Economy
Nigeria’s Inflation Jumps to 28-Year High of 33.2% in March 2024
By Adedapo Adesanya
Nigeria’s inflation rate surged further, hitting a 28-year high of 33.2 per cent in March 2024, the National Bureau of Statistics (NBS) said in a report on Monday.
In the Consumer Price Index (CPI) for March 2024, the NBS said this is 1.50 per cent higher than the 31.70 per cent recorded in the preceding month.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
In the report, the agency said on a year-on-year basis, the headline inflation rate was 11.2 per cent higher than the 22.04 per cent recorded in March 2023, and on a month-on-month basis, the headline inflation rate at 3.02 per cent in March 2024 was 0.1 per cent higher than the 3.1 per cent achieved in February 2024, implying that the rate of increase in the average price level was more than the rate of increase in the average price level in February 2024.
In the period under review, urban inflation rose by 35.2 per cent last month on a year-on-year basis from 23.07 per cent in March 2023, and on a month-on-month basis, it was marginally lower by 0.00 per cent to 3.17 per cent from 3.17 per cent in February 2024.
The stats office also said the rural inflation rate in March 2024 was 31.5 per cent on a year-on-year basis versus 21.1 per cent in March 2023. On a month-on-month basis, it was 2.9 per cent, down by 0.2 per cent points compared to February 2024, which stood at 3.1 per cent.
As for the food inflation, it jumped to 40.01 per cent on a year-on-year basis, which is 15.6 per cent points higher compared to the rate recorded in March 2023 (24.5 per cent).
The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: garri, millet, akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sardine, mudfish dried (under fish class), palm oil, vegetable oil (under oil and fat), beef feet, beef head, liver (under meat class), coconut, watermelon (under fruit class), and Lipton tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).
On a month-on-month basis, the food inflation rate in March 2024 was 3.6 per cent which shows a 0.2 per cent decrease compared to the rate recorded in February 2024 (3.8 per cent).
The Central Bank of Nigeria (CBN) had recently said inflation would begin to cool in May 2024, which coincides with one year in office for President Bola Tinubu.
By Modupe Gbadeyanka
Stakeholders in the aquaculture subsector in Nigeria have been promised adequate support through favourable policies and financial inclusion.
This promise was made by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, during a high-level consultative meeting with fisheries cooperative groups in Abuja on Wednesday.
Participants informed the Minister some of the challenges affecting the fishing business in the country, including overfishing, environmental degradation, lack of access to affordable finance, post-harvest losses, inadequate cold storage infrastructure, poor transportation and market linkages, low youth involvement, multiple taxation by local government authorities, and the rising cost of imported fish feed.
They appealed to the federal government to support them to end Nigeria’s dependence on fish importation so as to transform the sector into a powerhouse of food security, employment, and export competitiveness.
In his remarks, Mr Oyetola said the government would look into the demands, noting that efforts are being made to support women and youth in the fishing sector with start-up grants and other empowerment initiatives.
“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,” he said, adding that, “Increasing youth participation in aquaculture is not only vital for food production but also a strategic solution to reducing unemployment. We are committed to ensuring that young people and women are not left behind in this transformation.”
According to him, discussions are ongoing with the World Bank to secure financial support for fish farmers and that the ministry will be collaborating with the Nigerian Agricultural Insurance Corporation (NAIC) to ensure affordable and accessible insurance coverage for fish farmers across the country.
“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam in other parts of the country,” he added, pointing to integrated planning and inter-ministerial cooperation as key pillars of the strategy.
“This meeting is not the end — it is the beginning of a sustained and transformative dialogue,” the Minister assured.
The meeting, convened by the Federal Ministry of Marine and Blue Economy, brought together leaders and members of major fisheries and aquaculture associations, including the Fisheries Cooperative Federation of Nigeria (FCFN), Tilapia Aquaculture Developers Association of Nigeria (TADAN), Catfish Farmers Association of Nigeria (CAFAN), Women in Fish Farming and Aquaculture, and the Practicing Farmers Association of Nigeria.
By Aduragbemi Omiyale
Shares of First HoldCo Plc are currently being on high demand at the Nigerian Exchange (NGX) Limited after information got out that serial entrepreneur, Mr Femi Otedola, is now in control of about 40 per cent of the financial services provider.
On Wednesday, the company was the busiest equity on Customs Street, selling 10.5 billion units valued at N324.5 billion.
The off-market block trading was executed through negotiated deals as the transactions were privately arranged between parties and then reported to the bourse.
It was learned that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Limited, Meristem Stockbrokers Limited, Renaissance Capital (Rencap) Securities Limited, Regency Asset Management Limited, United Capital Securities Limited, Stanbic IBTC Stockbrokers Limited, and First Securities Limited also as sellers in some deals.
According to reports, the former chairman of First HoldCo, Mr Oba Otudeko, gave up more than 20 per cent of his stake in the organisation to his rival, Mr Otedola, who increased his shareholding from 15 per cent to 40 per cent, putting him in almost total control of the firm, which operates the flagship First Bank of Nigeria Limited.
It was gathered that Mr Otedola bought the 5 per cent equity stake belonging to another long term shareholder; the Hassan-Odukales, after voluntarily quitting the company.
Business Post observed that on Thursday, investors are jostling to take position in the company because of the latest acquisitions by Mr Otedola, who they believe could bring stability to the fold.
At the time of filing this report at midday trading, shares of FirstHoldCo were up by 9.94 per cent to N35.40 per unit from the N32.20 per unit they closed at midweek.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced that its 301st Monetary Policy Committee (MPC) meeting is scheduled to take place on Monday, July 21 and Tuesday, July 22, 2025.
The MPC meeting, which will be held at the MPC Meeting Room located within the CBN Headquarters in Abuja, is one to watch as inflation eased again last month.
At the last meeting in May, which coincided with the 300th session, the team retained the Monetary Policy Rate (MPR) at 27.50 per cent, the second consecutive hold in 2025.
This second pause in rates came after six consecutive hikes recorded in 2024
The CBN also retained the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, and that of Merchant Banks at 16.00 per cent, while keeping the Liquidity Ratio unchanged at 30.00 per cent.
The MPC based the decision on improvements in macroeconomic indicators at the time.
Now, analysts say the MPC may consider cutting interest rates since inflation has slowed for yet another month in June 2025.
On Wednesday, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate moderated for the third consecutive month to 22.22 per cent in June 2025 from 22.97 per cent in May 2025. It was 23.71 per cent in April 2025, down from 24.23 per cent in the prior month.
According to the latest Consumer Price Index report released by the bureau, the year-on-year figure reflects a 0.75 percentage point decline from the previous month and a significant 11.97 percentage point drop when compared to June 2024, which recorded an inflation rate of 34.19 per cent.
The food inflation rate stood at 21.97 per cent year-on-year in June, a sharp drop from 40.87 per cent recorded in June 2024. This significant fall is attributed largely to the base year effect.
On a month-on-month basis, food inflation rose to 3.25 per cent in June, up from 2.19 per cent in May, driven by price increases in staples such as tomatoes, pepper, dried green peas, crayfish, shrimps, meat, plantain flour, and ground pepper.
The decision next week will hinge on the ability of the county to navigate economic challenges including inflationary pressures, foreign exchange volatility, and the global economic outlook.
Despite these, many quarters including the World Bank and the International Monetary Fund (IMF) have lauded reforms introduced by the federal government aimed at boosting local production and reducing demand for forex, noting that such moves would help dampen inflationary pass-through.
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