Nigeria’s inflation dropped to 23.7 percent in April, from 24.23 percent in March 2025.

The National Bureau of Statistics, NBS, disclosed this in its April Consumer Price Index and inflation data released on Thursday.

The figure showed that Nigeria’s inflation cooled off by 1.86 percent on a month-on-month basis.

Similarly, the food inflation rate in April stood at 21.26 percent.

“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.

“The MoM headline inflation rate in April 2025 was 1.86 percent.

The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.

The latest CPI data comes ahead of the Central Bank of Nigeria’s Monetary Policy Committee meeting slated for May 19 and 20, 2025.

Recall that Nigeria’s inflation rose to 24.23 percent in March for the first time after CPI rebase in January 2025.

In February, the CBN MPC paused interest rate hikes after inflation dropped.

Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.

The investment is also aimed at boosting ICT innovation and healthcare facilities.

The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.

The State government recently held a roundtable investment forum as part of measures to boost its economy.

The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”

The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.