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
Strait of Hormuz disruptions: Implications for global trade and development
The ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The Strait of Hormuz is one of the world’s most critical maritime chokepoints, carrying around a quarter of global seaborne oil trade and significant volumes of liquefied natural gas and fertilizers.
UNCTAD reports that the ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport and global supply chains.
These developments raise concerns for global trade and development prospects. Oil markets have reacted quickly, with Brent crude prices now rising above $90 per barrel.
Higher energy, fertilizer and transport costs – including freight rates, bunker fuel prices and insurance premiums – may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable.
Similar repercussions were observed during recent global shocks, including the COVID-19 pandemic and at the beginning of the war in Ukraine, which showed how disruptions in energy, transport and agricultural inputs can propagate across interconnected markets.
The current shock comes at a time when many developing economies struggle to service their debt, tightening fiscal space and limited capacity to absorb new price shocks.
While the overall global economic impacts will depend on the duration and scale of the disruption, the situation highlights the importance of continued monitoring, particularly implications for vulnerable economies.
Key implications and considerations
- Disruptions in the Strait of Hormuz underscore the vulnerability of critical maritime chokepoints to geopolitical tensions and their potential to transmit shocks across supply chains and commodity markets.
- Reducing risks to global trade and development, including environmental risks, requires de-escalation and safeguarding maritime transport, ports and seafarers, and other civilian infrastructure, while maintaining secure trade corridors in line with international law and freedom of navigation
- Economic impacts, both globally and for the region, will depend on the duration, intensity and geographic scope of the tensions. Continued monitoring is essential to assess evolving risks and their potential impacts.
- Socio-economic implications for developing economies: Many developing countries already face high debt service burdens, limited fiscal space and constrained access to finance. In this context, rising energy, transport and food costs could strain public finances and increase pressure on household budgets, potentially heightening economic and social pressures and complicating progress toward sustainable development, particularly in economies heavily dependent on imported energy, fertilizers and staple foods.
Business
JUST IN : Traders Resist Takeover of Lagos International Trade Fair Complex By LASG
The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.
Commercial activities at the Lagos International Trade Fair Complex were disrupted on Wednesday as traders shut down the facility while protesting a proposed takeover of the market’s management by state and local government authorities.
The traders said they were concerned about the implications of the planned arrangement, including possible new levies and taxes that could affect their businesses.
Many traders insisted that the complex is a federal facility and called for further consultations before any changes to its management structure are implemented.
The development led to the closure of shops across the complex, leaving hundreds of traders gathered around parks and garages within the market premises as discussions continued.
The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.
Eyewitnesses said traders began the protest early in the morning by locking up their shops and stalls to draw attention to their concerns over the proposed changes.
We are not against development, but we are concerned about the possible levies and taxes that may be introduced if the management structure changes,” a trader who identified himself as Emeka Onu said.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, visited the market during the day as part of efforts to engage with traders and encourage the reopening of the complex.
Before commencing her tour of the market, the minister urged that the gates of the complex be opened to traders, stating that her visit was aimed at interacting with stakeholders and supporting the smooth conduct of business activities.
Business
Nigeria gears up to host Intra-African Trade Fair 2027
While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.
• Chief Olusegun Obasanjo, IATF Chairperson
The Nigerian government has declared its readiness to host the fifth Intra-African Trade Fair 2027 (IATF2027), scheduled to take place from November 5 – 11 in Lagos.
The host agreement signing ceremony was held in Lagos, the designated ‘host city.
Dr. Jumoke Oduwole, Federal Minister of Industry, Trade and Investment, signed on behalf of Nigeria, while Dr. George Elombi, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank)., Francisca Tatchoup Belobe, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Cynthia E. Gnassingbé-Essonam, Director of Private Sector Engagement and Communications at AfCFTA Secretariat, who represented Wamkele Mene, Secretary General, AfCFTA Secretariat, signed for the IATF.
While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.
The Fair will be held under the theme “Global Africa, Smart Trade- From Market Access to Market Power”featuring diverse programme notably the trade exhibitions
In his opening remarks, Chief Olusegun Obasanjo, Chairperson of the IATF2027 Advisory Council and Former President of the Federal Republic of Nigeria, underscored the strategic importance of the Fair in shaping Africa’s economic sovereignty.
He said : “The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA.
Commenting on Nigeria’s expanding footprint in intra-African commerce, highlighted Nigeria’s rising contribution

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