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 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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