All Posts in "Day: December 15, 2022"

Inflation rate rises to 21.47% in November 

By Favour Nnabugwu
The annual inflation rate has risen the high in 17 years having rose for the 10th consecutive month to 21.47% in November from 21.09 per cent in October.
Thus the annual (headline) inflation rate has risen by 5.87 percentage points in 10 months from 15.6 per cent in February
The National Bureau of Statistics, NBS, disclosed this in its Consumer Price Index, CPI report for November.
The NBS said: “In November 2022, on a year–on- year basis, the headline inflation rate was 21.47%. This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%. This means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.
“On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%). This means that in the month of November 2022, the general price level was 0.15% higher relative to October 2022.
“The percentage change in the average CPI for the twelve months period ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to 16.98% recorded in November 2021. The Increases were recorded in all COICOP divisions that yielded the Headline index.”
On the  likely factors responsible for the increase in the monthly inflation rate, the NBS said: “(Month-on-month basis). The increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.”
The NBS attributed the increase in the annual inflation rate (Year-on-Year basis) to two factors namely: “ Increase in cost of importation due to the persistent currency depreciation; and  General increase in the cost of production e.g increase in energy cost.”
The NBS stated further that, On a year-on-year basis, in the month of November 2022, the urban inflation rate was 22.09%, this was 6.17% higher compared to the 15.92% recorded in November 2021.
On a month-on-month basis, the urban inflation rate was 1.50% in November 2022, this was 0.16% higher compared to October 2022 (1.33%). The corresponding twelve-month average for the urban inflation rate was 18.90% in November 2022. This was 1.35% higher compared to the 17.55% reported in November 2021.
“The rural inflation rate in November 2022 was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021. On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, up by 0.14% compared to October 2022 (1.16%).
The corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021.”
Patoma Admin by — December 15, 2022 in News 0
Waica Re begins 2023 ESG competition

By Favour Nnabugwu

 

 

 

Waica Re is organizing the 2023 edition of its annual ESG competition under the theme: “Practical Solutions to Environmental, Social and Governance (ESG) Related Risks in West Africa”.

The event is open to individuals, teams and corporate entities in West Africa.

Participants must write an essay describing a project that addresses at least one of the United Nations’ 17 Sustainable Development Goals (SDGs). Interested parties are invited to submit their applications by e-mail to: esg@waicare.com, by 31 March 2023 at the latest.

At the award ceremony, the jury will select the top three winners. The winner will be designated Waica Re Ambassador (WRA) for a period of one year and will receive a cash prize of 5 000 USD.

The 2nd and 3rd runners-up will be awarded 2 500 USD and 1 000 USD respectively.

The winning project’s amount must not exceed 100 000 USD and must be implemented within nine months.

WAICA Reinsurance Corporation Plc is a public limited liability company incorporated under the laws of Sierra Leone (Companies Act 2009) on 7th March 2011. In the years following the creation of West African Insurance Companies Association (WAICA) in 1973, the founding fathers had the desire to establish a reinsurance organisation to help mitigate the effects of the lack of reinsurance capacity within the West African insurance industry.

To fulfill this ambition, the founding fathers considered it prudent to start off by creating a reinsurance pool which hopefully will someday metamorphose into a fully fledged reinsurance corporation. Today, the WAICA Reinsurance Pool has turned into WAICA Reinsurance Corporation Plc, a dream come true.

The main objective of the company is to provide reinsurance services to the insurance sector in West Africa and other regions. In broad terms, the objectives of the company include: 1. To effectively and efficiently manage the business of reinsurance, primarily though not exclusively, across the sub region; 2. To achieve excellence in our management systems and standards by employing best practices through an efficient and responsive management and an empowered and highly motivated work force; 3. To create enhanced value for our shareholders and other stakeholders.

Patoma Admin by — December 15, 2022 in Insurance 0