Business

Hardship: Nigeria’s inflation drops signal economic recovery – CPPE, Economists

Published

2 years ago

March 18, 2025

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Nigerian economists and the Centre for the Promotion of Private Enterprise have explained that the two consecutive drops in Nigeria’s inflation rate signal that the country’s economy is recovering from hardship

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, the CEO of SD & D Capital Management, Gbolade Idakolo, and a Don at Lead City University in Ibadan, Prof. Godwin Oyedokun, disclosed this on Monday.

They spoke in reaction to Nigeria’s February 2025 inflation drop.

On Monday, Nigeria’s inflation lowered for the second time to 23.18 percent in February 2025 from 24.48 percent recorded in the previous month, according to the National Bureau of Statistics’ latest Consumer Price Index.

The data showed that food inflation also declined in February to 23.51 percent from 26.08 percent in January.

Nigeria’s inflation fell massively to 24.48 percent in January after CPI rebasing.

However, while the data from NBS showed the inflation rate is lowering, the cost of living in Nigeria has remained elevated.

Nigeria’s deceleration in inflation shows macro stability — CPPE

The deceleration in the inflation rate can be attributed to moderation in macro stability, according to CPPE.

Yusuf stressed that the drop in exchange rate volatility and drop in premium motor spirit prices are contributing factors to the decline in Nigeria’s inflation rate.

He, however, emphasised that Nigeria’s inflation remains high, noting that the government needs to come up with policies to bring down the prices of basic items, such as staple foods and pharmaceuticals.

“The further deceleration in inflation in February can be attributed to two factors. First is the base effect.

When you relate the 2025 figure to 2024, it is expected to see further narrowing because the inflation rate is mainly year on year.

This trend is likely to continue for the larger part of 2025. The second part is due to moderation in macro stability. We are beginning to drop in the volatility in the exchange rate in the last few months.

“This is a key factor because the exchange rate is a major driver of inflation. Also, slight reduction in energy prices such as PMS.“

However, the inflation rate of 23.18 percent is still high. This means that there is a lot of work to be done to ease inflationary pressures on citizens.

The government should take some urgent steps to bring down the price of basic products. Foods, pharmaceutical products, cooking gas, and staple foods (bread, noodles, rice)- should be top on the agenda of government.

“Another good news is that there is an increase in food production on account of improved security,”.

Pressures driving higher prices are easing — Prof Oyedokun

Oyedotun said the latest inflation drop suggests that the factor driving higher prices may be stabilising, which could provide relief to consumers and businesses.

According to him, the second consecutive drop in headline and food inflation, with figures at 23.18% and 23.51%, respectively, could be viewed as a positive indicator of an easing inflationary trend.

He said this suggests that the pressure driving prices higher may be stabilising, which could provide some relief to consumers and businesses.

He noted further that improved supply chain conditions, seasonal factors that affect food production and prices, government interventions, and monetary policies are factors contributing to the inflation rate decline.

Regarding the February inflation drop outside the Consumer Price Index (CPI) rebasing, several factors could contribute.

“These might include improved supply chain conditions, seasonal factors that affect food production and prices, or government interventions that stabilise markets.“

Additionally, any recent policy measures aimed at curbing inflation, such as adjustments in interest rates or subsidies for essential goods, could also play a role,” he said.

On why the inflation drop has not been reflected in market prices, he said, “As for the inflation figures not aligning with the reality of elevated prices for goods, this discrepancy could stem from various reasons.“

The CPI may not fully capture specific categories of goods that are experiencing sharp price increases.

Additionally, inflation measurements are often averages and may not reflect localised price changes or the unique purchasing patterns of different consumers.

“Factors such as producer price increases, distribution costs, and market dynamics can also lead to a situation where prices remain high despite a reported decline in inflation rates”.

Why inflation rate decline doesn’t reflect on the price drop — Idakolo

Idakolo said Nigeria’s inflation figures do not reflect the general price of goods because of the strength of the naira- exchange rates and interest have remained high.

“The inflation figures are not generally reflecting on the price of goods because certain fundamentals of the economy, like the strength of the Naira, exchange rate, and interest rates, remain high, which have made it difficult for the impact of lower inflation to be felt by the people.

However, if the government continues to drive down prices due to targeted policies, it would only be a matter of time before people start feeling the impact of reduced inflation on the economy,”.

Business

Global smartphone shipments fall 20% in Q3 2026, lowest in 14 years

“Consumers are holding on to their devices longer than estimated, increasingly considering refurbished devices and prioritizing higher-value devices,” said Shilpi Jain, a senior analyst at Counterpoint Research.

Published

7 hours ago

October 13, 2026

OCHEFA

19 Views

Counterpoint Research has reported drops in global smartphone shipments by 20% year on year in the third quarter of 2026, hitting the lowest level for the period in 14 years, or since 2012.

The report published on Monday showed that persistent memory shortages and rising component costs disrupted supply and pushed retail prices up.

Smartphone retail prices have increased by 20% so far in 2026 as manufacturers pass higher memory costs on to consumers.

Counterpoint said rising prices for DRAM and NAND memory components inflated bill of materials (BOM) costs, deepened supply shortages and disrupted shipments.

Manufacturers were forced to adjust shipment plans, raise prices and prioritise profitability over sales volumes.

The pressure is changing consumer behaviour. Buyers are holding on to their devices longer and considering alternatives.

According to the report, Samsung and Apple gain market share during the period under review.

Samsung retained its position as the world’s largest smartphone manufacturer in the third quarter, accounting for 23% of global shipments despite a 3% year on year decline in shipment volume.

Counterpoint attributed Samsung’s performance to demand for its Galaxy Z Fold8 series and stable component supplies for its mid-range devices.

Apple’s market share reached 22%, crossing 20% for the first time in a third quarter, despite a year on year decline in shipments.

The absence of a base iPhone 18 model resulted in a smaller launch-month channel fill than the full iPhone 17 lineup a year earlier.

Counterpoint said the iPhone 18 Pro models recorded a stronger launch than their predecessors, particularly in China and India, while continued momentum from the iPhone 17 series helped offset the shipment decline.

Business

Naira Exchange Rates To Dollar , Pound ,Euro, … Tuesday, October 13

Published

7 hours ago

October 13, 2026

OCHEFA

23 Views

Black Market Rates

1365 DOLLAR (USD)

₦1820 POUND (GBP)

₦1525 EURO (EUR)

₦970 DOLLAR (CAD)

₦65 RAND (ZAR)

₦350 DIRHAM (AED)

₦190 YUAN (CNY)

₦100 G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200 CFA F.(XAF)

₦850 AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1332.10

POUND (GBP)₦1762.63

EURO (EUR)₦1489.15

SWISS FRANC (CHF)₦1598.58

JAPANESE YEN (JPN)₦8.40

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1800.76

CHINESE YUAN (CNY)₦199.03

SAUDI RIYAL (SAR)₦354.67

SOUTH AFRICAN RAND (ZAR)₦80.58

Business

Top 10 Highest-Paid CEOs in Nigeria

The ranking, published in 2026, is based on estimated annual remuneration and should not be interpreted as basic salary or the amount of cash actually received during the year. Executive remuneration can include salary, bonuses, allowances and other compensation.

Published

7 hours ago

October 13, 2026

OCHEFA

23 Views

By Ochefa

Chief executives of some of Nigeria’s biggest companies are commanding annual remuneration running into billions of naira, with oil and gas, telecommunications, cement, banking and consumer goods executives dominating the latest ranking.

A 2026 ranking puts former Seplat Energy Chief Executive Officer, Roger Thompson Brown, at the top with estimated annual remuneration of ₦3.90 billion, followed by MTN Nigeria CEO Karl Toriola with ₦3.14 billion.

Image generated by AI

1. Roger Thompson Brown — Seplat Energy — ₦3.90bn

Brown topped the ranking with estimated remuneration of ₦3.90 billion.

He joined Seplat in 2013 as Chief Financial Officer and Executive Director before becoming CEO in 2020.

During his tenure, he oversaw Seplat’s $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business, a transaction that significantly expanded the company’s domestic oil production portfolio.

However, Brown is no longer Seplat’s CEO. He retired from the company and left its board on July 31, 2026, after six years as CEO.

2. Karl Toriola — MTN Nigeria — ₦3.14bn

MTN Nigeria CEO Karl Toriola ranked second with estimated annual remuneration of ₦3.14 billion.

Toriola joined the MTN Group in 2006 and has held senior positions across its African operations, including CEO of MTN Cameroon and Chief Technology Officer of MTN Nigeria. He became CEO of MTN Nigeria in March 2021.

3. Adegbite Falade — Aradel Holdings — ₦2.44bn

Adegbite Falade, Managing Director and CEO of Aradel Holdings, ranked third with estimated remuneration of ₦2.44 billion.

Falade heads the indigenous integrated energy company with interests spanning oil, gas and power.

He has more than two decades of experience in the energy industry and holds a first-class degree in Electrical and Electronics Engineering from the University of Ibadan and an MBA from Warwick Business School.

4. Wale Tinubu — Oando — ₦1.80bn

Oando Group Chief Executive, Jubril Adewale “Wale” Tinubu, occupied fourth position with estimated remuneration of ₦1.80 billion.

A lawyer by training, Tinubu has spent decades in Nigeria’s oil and gas industry. Under his leadership, Oando expanded through major acquisitions, including Unipetrol and Agip Nigeria.

5. Arvind Pathak — Dangote Cement — ₦1.58bn

Dangote Cement Group Managing Director and CEO, Arvind Pathak, ranked fifth with estimated remuneration of ₦1.58 billion.

Pathak became CEO of Dangote Cement in March 2023 after a long career in the Indian cement industry, including leadership positions at Birla Corporation and other major cement companies.

6. Samba Seye — TotalEnergies Nigeria — ₦1.06bn

Dr Samba Seye, Managing Director of TotalEnergies Marketing Nigeria, ranked sixth with estimated remuneration of ₦1.06 billion.

An engineer with a doctorate from the University of Sciences and Techniques of Lille in France, Seye has worked across the energy industry, including senior positions at Shell and TotalEnergies. He became Managing Director of Total Nigeria in September 2021.

7. Adaora Umeoji — Zenith Bank — ₦874m

Zenith Bank Group Managing Director and CEO, Adaora Umeoji, was the only woman among the 10 executives, ranking seventh with estimated remuneration of ₦874 million.

Umeoji became Zenith Bank’s GMD/CEO in June 2024 after more than two decades with the bank, becoming its first female chief executive.

Separate analysis of audited 2025 accounts shows Zenith’s highest-paid director received ₦367 million in 2025, illustrating why rankings based on different definitions of remuneration can produce substantially different figures.

Proshare, for example, defines total compensation to include basic salary, benefits and dividends from shareholdings.

8. Wassim Elhusseini — Nestlé Nigeria — ₦831m

Nestlé Nigeria Managing Director and CEO, Wassim Elhusseini, ranked eighth with estimated remuneration of ₦831 million.

Elhusseini joined Nestlé in 2002 and held senior sales and business-development positions across the Middle East before becoming Managing Director/CEO of Nestlé Nigeria in September 2020.

9. Adebayo Alli — Guinness Nigeria — ₦756m

Guinness Nigeria Managing Director and CEO, Adebayo Alli, ranked ninth with estimated remuneration of ₦756 million.

Alli became CEO in January 2024, taking responsibility for the Nigerian operations of Guinness Nigeria, part of global drinks company Diageo.

10. Segun Agbaje — GTCO — ₦471m

GTCO Group Chief Executive Officer, Segun Agbaje, completed the top 10 with estimated remuneration of ₦471 million.

Agbaje became Managing Director and CEO of Guaranty Trust Bank in 2011 and later assumed the group CEO role following the creation of GTCO’s holding-company structure.Energy and telecoms dominate.

The ranking highlights the concentration of Nigeria’s highest executive remuneration in capital-intensive sectors.

Oil and gas executives occupy three of the first four positions, while telecommunications, cement, banking and consumer goods also feature prominently.

Proshare’s separate analysis of FY2025 audited accounts found that the 10 highest-paid CEOs had combined total compensation of ₦30.04 billion, up 42 per cent from ₦21.17 billion in 2024. Its methodology included basic salary, benefits and dividends linked to CEOs’ shareholdings.