FINANCE - 22 MAY 2020

DB: Imo reduces RoW; Inflation rate rises; Plentywaka's staffbus solution

DB: Imo reduces RoW; Inflation rate rises; Plentywaka's staffbus solution
Daily Briefing via Stears



Imo approves ₦145 Right of Way charge

Imo State has approved a Right of Way (RoW) charge reduction from ₦4,500 to ₦145 per meter. Last week, Ekiti State became the first state to reduce its RoW charge to ₦145 as recommended by the Federal Government. Telecommunication companies pay RoW to deploy cables that facilitate high-speed internet connectivity. Other states may follow suit to ease communication and collaboration across the nation following the COVID-19 induced lockdowns.



Inflation rate rises to 12.34%

Nigeria’s inflation rate increased from 12.26% in March to 12.34% in April. The inflation rate is measured using changes in the prices of 740 most purchased goods and services. Further analysis showed that Akwa Ibom (2.01%), Oyo (1.91%) and Abia (1.81%) had the highest month-on-month inflation rates. The highest increases were recorded in food items such as tubers, oils and fish.



Plentywaka launches staff bus solutions to help companies 

Plentywaka, a ride-hailing platform, is introducing a new service for companies seeking to resume operations during the pandemic. The service offers staff pick up and drop off at areas indicated by the company, to reduce employees’ exposure to crowded bus stops. Buses can also be leased and will be cleaned and fumigated. Plentywaka launched in September 2019 and recorded a total of 100,000 journeys before the lockdown in March.


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