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Nigeria’s inflation rises to 34.80% in December as CPPE calls for monetary policy adjustments

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Nigeria’s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November.

This is according to the latest Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS.

While the country’s inflation continues to rise, the Centre for the Promotion of Private Enterprise, CPPE, has identified tips for its moderation.

The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.

The untamed rise in the Nigeria’s inflation highlights the upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs and persistent supply chain disruptions.

“On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” NBS stated.

Meanwhile, NBS said Nigeria’s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.CPPE reacts

Reacting, the Chief Executive Officer at the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the inflationary pressures continue to be a troubling feature of the Nigerian economy as reflected in December’s inflation rate.

“Though the increase in the December headline inflation was marginal at 0.2% compared with November inflation figures.

”However, Yusuf is optimistic that Nigeria’s inflation would have a positive outlook in 2025 due to moderation in exchange rate volatility and improvement in foreign reserves.

“Meanwhile, the inflation outlook for 2025 promises to be positive for the following reasons: Sustained moderation in exchange rate volatility and improvements in foreign reserves.

“Prospects of easing geopolitical tensions with the inception of the Trump presidency in a few days time.

“And a strong base effect, given the high inflationary pressures experienced in 2024,” he stated.

The economic think tank group, CPPE, also decried the current fixation of the National Assembly on revenue, especially the arbitrary revenue targets for ministries, departments, and agencies.

“Excessive pressure on MDAs to boost revenue and increase IGR has profound inflationary implications.

“The reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges, etc. These outcomes are in conflict with government aspirations to boost investment, curb inflation, and create jobs.

“Revenue targets should be based on empirical studies, absorptive capacity of the economy, and due consideration of the wider economic implications.

“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty, and impede economic growth.

There should be a careful balancing act between revenue growth aspirations, desire to boost investment, and commitment to moderate inflation,” CPPE stated.

How Nigeria’s inflation rate can drop – CPPE, CPPE highlighted that Nigeria’s inflation can moderate on pause of monetary tightening policy by the Central Bank of Nigeria, reducing fiscal risks.

“To ensure a further moderation in inflationary pressures, CPPE recommends as follows: “Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs.

“Reduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt,” the CPPE stated.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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UBA commits $102m direct investments in Chad’s securities

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

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•Oliver Alawuba, GMD UBA

United Bank for Africa (UBA) Plc has announced a $102 million direct investment in the State of Chad’s securities in an efforts to strengthen economic growth and financial inclusion across Africa.

The announcement was made by UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, during his keynote address at the UAE–Chad Trade and Investment Forum held on Monday, November 10, 2025, in Abu Dhabi, United Arab Emirates.

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

According to Alawuba, the $102 million investment underscored UBA’s confidence in Chad’s economic potential and demonstrates its long-term commitment to financing sustainable development on the continent.

“At UBA, our commitment is two-fold: we are both architects of national infrastructure and champions of grassroots financial inclusion,” he said. “Here in Chad, this is not a promise; it is a proven track record.”

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Dangote Fertiliser Limited Partners German’s Firm to License Four Urea Granulation Units

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

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Thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp Uhde, has entered into a strategic agreement with Dangote Fertiliser Limited (DFL) to license its advanced UFT Fluid Bed Granulation Technology for four new urea granulation units in Nigeria.

The agreement includes the provision of the technology license, a comprehensive Process Design Package (PDP), and the supply of proprietary equipment such as granulators and scrubbers.

Each of the four new units will have a nameplate capacity of 4,235 metric tons per day, significantly boosting DFL’s annual urea granule production from approximately 2.65 million tons to over 8 million tons.

These units will be constructed in Lekki, adjacent to DFL’s existing fertilizer complexes, which have been operating with UFT technology since 2021 and produce 3,850 metric tons per day each.

The new facilities will incorporate UFT’s energy-efficient scrubbing system, designed to minimize pressure drop while effectively controlling dust and ammonia emissions to meet stringent environmental standards.

Additionally, the plants will feature the Ammonia Convert Technology (ACT), which integrates ammonium sulfate byproducts into the urea granules, eliminating waste streams and offering logistical and commercial advantages.

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

By deploying our proven UFT®️ Fluid Bed Granulation Technology, we are setting new standards in efficiency and environmental stewardship in fertilizer production. We are proud to support DFL in building resilient and future-ready value chains.”

In the same vein, President of Dangote Group, Aliko Dangote, said: “We are pleased to deepen our collaboration with thyssenkrupp Uhde Fertilizer Technology for the expansion of our fertilizer operations in Lekki.

This initiative reflects our commitment to agricultural self-sufficiency and industrial progress across Africa.

With UFT®️ technology, we are ensuring the production of high-quality urea fertilizer that meets global standards while reducing environmental impact.

This investment further positions Nigeria as a leading fertilizer producer.”

Dangote Fertiliser Limited is one of Africa’s largest fertilizer producers, committed to enhancing agricultural productivity and supporting food security across the continent while thyssenkrupp Uhde’s UFT®️ Fluid Bed Granulation Technology is recognized globally as one of the most advanced solutions for producing urea granules.

Currently, over 70% of the world’s urea granule output is produced using this technology, contributing significantly to global food supply while maintaining emissions well below regulatory limits.

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