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Nigeria’s Inflation Climbs To 25.8% In August – NBS
On Friday, the National Bureau of Statistics (NBS) reported that Nigeria’s annual inflation rate climbed by 1.72 percentage points to reach 25.8 percent in August, up from 24.08 percent in July.
This marks the seventh consecutive monthly increase in inflation this year.
In its Consumer Price Index (CPI) report for August, the NBS also revealed that the year-on-year food inflation rate experienced a 2.36 percentage point rise, reaching 29.34 percent in August compared to 26.98 percent in July.
This increase was attributed to higher prices for items such as oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as vegetable, milk, cheese, and eggs.
NBS said: “In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 head-line inflation rate which was 24.08%.
“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72 percentage points when compared to the July 2023 headline inflation rate.
‘On a YoY basis, the headline inflation rate was 5.27 percentage points higher compared to the rate recorded in August 2022, which was 20.52 percent.
“This shows that the headline inflation rate (YoY basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022).
“Similarly, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the rate recorded in July 2023 (2.89%).
“This means that in August 2023, on average, the general price level was 0.29 percent higher relative to July 2023.”
On food inflation, the bureau said:”The Food inflation rate in August 2023 was 29.34% on a YoY basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).
“The rise in food inflation on a YoYnbasis was caused by increases in prices of Oil and fat, bread and cereals, fish, fruit, Meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese and eggs.
“On a month-on-month basis, the food inflation rate in August 2023 was 3.87%, this was 0.41 percentage points higher compared to the rate recorded in July 2023 (3.45 percent).
“The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, coffee, tea, and cocoa.” it added
According to the bureau’s report, the year-on-year inflation rate for all items was most pronounced in Kogi (31.50 percent), followed by Lagos (29.17 percent) and Rivers (29.06 percent) during the review period.
Conversely, Sokoto (20.91 percent), Borno (21.77 percent), and Nasarawa (22.25 percent) recorded the smallest increases in headline inflation on a year-on-year basis.
The Central Bank of Nigeria (CBN) is under pressure to suspend its recently introduced increase in Automated Teller Machine (ATM) transaction charges due to the country’s worsening economic conditions.
During Tuesday’s plenary session, Marcus Onobun, a lawmaker representing Esan Central/Esan West/Igueben Federal Constituency in Edo State, raised concerns over the policy through a motion of urgent public importance.
He noted that the CBN’s directive not only increases withdrawal fees but also removes free ATM transactions for customers using other banks’ machines, adding to the financial strain on Nigerians.
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According to the new regulations, customers withdrawing from their own bank’s ATMs will still enjoy free withdrawals.
However, those using other banks’ ATMs will now be charged N100 for withdrawals of N20,000 within a bank’s premises. At off-site ATMs, such as those in shopping malls or markets, the charge remains N100, but with an added N500 surcharge.
Onobun, a member of the Peoples Democratic Party (PDP), argued that Nigerians are already struggling with economic difficulties, including high inflation, rising fuel costs, increased electricity tariffs, and multiple banking fees.
He warned that the additional charges could further discourage financial inclusion, particularly among low-income earners, contradicting the CBN’s own agenda.
“The banking sector continues to record significant profits, yet customers are being burdened with more charges without any improvement in service delivery or infrastructure. This is unfair and unacceptable,” he stated.
Following his motion, Speaker Tajudeen Abbas put the matter to a voice vote, and lawmakers overwhelmingly supported it.
As a result, the House of Representatives called on the CBN to immediately halt the implementation of the policy until further consultations are held with relevant banking and finance committees.
The Nigerian National Petroleum Company Limited (NNPC Ltd) is already emplacing an new naira for crude contract with the Dangote Petroleum Refinery and Petrochemicals, because the initial contract was for six months which expired in March 2025.
This clarification was made in a statement in Abuja by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye on Monday.
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According to Soneye, the NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC Ltd. and Dangote Refinery.
To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.
Under this arrangement, NNPC Ltd. has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC Ltd. has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.
The Nigerian Exchange Group Plc (NGX Group), in collaboration with Central Securities Clearing System Plc (CSCS), and other stakeholders hosted a high-impact symposium to mark International Women’s Day 2025.
Held under the theme “Accelerate Action for all Women: Rights, Equality, and Empowerment,” the event rallied stakeholders to drive gender inclusivity in Nigeria’s economy.
Minister of Arts, Culture, Tourism, and Creative Economy, Hon Hannatu Musa Musawa, delivered the keynote, stressing the economic and social imperative of women’s empowerment. “Investments in education, vocational training, and capital access are crucial for sustainable growth,” she stated.
On his part, Group Chairman of NGX Group, Umaru Kwairanga, reaffirmed the group’s commitment to gender diversity. “We are taking deliberate steps to ensure fairness and empowerment for women, enabling them to contribute significantly to Nigeria’s economic growth,” he said.
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In the same vein, Director General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, called for reforms to boost women’s participation in capital markets.
“We must push for policies that encourage female representation in leadership and governance. This is a collective responsibility,” he urged.
In his contribution, Group Managing Director and CEO of NGX Group and Chairman of CSCS, Temi Popoola, emphasized the urgency of the symposium’s theme, “Accelerate Action.”
“We remain steadfast in our commitment to creating opportunities that empower women in business, finance, and leadership. Our goal is to build an ecosystem where women not only thrive but also inspire the next generation of leaders,” he remarked.
The event featured a panel of accomplished female leaders, including Chalya Shagaya, Hilda Baci, Pai Gamde, Adesuwa Okunbo Rhodes, Kari Tukur, Odiri Oginni, Solape Akinpelu, and Adaorie Udechukwu, who shared strategies for breaking barriers and fostering women’s economic empowerment. Professor Folasade Ogunsola, Vice Chancellor of the University of Lagos, emphasized the role of education and mentorship in bridging gender gaps.
The NGX Group hosted the Ring the Bell for Gender Equality ceremony, a global initiative promoted by IFC, UN Global Compact, UN SSEI, UN Women, and the World Federation of Exchanges (WFE). The ceremony honoured women’s contributions to Nigeria’s capital markets and reinforced NGX Group’s commitment to inclusivity.
The event, attended by veteran actress Joke Silva and female directors from NGX Group, Ojinika Olaghere, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed as well as SEC Commissioner, Frana Chukwuogor, called for accelerated action to empower women across all sectors.
The symposium and the closing gong ceremony reinforced NGX Group’s role in driving gender equality and economic growth. As Honourable Hannatu Musa Musawa aptly stated, “The time for rhetoric is over. It is time for action.”
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