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CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October

The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.

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Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.

Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.

The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.

The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.

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Brent crude slid to around $106 per barrel

Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.

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Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.

Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.

Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.

They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.

Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.

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Elumelu shares inspiring story of his beginning as a “young, hungry sales rep”

Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.

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Businessman and philanthropist Tony Elumelu has shared a picture of his old business card from his early days as a photocopier salesman, recalling the lessons that shaped his approach to business and made him resilient.

Elumelu shared the photograph on his X handle on Thursday, saying he stumbled upon the card and was reminded of his days as a “young, hungry sales rep.”

The old card identifies Elumelu as a Sales Executive with Precissa Sales Limited, with the company’s address listed as Bode Thomas Street, Surulere, Lagos.

Reflecting on the period, Elumelu said the experience taught him “the fundamentals of resilience, negotiation, and grit,” lessons he said have continued to influence how he approaches business and engages with customers.

He wrote: “It’s also a reminder that who you become tomorrow is often shaped by the foundation you lay today; the discipline, hard work, and consistency you put in when no one is watching.”

Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.

He ended the post with a light-hearted reference to the details on the old card, saying: “As for the phone number and address on the card? Long gone 😂”

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