Business
Nigeria’s inflation drops massively to 24.48% after CPI rebase
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.
Business
NDPC Chief Advocates for Warehousing Citizens Data Locally
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has advocated for developing indigenous technologies to support data protection processes, including breach reporting, compliance monitoring, and public awareness systems, rather than relying solely on imported solutions.
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The conference is being attended by nine African countries – The Gambia, Sierra Leone, Liberia, Ethiopia, Burundi, Somalia, Malawi, Zambia and Kenya.
Delegations from the participating countries are joined by representatives of key regional organisations, including the Economic Community of West African States (ECOWAS), Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
Olatunji told participants that the initiative would promote East-West peer learning and strengthen mechanisms for building and operationalising data protection regimes across the continent.
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Business
OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
CNBC reports that the group of seven major oil producers announced it would increase June production by slightly less than May’s output hike of 206,000 bpd. Sunday’s figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
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