Business
Inflation in Nigeria hits 17.71% over rising food prices, others

High cost of food items and fuel are largely responsible for an increase in Nigeria’s inflation in May this year, the National Bureau of Statistics (NBS) puts at 17.7 per cent.
It stated this in its latest report on the Nigeria’s Consumer Price Index (CPI) which measures rate of inflation.
According to the NBS, the new figure was influenced by the increase in the prices of gas, liquid fuel, bread and cereals.
The report said the increase was also recorded in prices of potatoes, yam, and other tubers, wine, fish, Meat, oils and road transport fare.
It stated that the inflation figure was at 0.22 per cent points lower compared to the rate recorded in May 2021, which is 17.93 per cent while on a month-on-month basis, the Headline inflation rate increased to 1.78 per cent in May, a 0.02 per cent rate higher than the rate recorded in April (1.76 per cent).
Composite food index rose to 19.50 percent on a year-on-year basis, a decline of 2.78 percent compared to 22.28 percent in May 2021.
“This rise in the food index was caused by increase in prices of Bread and cereals, food products, potato, yam, and other tubers, wine, fish, meat, and oils.
“On a month-on-month basis, the food sub-index increased to 2.01percent in May 2022, up by 0.01 per cent points from 2.00 percent recorded in April 2022.”
The All items less farm produce or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.90 percent on a year-on-year basis, up by 1.75 percent when compared to 13.15 percent recorded in May 2021.
“On a month-on-month basis, the core sub-index increased to 1.87 percent in May 2022. This is up by 0.65 percent when compared to 1.22 percent recorded in April 2022.”
It said the highest increase was recorded in prices of gas, liquid fuel, garment, solid fuel, cleaning, repair and hire of clothing and passenger transport by road.
Similarly, urban inflation rate increased to 18.24 percent (year-on-year) but a 0.27 percent decline compared from 18.51 percent recorded in May 2021.
“On a month-on-month basis, the urban inflation rate rose to 1.81 percent in May 2022, this is a 0.03 percent increase compared to April 2022 (1.78). The corresponding twelve-month average percentage change for the urban index is 17.00 percent in May 2022. This is 0.91 percent higher compared to 16.09 percent reported in May 2021.”
While rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; this is a 0.15 percent decline compared to 17.36 recorded in May 2021.
Business
I’m honoured, excited over World Bank’s appointment – Dangote

I’m honoured, excited over World Bank’s appointment – Dangote
President and CEO of Dangote Group, Aliko Dangote, has expressed gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a global initiative aimed at accelerating private investment and job creation in emerging economies.
In a statement confirming the development, Dangote described the appointment as both an honour and a reflection of his long-standing commitment to economic development through private enterprise.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”
He referenced the successes of the so-called Asian Tigers, economies that experienced rapid growth through strategic investment, as a source of inspiration for advancing similar outcomes in other parts of the world.
The World Bank announced Dangote’s inclusion on Wednesday as part of a broader expansion of the Lab, which enters a new phase focused on scaling up solutions that attract private capital and generate employment in developing countries.
Other newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
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World Bank Group President Ajay Banga noted that the expanded membership underscores the institution’s focus on integrating private-sector leadership into its strategy for global job creation.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” Banga said.
“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”
The lab, which was co-chaired in 2023 by Canadian Prime Minister Mark Carney, previously sought to mobilise £1 trillion in sustainable investment, particularly targeting energy transition projects in emerging markets.
Aviation
Air Peace suspends flights nationwide over NiMet strike

Air Peace suspends flights nationwide over NiMet strike
Air Peace has suspended all its flight operations across the country due to the ongoing strike by the Nigerian Meteorological Agency (NiMet).
The airline said in a statement on Wednesday that it was also suspending operations due to the unavailability of QNH (hazardous weather) reports required for safe landings.
“Due to the ongoing NiMet strike and the unavailability of QNH (hazardous weather) reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” Air Peace said.
“Your safety is our top priority. We appreciate your understanding and will share updates as the situation unfolds.”
The airline had earlier announced that the NiMet strike could lead to flight delays and cancellations across its network.
Air Peace added that it was monitoring the situation and working with relevant stakeholders to minimise the impact on customers’ travel plans.
Employees of NiMet commenced a nationwide indefinite strike over welfare issues on Wednesday.
Some of the issues raised involve “NiMet’s refusal to negotiate or implement agreed financial allowances and unresolved entitlements,” including wage awards, peculiar allowances, and outstanding payments from the 2019 minimum wage.
They also accused the management of the agency of withholding important documents, ignoring requests for inclusion of omitted staff in past payments, and neglecting key training programmes in favour of executive retreats.
Business
Nigeria’s gas production increases by 15.6% to 227,931.65 mscf

Nigeria’s gas production increases by 15.6% to 227,931.65 mscf
Nigeria’s gas output has increased 15,6 percent month-on-month, MoM, to 227,931.65 million standard cubic feet, mscf, in March 2025.
But on year-on-year, YoY basis, the nation’s gas output recorded a marginal increase to 227,931.65 mscf in March 2025, from 198,353.62 mscf, recorded in the corresponding period of 2024.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gas Production Status reports indicated that of the total of 227,931.65 mscf produced in March 2025, 119,552.75 mscf was associated while 108,378.90 mscf was non-associated gas.
Associated gas is extracted in the process of producing crude oil while non-associated gas is produced without crude oil after much investment, exploration and development.
The Ministry of Petroleum Resources (Gas), which is directly involved in the development of policies, targeted at increasing investment in the sector said efforts have been made to increase investment and production of gas in Nigeria.
Similarly, in its recent report obtained by Vanguard, the Nigerian LNG Limited stated: “We are fully committed to expanding our operations with the NLNG Train 7 Project, which will boost our production capacity by 35%, increasing from 22 Million Tonnes Per Annum (mtpa) to 30 mtpa. This project underscores our role as a key player in the global LNG market and positions Nigeria as a top-tier supplier of LNG, leveraging its vast proven gas reserves of 202 trillion cubic feet (the 9th largest globally).
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