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NBS Moves To ‘Smooth’ December Inflation Figures As Nigerians Brace For Price Shock

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Kogi, Ogun, Cross River Propel Mining Sector’s 17.95% Growth – NBS

The National Bureau of Statistics (NBS) has announced plans to adjust Nigeria’s December 2025 inflation figures amid projections of a sharp spike in headline inflation, a move that has already sparked concerns about transparency and public trust in official economic data.

The Bureau said the expected surge in inflation — projected by analysts to hit between 31.4 and 32.4 per cent — is not the result of worsening economic conditions but a “technical” base effect arising from the recent rebasing of the Consumer Price Index (CPI).

However, critics argue that ordinary Nigerians already battling soaring food and living costs may find it hard to reconcile statistical explanations with everyday realities.

SEE ALSO: JUST IN: Nigeria’s Inflation Rate Declines Again, Hits 20.12% – NBS

Speaking during a virtual stakeholders’ engagement organised with the Nigerian Economic Summit Group (NESG), the Statistician-General of the Federation, Adeyemi Adeniran, insisted the spike is largely artificial and arithmetic rather than reflective of structural economic changes.

According to him, the inflation jump is linked to the rebasing of the CPI, which adopted 2024 as the new base year after a 15-year gap.

He stressed that without adjustment, the December inflation figure could send “misleading signals” to policymakers and the public.

But the announcement has raised questions over whether “normalising” the data amounts to downplaying the severity of Nigeria’s inflation crisis at a time when food prices, transport costs and rents continue to climb across the country.

Analysts have repeatedly warned that headline inflation statistics often fail to capture the lived experiences of Nigerians, many of whom say their cost of living has doubled in recent years.

While NBS maintains that the adjustment aligns with global best practices, sceptics fear it could weaken confidence in official figures and mask the true scale of economic hardship.

NESG Chief Executive Officer, Dr Tayo Aduloju, acknowledged the sensitivity of the issue, noting that inflation data now plays a critical role as Nigeria moves from economic stabilisation to consolidation.

He warned that misleading signals during this phase could result in costly policy errors.

Meanwhile, the Director of Price Statistics at the NBS, Dr Ayo Anthony, said the Bureau would use an average CPI for 2024 rather than December alone to remove the artificial base effect, stressing that the adjustment would be clearly disclosed and backed by consultations with institutions such as the IMF, World Bank and the Central Bank of Nigeria.

Despite these assurances, public debate is expected to intensify as Nigerians question whether inflation figures are being “smoothed” on paper while household expenses continue to rise in reality.

The NBS, however, maintained that from January 2026, inflation calculations would rely fully on the rebased CPI basket, ending the base-effect distortions and restoring clarity to the data.

 

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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FHC Orders NUPRC to Comply with PIA

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Local Firms Lead Revival of Idle Oil Wells – SPE

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Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

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