Business
Nigeria’s inflation rises to 21.91 per cent
Nigeria’s inflation rate rose to 21.91 per cent in February 2023. It went up from 21.82 per cent in the previous month.
The National Bureau of Statistics disclosed this in its latest consumer price index (CPI) released on Wednesday.
This is the second consecutive rise in the country’s inflation figure this year, as Nigerians struggle to access cash for their daily needs — a challenge caused by the naira redesign policy of the Central Bank of Nigeria (CBN).
The NBS report said, “The February 2023 inflation rate showed an increase of 0.09 percent points when compared to that of January 2023 headline inflation rate”.
“Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percent points higher compared to the rate recorded in February 2022, which was 15.70 percent,” the bureau said.
Food Inflation
According to the bureau, food inflation rate in February 2023 was 24.35 per cent on a year-on-year basis — representing a 7.24 percent points increase compared to the 17.11 per cent recorded in February 2022.
It said the rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetable, and food product.
Kwara, Imo and Lagos residents paid more for food in the period under review.
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Auto
Happening now: Hyundai unveiling of Mufasa and Grand Creta
Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.
The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.


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Auto
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.
Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.
Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.
The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.
However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.
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Auto
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Nigeria’s automotive industry must look beyond vehicle prices, specifications and flashy new models if it hopes to win lasting customer confidence. The real test of competition increasingly lies in what happens after the sale — when a vehicle needs servicing, spare parts, repairs or warranty support.
A car purchase is not a one-off transaction. It marks the beginning of an ownership journey that could last several years, during which the quality of after-sales service can determine whether a customer remains loyal to a brand or regrets the decision to buy it.
When customers struggle to obtain genuine parts, secure timely repairs or get clear answers to warranty claims, their frustration can damage confidence not only in a dealer but also in the manufacturer and the wider automotive market.
After-sales service must therefore move from the background to the centre of automotive competition in Nigeria.
Promises must translate into performance
Effective customer care starts with clear, credible commitments. Buyers deserve to understand warranty coverage, servicing schedules, access to genuine parts, repair procedures and the support available when problems arise.
But promises alone are not enough. A warranty has limited value if customers cannot access a competent service centre. A roadside assistance number means little without an effective response system. And a repair-time guarantee is only as good as the technicians, parts and processes supporting it.
Automotive distributors and dealers must ensure that their marketing promises are matched by the operational capacity to deliver.
Buyers, on their part, should ask questions before committing their money, examine warranty conditions and establish what support they can realistically expect throughout the vehicle’s lifespan.
Competing on ownership experience
Nigeria’s automotive market would benefit enormously if brands competed not only on the vehicles they sell but also on the quality of ownership experience they provide.
Such competition could drive improvements in service delivery, warranty transparency, spare-parts availability, technical training, repair turnaround and customer communication.
Some players are already putting more structured after-sales propositions before buyers. Carloha’s CarlohaCare 6-6-7 programme, for instance, combines a six-year warranty, six years of free servicing and a seven-day repair promise, subject to applicable terms and conditions. Its CarlohaCare Rescue service extends the proposition to assistance beyond the workshop.
These offerings illustrate how clearly defined service commitments can become part of a vehicle’s value proposition, rather than an afterthought.
However, the objective should not be to crown a permanent winner or single out one company as the industry benchmark. Every provider must demonstrate that its commitments are practical, transparent and consistently delivered.
The wider industry should embrace continuous improvement, with customers ultimately judging brands by their real-world experiences.
Automotive journalism must ask tougher questions
Automotive journalism has a critical role in broadening the conversation.
Coverage of the sector often focuses on vehicle launches, new technologies, prices, specifications and expansion plans. These remain important, but consumers also need independent reporting on the realities of vehicle ownership.
Journalists can examine warranty conditions, investigate spare-parts availability, interview service managers and fleet operators, document consumer experiences and assess how effectively companies resolve complaints.
They should celebrate genuine improvements while holding businesses accountable when their public commitments fall short.
The Nigerian Automotive Journalists Association (NAJA) is well positioned to encourage this conversation through informed reporting, industry analysis, interviews and stakeholder engagement.
The goal should be to bring manufacturers, distributors, dealers, fleet operators and consumers around a fundamental question: What level of care should Nigerians reasonably expect after buying a vehicle?
That conversation must remain independent, balanced and evidence-led, rather than becoming a promotional platform for individual brands.
Make after-sales service a buying criterion
The shift towards stronger customer care will gather momentum when Nigerians begin to assess after-sales support as seriously as they consider engine performance, fuel economy, safety features and purchase price.
A private buyer should ask about warranty coverage, servicing costs and the location of authorised workshops. A fleet operator should evaluate parts availability, repair turnaround and vehicle downtime alongside acquisition costs. Families should know what assistance is available when a vehicle breaks down far from home.
Dealers that offer transparent terms and dependable support should earn a competitive advantage. Those that fall short should have a clear incentive to improve.
This is particularly important in a market where vehicle ownership involves significant financial commitment and prolonged exposure to maintenance costs. A seemingly attractive purchase can become expensive if parts are difficult to source or repairs take too long.
The industry must therefore recognise that customer care is not merely a cost centre. Properly managed, it can build loyalty, strengthen brand reputation, generate repeat business and encourage referrals.
The real test begins after payment
Nigeria does not need an automotive market in which businesses compete only to sell more vehicles. It needs one in which they also compete to keep customers satisfied long after the keys have been handed over.
The true measure of a brand is not simply how attractively it markets a vehicle or how efficiently it closes a sale. It is how responsibly it responds when the customer needs help most.
As competition intensifies, the companies that combine good products with reliable service, accessible parts and transparent customer support will have a stronger foundation for lasting success.
For buyers, the message is equally clear: look beyond the showroom, ask the difficult questions and compare the support behind the badge.
Buy the car. Demand the care.
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