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NBS Rebases January Inflation Basket to 24.48%
The bureau put food inflation at 26.08 percent year-on-year.
The National Bureau of Statistics (NBS) has stated that Nigeria’s Headline Inflation dropped to 24.48 percent for the month of January 2025, from 34.80 percent in December 2024.
The bureau put food inflation at 26.08 percent year-on-year.
Speaking during a press briefing on Tuesday in Abuja, the Statistician of the Federation and the CEO of NBS, Prince Adeyemi Adeniran, said the new figure was as result of the rebasing of Nigeria’s inflation basket to keep it updated to international standard.
He stated that the country last rebased its inflation in 2009, thus using prices of goods prominent during the period.
“This rebasing process also allows Statistical Offices to introduce methodological enhancements to their computation procedures and align with global best practices.”
“Under this process, NBS is not only bringing the base year closer to the current period, from 2009 to 2024, but we have also introduced some critical methodology changes to improve the computation processes and quality of the estimates.
“Under the CPI, important enhancements have been made to the methodology.
Some of the improvements include the transition to the latest version of the classification method, the Classification of Individual Consumption.
According to Purpose (COICOP) 2018 version, from the 1999 version of COICOP, the new version has 13 divisions, bringing in household expenditure on Insurance and Financial Services, which now has a weight of 0.5% relative to the total household expenditure.
Another important improvement is the exclusion of own-production, imputed rents, and gifted items from the aggregates used to come up with the weights.
This is because CPI is a monetary phenomenon. Hence, the computations should only include monetary expenditure.
Also implemented under this rebasing is the movement of expenditures on meals away from home to the appropriate divisional class.
These changes are quite significant and appropriately align expenditures to their respective classes, enabling price changes to be measured properly.”
News
Nigerian Press Urges FG, NASS to Act Swiftly Against ‘Big Tech Threat’
Major Nigerian media and journalism organizations have issued a strong call to the Federal Government (FG) and the National Assembly (NASS) to take immediate legislative and regulatory action against what they describe as an existential threat posed by Big Tech companies to the country’s information sovereignty and media industry.
In a joint statement released recently, leading press bodies—including key associations representing publishers, editors, and journalists—warned that unchecked dominance by global technology giants such as Google, Meta, and others is eroding Nigeria’s control over its digital information ecosystem.
They highlighted how these platforms dominate digital advertising revenue, divert traffic from traditional news sources, and increasingly use Nigerian-generated content to train artificial intelligence models without fair compensation or permission.
The groups emphasized that the situation risks surrendering Nigeria’s information sovereignty to foreign entities, potentially undermining national security, cultural values, and the economic viability of local media houses.
They pointed to declining revenues for publishers, with some facing up to 90% drops in traffic due to AI-generated summaries and algorithmic changes on search and social platforms.
The press bodies urged lawmakers to enact robust regulations, including frameworks for content remuneration, data usage restrictions, algorithmic transparency, and mechanisms to ensure fair competition in the digital space.
They called for urgent collaboration between the executive and legislature to address these challenges before irreversible damage occurs to Nigeria’s media landscape and democratic discourse.
This appeal comes amid broader global debates on Big Tech accountability and follows Nigeria’s ongoing efforts to strengthen its digital economy governance, including recent pushes toward comprehensive AI and data regulations.
Stakeholders view the statement as a pivotal moment for protecting indigenous media in an era of rapid technological disruption.
The Federal Government and National Assembly have yet to issue an official response, but the call aligns with growing concerns over digital monopolies and their impact on developing economies.
Media experts anticipate intensified discussions in the coming weeks as Nigeria navigates its position in the global tech landscape.
News
US sends troops to Nigeria
The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.
The general in charge of the U.S. command for Africa (AFRICOM), General Dagvin Anderson, confirmed that United States has sent troops to Nigeria.
The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.
He emphasised that the decision to send troops to Nigeria was after both countries agreed that more needed to be done to combat the terrorist threat in West Africa.
“That has led to increased collaboration between our nations to include a small US team that brings some unique capabilities from the United States,” General Anderson said.
According to Reuters, Nigeria’s Defense Minister, Christopher Musa, confirmed that a team was working in Nigeria but did not provide further details.
The development is the first acknowledgment of U.S. forces on the ground since US airstrikes targeting terrorists in Nigeria’s North-West on Christmas Day, 2025.
President Donald Trump, who announced that he ordered the airstrikes on what he described as Islamic State targets, had said there could be more U.S. military action in Nigeria.
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