Economy
Nigeria’s Inflation Surges to 27.33% in October 2023
By Adedapo Adesanya
Nigeria’s headline inflation increased by 0.61 per cent to 27.33 per cent in October 2023 compared with the 26.72 per cent recorded in September 2023, the highest in 18 years.
According to the National Bureau of Statistics (NBS) on Wednesday, on a year-on-year basis, the headline inflation rate was 6.24 per cent points higher than the 21.09 per cent recorded in October 2022.
Furthermore, on a month-on-month basis, the headline inflation rate in the month under review was 1.73 per cent, which was 0.37 per cent lower than the 2.1 per cent achieved in September 2023, meaning that in October 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in September 2023.
Giving a breakdown, the NBS noted that Food and Non-alcoholic beverages contributed 14.2 per cent to the headline index, followed by Housing, Water, Electricity, Gas, and Other Fuels with 4.6 per cent, and Clothing and Footwear saw a 2.1 per cent contribution.
Transport added 1.8 per cent while Furnishings, Household Equipment and Maintenance added 1.4 per cent and Education saw a 1.1 per cent rise. Others like Health, Miscellaneous Goods and Services among others saw less than 1 per cent contribution respectively.
The stats office showed that Nigeria’s food inflation rate in September 2023 was 31.52 per cent on a year-on-year basis, 7.8 per cent higher than the 23.72 per cent reported in October 2022.
The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread, cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables milk, cheese, and eggs.
On a month-on-month basis, the food inflation rate in October 2023 was 1.91 per cent, this was 0.54 per cent lower than 2.45 per cent posted in September 2023. The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish.
The average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33 per cent, which was a 6.5 per cent point increase from the average annual rate of change recorded in October 2022 (19.83 per cent).
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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