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Nigeria’s Inflation Rate Rises To 22.79%

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Nigeria’s Consumer Price Index (CPI) rose to 22.79% in June from the 22.41% recoded in May 2023.

This is according to the latest CPI report released by the National Bureau of Statistic (NBS) on Monday.

The CPI measures the rate of change in prices of goods and services.

“In June 2023, the headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate,” the Bureau stated.

The report also showed that food inflation spiked to 25.25% on a year-on-year basis which is higher than the 20.60% recorded in June 2022.

For the month under review, food prices rose to 2.40%, which is 0.21% points higher compared to the rate recorded in May 2023.

The year-on-year basis rate showed a 4.19% higher compared to the 18.60% rate recorded in June 2022.

“On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%. This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).”

Tinubu Declares State Of Emergency On Food Security

On July 13, 2023, President Bola Tinubu declared a state of emergency on food security in Nigeria

The President directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.

The directive was said to be in line with his administration’s position on ensuring that the most vulnerable are supported.

The President said he was not unmindful of the rising cost of food and its effect on the pocket of citizens.

The President also directed the immediate release fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.

“There must be an urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all-year round.” the President was quoted as saying.

“We shall create and support a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items. Through this board, government will moderate spikes and dips in food prices.

“To achieve this, we have the following stakeholders on board to support the intervention effort of President Bola Ahmed Tinubu: The National Commodity Exchange (NCX), Seed Companies, National Seed Council and Research institutes, NIRSAL Microfinance Bank, Food Processing/ Agric Processing associations, private sector holders & Prime Anchors, small holder farmers, crop associations and Fertilizer producers, blenders and suppliers associations to mention a few.

“We will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.”

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Wema Bank Announces Grand Event for International Women’s Day 2026 on March 4

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Wema Bank, Nigeria’s oldest indigenous financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced it will host its highly anticipated 2026 International Women’s Day (IWD) Grand Event on Tuesday, March 4, 2026.

The event, described by the bank as the industry’s biggest celebration of its kind, aligns with the global IWD 2026 theme “Give To Gain.” Wema Bank has adopted the sub-theme “When Women Gain, We Grow,” emphasizing the transformative impact of supporting and investing in women across personal, professional, and societal levels.

According to Managing Director/CEO Moruf Oseni, the initiative underscores the bank’s long-standing commitment to women’s empowerment and gender inclusion, in line with United Nations Sustainable Development Goal 5.

Through its women-focused proposition, SARA by Wema (launched in 2019), the institution has consistently championed programs like SARA Gives and the Big Sister Graduation Challenge to uplift women at every stage.

The March 4 event is expected to feature keynote addresses, fireside chats, panel discussions, networking sessions, and opportunities to convene top women leaders from diverse industries alongside everyday women navigating their paths to success.

It aims to foster actionable conversations on empowerment, leadership, and collective growth.

Registration is now open via the official portal at wemabank.com/iwd, with the bank encouraging early participation to secure spots.

This announcement builds on Wema Bank’s history of impactful IWD celebrations and reinforces its dedication to promoting gender equality and women’s advancement in Nigeria and beyond.

Further details on the venue, speakers, and full agenda are expected to be released in the coming weeks.

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Dangote expands daughters’ roles as succession plan accelerates

Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.

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• Aliko Dangote and his daughters

Aliko Dangote, Africa’s richest man, has assigned expanded leadership roles to his three daughters as part of preparations for the future of his industrial conglomerate, which he aims to grow into a $100 billion business within the next four years.

According to Business Day, an internal memo confirmed by a company spokesperson, Halima, Fatima and Mariya Dangote will take on broader responsibilities across key divisions of the Dangote Group, signalling a deliberate shift towards the next generation.

Fatima Dangote, the youngest, will assume a senior commercial role within the group’s energy division, which includes its Lagos-based oil refinery.

She will continue to oversee corporate communications and administration for the wider group.

Halima Dangote, who currently manages the family office in Dubai, will extend her oversight to its London operations while supporting the company’s international expansion efforts.

Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.

She will also take on responsibility for shaping strategy across the group’s food operations in all markets.

In the memo, the company said that the appointments were intended to “empower a new generation to take on expanded responsibilities in shaping our future.

”The changes mark a clear step in Dangote’s succession planning, transferring more operational authority to his daughters while he retains overall strategic control.

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Dangote Forecasts Major Naira Appreciation to ₦1,100 per Dollar in 2026

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Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, on Tuesday projected a significant strengthening of the Nigerian naira, forecasting it could rally to as low as ₦1,100 per US dollar within 2026, driven by government reforms, import restrictions, and increased local production.

Speaking at the official launch of the National Industrial Policy 2025 in Abuja, attended by Vice President Kashim Shettima and other dignitaries, Dangote expressed optimism about the currency’s trajectory amid ongoing economic measures.

“Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation and so on, the naira this year will be as low as N1,100 if we are lucky,” Dangote stated, according to multiple reports from the event.

He attributed the potential appreciation to reduced foreign exchange demand from imports, as local manufacturing ramps up including contributions from his own Dangote Petroleum Refinery, which is scaling toward full capacity. Dangote praised recent policy directions for beginning to yield positive results, noting that manufacturers are increasingly optimistic.

The forecast comes as the naira has shown signs of stabilization in recent weeks, trading around ₦1,300–₦1,340 to the dollar in official and parallel markets, a marked improvement from higher levels earlier in the year.

Dangote suggested that sustained import controls and industrial growth could push the currency even further, potentially toward ₦1,000 per dollar under ideal conditions, though he cautioned that policy consistency would be key.

The remarks align with broader optimism in some quarters, including from billionaire Femi Otedola, who recently projected the naira could trade below ₦1,000/$ before year-end, largely crediting the Dangote Refinery’s role in cutting dollar outflows for fuel imports.

Dangote also highlighted challenges, emphasizing the need for reliable power supply and continued government incentives to support industrial expansion and sustain the projected currency rally.

Analysts view the prediction as bullish but contingent on factors like forex policy enforcement, oil revenues, and global commodity prices.

The naira’s performance has been volatile in recent years due to external pressures and domestic structural issues, but recent CBN interventions and refinery developments have fueled renewed confidence among investors.

The statement has sparked discussions on social media and economic forums, with many welcoming the positive outlook while others call for concrete actions to realize such gains for everyday Nigerians facing inflation and import costs.

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