The National Bureau of Statistics on Monday, reported that the Consumer Price Index which measures Nigeria’s inflation rate rose to 34.60% in November 2024, up 0.72 percentage points compared to October.
This represents a significant year-on-year increase of 6.40 percentage points compared to 28.20% in November 2023.
According to the report, the general inflation rate in November 2024 was 34.60%, compared to 33.88% in October 2024.
The general inflation rate in November 2024 increased by 0.72 percentage points compared to October.
High food prices continue to be the main cause of inflation, putting pressure on consumers across the country.
Food inflation reached 39.93% in November 2024, up from 32.84% the previous year. Staple foods such as yam, rice, maize, and palm oil suffered significant price increases. Food inflation rose slightly from 2.94% in October to 2.98% this month.
According to the NBS report, “The rise in food inflation is attributed to higher prices for fish, rice, dairy products, and meat.”
Core inflation, which excludes food and energy prices, also increased; reaching 28.75% in November 2024, up from 22.38% in November 2023.
Taxi, bus, and rent rates all increased, according to the research, which also noted growing expenses in areas including housing, personal services, and transportation.
The annualised core inflation rate still reflects the broad economic pressures, even if the month-over-month rate dropped little to 1.83% from 2.14% in October. Core inflation’s twelve-month average has increased from 20.35% to 26.64% in the past year.
The NBS research also revealed significant regional diversity.
Bauchi, Kebbi, and Anambra had the highest year-on-year inflation rates: 46.21%, 42.41%, and 40.48%, respectively.
Delta, Benue, and Katsina experienced the lowest percentages, ranging from 27.47% to 29.57%.
Food inflation differences were also noticeable. Sokoto had the highest food inflation rate of 51.30%, followed by Yobe (49.69%) and Edo (47.77%). Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) saw smaller increases in food costs.
Urban inflation stood at 37.10% in November, a 6.88% point from 30.21% in November 2023. Rural inflation edged down slightly to 32.27%, 5.84% points above the previous year’s figure.
Though it slowed slightly from the previous month, the continued rise in inflation highlights the ongoing challenges facing Nigerian consumers as the cost of living continues to rise.
NNPC’s $3bn gazelle loan stabilized forex crisis — Soneye
Meanwhile, the Nigerian National Petroleum Company Limited has disclosed that its facilitation of the $3 billion gazelle loan was a strategic intervention aimed at stabilizing Nigeria’s foreign exchange crisis.
This was revealed by the Chief Corporate Communications Officer, Olufemi Soneye, during the Energy Relations Stakeholders Engagement in Abuja on Monday.
“Kyari facilitated the $3 billion Gazelle loan, a crucial intervention that helped stabilize the federation during a difficult foreign exchange crisis,” Soneye said.
The loan, secured in January 2024 in the form of an advance payment of crude oil from Afreximbank, comes at a critical time to support the country’s economic stability.
Additionally, Soneye highlighted NNPCL’s decision to secure a $1 billion loan backed by crude oil to support the Dangote Refinery during liquidity challenges.
He noted, “A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This programme demonstrates the NNPC’s commitment to creating public-private partnerships that promote national development,” he added.
Soneye also praised Kyari’s revolutionary leadership, highlighting important milestones that have reshaped Nigeria’s oil and gas sector.
“He brought up the Port Harcourt Refinery’s recent restart, which is a significant step towards energy self-sufficiency.
“The Port Harcourt Refinery’s restart signifies a major milestone in Nigeria’s journey towards energy independence and reaffirms the company’s dedication to reviving the country’s refining capacity,” he said.
Soneye commended NNPCL for promoting compressed natural gas as a cleaner and more affordable energy option for Nigerians in response to the world’s energy problems.
He also praised NNPCL’s financial turnaround, saying, “In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades.” The corporation has already exceeded its earnings estimates for 2024, demonstrating the dramatic improvements he has made.”
Soneye emphasised NNPCL’s commitment to boosting the energy sector and its role as a worldwide game-changer: “As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.”
During his presentation on “NNPC Ltd Transition Post-PIA,” Arinze Okafor noted that NNPCL’s operations have become more efficient since its transformation into a public liability company under the Company and Allied Matters Act.
“All our approval was from FEC, but today it is done by the board,” Okafor explained.
The event underscored NNPCL’s ongoing efforts to foster stakeholder collaboration, innovation, and sustainability, ensuring energy security, economic growth, and environmental responsibility for Nigeria’s future.
