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Nigeria's Inflation Drops To 24.48% In January

Finance & Economy·News·Nigeria·Top Stories

Nigeria’s July Inflation Eases to 15.43% as Food Costs Climb

August 18, 2026

Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026 from 15.91 per cent in June, extending the recent moderation in overall price pressures despite a sharp increase in food

Finance & Economy·News·Top Stories

Nigeria’s Trade Surplus Rises to N7.55tn, as Import Squeeze Reshapes External Balance in Q1 2026

June 8, 2026

Nigeria’s external trade position strengthened significantly in the first quarter of 2026, as a sharp contraction in imports combined with modest export growth pushed the country’s trade surplus to N7.55 trillion, according

Currency·Finance & Economy·News·Nigeria

Nigeria’s Public Debt Hits N152.39 Trillion in Q2 2025 – NBS

December 2, 2025

Nigeria’s public debt stock rose to N152.39 trillion (US$ 99.65 billion) in the second quarter of 2025, up from N149.38 trillion (US$ 97.23 billion) in the first quarter, the National Bureau of Statistics (NBS)

News·Top Stories

Nigeria’s Headline Inflation Eases to 18.02% in September 2025 – NBS

October 16, 2025

Nigeria’s headline inflation rate dropped to 18.02 percent in September 2025, down from 20.12 percent recorded in August, according to the latest Consumer Price Index (CPI) report released by the National Bureau

Presidency Foreign Trips: Tinubu Fiddles While Nigeria Burns – Atiku

Politics

Atiku Queries NBS Website Hack Claim, Highlights Importance Of Data Integrity

December 19, 2024

Former vice president of Nigeria, Atiku Abubakar, has queried claims by the management of the National Bureau of Statistics (NBS) that its website was hacked by suspected fraudsters. The Bureau in a

Business News·News

Nigeria’s Unemployment Rate Rises To 5.3% In Q1- NBS

September 25, 2024

Nigeria’s unemployment rate has risen to 5.3% in the first quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS). This is an increase from the 5.0%

New Tax Reforms: Ghana Walking Into Nigeria-type Trap?

Business News·News

Nigerian Government Plans Lower Corporate Income Tax Rate To Boost Business Growth

September 20, 2024

FG to Cut Corporate Income Tax Rate The Nigerian federal government is set to reduce the corporate income tax rate within the next two years, as part of efforts to improve the

Business News·News

Nigeria Records N6.95trn Trade Surplus In Q2 Despite Decline In Imports

September 11, 2024

Trade Surplus Reaches N6.95 Trillion in Q2 2024 Nigeria’s trade surplus for the second quarter of 2024 reached N6.95 trillion, according to the latest report by the National Bureau of Statistics (NBS).

Nigeria's Equity Market Declines By 1.99% in March Despite Weekly Gains

Business News·Markets·News

Nigeria’s Equity Market Records 0.08% Decline In August As Investors Shift Focus Amid Economic Optimism

August 31, 2024

Equity Market Sees August Decline The Nigerian equity market witnessed a notable decline in August, with the All-Share Index (ASI) dropping by 0.80%. Investors saw their portfolios shrink by approximately N33 billion,

Rising Cost Of a Healthy Diet In Nigeria Outpaces General Inflation By 47.44%

Business News·News

Rising Cost Of Healthy Diet In Nigeria Outpaces General Inflation By 47.44%

August 30, 2024

Cost of a Healthy Diet in Nigeria Surges The cost of maintaining a healthy diet in Nigeria has surged by 47.44% in the first seven months of 2024, significantly outpacing both general

Nigerian Govt 1 month deadline On Price Reduction Sparks Controversy Among Traders, Consumers

Business News·FEATURES·News

Nigerian Govt’s 1 Month Deadline On Price Reduction Sparks Controversy Among Traders, Consumers

August 30, 2024

FCCPC’s Price Control Ultimatum Sparks Controversy Among Traders and Consumers In a move that has stirred heated debate, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to

Business News·FEATURES·News

Why GDP Growth May Not Improve Living Standards For Nigerians- Firm

August 27, 2024

Rising GDP Growth: Caution Advised Investment and advisory firm, Comercio Partners, has urged Nigerians to be cautious despite the rising Gross Domestic Product (GDP) growth rate. The firm warned that the economic

Worries As Oil Price Crash, Low Production Threaten Nigeria’s 2025 Budget

Business News·News·Oil & Gas

Nigeria’s Crude Oil Production Declines To 1.4mbpd In Q2 – NBS

August 27, 2024

NBS Report Highlights Drop in Crude Oil Production The Nigeria Bureau of Statistics (NBS) has released its quarterly Gross Domestic Product (GDP) report for 2024, revealing a decline in Nigeria’s crude oil

Nigeria’s GDP Growth Rise By 3.2% In Q2- NBS Report

Business News·News

Nigeria’s GDP Rises By 3.2% In Q2- NBS

August 26, 2024

NBS Report Reveals Strong GDP Growth The Nigerian Bureau of Statistics (NBS) has announced that Nigeria’s real Gross Domestic Product (GDP) grew by 3.2% year-over-year in the second quarter of 2024. This

Business News·News

Nigeria’s Food Crisis: Corruption, Mismanagement To Blame?

July 4, 2024

Corruption and Inefficiency: Root Causes of Nigeria’sFood Crisis In Nigeria, the daily struggle for survival is intensifying as Nigeria’s food crisis keeps rising. The cost of food is skyrocketing, with food inflation

NRC Generates N1.42bn Revenue In 3 Months

Business News·News

Nigeria Railway Generates N1.42bn Revenue In 3 Months

July 1, 2024

The Nigeria Railway Corporation (NRC) earned N1.42 billion as revenue in the first three months of 2024. This reflects 84.91 per cent increase from the N768.44 million recorded in the same period

Nigerian Govt Incurs ₦464.12bn Electricity Subsidy Obligation

News

Nigeria: Electricity DisCos’ Revenue Drops By 1.13%, Supply Dips By 10.3% In Q1 2024

June 29, 2024

The total revenue of the 11 electricity distribution companies (DisCos) in Nigeria declined by 1.13 per cent from N294.95 billion in the fourth quarter (Q4) 2023 to N291.62 billion in first quarter

Business News·News

Food Inflation In Nigeria Hits 40.66%, Deepening Economic Woes

June 17, 2024

Food inflation in Nigeria has surged to 40.66% in May, 2024, making it increasingly difficult for Nigerians to afford basic meals. Prime Business Africa reports a notable rise in food prices, indicating

Maintaining Healthy Diet For Nigerians Surge From N703 To N786- NBS Reveals

Business News·News

Cost Of Maintaining Healthy Diet In Nigeria Surges To N786 – NBS

February 2, 2024

The National Bureau of Statistics (NBS) disclosed yesterday that the average cost of maintaining a healthy diet for Nigerian adults has surged from N703 in October to N786 in December 2023. The

Finance & Economy

BRICS Capital Inflow To Nigeria Plummets By 59.84% In Q3 2023 – NBS

January 2, 2024

The National Bureau of Statistics (NBS) released a report unveiling a 59.84% drop in foreign capital from BRICS nations during Q3 of 2023.

Business News·News

NBS: Food Prices Surge Nationwide, Prompting Concerns Over Affordability

December 29, 2023

A report released by the National Bureau of Statistics on Friday revealed that the cost of essential food items has surged across the nation, escalating worries about affordability and accessibility for consumers.

Business News·Transport

Intercity Bus Travel Costs Surge By 61%, Air fares Record New Hike – NBS

December 27, 2023

Report released by the National Bureau of Statistics (NBS), reveals that intercity bus travel expenses surged by 61.27% in November compared to the same period last year, hitting an average of N6,206.53

Agro-Economy·Business News·News

Nigerians’ Household Spending Surges To N61.07 Trillion Despite Soaring Inflation- NBS

November 24, 2023

The National Bureau of Statistics (NBS) revealed in its Expenditure and Income Gross Domestic Product (GDP) report that Nigerians spent N61.07 trillion on household consumption in the first half of 2023. This

Business News·News

Rising Food Prices Squeeze Budgets, Stir Concerns Among Nigerians

October 3, 2023

As food prices in Nigeria continue the relentless climb, latest data from the National Bureau of Statistics (NBS) reveals alarming spike in cost of essential items, leaving many struggling to afford basic

Business News

Nigeria’s Unemployment Falls To 4.1% In Q1 2023, More Male Unemployed

August 24, 2023

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s unemployment rate dropped in the first quarter of 2023, which falls between January to March. In a report titled; “NIGERIA LABOUR FORCE

Business News

Kogi, Lagos Record Highest Rate, As Inflation Soar To 24.08% In July

August 15, 2023

Inflation rate in Nigeria soared to 24.08 per cent in July, the National Bureau of Statistics (NBS) has revealed in its Consumer Price Index (CPI) report. The NBS disclosed that inflation accelerated

Nigerians Spend More On Air Travels As Ticket Prices Increases By 34.06% In One Year – NBS

Business News·Transport

Nigerians Spend More On Air Travels As Ticket Prices Increase By 34.06% In One Year – NBS

July 5, 2023

The cost of air tickets increased by 34.06 per cent in the last one year, the Nigeria Bureau of Statistics (NBS) report for May 2023 has revealed. According to the NBS Transport

Business News

New Report Shows Hardship Forces Nigerians In Saudi Arabia, Benin To Return

May 18, 2023

The National Bureau of Statistics (NBS) has revealed that hardship drove many Nigerians that travelled to Saudi Arabia and Benin Republic back to Nigeria. In a report titled; ‘Awareness and Perception of

10 Nigerian States With Highest Food Inflation In June 2025

Business News

NBS Report Shows Nigeria’s Inflation Rate Hits 22.22%, Reveals Reasons For Increase

May 15, 2023

The National Bureau of Statistics (NBS) has disclosed that the headline inflation rate in Nigeria rose to 22.22 per cent in April 2023, against the 22.04 per cent reported in March. This

Business News·Oil & Gas

Cooking Gas Price In Nigeria Rose By 38.63%, New NBS Report Reveals

February 24, 2023

The price of 12.5kg cooking gas jumped by 38.63 per cent year-on-year, rising to N10,277.17 in January 2023, from N7,413.25 recorded the same month last year. On a month-on-month basis, the retail

Business News

Nigerians’ Spending On Household Consumption Rises To N108tn – NBS

The National Bureau of Statistics (NBS) has disclosed that Nigerian residents spent N108.47tn on household consumption in 2021 in nominal terms. The figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation. The

May 13, 2022

More Woes For Nigerians As Cooking Gas Price Rises By 70%

Business News

Cooking Gas Price Rises By 83% In One Year – NBS

A new report by the National Bureau of Statistics (NBS) has claimed that the average retail price for cooking gas increased by 83.62 per cent from N2057.71 in March 2021. The NBS, in the report titled, “Liquefied Petroleum Gas (Cooking Gas) Price

April 22, 2022

Business News

Nigerian Insurance Sector Rebounds, Records 8.01% Annual Growth – NBS

The Nigerian insurance industry, according to the National Bureau of Statistics (NBS), grew by 8.01 per cent in 2021, compared to a negative growth rate of 13.29 per cent in 2020, figures. Prime Business Africa obtained this from NBS’ Gross Domestic Product

February 21, 2022

Cooking Gas Marketers Reveal Panic Buying Could Raise Price In Nigeria

Business News·News·Top Stories

12.5kg Cooking Gas Hits N8,000 In January – NBS

National Bureau of Statistics (NBS) disclosed that residents in Osun, Abuja and Oyo states paid the highest amount for liquefied petroleum gas, better known as cooking gas, in January 2022. Prime Business Africa gathered that the average price for refilling a 12.5kg

February 18, 2022

Nigeria's GDP Growth Hit 2.51% In Second Quarter 2023 - NBS Reports

Business News

Nigeria Recorded 3.4% GDP Growth In 2021 – NBS

Nigeria’s Gross Domestic Product, according to the second-quarter GDP report released on Thursday by the National Bureau of Statistics, grew by 3.98 per cent in the fourth quarter of 2021. Prime Business Africa can report that this is the strongest growth since

February 17, 2022

Business News

Telcos Lost 12.3m Internet Subscribers In 2021 – NBS

Prime Business Africa has gathered that Nigeria’s internet users dipped by 7.99 percent to 141.9 million — as telecoms operators lost 12.3 million data subscribers in 2021. The National Bureau of Statistics (NBS) made this known in its telecoms data released on

February 14, 2022

Transport

Fuel Subsidy: Transport Fares Rises By 283% – NBS

The average cost of bus transportation within Nigerian cities, according to the National Bureau of Statistics, rose from N122.83 in January 2017 to N470.83 in December 2021. Based on the latest data of Transport Fare Watch report, Prime Business Africa can report

January 31, 2022

Finance & Economy

Nigeria: How To Halt High Inflation, Pressure

Nigeria’s eight-month steady deceleration in headline inflation ended with the marginal spike in the December 2021 numbers, from 15.4% in November 2021 to 15.63%, according to the National Bureau of Statistics (NBS). Economist and Chief Executive of the Centre for the Promotion

January 18, 2022

REVEALED: Why UK, EU Countries, Others Reject Food, Drug Exports From Nigeria

Business News

Nigeria’s Trade Deficit Rises 62% To N3trn In Q3 2021 -NBS

Nigeria’s foreign trade, according to the National Bureau of Statistics (NBS’) latest report, rose 62 per cent to record N3.03 trillion deficit in the third quarter of 2021. The report titled: “Foreign trade in goods statistics (Q1 – Q3 2021),” showed that

December 8, 2021

Technology

ICT’s Contribution To Nigeria’s GDP Hits N8.13tn In Q3 – NBS

The information, Communication and Technology (ICT) sector, according to data collated from the NBS’ reports, contributed N8.13tn to real Gross Domestic Product (GDP) in the nine months to September 2021. The data showed that the sector is composed of the four activities

November 25, 2021

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