Business

As rising food prices take toll on Nigerians, inflation hits 15.92%

Published

4 years ago

April 15, 2022

Nigeria’s inflation hit 15.92 per cent in the month of March, latest figures from the National Bureau of Statistics have shown.

It states that consumer price index, which measures the rate of increase in the price of goods and services, climbed to 15.92 per cent in March 2022, amid rising food and gas prices.

The figure represents the highest rate recorded since October 2021 — and 0.22 percentage points higher than the 15.7 per cent recorded in the previous month (February 2022).

The NBS said this in its Consumer Price Index (CPI) report for February 2022, released on Friday.

According to the bureau, the rate is 2.25 per cent points lower compared to 18.17 per cent recorded in March 2021, indicating a slow down (year-on-year) in March 2022.

“On month-on-month basis, the headline index increased to 1.74 per cent in March 2022, this is 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent),” the report said.

“The percentage change in the average composite CPI for the twelve months ending March 2022 over the average previous twelve months period is 16.54 per cent, this shows 0.19 per cent points decrease compare to 16.73 per cent recorded in February 2022.

“The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022 showing a decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent). In the same vein, the Rural Inflation increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021.

“On a month-on-month basis, the urban index rose to 1.76 per cent in March 2022, this was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). The rural index rose to 1.73 per cent in March 2022, with a 0.12 per cent point increase from 1.61 per cent recorded in February 2022.”

The core inflation rate dropped to 13.91 per cent in March from 14.01 per cent recorded in February 2022. The rise in the core index was attributed to the increase in the prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear.

Other items, which recorded significant price increases, include clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.

The report also said food inflation rose to 17.2 per cent in the review month, an uptick compared to the 17.11 per cent recorded in the preceding month. This rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, fish, meat, oils and fats.

The Russia-Ukraine war has had a ripple effect on global food prices, affecting gas and food prices, most especially bread prices.

The Russian Federation and Ukraine, combined, accounted for around 30 per cent and 20 per cent of global wheat and maize exports, respectively, over the past three years.

In its March report, the Food and Agriculture Organisation (FAO) said global food prices surged by 13 per cent in March.

Related Topics:food prices inflation NBS

Up Next

World Bank warns Nigeria about rising fuel subsidy

Don't Miss

After offering to buy Twitter at $43bn, Elon Musk doubts takeover success

Auto

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

19 hours ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

Auto

Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

1 day ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Auto

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

2 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.