Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.

This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.

The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.

Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.

Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.

Aliko Dangote, President of the Dangote Group, yesterday, rewarded his cement distributors with gifts valued at about N15 billion.

The group is targeting a cement production capacity of approximately 90 million tonnes by 2030.

Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.

According to him, the cement expansion drive forms part of the group’s newly launched Vision 2030 strategy, which is aimed at positioning the conglomerate as a $100 billion enterprise by the end of the decade through industrial expansion and cross-border investments.

“Under this vision, we have actually signed an agreement.

But before even signing the agreement, the target that we have, our cement company, will end up being at 90 million tons by 2030 means that we are 50 per cent more than the entire production of Saudi Arabia,” Dangote said.

He said the group has also signed an agreement to expand its petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, adding that construction work would commence immediately.

•Dr Jumoke Oduwole

Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.

Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.

Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.

Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.

On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.

The UAE excluded or prohibited 593 products.