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  • Diesel price averaged N1,789.45 per litre in July – NBS

    Diesel price averaged N1,789.45 per litre in July – NBS

    The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel decreased from N1,813.81 in June 2025 to N1,789.45  in July.

    The NBS said this in its Diesel Price Watch for July released in Abuja on Friday.

    The report said that the July price of N1,789.45 per litre amounted to a 1.34  per cent decrease over the N1,813.81 paid in June.

    “On a year-on-year basis, the price increased by 29.72 per cent from the N1,379.48 per litre recorded in July  2024,” it said.

    On state profile analysis, the report said that the highest average price of diesel in July was recorded in Benue at N2,341.46 per litre, followed by Adamawa at N2,163.88 and Plateau at N2,029.71.

    It said that the lowest price was recorded in Ondo State at N1,465.71 per litre, followed by Zamfara at N1,470.35, and Gombe State at N1,485.00.

    “Analysis by zones showed that the South-South had the highest price of N1,941.98 per litre, while the South-West recorded the lowest price at N1,619.06,’’ it said.

  • Nigeria’s GDP improves by 3.13% – NBS

    Nigeria’s GDP improves by 3.13% – NBS

    The National Bureau of Statistics (NBS) says  Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent on a year-on-year basis in real terms in the first quarter of 2025.

    The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the Rebased GDP Results released by the National Bureau of Statistics (NBS) on Monday in Abuja.

    Adeniran said this growth rate was higher than the 2.27 per cent recorded in the first quarter of 2024.

    He said the performance of the GDP in Q1 2025 was driven mainly by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.

    The S-G said the agriculture sector grew by 0.07 per cent in Q1 2025  from the growth of -1.79 per cent recorded in the first quarter of 2024.

    He said the Industry sector witnessed a growth rate of 3.42  per cent, an improvement from 2.35 per cent recorded in Q1 2024.

    Adeniran said in terms of share of the GDP, the services sector and industry sector contributed more to the aggregate GDP in Q1 2025  compared to Q1 2024.

    He said in Q1 2025, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms.

    “This performance is higher when compared to Q1 of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30 per cent.”

    The S-G gave a further breakdown of the rebased GDP results for 2019 to 2024  as follows:

    In nominal terms, Nigeria’s economy was estimated at N205.09 trillion in  2019, N213.64 trillion in 2020, N243.30 trillion in 2021,  N274.23 trillion in 2022, N314.02 trillion in 2023 and  N372.82 trillion in 2024.

    In 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent, over the nominal GDP of  2019 of the old year of 2010.

    “In 2020, it was 39.0 per cent,  38.7 in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.”

    In real terms, the GDP growth rate for 2020 stood at -6.96 per cent, which was as a result of COVID-19.

    “We came out of that negative growth in 2021 when we reported 0.95 per cent growth.  Higher growth rates were also reported in 2022, 2023, and 2024  at 4.32 per cent,  3.04 per cent and 3.38 per cent, respectively.

    He said ranking economic activities based on the 2019 base year,  crop production was first at 17.58 per cent,  followed by trade at 17.42 per cent and real estate at 10.78 per cent.

    This was followed by telecommunications at 6.78 per cent and Crude petroleum and natural gas took fifth place at  5.85 per cent.

    “Real estate ranked third, displacing crude oil and natural gas to the fifth position, which was usually in the third place before the rebasing.

    “This is due to better coverage of the activities of the real estate informal sector, now putting it in third place.”

    In terms of broad classification, the services sector remained the largest, contributing the highest to GDP at 53.09 per cent, as against 52.60 per cent before the rebasing.

    This was followed by the agriculture sector at 25.83 per cent and the industry sector at 21.08 per cent.

    Adeniran said better coverage was given to the water transport sub-sector and the service sector, resulting in significant improvement in the sector.

    “The economic activities in the service sector with the most notable changes include water transport; art, entertainment and recreation; transport services;  administration and support services and human health and social services.

    He said the coverage of the Agriculture sector was enhanced following the National Agricultural Sample Census and the National Agricultural Sample Survey conducted by the NBS.

    Adeniran said the contribution of the informal sector to the GDP in 2019 was estimated at N86.85 trillion, which represents 42.5 per cent of the GDP, compared to 41.4 per cent recorded previously.

    The last rebasing exercise was conducted in 2014 with 2010 as the base year.

    However, the recent rebasing exercise which covered a period between 2019 and 2023,  has  2019 as the new base year due to the relative stability of the domestic economy.

    The rebased GDP also includes updated methodologies based on best practices and official statistical guidelines.

  • Nigeria’s inflation rate further eases to 22.22% in June

    Nigeria’s inflation rate further eases to 22.22% in June

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate eased further to 22.22 per cent in June 2025.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for June 2025, which was released in Abuja on Wednesday.

    According to the report, the headline inflation showed a decrease of 0.76 per cent compared to the  22.97 per cent recorded in May 2025.

    Furthermore, the report said ‘on a month-on-month’, the headline inflation rate in June 2025 was 1.68  per cent, which was 0.15  per cent higher than the rate recorded in May 2025 at 1.53  per cent.

    “ This means that in June 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in May 2025.”

    The report said the increase in the headline index for  May 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said the three major contributors to the headline inflation on a year-on-year basis were Food and non-alcoholic Beverages at 8.89 per cent, Restaurants and  Accommodation Services at 2.87 per cent, and Transport at 2.37per cent.

    The report showed the least contributors were Recreation, Sport, and Culture at 0.07 per cent, Alcoholic Beverages, Tobacco, and Narcotics at  0.08 per cent, and Insurance and Financial Services at 0.10 per cent.

    The report said the food inflation rate in June 2025 was 21.97  per cent on a year-on-year basis, which was 18.90 per cent points lower compared to the rate recorded in June 2024 at 40.87 per cent.

    “ The significant decline in the annual food inflation figure is technically due to the change in the base year.”

    It said on a month-on-month basis,  the food inflation rate in June was 3.25  per cent, which increased by 1.07  per cent compared to the 2.19   per cent recorded in May 2025.

    The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc

    The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.76  per cent in June  2025,  on a year-on-year basis.

    “On a month-on-month basis, the Core Inflation rate was 2.46  per cent in June,  which increased by  1.36  per cent   compared to the 1.10 per cent recorded in May  2025.”

    The NBS said for the newly introduced sub-indices, on a month-on-month basis, Farm Produce and Goods stood at -13.3 per cent and 0.93 per cent compared to May 2025, which were 22.38 per cent and 9.39 per cent, respectively.

    “Conversely, Services and Energy stood at 3.26  per cent and -11.0 per cent compared to 1.79 per cent and -0.43 per cent recorded in May, respectively.*

    The report said that on a year-on-year basis in June  2025, the urban inflation rate was 22.72 per cent.

    “On a month-on-month basis, the urban inflation rate was 2.11 per cent  in June 2025, which increased  by 0.71 per cent compared to May at 1.40 per cent.”

    The report said in June, the rural inflation rate was 20.85 per cent on a year-on-year basis.

    “On a month-on-month basis, the rural inflation rate was 0.63   per cent in June, which decreased  by 1.2  per cent compared to May at 1.83  per cent.”

    On states’ profile analysis, the report showed that in June,  all items index inflation rate on a year-on-year basis was highest in Borno at 31.63  per cent, followed by Abuja at 26.79  per cent and Abuja at 25.91  per cent.

    It said the slowest rise in headline inflation on a year-on-year basis was recorded in Zamfara at  9.90 per cent, followed by Yobe at 13.51 per cent, and  Sokoto at 15.78 per cent.

    The report, however, said in June 2025, the inflation rate on a month-on-month basis was highest in Ekiti at 5.39  per cent, followed by Delta at 5.15 per cent, and Lagos at 5.13 per cent.

    “Zamfara -6.89  per cent, followed by Niger at -5.53 per cent and Plateau at -4.01  per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Borno at 47.40 per cent, followed by Ebonyi at 30.62   per cent, and Bayelsa at 28.64  per cent.

    “Katsina at 6.21 per cent, followed by Adamawa at 10.90   per cent and Sokoto at 15.25 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Enugu at 11.90  per cent, followed by Kwara at 9.97 per cent, and  Rivers at 9.88  per cent.

    “Borno at -7.63  per cent, followed by  Sokoto at -6.43  per cent and Bayelsa -6.34 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

    The NBS said based on the recent rebasing of the CPI,  hence, the CPI rose to 123.4 in June  2025, which  reflected  a 2.0 point increase from June  2025.

    NAN recalls that the NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

    The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy.

    According to him, this is done by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

  • Inflation rate further eases to 22.97% in May – NBS

    Inflation rate further eases to 22.97% in May – NBS

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for May 2025, which was released in Abuja on Monday.

    According to the report, the headline inflation showed a decrease of 0.74 per cent compared to the  23.71 per cent recorded in April 2025.

    Furthermore, the report said on a month-on-month basis, the headline inflation rate in May 2025 was 1.53 per cent, which was 0.33  per cent lower than the rate recorded in April  2025 at 1.86  per cent.

    The report said the increase in the headline index for  May 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said the three major contributors to the headline inflation were Food and non-alcoholic Beverages at 9.20 per cent, Restaurants and  Accommodation Services at 2.97 per cent, and Transport at 2.45 per cent.

    The report showed the least contributors were Recreation, Sport, and Culture at 0.07 per cent, Alcoholic Beverages, Tobacco, and Narcotics at  0.09 per cent, and Insurance and Financial Services at 0.11 per cent.

    The report said the food inflation rate in May  2025 was 21.14 per cent on a year-on-year basis.

    It said on a month-on-month basis,  the food inflation rate in May was 2.19 per cent, which increased by 0.13 per cent compared to the 2.06  per cent recorded in April 2025.

    The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, Sweet Potatoes, etc.

    The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.28   per cent in May 2025  on a year-on-year basis.

    “One a month-on-month basis, the Core Inflation rate was 1.10  per cent in May, which decreased by  0.24 percentage points  compared to the 1.34  per cent recorded in April 2025 .”

    The NBS said for the newly introduced sub-indices, on a month-on-month basis, Farm Produce and Goods stood at 22.38 per cent and 9.39 per cent compared to April 2025, which were 0.95 per cent and 1.89 per cent, respectively.

    “Conversely, Services and Energy stood at 1.79 per cent and -0.43 per cent compared to 2.20 per cent and 13.6 per cent recorded in April, respectively.*

    The report said that on a year-on-year basis in May   2025, the urban inflation rate was 23.14 per cent.

    “On a month-on-month basis, the urban inflation rate was 1.40   in May  2025, which increased  by 0.22  per cent compared to April  at 1.18 per cent.”

    The report said in May, the rural inflation rate was 22.70 per cent on a year-on-year basis.

    “On a month-on-month basis, the rural inflation rate was 1.83   per cent in May, which decreased  by 1.72  per cent compared to April  at 3.56  per cent.”

    On states’ profile analysis, the report showed that in May,  all items index inflation rate on a year-on-year basis was highest in Borno at 38.93 per cent, followed by Niger at 34.97 per cent and Plateau at 32.35 per cent.

    It said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 16.25 per cent, followed by Adamawa at 18.20 per cent, and Delta at 18.41 per cent.

    The report, however, said in May 2025, inflation rate on a month-on-month basis was highest in Bayelsa 9.11 per cent, followed by Bauchi at 4.85  per cent, and Borno at 4.42 per cent.

    “Kaduna at -6.75  per cent, followed by Jigawa  at -4.40 per cent and Edo at -2.94  per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Borno at 64.34  per cent, followed by Bayelsa at 39.85  per cent, and Taraba at 38.58 per cent.

    “Katsina at 6.90  per cent, followed by Rivers at 9.18   per cent and Kwara at 11.31   per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Bayelsa at 12.68  per cent, followed by Cross River at 11.15  per cent, and Anambra at 9.10 per cent.

    “Katsina at -5.42 per cent, followed by  Jigawa at -4.02 per cent and Kaduna -3.27per cent, recorded the slowest rise in inflation on a month-on-month basis.”

    The NBS said based on the recent rebasing of the CPI,  hence, the CPI rose to 121.35 in May 2025, which  reflected  a 1.83-point increase from April 2025.

    Recall that the NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

    The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy.

    According to him, this is done by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

  • Nigeria’s total trade for Q1 2025 stood at N36,024bn – NBS

    Nigeria’s total trade for Q1 2025 stood at N36,024bn – NBS

    The National Bureau of Statistics (NBS) has disclosed that Nigeria’s total merchandise trade stood at N36,024.66 billion in the first quarter of 2025.

    This is according to the NBS Foreign Trade in Goods Statistics Report for Q1 2025 released in Abuja on Wednesday.

    The NBS said that the figure represented an increase of 6.19  per cent compared to the value of N33,925.72  recorded in Q1 2024.

    It said that it also represented a decrease of 1.58  per cent compared to the value recorded in Q4 2024 at N36,604.83.

    The report said that total exports stood at N20,598.48 billion accounting for 57.18 per cent of total trade.

    The report said that total exports increased by  7.42 per cent compared to the amount recorded in Q1 2024 at N19,176.19.

    “Also, total exports in Q1 2025 increased by 2.92 per cent when compared to Q4 of 2024 which was recorded at N20,014.33 billion.”

    It said that in Q1 2025, Nigeria’s export trade continued to be dominated by crude oil exports valued at N12,955.03 billion which represented 62.89  per cent of total exports.

    The NBS said that the value of non-crude oil exports stood at N7,643.45  billion which represented 37.11  per cent of total exports in Q1 2025.

    “Non-oil products contributed N3,167.88  billion or 15.38 per cent of total exports.”

    The report said that the top trading export partners in Q1 2025 were
    India, The Netherlands, the United States of America, France, and Spain.

    It said that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.

    The report, however, said that total imports stood at N15,426.17 billion accounting for 42.82  per cent of total trade in Q1 2025.

    It said that total imports increased by 4.59  per cent compared to the value recorded in the first quarter of 2024 at N14.749.52 billion.

    “Total imports decreased by 7.02  per cent when compared to the value recorded in Q4 2024 at N16,590.51 billion.”

    The report said that China remained Nigeria’s highest trading partner on the import side in Q1 2025,  followed by India, USA,  The Netherlands, and The United Arab Emirates.

    It said the most traded commodities imported in Q1 2025  were, Gas oil, motor spirit , Petroleum oils and oils obtained from bituminous minerals.

    It listed Other most traded commodities as crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).

    The NBS said that the merchandise trade balance for Q1 2025 remained positive at N5.172 billion, showing an increase of 51.07 per cent compared to the value recorded in Q4 2024.

  • Inflation decline, not by chance – FG

    Inflation decline, not by chance – FG

    The Federal Government says the gradual decline of headline inflation rate, as reported by the National Bureau of Statistics (NBS), is not by chance, but benefit of the administration’s  reforms and focused interventions.

    The Minister of Information and National Orientation, Alhaji Mohammed Idris, stated this on Friday in Abuja at the eighth edition of the Ministerial Press Briefing Session.

    “The NBC released the Consumer Price Index (CPI) for April 2025, yesterday.

    “According to the report, the headline inflation rate for April stood at 23.71 per cent, representing a decrease of 0.52 per cent from the 24.23 per cent recorded in March 2025.

    “Similarly, month-on-month inflation dropped by a notable 2.04 per cent-from 3.90 per cent in March to 1.86 per cent in April.

    “This has not happened by chance. The president’s focused interventions are clearly paying off. The benefits of reform, though gradual, are real and measurable,” he said.

    The minister added that one of the major drivers of inflation which is food prices had been brought under control through the administration’s significant interventions, leading to a noticeable reduction in the cost of food items.

    He assured that President Bola Tinubu led-administration would sustain the momentum of economic improvement by prioritising people-centered policies and promoting shared prosperity for all Nigerians.

    He also assured that the administration would sustain the momentum by providing relief and restoring economic stability.

    The Minister stated that Nigeria is turning a corner, and urged the media to continue disseminating the positive developments responsibly and constructively.

    He emphasised that the government would remain accountable to the people.

  • BREAKING: NBS releases fresh inflation rate figures

    BREAKING: NBS releases fresh inflation rate figures

    The National Bureau of Statistics (NBS) has released inflate rate figures for the month of April 2025, disclosing that headline inflation rate eased to 23.71% relative to the March 2025 headline inflation rate of 24.23%.

    TheNewsGuru.com (TNG) reports NBS released the inflation rate figures on its website on Thursday while maintaining that the Consumer Price Index (CPI) rose to 119.52 in April 2025.

    According to the bureau, the April 2025 headline inflation rate showed a decrease of 0.52% compared to the March 2025 headline inflation rate.

    Recall that NBS recently rebased the CPI to replace outgoing reference periods (2009) while explaining that rebasing aligns the price and weight reference periods with the current economic environment, ensuring methodological accuracy, updating the composition of the goods and services basket, revising item weights, and incorporating necessary improvements.

    “Since consumption patterns evolve, the CPI basket is updated regularly, including the addition of new items. The weight reference period is now 2023, and the price reference period (Base year) is 2024. The updated CPI covers 934 product varieties classified into 13 divisions under the COICOP 2018 framework.

    “The CPI framework includes indices such as the Urban National Index, Rural National Index, Headline Index, Food Index, Core Index, Imported Food Index, Goods Index, Services Index, Energy Index, All Items Less Farm Produce Index, and Farm Produce Index. This system ensures accurate price tracking across different sectors and regions, supporting economic analysis and policy formulation,” the NBS stated.

    Meanwhile, according to the April 2025 CPI report, on a month-on-month basis, the headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%), meaning that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025.

    The report reads: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month. In April 2025, the Headline inflation rate eased to 23.71% relative to the March 2025 headline inflation rate of 24.23%.

    “Looking at the movement, the April 2025 Headline inflation rate showed a decrease of 0.52% compared to the March 2025 Headline inflation rate.

    “On a year-on-year basis, the Headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%). This shows that the Headline inflation rate (year-on-year basis) decreased in April 2025 compared to the same month in the preceding year (i.e., April 2024), though with a different base year, November 2009 = 100.

    “Furthermore, on a month-on-month basis, the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%). This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025”.

  • Inflation: Nigerians want FG to implement favorable policies

    Inflation: Nigerians want FG to implement favorable policies

    Nigerians have called on  the Federal Government to implement effective policies to reduce inflation and strengthen the economy.

    Many residents of the Federal Capital Territory (FCT) told NAN in Abuja on Sunday that this would lead to economic growth and stability that benefits all citizens.

    Recall that the National Bureau of Statistics (NBS) had recently released the rebased  Consumer Price Index Report showing Nigeria’s headline inflation for January 2025 at  24.48 per cent on a year-on-year basis.

    The  Food Inflation for January 2025 was 110.03, which resulted in a food inflation rate of 26.08 per cent on a year-on-year basis.

    The NBS said the increase was mainly driven by Food and Non-alcoholic Beverages, Restaurants and Accommodation Services and Transport.

    However, the NBS explained that the current CPI results did not indicate a reduction in the prices of goods and services in the market but rather measured the rate at which those prices are decreasing.

    Mr Kennedy Okoli, a businessman, said that inflation was significantly impacting the populace, leading to heightened economic challenges.

    Okoli called upon the Federal Government to take urgent action to effectively address this critical issue with effective sustainable policies.

    He said the rebasing of the CPI was a good idea but the results did not reflect the current realities.

    ” It is good to do rebasing but the government needs to address this inflation urgently, especially food inflation.

    “Nigerians are hungry, food and transportation costs are on the increase.

    ” It may look like things are changing on paper but the current reality says otherwise. ”

    Mrs Olabisi Samuel, a Public Servant said inflation was still on the increase, calling on the Federal Government’s intervention.

    Samuel said proper policies and reforms should be put in place to ensure the economy picks up.

    “The living standards of Nigerians are declining daily, their purchasing power is limited, and many cannot afford even the basic necessities of life.

    “The government must show commitment to people by taking concrete steps and making immediate efforts to improve the economy and one way is by addressing the issue of inflation,” she said.

    Mr Tunde Ajani,  an Entrepreneur said that inflation was still on the increase judging from the prices of goods and services in the market.

    Ajani called on the government at all levels to take proactive steps to address inflation which he said would help reduce the burden Nigerians were facing.

    ” The government needs to nip this rising inflation in the board. They should look at the sectors contributing to the rising inflation, especially food and transportation.

    “Insecurity needs to be addressed so farmers can go to their farms and the cost of transportation needs to also be reduced.

    “Since the removal of fuel subsidy, the cost of transportation has skyrocketed affecting everything.

    “However, we must commend Dangote for helping to reduce the pump price of petrol in the last three months. We pray the price drops further down because this will bring some relief to Nigerians.”

    Mr Nura Idris, a businessman,  said that small businesses were significantly impacted by the rising inflation as he called on the Federal Government to formulate policies to help small businesses.

    Nura said small businesses should be given single-digit interest loans to help their businesses stay afloat.

    “If business owners still have to pay high transportation costs, depend more on diesel and fuel to run their business and continue to pay higher electricity tariffs, inflation will still be on the increase.

    “This is because they will transfer all these costs, which are increasing daily, to the consumers.

    “The government needs to show Nigerians they are serious in addressing the issue of inflation.

    “If they can do this, it will also attract investors because nobody wants to invest in an unstable economy,” he said.

    Experts continue to call on the Federal Government to address insecurity as well as the cost of transportation, and adopt mechanised farming as some ways to address inflation.

  • Nigeria’s GDP improves by 3.84% in Q4 2024 – NBS

    Nigeria’s GDP improves by 3.84% in Q4 2024 – NBS

    The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.84 per cent in the fourth quarter of 2024 on a year-on-year basis.

    The Statistician-General(S-G) of the Federation, Adeyemi Adeniran disclosed this in a statement on Nigeria’s GDP Report for Q4 2024 released in Abuja on Tuesday.

    Adeniran said the growth rate was  0.38 per cent points higher than the 3.46 per cent recorded in the fourth quarter of 2023.

    “Similarly, it was higher by 0.38 per cent basic points relative to a similar growth rate of 3.46 per cent recorded in the third quarter of 2024.

    “This reflected a higher economic improvement when compared to Q3 2024.”

    The S-G said the performance of the GDP in Q4 2024 was still driven mainly by the services sector, which recorded a growth of 5.37  per cent and contributed 57.38 per cent to the aggregate GDP.

    Adeniran said on a quarter-on-quarter basis, the real GDP grew by 10.99 per cent in Q4 2024, which indicated a higher production level than in Q3 2024.

    He said the estimated economic activity in real terms for Q4 2024 stood at N22,610,393.45 million.

    Adeniran said this was higher than the rates recorded in Q3 2024 and Q4 2023 which stood at N20,115,766.93 million and N21,773,263.25 million, respectively.

    He said this also highlighted the improvement in the economy in Q4 2024 compared to Q3 2024 and Q4 2023.

    The S-G said overall, the year 2024 ended with an overall annual GDP growth rate of 3.40 per cent relative to 2.47  per cent recorded in 2023.

    “Thus, there was a decline in the performance of the Agriculture and Industry sector in 2024 relative to 2023, while the performance of the Services sector improved in 2024,” he said.

    Adeniran said in nominal terms, which refers to the current price, aggregate GDP stood at N78,374,120.95 million in Q4  2024, which indicated a year-on-year nominal growth rate of 18.91 per cent.

    He said this was higher than the N65,908,258.59 million recorded in Q4 2023 and the N71,131,091.07 million in Q3 2024.

    Adeniran said the major contributing economic activities in real terms in  Q4 2024 were  Crop Production at 23.42 per cent, Trade at  15.11 per cent, and Telecommunication at 14.40 per cent.

    Real Estate at  5.88 per cent, Financial Institutions at  5.76 per cent, and Crude Petroleum at 4.60 per cent.

    On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth, he said the Agricultural Sector grew by 1.76 per cent and the Industry grew by 2.00 per cent.

    The S-G said this showed a decline compared to the rate recorded in Q4 2023 at 2.10 per cent for the Agricultural sector and 3.86 per cent for the industry sector.

    On the other hand, he said the Services sector recorded a 5.37 per cent increase in growth rate compared to the 3.98 per cent recorded in Q4 2023.

    Giving a breakdown of sectoral contributions to the GDP in Q4 2024, Adeniran said Agriculture contributed 25.59 per cent, Industry 17.03 per cent, and Services 57.38 per cent.

    He said the Agriculture and Industry sector’s contribution was less than their contributions in Q4 of 2023 by 0.53 per cent and 0.31 basis points.

    Adeniran said the Services sector had the highest contribution to the GDP in Q4 2024, surpassing their contribution in Q4  2023 by 0.83 per cent basis points.

    He said the annual contributions of the economic sector showed that Agriculture contributed 24.64 per cent in 2024,  which was lower compared to its contributions of 25.18 per cent recorded in 2023.

    Similarly, the Industry sector’s annual contribution was 18.47 per cent in Q4 2024, which was also lower than the 18.65 per cent recorded in 2023.

    However, he said the services sector contributions for 2024 were 56.89 per cent which exceeded the 56.18 per cent recorded in 2023.

    The S-G said the Oil sector witnessed a growth rate of 1.48 per cent in Q4 2024.

    He said this indicated a decline compared to the 12.11 per cent recorded in Q4 2023, and the 5.17 per cent in Q3 2024.

    Adeniran said the Oil sector accounted for 4.60 per cent of the GDP in Q4 2024.

    He said the annual oil GDP for 2024 grew by 5.54 per cent, which was  7.75 per cent higher than the annual GDP recorded for 2023 at -2.22 per cent.

    Adeniran said the annual contribution of oil stood at 5.51 per cent in 2024 which was higher than its contribution in Q4 2023 at 5.40 per cent.

    He said Q4 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), which was lower than the daily average production of 1.56 mbpd recorded in Q4 2023 by 0.03 mbpd.

    “On the contrary, the production volume for Q4 2024 was higher than Q3 2024 which recorded 1.47 mbpd  by 0.06 mbpd.”

    He said the non-oil sector contributed  95.40 per cent to the GDP in Q4 2024 in real terms.

    “This shows an increase on a year-on-year basis when compared to Q4 2023 which recorded a contribution of 95.30 per cent.

    “Similarly, the non-oil sector’s contribution in Q4 2024 exceeds the 94.43 per cent  recorded in Q3 2024.”

    Adeniran said the economic performance of the non-oil sector in Q4 2024 was attributed to the growth recorded in some economic activities, including Rail Transport & Pipelines, Metal Ores, Financial Institutions, Road Transport, Quarrying & Other Minerals, and Insurance.

    He said on an annual basis, the non-oil grew by 3.27 per cent in 2024, which was higher than the 3.04 per cent recorded in 2023.

    “While in terms of aggregate contributions, the non-oil sector contributed 94.49 per cent in 2024, which was lower than the 94.60 per cent recorded in 2023,” he said.

  • Nigeria’s inflation rate declines to 24.48% in January – NBS

    Nigeria’s inflation rate declines to 24.48% in January – NBS

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate declined to 24.48 per cent in January 2025,

    This is contained in the Consumer Price Index (CPI) rebased results released in Abuja on Tuesday.

    NAN reports that the headline inflation rate for December 2024 was 34.80 per cent.

    The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the CPI Rebased Results.

    The CPI is a key macroeconomic indicator that reflects the movement of aggregate price levels in a country and is expected to be rebased every five years.

    However,  in Nigeria, the last CPI rebasing was conducted in 2009.

    Adeniran emphasised the importance of rebasing the CPI regularly due to changes in consumption patterns over time, which necessitated an update of the items in the CPI basket.

    He said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy, incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

    Adeniran said part of the process of rebasing the CPI  included bringing the base year closer to the current period, from 2009 to 2024.

    The S-G gave a breakdown of the rebased CPI as follows.

    The All-Items Index, which is used to measure headline inflation for January 2025, was 110.7, resulting in a headline inflation rate of 24.48 per cent on a year-on-year basis.

    He said the increase was mainly driven by Food and Non-alcoholic Beverages, Restaurants and Accommodation Services and Transport.

    The  Food Index for January 2025 was 110.03, which resulted in a food inflation rate of 26.08 per cent on a year-on-year basis.

    Core Index, which is All-Items less farm produce and energy for January 2025, was 110.7,  which gave rise to a core Inflation rate of 22.59 per cent on a year-on-year basis.

    The urban inflation rate for January 2025 was 26.09 per cent, while the rural inflation rate was 22.15 per cent.

    Adeniran clarified that the CPI results do not indicate a reduction in the prices of goods and services in the market but rather measure the rate at which those prices were decreasing.

    “The policies of the government targeted to reduce inflation rate are still there. The government is committed to ensuring food is available to the populace and the purchasing power of citizens is enhanced.

    “So, the result is  not saying prices of goods and services have come down in the market but the rate of change between January 2024  and January 2025 is what inflation rate is all about.”

    He assured Nigerians that the results of the rebasing reflected the current inflationary pressures and recent household consumption patterns in the country.

    The S-G  listed some CPI improvements and introduction to the methodology to include  the transition to the latest version of the classification method.

    He said the Classification of Individual Consumption According to Purpose (COICOP) 2018 version was used, departing from the 1999 version of COICOP.

    According to him, the new version has 13 divisions, as against 12,  bringing in household expenditure on Insurance and Financial Services, which now has a weight of 0.5 per cent relative to the total household expenditure.

    Adeniran said another improvement was the exclusion of own-production, imputed rents, and gifted items from the aggregates used to come up with the weights.

    “This is because CPI is a monetary phenomenon, hence the computations should only include monetary expenditure.

    “Also implemented under this rebasing is the movement of expenditures on meals away from home to the appropriate divisional class.

    “These changes are quite significant and appropriately align expenditures to their respective classes, enabling price changes to be measured properly.”