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Nigeria’s inflation drops massively to 24.48% after CPI rebase

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Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.

The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.

Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.

He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.

Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.

Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.

In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.

“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.

“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.

This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.

In November 2024, MPC raised interest to 27.50 percent to bring down inflation.

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OPay launches new office in Jos

” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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OPay has officially launched its new office in Jos, Plateau State.

Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.

He said :” Our customers are at the center of everything we do.

Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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Governor Otti Commissions Ultimum Manufacturing Plant in Aba

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

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Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.

Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.

“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.

Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.

The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.

“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.

This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”

The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.

“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.

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Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

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Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.

Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.

But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.

“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

( VANGUARD)

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