The latest data from the National Bureau of Statistics paints a concerning picture for consumers as the inflation rate surged by 33.20% in March.

This revelation comes from the just-released CPI and Inflation Report for March 2024. Compared to February’s figure of 31.70%, the headline inflation rate saw a notable 1.50% uptick.

Year-on-year, the headline inflation rate rose by 11.16% points compared to March 2023, reaching 22.04%.

This indicates a notable uptick in inflation for March 2024 compared to the same period last year.

The NBS said: “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%. Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

“This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024”.

The Naira experienced a notable surge in value on Friday in the official market, reaching N1,142.38 against the dollar.

Data from the FMDQ Exchange revealed a significant gain of N88.23, representing a 7.16% increase compared to the previous trading session on April 8, prior to the Sallah holiday.

According to the report, daily turnover also saw a substantial rise, reaching $281.34 million same day, up from $125.55 million recorded on Monday.

Biztellers reports that in the Investor’s and Exporter’s (I &E) window, the Naira traded within the range of N1,265 to N1,100 against the dollar.

Economic experts have consistently lauded the fiscal and monetary policies of President Bola Tinubu’s administration for the steady appreciation of the Naira.

The Central Bank of Nigeria (CBN), in its policy meetings conducted in February and March, executed a total of 600 basis points in interest rate hikes.

These measures aided in addressing dollar scarcity, mitigated volatility, and diminished dependence on parallel markets.

… We’ll keep pushing new boundaries to satisfy our consumers ― Dangote

The president of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo, has commended the Dangote Group, led by its President, Aliko Dangote, for adding, “immense value to the Nigerian economy and still going stronger.”

Jideonwo stated this at the 35th Enugu International Trade Fair, on Wednesday, 10th April, 2024.

The Fair was themed ‘Promoting Made in Nigeria Products for Global Competitiveness’.

In his opening remarks, Jideonwo enthused that the Dangote refinery, which recently started production of refined petroleum products will go a long way in addressing the challenges associated with availability of refined petroleum products in Nigeria.

“The exploits of the Dangote Group show great level and high degree of vision, creative thinking, research, innovations and doggedness, which has culminated in what is described as Dangote business and industrial empire today.

“I have no doubt that in years to come, Dangote Group will become not just a big industrial player in Nigeria and Africa, but the entire globe, deepening the creation of wealth and employment generation,” Jideonwo said.

The Regional Sales Director, Dangote Cement Southeast, Abayomi Shittu, emphasised that the target of the Dangote Group is to ensure that Nigeria becomes self-sufficient in all the sectors that it operates in.

This is just as he assured that the group will continue to push new boundaries to deploy technologies and skills where necessary in a bid to ensure consumers satisfaction.

Shittu stated that this year’s theme resonates well with the Dangote Group “as we are focused on domestically manufacturing goods that were hitherto usually imported despite the abundance of raw materials for such products in Nigeria.”

The Regional Sales Director noted that industrialisation is key to diversification of the economy and that is why “we are creating linkages that connect the whole economy while at the same time promote backward integration.

“Dangote Cement provides direct and indirect employment to millions of people across Africa and has touched lives by building schools, hospitals, clinics, roads, markets, vocational training centers in numerous host communities.

“The ongoing consolidation of Dangote Sugar Refinery, Dangote Salt (NASCON), Allied Industries and Dangote Rice into Dangote Foods are part of our strategies to harness the benefits of backward integration via linkages and build a more formidable food company.

“Dangote Sugar Refinery, through its out-grower scheme has provided jobs to thousands of farmers in the host communities. This has greatly helped to reduce unemployment, youth restiveness and improve the wellbeing of the host communities,” he said.

Shittu added that the group recorded a milestone on March 22, as Dangote Fertiliser marked two years of commissioning and operations.

“Dangote Petroleum Refinery was commissioned on May 22, 2023, and has started refining of petroleum products. Some of the by-products from the refinery are in demand as feedstock in some manufacturing sectors. We are on course to create diverse and ancillary industries across Nigeria.

“Our expectation therefore is that, through this Trade Fair, we will be able to further generate awareness on our innovative products, drive higher sales, get prospective buyers, improve the image of our brands, and open up new markets that will further translate into job creation and overall economic development in Nigeria and beyond. To sustain this process, we will keep innovating and pushing new boundaries while deploying the latest technologies and skills.”

Shittu congratulated the Enugu State government and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) on the successful hosting of the 35th edition of Enugu International Trade Fair.