Business
As rising food prices take toll on Nigerians, inflation hits 15.92%
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.
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Insurance
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.
The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.
Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.
Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.
In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.
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In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.
The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.
Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.
In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.
The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.
Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.
Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.
Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.
Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.
The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Auto
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.
The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.
Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.
Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.
To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.
These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.
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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.
“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.
“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”
The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.
Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.
Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.
It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
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Railway
Rail transformation on Abuja–Kaduna route excites NIPR delegates
Rail transformation on Abuja–Kaduna route excites NIPR delegates
Members of the Nigerian Institute of Public Relations (NIPR) have applauded the ongoing transformation of Nigeria’s rail system, describing it as a clear sign of renewed confidence in public transport under the leadership of Dr. Kayode Opeifa at the Nigerian Railway Corporation (NRC).
The commendation came on Monday as hundreds of NIPR members travelled aboard the Abuja–Kaduna train to attend the Institute’s Annual General Meeting in Kaduna.
The journey itself became a moving testament to the rail sector’s resurgence, with fully booked coaches buzzing with networking, reunions and professional camaraderie.
Delegates from across the country, particularly from the southern states, converged on Abuja before boarding the train alongside their counterparts from the Federal Capital Territory.
For many, the decision to travel by rail was both practical and symbolic—a vote of confidence in the improving fortunes of the NRC.
Inside the coaches, the atmosphere was said to be lively. Old colleagues reconnected, new relationships were forged, and passengers commended the professionalism and efficiency of NRC staff.
Many described the experience as seamless and refreshing, noting that with the right leadership, public institutions can deliver quality service.
While praising the progress recorded so far, the NIPR members called on the Federal Government to deepen investment in rail infrastructure.
They stressed that sustained funding is critical, given the capital-intensive nature of railway operations, and expressed confidence that such investments would yield strong economic returns.
Among dignitaries on board were the Olumobi of Imobi-Ijesha, Oba Dr. Jacob Adetayo Haastrup; President of the Broadcasting Organisations of Nigeria, Chief Tony Akiotu; and media veteran, Dr. Mohammed Kudur Abubakar.
Oba Haastrup particularly commended President Bola Tinubu for appointing Opeifa as NRC Managing Director, noting that his performance within a year highlights the corporation’s potential as a driver of economic growth.
Lagos NIPR Chairman, Dr. Samuel Ayetutu, said the coordinated rail trip was also influenced by safety considerations and served as a deliberate endorsement of the NRC’s ongoing reforms.
He urged the government to extend rail connectivity to more parts of the country, providing Nigerians with reliable alternatives to road travel.
The NRC delegation to the conference was led by its Chief Public Relations Officer, Mr. Callistus Unyimadu, alongside the MD’s Special Assistant on Media and Communication, Mr. Yinka Aderibigbe.
The Kaduna conference, which runs until April 24, is expected to equip communication professionals with fresh insights and innovations in public relations practice.
It also serves as a precursor to the World Public Relations Conference scheduled to hold in Abuja later this year, where global stakeholders will converge to address emerging challenges in the profession.
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