Business
Nigeria’s Inflation Rises To 31.70% For Feb – NBS
The inflation rate has moved to 31.70 per cent in February, according to the latest data by the National Bureau of Statistics (NBS).
The Bureau released the figure on Friday, with the latest data showing a rise from the 29.90 per cent recorded in January 2024.
According to the ‘Consumer Price Index and Inflation Report’ for February, the hike represented a 1.80 per cent increase from what was recorded in January.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate,” the report read in part.
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 per cent recorded in February 2023.
“This shows that the headline inflation rate (year-on-year basis) increased in February 2024 when compared to the same month in the preceding year (i.e., February 2023),” the NBS said.
Meanwhile, the food inflation rate in February was 37.92 per cent on a year-on-year basis. This was 13.57 per cent higher when compared to the rate recorded in February 2023 (24.35 per cent), according to the report.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa,” the report read.
Friday’s figures come amid a push by authorities to combat the rising costs of living in the country. The removal of fuel subsidies on petroleum, and the floating of the naira were major triggers of the hike.
The rising costs of living have since triggered protests in several parts of the country, however, the government is assuring Nigerians of tackling the challenges.
Despite the rising inflation rates, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, had earlier expressed optimism about a drop.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira,” he told members of the House of Representatives in February.
Business
Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.
“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.
He urged Nigerians to deepen the capital market and promote wider ownership of wealth.
“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.
BLACK MARKET
US DOLLAR ₦1385
POUND (GBP) ₦1880
EURO (EUR) ₦1580
CANADIAN DOLLAR (CAD) ₦1000
SOUTH AFRICAN RAND (ZAR) ₦90
UAE DIRHAM (AED) ₦370
CHINESE YUAN (CNY) ₦190
GHANA CEDI (GHS) ₦100
Central Bank of Nigeria Rates
DOLLAR (USD)₦1326.52
POUND (GBP)₦1794.52
EURO (EUR)₦1540.22
SWISS FRANC (CHF)₦1627.83
JAPANESE YEN (JPN)₦8.64
CFA FRANC (XOF)₦2.34
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58
CHINESE YUAN (CNY)₦197.74
SAUDI RIYAL (SAR) ₦353.20
SOUTH AFRICAN RAND (ZAR) ₦82.24
Business
Dangote Refinery’s IPO Officially Opens Today On NGX
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation…”
Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”
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