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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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Business

MTN’s 5G subscribers reach 15m

“We are proud to be the first telco to achieve over 82 percent coverage in 4G, and the first to roll out 5H in Nigeria, already reaching an estimated 15 million of the population and counting,”

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MTN Nigeria says that its 5G network, has reached an estimated 15 million subscribers across the country.

In a statement, the company linked the growth to its aggressive leadership in 4G/5G deployment and the accelerated rollout of its Fibre-to-the-Home (FTTH) network.

” We are proud to be the first telco to achieve over 82 percent coverage in 4G, and the first to roll out 5H in Nigeria, already reaching an estimated 15 million of the population and counting,” the statement reads.

It added that the drive for connectivity is backed by significant capital spending, stressing that Capex, excluding leases, soared by 248.0% to N757.4 billion.

The firm said that this investment was strategically directed at capacity enhancement to reduce congestion and to deliver ultra-fast broadband to households through FTTH.“Demand for data remains robust, driving a 36.3% YoY increase in data traffic, with average usage per subscriber rising by 20.8% to 13.2GB.

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China-Nigeria bilateral trade hits $22.3bn in 2025

“From January to October 2025, bilateral trade exceeded $22.3 billion; this represented a 30.2 percent year-on-year increase,” Yuqing said.

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Consul General of the People’s Republic of China in Lagos, YAN Yuqing

Chinese Consul-General in Lagos, Ms Yan Yuqing, had said China-Nigeria bilateral trade exceeded $22.3 billion between January and October 2025.

Yuqing disclosed this at the Lagos Forum New Year Media Symposium, where she reviewed bilateral relations and outlined prospects for deeper cooperation in 2026

.“Over the past year, China-Nigeria economic and trade cooperation has shown great vitality and strong momentum.

Over the past year, China-Nigeria economic and trade cooperation has shown great vitality and strong momentum.

“From January to October 2025, bilateral trade exceeded $22.3 billion; this represented a 30.2 percent year-on-year increase,” Yuqing said.

She said Nigeria had remained one of China’s major investment destinations in Africa for many consecutive years.

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PRovoke Media 2025 Influence 100: Dangote ‘s Anthony Chiejina Ranks Among Most Powerful Global Communications Leaders

This year’s list reflects a powerful cross section of communications leadership from some of the world’s most influential organisations, including Walmart, Apple, Shell, Microsoft, Nvidia, Nissan, Coca Cola, Google, Lufthansa, MTN, Emirates, Ford, Marriott, Tencent and Reliance Industries among others.

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• File Photo: Anthony Chiejina

PRovoke Media has again recognized the Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina, among the most powerful communications leaders in the world, in its prestigious 2025 Influence 100.

The recognition marks Chiejina’s fifth consecutive appearance on the global ranking, having previously been listed in 2021, 2022, 2023 and 2024, a rare distinction that underscores both consistency and sustained global relevance.

According to PRovoke Media, the 2025 Influence 100 identifies the most impactful senior communications, corporate affairs and marketing executives worldwide.

It emphasised that Chiejina’s inclusion reflects his central role in shaping the reputation of Dangote Group, Africa’s largest industrial conglomerate.

It notes that for over 15 years, Chiejina has overseen corporate communications across the group’s diverse portfolio, spanning cement, agriculture, energy, manufacturing and consumer goods.

His stewardship has been instrumental in positioning Dangote as the continent’s most admired indigenous company and a symbol of African industrial ambition.

According to the publication, under Chiejina’s leadership, the group’s communications function has navigated complex regulatory environments, major industrial expansions and heightened global attention, particularly as Dangote deepens its footprint across Africa and advances sustainability and energy security initiatives.

” As group head of corporate communications, he oversees external and internal reputation across multiple sectors spanning cement, agriculture, energy and consumer goods, and has helped steer the brand’s continued recognition as the most admired indigenous company on the continent,” it said.

His continued presence places him among an elite group of in-house communicators whose judgement, influence and strategic insight shape corporate reputation at the highest level

According to the publication, under Chiejina’s leadership, the group’s communications function has navigated complex regulatory environments, major industrial expansions and heightened global attention, particularly as Dangote deepens its footprint across Africa and advances sustainability and energy security initiatives.

Meanwhile, the 2025 Influence 100 includes 28 new entrants, alongside several high profile re entries by senior communications leaders who have since taken on expanded global roles.

These include Michael Stewart, who moved from PwC to Unilever; Michael Gonda, from McDonald’s to Nike; and Sandy Rodriguez, also from McDonald’s to Eli Lilly.

This year’s list reflects a powerful cross section of communications leadership from some of the world’s most influential organisations, including Walmart, Apple, Shell, Microsoft, Nvidia, Nissan, Coca Cola, Google, Lufthansa, MTN, Emirates, Ford, Marriott, Tencent and Reliance Industries among others.

In total, 20 countries are represented, highlighting the global reach and strategic importance of senior in house communications leadership.

Gender representation remains strong, with 58 women and 42 men featured, sustaining a female majority for the second consecutive year.

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