Economy
Nigeria’s Headline Inflation Slows to 33.40% in July
By Aduragbemi Omiyale
The headline inflation in Nigeria moderated to 33.40 per cent in July 2024 from 34.19 per cent in June 2024, the National Bureau of Statistics (NBS) has disclosed.
In its report released on Thursday, the agency attributed the 0.80 per cent decline in inflation for the first time in a while to improvement in the supply of food in the country, triggered by the harvest season.
It noted that on a year-on-year basis, the headline inflation rate was 9.32 per cent higher than the 24.08 per cent recorded in July 2023.
Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28 per cent, lower than the 2.31 per cent posted in the preceding month by 0.03 per cent.
The NBS put the percentage change in the average CPI for the 12 months ending in July 2024 over the average of the CPI for the previous 12-month period at 30.76 per cent, higher than the 21.92 per cent in July 2023 by 8.84 per cent.
The stats office further disclosed that urban inflation rose by 9.94 per cent to 35.77 per cent on a year-to-date basis in the month under review from 25.83 per cent in the same time last year, with the month-on-month at 2.46 per cent in July 2024 versus 2.46 per cent in June 2024.
The corresponding 12-month average for the urban inflation rate was 32.89 per cent in July 2024 compared with 22.87 per cent in June 2023.
As for the rural inflation rate in July 2024, it stood at 31.26 per cent on a year-on-year basis, in contrast to 22.49 per cent in July 2023, and on a month-on-month basis, it was 2.10 per cent versus 2.17 per cent a month earlier, with the corresponding 12-month average at 28.86 per cent in July 2024 versus 21.04 per cent in July 2023.
The agency revealed that the food inflation rate in July 2024 was 39.53 per cent on a year-on-year basis, 12.55 per cent higher than the 26.98 per cent recorded in July 2023, attributing this to increases in prices of Semovita, Yam Flour (Pre-packed), Wheat Flour (Pre-packed), etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, etc (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Milo, Bournvita, Ovaltine (Coffee, Tea & Cocoa Class), etc.
It stated that on a month-on-month basis, the food inflation rate decelerated by 0.08 per cent to 2.47 per cent from 2.55 per cent a month earlier.
This was due to a decline in the rate of increase in the average prices of Tin Milk, Baby Powdered milk, etc (Under Milk, Cheese & egg Class), Mudfish fish, Fresh fish (Obokun), snail, etc (Under Fish Class), Date Palm fruit (Debenu), Watermelon, etc Garri, Akpu (fufu), etc (Under Bread and Cereals Class), Exercise books, Textbooks, etc (Under Books & Stationaries Class) and Turkey meat, Minced Pork, etc (Under Meat Class).
Recall that on Wednesday, Business Post reported that Meristem Research projected the inflation rate for the month under consideration to fall to 33.42 per cent.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
