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
Dangote exported 434m litres petrol in March – NMDPRA
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
• Dangote Petroleum Refinery / Credit: Instagram
The Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026.
Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)’s March 2026 fact sheet on the state of the downstream sector on Wednesday revealed that the refinery produced a total of 1.49 billion litres of petrol during the month, while only 1.06 billion litres were supplied to the domestic market, leaving a substantial export surplus.
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
This implies that about 434 million litres of petrol were exported within the period.
The export of excess petrol reflects a major shift in Nigeria’s downstream sector, which has historically depended on imports to meet local demand. This development was further confirmed in a statement issued by the refinery earlier this week.It stated that, “Nigeria recorded a historic shift in its downstream petroleum trade in March, emerging as a net exporter of gasoline for the first time, driven largely by rising output from the Dangote Petroleum Refinery & Petrochemicals.
Business
Nigeria Unveils 20-Year Aviation Master Plan at ICAO Global Symposium In Morocco
Nigeria has taken a major step toward transforming its aviation industry, as the Minister of Aviation and Aerospace Development, Festus Keyamo, formally received the country’s Civil Aviation Master Plan from the International Civil Aviation Organization during the opening of the ICAO Global Implementation Support Symposium in Marrakech.
The Minister also participated as a special guest at a high-level Ministerial Round Table, where he addressed the “Future of Aviation Workforce in Nigeria,” outlining government efforts to close the skills gap and strengthen human capital development within the aviation sector.
The Civil Aviation Master Plan (CAMP) represents a landmark framework designed to guide the development of Nigeria’s aviation industry over a 20-year period, from 2025 to 2045.
It reflects a structured and forward-looking strategy aligned with the country’s National Development Plan and broader economic priorities.
Developed in collaboration with ICAO’s Capacity Development and Implementation unit, the initiative began in September 2024 with extensive stakeholder engagement and technical training, ensuring a comprehensive and inclusive planning process across the aviation ecosystem.
The Master Plan focuses on critical pillars including infrastructure modernization, adoption of advanced technologies such as unmanned aerial systems, and strict adherence to global safety and security standards to achieve a zero-fatality aviation environment.
It also envisions the transformation of Nigerian airports into aerotropolis hubs to boost economic growth, job creation, and connectivity.
Additionally, the plan emphasizes sustainability, innovation, and private sector participation, particularly in areas such as Maintenance, Repair and Overhaul facilities and cargo development, while aligning Nigeria’s aviation growth with global environmental standards.
The presentation of the CAMP at the ICAO symposium highlights Nigeria’s commitment to international best practices and its rising profile in global aviation development.
Business
Dangote Refinery Targets $5bn from IPO
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
Dangote Petroleum Refinery & Petrochemicals is seeking to raise up to $5 billion from investors across African market during it’s upcoming initial public offering on the Nigerian Exchange Group (NGX).
The share sale is expected to open as early as May, with analysts valuing the company between $40 billion n and $50 billion, making it one of the most significant capital market events in Africa’s history.
The offer is expected to cover between 5 percent and 10 percent of the company’s equity, creating an opportunity for both local and international investors to participate in the continent’s largest refining project.
Market stakeholders have continued to position the listing as a major milestone that could deepen liquidity and expand participation across African financial markets.
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
The meeting focused on how the Dangote Refinery IPO could serve as a model for cross-border capital mobilisation and improve investor access across multiple African markets.
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