km (620-mile) front line has been largely static for two years, until the latest, smaller-scale advances that began in July.

The war is entering what some Russian and Western officials say could be its most dangerous phase, with Russia reported to be using North Korean troops in Ukraine and Kyiv now using Western-supplied missiles to strike back inside Russia.

Moscow, which like North Korea has not confirmed or denied the presence of the troops, used a hypersonic intermediate-range missile on Ukraine last week and Ukraine reported the biggest Russian drone attack on its territory so far on Tuesday.

"Russia has set new weekly and monthly records for the size of the occupied territory in Ukraine," independent Russian news group Agentstvo said in a report.

The Russian army captured almost 235 sq km (91 sq miles) in Ukraine over the past week, a weekly record for 2024, it said.

Russian forces had taken 600 sq km (232 sq miles) in November, it added, citing data from DeepState, which studies combat footage and provides front line maps.

On Tuesday, Russia's Defence Ministry reported the capture by its forces of another village, Kopanky, in Kharkiv region, another focus of Russian military activity north of the main theatre of fighting in Donetsk region.

Ukraine's third separate assault brigade, in a post on Telegram on Monday, said it had cleared the village of Russian soldiers.

And Ukrainian media quoted Nazar Voloshyn, a spokesperson for the Khortytsya group of troops, as saying Kyiv's forces had repelled a Russian advance on the logistical centre of Kupiansk, also in Kharkiv region. It was the second time this month that the Ukrainian military reported rebuffing an attack on Kupiansk.

Pasi Paroinen, a military analyst with Finland's Black Bird Group, said Russian forces had taken control of an estimated 667 sq km (257 sq miles) this month, citing data he said could include some October gains noted with a delay.

President Vladimir Putin, who replaced his defence minister in May, has repeatedly said that Russian forces are advancing much more effectively - and that Russia will achieve all its aims in Ukraine, although he has not spelled them out in detail.

Ukrainian President Volodymyr Zelenskiy has said he believed Putin's main objectives are to occupy the Donbas, spanning the regions of Donetsk and Luhansk, and oust Ukrainian troops from Russia's Kursk region, parts of which they have controlled since August,

A source on Ukraine's General Staff, said on Sunday that Ukraine now held around 800 of the 1,376 square kilometres of Kursk that they held initially and would hold it "for as long as is militarily appropriate".

Russia controls 18% of Ukraine including all of Crimea, just over 80% of Donbas and more than 70% of the Zaporizhzhia and Kherson regions in the south, as well just under 3% of the eastern Kharkiv region, according to open source maps.

RUSSIAN ADVANCE

The thrust of the advance has been in Donetsk region, with Russian forces pushing towards the town of Pokrovsk and into the town of Kurakhove. Russia has increasingly encircled territory and then pummelled Ukrainian forces with artillery and glide bombs, according to Russian analysts.

Sergei Naryshkin, the head of Russia's Foreign Intelligence Service, said on Tuesday that Russia held the complete strategic initiative on the battlefield.

Neither side publishes accurate data on their own losses though Western intelligence estimates casualties to number hundreds of thousands killed or injured, while swathes of eastern and southern Ukraine have turned into wastelands.

Ukrainian officials say it is hard to expand mobilisation without knowing when Western military assistance is going to arrive in practice and how reliable it will be.

The General Staff of Ukraine's military said in an update on Tuesday afternoon that its forces had repelled 23 Russian attempts to advance along the Kurakhove part of the front line that evening. It said 25 attacks were repelled near Pokrovsk,

Russian war bloggers say that if Russia can pierce the Ukrainian defences around Kurakhove, they will be able to push westwards towards the city of Zaporizhzhia while securing their rear to allow a swing towards Pokrovsk.

Ukrainian military officials acknowledge the situation in the east is the worst now that it has been all year. Zelenskiy has blamed several factors including delays of up to a year in equipping brigades, partly because of the long time the U.S Congress took to sign off on a major Ukraine assistance package.

RUSSIAN PERSPECTIVE

Moscow preparing response to Kiev’s ATACMS attacks – MOD

Russia is preparing a response to Ukrainian ATACMS attacks on Kursk Region, the Russian Defense Ministry announced on Tuesday. Last week, US President Joe Biden authorized Kiev to use US-supplied long-range missiles against targets deep inside Russia’s internationally recognized borders.

In an official statement on Telegram, the Russian Defense Ministry reported that over the past three days, Ukraine’s forces had conducted two long-range strikes on Kursk Region using Western weaponry.

On November 23, Kiev reportedly fired five long-range ATACMS missiles at village of Lotaryovka, some 37km northwest of the city of Kursk, targeting the position of an S-400 anti-aircraft missile division. The strike resulted in three casualties and damaged the radar, the ministry said.

Additionally, on November 25, Kiev launched another eight ATACMS at the Kursk-Vostochny airfield, located near the village of Khalino. Seven of the missiles were shot down using the S-400 missile defense system and the Pantsir air defense missile and gun system. However, one of the missiles managed to reach its target. As a result, two servicemen were injured while facilities were “slightly damaged,” according to the report.

The ministry noted that inspections of the target areas have “reliably confirmed” that Kiev’s forces had used US-supplied ATACMS missiles to carry out the attacks. The ministry also published several photos of what are purported to be the remains of the US-made rockets.

“The Russian Ministry of Defense is monitoring the situation, and response actions are being prepared,” the report concluded.

Russian President Vladimir Putin announced the deployment of the country's brand-new hypersonic Oreshnik ballistic missile as a response to Biden's authorization for Kiev to use ATACMS. The new Russian weapon, which is capable of carrying nuclear warheads, was used against a Ukrainian military industrial facility in the city of Dnepropetrovsk.

Putin called the strike a “combat test” of the state-of-the-art weapon and warned that such “tests” would continue, depending on the circumstances and that Russia would respond “decisively and in a mirror-like manner” to the further escalation of aggressive actions by Kiev and it foreign backers.

Reuters/RT

If you read my Inc. columns, you know I’m a huge fan and practitioner of emotional intelligence. Of course, I’m biased since I coach leaders for a living. But play along, you might find this useful and maybe even convincing.

Did you know 90 percent of top performers have high emotional intelligence? On the flip side, just 20 percent of bottom performers are high in emotional intelligence. That’s according to research by the good folks at TalentSmartEQ. Here are other good reasons to bulk up your EQ muscles:

• Leaders with high EQ outperform their counterparts by 40 percent in key aspects such as employee engagement, decision-making, and coaching.
• Leaders with high EQ are better at understanding and managing emotions—their own and others’—which enhances their ability to motivate teams, foster a positive work environment, and make sound decisions under pressure.
• Research indicates that the main causes of executive derailment are deficits in emotional competence. The three primary issues include difficulty adapting to change, inability to collaborate effectively in teams, and poor interpersonal relationships.

Say the right things

You get the point, but there’s a twist. One key to emotional intelligence isn’t just what people know, how empathetic they are, or how they behave or respond to situations, but also the words they use to connect, inspire, and lead.

There is immense power in the words and phrases we speak! People with high EQ have a knack for choosing them at just the right time to tilt the conversation to their advantage.

In fact, psychology experts suggest that when used properly, certain words or phrases demonstrate that you may have higher emotional intelligence than most people. For example:

“Could you tell me more about that?”

This question is used at that key point in a conversation when you may not necessarily agree or see something the same way as the other person, so you dig deeper. For many of us, the default mode is to cut it short and win over the argument with a rebuttal and persuade the person to our point of view. This tactic also is lacking in self-awareness, which really works against you. Seven words is all it takes to change the outcome to your advantage.

“Explain to me why … ”

People love to talk about themselves. By drawing attention to them and their story, you make connections. For example, when you seek advice or ask someone a genuine question about how something works, it’s rewarding for them. By asking an employee or co-worker to explain something, they’ll associate you with being a curious and open-minded person. And research has found that curious people are known for having better relationships, and other people are more easily attracted and feel socially closer to individuals who display curiosity. An example to finish this sentence could be: “Explain to me why moving in this direction excites you. I want to learn more about what gets you pumped up.”

“I could use your advice on this.”

Research has linked people who ask for advice to being perceived as more competent than they are. They are emotionally present and ask for help when it’s needed. By being real, humble, and emotionally honest, teams connect and collaborate better. That’s a recipe for good business outcomes.

Inc

The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024.

The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%.

The country's oil sector performed moderately, recording an average daily oil production of 1.47 million barrels per day in Q3 2024, a slight increase from 1.45 mbpd in the same quarter of 2023. The oil sector's real growth was 5.17% year-on-year and contributed 5.57% to the total real GDP.

The non-oil sector, which remains the backbone of Nigeria's economy, grew by 3.37% in real terms and contributed 94.43% to the nation's GDP. Key contributors included telecommunications, trade, agriculture, financial services, and construction.

In nominal terms, the aggregate GDP stood at N71.13 trillion in Q3 2024, representing a year-on-year nominal growth of 17.26% compared to the N60.66 trillion recorded in the same quarter of 2023.​​​​​​​​​​​​​​​​

Enyinnaya Abaribe, senator representing Abia South, has stated that Nigeria would have been in a better state if Peter Obi, the Labour Party (LP) candidate, had won the 2023 presidential election. Speaking on Politics Today, a Channels Television program, Abaribe criticized President Bola Ahmed Tinubu’s administration for its nepotism and uneven ministerial appointments.

“If Peter Obi had won, you probably would have seen a better Nigeria than what we are seeing today,” Abaribe said. “He would not have been as nepotistic as this government. It’s not in him; he cares for everyone.”

The senator pointed out what he described as a glaring imbalance in Tinubu’s ministerial appointments, citing Ogun State having four ministers while many other states, such as Oyo, have only one.

“This nepotism is worse than what we saw under Buhari. Buhari did it, and many stayed silent. Now, Tinubu is deepening it. I was one of the few voices calling it out back then, and I’ll continue to do so,” he added.

Abaribe urged the people of the South-East to focus on developing their region instead of relying on fairness from successive federal administrations.

“It’s time for us to revamp the South-East, make it more livable, and cohesive,” he said. “Apart from Obasanjo and maybe Jonathan, we’ve not seen much fairness from the presidency toward the South-East.”

Reacting to the recent arrest of Simon Ekpa, a self-proclaimed leader of Biafra operating from Finland, Abaribe welcomed the development.

“What this arrest does is expose him for what he truly is and send a message to those at home instigated by his actions. His rhetoric has never aligned with the true aspirations of the Igbo people,” Abaribe said.

He emphasized that the Igbo community rejects the violent acts associated with Ekpa, stressing that the legitimate quest for a non-violent referendum by the Indigenous People of Biafra (IPOB) has been overshadowed by criminal activities.

“The violence in the South-East is perpetrated by a band of criminals. Unfortunately, our security agencies often conflate these criminals with agitators,” he said.

Abaribe reiterated that releasing Nnamdi Kanu, the detained leader of IPOB, could help restore peace in the region. He argued that many of those using Kanu’s name to justify violence would lose their platform once he is freed.

“Releasing Kanu will clarify who is truly fighting for the people and expose those exploiting the situation for criminal gains,” he concluded.

The Central Bank of Nigeria (CBN) has granted a six-month extension to Bureau De Change (BDC) operators to recapitalise their businesses, moving the deadline from December 2024 to June 3, 2025.

ABCON President Aminu Gwadebe announced the extension during a virtual general meeting with over 220 CBN-licensed BDC operators and stakeholders on Monday. The extension comes after the CBN issued new operational guidelines in May, requiring existing BDCs to re-apply for licences under two tiers with specific capital requirements.

Under the new guidelines, Tier 1 BDCs must maintain a capital base of N2 billion, while Tier 2 BDCs need N500 million. Non-refundable licence fees are set at N5 million and N2 million for Tier 1 and Tier 2 respectively.

Gwadebe emphasised the CBN's willingness to partner with BDCs to ensure a smooth recapitalisation process. "We are sending a message of unity, collaboration, and opportunities to ABCON members," he stated. The extension applies to existing BDC operators, with new operators having an indefinite timeline to obtain licences.

The new regulations also expand BDCs' operational capabilities, allowing them to acquire foreign currency from various sources, sell foreign exchange, open foreign currency and naira accounts with commercial banks, and collaborate to issue prepaid debit cards.​​​​​​​​​​​​​​​​

At least 30 people have been killed in several communities across two Local Government Areas of Benue State.

Our correspondent reports that many rural communities of Kastina-Ala and Logo LGAs respectively came under invasion on Sunday and in the early hours of Monday.

Locals said already 10 corpses were recovered in Kastina-Ala while 20 bodies were picked up in Logo area, bringing the total number of deaths to 30.

Commenting on the incident, a community leader in Logo, Joseph Anawah, said, “There was attack on Azege settlement and environ of Tombo Council Ward yesterday, Sunday 24th November 2024 about 7am. Armed men numbering over 300, suspected to be militia from outside Nigeria, struck.

“This invasion was carried out in the morning hours and the invaders were clearly seen by the locals. The security operatives on ground were unable to repel them because of their number and the sophisticated weapons they were carrying. It was not until the arrival of a military jet before they were able to subdue them to retreat. Over 20 corpses were discovered while the search for more missing persons is on going.”

Council Chairman of Kastina-Ala LGA, Justine Shaku, also told journalists in Makurdi that many people were killed in his area and valuable property destroyed.

“Yes, another incident of attack by herder marauders was reported to have taken place this morning (Monday) the 25th day of November, 2024 at about 2am. The Information is that many of them heavily armed stormed Adabo village and Tse Gwebe settlement in Utange Council Ward of Shitile in Katsina -Ala LGA.

“From reports, they have killed many people, number yet unknown, destroyed valuable properties and looted a lot of household items and left uninterruptedly. Note that Benue State is under severe security threat by herder armed bandits. The level of destruction and scores killed would be forwarded to you in due course, please,” Shaku said.

His Logo LGA counterpart, Clement Kav, alleged that the attackers claimed ownership of his domain, saying that the Tombo land belongs to them.

“They attacked the Tombo council ward and killed 17 person and injured 37. The Governor has already mobilised more security to the area and peace has been restored. No case of missing persons for now,” he said.

Police Public Relations Officer (PPRO), Catherine Anene, confirmed the incident, saying however that five bodies were recovered.

Anene said, “Logo attack confirmed. Five bodies recovered.”

Daily Trust