Despite a slight drop in Nigeria’s overall inflation rate, at least 10 states and the Federal Capital Territory recorded inflation levels above 30 per cent in April, according to the latest data from the National Bureau of Statistics.
The Consumer Price Index report released by the NBS on Wednesday showed that Nigeria’s headline inflation eased to 23.71 per cent in April 2025, down from 24.23 per cent in March and 33.69 per cent in April 2024.
The NBS noted, “In April 2025, the Headline inflation rate eased to 23.71 per cent relative to the March 2025 headline inflation rate of 24.23 per cent. This indicates a decrease of 0.52 percentage points. Year-on-year, it dropped by 9.99 percentage points from April 2024’s rate of 33.69 per cent.”
On a month-to-month basis, inflation also slowed to 1.86 per cent in April, compared to 3.90 per cent in March, indicating a slower rise in the cost of goods and services nationwide.
However, the situation was more severe in some states. Enugu State recorded the highest inflation rate in the country at 36.0 per cent. This included a 12.3 per cent month-on-month rise and a food inflation rate of 24.4 per cent, which rose by 3.9 per cent.
Kebbi followed closely with 35.1 per cent year-on-year inflation and a 5.4 per cent increase from the previous month. Its food inflation stood at 33.8 per cent.
In Niger State, the inflation rate reached 34.8 per cent year-on-year, with a sharp 14.7 per cent month-on-month jump — the highest recorded. Food inflation there was 24.3 per cent, rising by 5.7 per cent.
Benue State faced a troubling picture with food inflation jumping to 51.8 per cent year-on-year. The overall inflation rate in Benue was 34.3 per cent, with food prices rising by a massive 25.6 per cent in just one month. The high food prices in the state have been linked to persistent insecurity.
Other states with inflation above 30 per cent include Ekiti (34.0 per cent), Nasarawa (33.3 per cent), Zamfara (33.2 per cent), Delta (31.9 per cent), Gombe (31.0 per cent), and Sokoto (30.5 per cent). The Federal Capital Territory, Abuja, also had a rate of 32.9 per cent.
Urban inflation remained higher than rural rates at 24.29 per cent year-on-year, while rural inflation stood at 22.83 per cent. The national food inflation rate dropped sharply to 21.26 per cent in April, down from 40.53 per cent in April 2024. Month-on-month, food inflation slightly reduced to 2.06 per cent in April from 2.18 per cent in March.
The NBS attributed the drop in food inflation partly to falling prices of staple foods like maize flour, wheat grain, dried okra, yam flour, soybeans, rice and various beans. The average food inflation rate for the past 12 months stood at 31.43 per cent.
Core inflation, which excludes food and energy prices, dropped to 23.39 per cent in April from 26.84 per cent a year earlier. Month-on-month, it fell to 1.34 per cent from 3.73 per cent in March.
Despite the figures, business leaders say the improvement has not eased pressure on companies and households.
Dr Femi Egbesola, President of the Association of Small Business Owners of Nigeria, said, “The marginal drop in Nigeria’s inflation rate is a welcome development on the surface, but for MSMEs, the impact is yet to be truly felt. Input costs are still high, consumer purchasing power remains weak, and access to affordable financing is limited.”
He called on the government to support small businesses with tax reliefs, access to credit, and market support. “Until these gains are sustained over time and translate into lower operating costs and improved consumer demand, the MSME sector will remain under significant strain,” he said.
Chairman of the Organised Private Sector of Nigeria, Dele Oye, also said, “Our members have not felt the impact. Too early to comment on the report.”
Segun Kuti-George, Vice President of the Nigerian Association of Small-Scale Industrialists, said the decline was too small to matter. “The decrease in change is too little for any meaningful or noticeable impact. Prices of basic raw materials are still maintaining an upward trend. Therefore, we are very far from Uhuru.”
The Lagos Chamber of Commerce and Industry described the 0.52 per cent drop as insignificant. Speaking with The PUNCH, the LCCI President, Gabriel Idahosa, said, “This is nothing significant statistically or even in terms of impact on all of the economic metrics. If anything, the current interpretation is that inflation has remained flat.”
He added, “There’s no reason to rejoice. There is just reason to be hopeful that what has started as a signal will begin to manifest in terms of a larger drop in inflation rates month-on-month.”
Idahosa explained that unless transport costs go down, especially with more use of electric and compressed natural gas vehicles, inflation will likely remain high.
He also warned that April’s numbers do not suggest interest rates will drop anytime soon. “There is no reason to expect any significant drop in interest rates,” he said.
The World Bank, in its latest Nigeria Development Update report, predicted that inflation will average 22.1 per cent in 2025. The bank said this was due to the Central Bank’s tight monetary policies and efforts to stabilise prices.
It pointed out that the high inflation in recent years was caused by the removal of fuel subsidies, exchange rate changes, rising energy and transport costs, and repeated food supply problems.
However, it noted that the Central Bank’s policies are starting to take effect, and inflation should continue to ease as the year progresses.
