The National Bureau of Statistics (NBS) has released its Consumer Price Index report for April 2025, revealing a slight easing in Nigeria’s overall inflation rate. The headline inflation rate has moderated to 23.71% year-on-year, down from 24.23% in March and significantly lower than the 33.69% recorded in April 2024.
On a month-to-month basis, inflation dropped to 1.86% in April, compared to 3.90% in March, indicating a slowdown in price increases across consumer goods and services. The Consumer Price Index rose to 119.52 in April, reflecting a 2.18-point increase from the previous month.
However, despite this overall easing, ten states and the Federal Capital Territory (FCT) have reported inflation rates exceeding 30%, highlighting persistent price pressures in various regions. Urban inflation remains high at 24.29%, while rural inflation is recorded at 22.83%.
States such as Enugu, Kebbi, and Niger are experiencing particularly alarming inflation rates. Enugu has the highest headline inflation at 36.0%, with food inflation at 24.4%. Kebbi follows closely with an all-items inflation rate of 35.1%, and Niger has surged to 34.8%.
Food inflation remains a significant concern, particularly in states like Benue, where it reached 51.8% year-on-year. This spike is largely attributed to ongoing insecurity in the region, which disrupts agricultural production and supply chains.
Despite the slight national decline in inflation, many small and medium-sized enterprises (SMEs) are yet to feel its impact. Leaders from various business associations have expressed that high input costs and weak consumer purchasing power continue to strain their operations.
The Lagos Chamber of Commerce and Industry has labeled the April inflation rate as unremarkable, urging the government to implement effective policies to address the underlying issues.
As inflationary pressures persist, businesses are calling for targeted support from the government, including tax relief and access to low-interest credit. The World Bank projects Nigeria’s inflation rate to average 22.1% in 2025, indicating a potential easing of pressures if current monetary policies remain in place.
