Business

Higher food prices push up inflation rate to 22.04 per cent

Published

3 years ago

April 15, 2023

Higher food prices push up inflation rate to 22.04 per cent

For the third consecutive time this year, the inflation rate has risen, hitting 22.04 per cent in March.

The latest rate is contained in the Consumer Price Index (CPI), released on Saturday by the National Bureau of Statistics (NBS).

The NBS report noted that March increase was 0.13 per cent points higher than the February 2023 headline inflation rate of 21.91 per cent.

It stated, “On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent.”

This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the preceding year (March 2022).

“However, on a month-on-month basis, the all-item index in March 2023 was 1.86 per cent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 per cent),” NBS said.

According to the report, this means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.

The NBS also said items such as food and non-alcoholic beverages contributed largely on the divisional level to the increase in the headline.

It stated, “The contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42 percent); housing, water, electricity, gas, and other fuel (3.69 percent).”
An analysis of the rate increase shows clothing and footwear (1.69 percent); transport (1.43 percent); furnishings, household equipment and maintenance (1.11 percent); education (0.87 percent); health (0.66 percent); miscellaneous goods and services (0.37 percent); restaurant and hotels (0.27 percent); alcoholic beverage, tobacco and kola (0.24 percent); recreation and culture (0.15 percent) and communication (0.15 percent).

The NBS said food inflation in March 2023 rose to 24.45 percent on a year-on-year basis, representing a 7.25 percent points higher compared to the rate recorded in March 2022.

The statistics body explained that the rise was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.

States

On the a state profile, Sokoto, Zamfara, and Plateau residents paid less for food in the period under review, the agency noted.

The report also stated, “In March 2023, food inflation on a year-on-year basis was highest in Kwara (28.84 percent), Ondo (28.22 percent), and Lagos (27.92 percent).

“Sokoto (18.99 percent), Zamfara (20.57 percent) and Plateau (21.38 percent) recorded the slowest rise in food inflation on a year-on-year basis.

“On a month-on-month basis, March 2023 food inflation was highest in Bayelsa (3.11 percent), Rivers (3.00 percent), and Ondo (2.98 percent), while Bauchi (1.03 percent), Zamfara (1.08 percent), and Ogun (1.13 percent) recorded the slowest rise in food inflation.”

Auto

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

7 hours ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

8 hours ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.

Business

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

Published

14 hours ago

April 2, 2026

Trends Admin

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

The Nigerian National Petroleum Company Limited (NNPC) has raised the allocation of crude oil cargoes to the Dangote Petroleum Refinery from five to seven cargoes for May 2026, a strategic move aimed at strengthening domestic fuel production and reducing Nigeria’s dependence on imported crude amid rising petrol prices.

According to Reuters, two trade sources and a senior refinery official confirmed the development. “NNPC has allocated more cargoes to Dangote Refinery for May. While this will not completely meet our demands, it can help. We are also in negotiation with NNPC for additional volumes,” the official said.