General News
Nigeria’s Inflation Drop: Has Life Become Any Easier?
By Blaise Udunze
When the National Bureau of Statistics (NBS) yesterday announced that Nigeria’s inflation rate had dropped to 18.02 percent in September 2025, the news was met with official applause. Government officials hailed it as evidence that the economy is recovering. Yet, for the millions of Nigerians struggling to buy food, pay rent, or fuel their generators, the question remains painfully simple: has life become any easier? The answer, for most Nigerians, is no.
Inflation has long been one of Nigeria’s most stubborn economic afflictions that has been eroding purchasing power, distorting markets, and deepening poverty. The recent “decline” in inflation has not eased the everyday hardship of ordinary people. Prices are still rising, incomes remain stagnant, and hope for relief feels distant.
Nigeria’s inflation is fundamentally cost-push in nature, not demand-driven. Rising energy prices, unstable foreign exchange, high transport costs, and insecurity in food-producing regions continue to fuel cost increases across all sectors. The removal of fuel subsidies and the floating of the naira, though intended to restore fiscal discipline, have instead unleashed a new wave of inflationary pain. Each naira devaluation has made imports costlier, and with Nigeria’s heavy dependence on imported food, fuel, and raw materials, the consequences are devastating for consumers.
This disconnect between the headline figures and the lived reality has deepened public distrust. Many Nigerians believe official inflation data do not reflect the economic pain they face daily. Critics, including the International Monetary Fund (IMF), have flagged weaknesses in Nigeria’s inflation measurement system: outdated expenditure weights dating back to 2003/2004, poor representation of the informal sector, and underweighted essentials like food and energy. Because the Consumer Price Index (CPI) is infrequently rebased, it often lags behind real market conditions, which makes the official inflation rate appear lower than what citizens actually experience.
Independent trackers such as the “Jollof Index,” which measures the cost of cooking a basic Nigerian meal, consistently show higher inflation than the NBS reports. To most households, this is not a debate about methodology but about survival. A N1,000 note that once covered dinner now barely buys a few milk cups of rice. A civil servant’s salary, unchanged for years, has lost more than half its value. The supposed inflation “drop” is deceptive to those whose plates are emptier and whose transport costs have tripled.
Inflation has been a recurring symptom of Nigeria’s economic fragility since the return to democracy in 1999. Under Olusegun Obasanjo (1999-2007), inflation briefly spiked to 28 percent but eventually stabilized at single digits through reforms and debt relief. Umaru Musa Yar’Adua (2007-2010) faced steady price rises amid Niger Delta unrest and weak policy continuity. Goodluck Jonathan (2010-2015) managed to keep inflation moderate, averaging about 10 percent, helped by oil windfalls and tighter monetary policy. However, under Muhammadu Buhari (2015-2023), inflation more than doubled, peaking above 21 percent as recession, currency crises, and supply shocks battered the economy. The current administration of Bola Tinubu (2023-present) has witnessed the sharpest surge yet, which was above 34 percent in late 2024, as this was driven by subsidy removal, naira float, and imported inflation. Though the official rate now claims to have fallen to 18.02 percent after statistical rebasing, Nigerians still endure the steepest cost-of-living crisis in the nation’s history.
Across these 24 years of democratic governance, the pattern is unmistakable, showing that Nigeria’s inflation is structural, not cyclical. It is rooted in weak productivity, fiscal indiscipline, policy inconsistency, and dependence on imports. While numbers fluctuate, the hardship remains constant. Inflation may fall on paper, but it never leaves the market stalls, the bus parks, or the kitchens of ordinary Nigerians.
Efforts by the Central Bank of Nigeria (CBN) to fight inflation through higher interest rates have achieved little because monetary tools alone cannot fix structural weaknesses. The way forward demands a broader agenda through reviving domestic production, securing farmlands, stabilizing the foreign exchange market, curbing fiscal leakages, and reforming energy and transport infrastructure to cut costs. Until then, inflation data will continue to serve as statistical comfort in an economic storm.
Inflation is not just a number; it is a mirror of national mismanagement. For now, Nigerians have learned to distrust figures that contradict the evidence of their daily struggles. A fall to 18.02 percent may please policymakers and investors, but it changes nothing for the teacher whose salary buys less each month or the parents who must choose between school fees and food.
Economic recovery is not when inflation falls; it’s when Nigerians can afford to live again, not living impoverished.
The latest World Bank Nigeria Development Update delivers a chilling verdict, as 139 million Nigerians, over half of the nation’s population, are said to be living in poverty. The report, titled “From Policy to People: Bringing the Reform Gains Home,” praises Nigeria’s bold macroeconomic reforms but warns that the gains have yet to trickle down to the people.
Poverty in Nigeria is not just growing; it’s metastasizing. The World Bank’s 139 million estimate translates to roughly six in ten Nigerians living below the poverty line.
The numbers are stark. The implications are severe. And the solutions will require more than incremental policy tweaks. What the nation is witnessing is an emergency, one that demands bold leadership, systemic change, and national resolve.
Despite measurable progress on paper indicating improved revenue inflows, a more stable foreign exchange market, and the easing of inflationary pressures, the truth in the streets tells a very different story. Nigeria today sits at a troubling crossroads where official statistics clash with the bitter truth of daily survival. Each month, the National Bureau of Statistics (NBS) releases inflation figures suggesting a country “stabilising.” Yet in the kitchens of Lagos, in the weary sighs of market women, and in the hollowed eyes of hungry children, a harsher reality unfolds, which is that empty pots don’t lie. Hunger, not percentages, is Nigeria’s truest inflation index.
Contrary to the promise by this administration of sweeping reforms to “reset” the economy, they unleashed an economic storm that continues to batter households. A bag of rice that sold for N35,000 two years ago now costs between N70,000 and N90,000. A crate of eggs has jumped from N1,200 to N6,200. Tomatoes, garri, and pepper, which are staples of everyday life, have drifted beyond the reach of ordinary Nigerians.
This statistical adjustment may appear elegant on paper, but for millions who now spend 70 to 80 percent of their income on food, such figures are not just implausible; they’re insulting. Nigeria may have changed its base year, but it hasn’t changed the harsh arithmetic of survival.
Until the supposed recovery begins to show up in the kitchen, the market, and the wallet, the fall in inflation will remain what it truly is a statistical victory and a national deceit.
Again, we must understand that economic recovery is not when inflation falls; it’s when Nigerians can afford to live again.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]
General News
PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme
PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.
The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.
Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.
The initiative forms part of PalmPay’s ongoing efforts to advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.
The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.
Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.
Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”
As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.
PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.
President Bola Tinubu has appointed Dr Obi Adigwe as the National Coordinator of the newly established National Health Technology and Data Analytics Office (NHTDAO).
President Bola Tinubu
The appointment was announced in a statement issued on Friday.
The office, which will be domiciled in the Office of the Coordinating Minister of Health and Social Welfare, is expected to serve as the national coordination platform for Nigeria’s digital health system.
According to the statement, the NHTDAO will complement the work of existing health institutions by promoting coordination and interoperability across public and private healthcare systems, rather than replacing existing agencies.
It said the office would also drive the implementation of the National Digital Health Architecture approved by the National Council on Health in November 2025.
The statement said the initiative formed part of the Federal Government’s efforts to strengthen a secure, technology-driven and data-enabled healthcare system capable of improving service delivery nationwide.
Adigwe, who currently serves as the Director-General of the National Institute for Pharmaceutical Research and Development (NIPRD), has led several initiatives in science, pharmaceutical research, technology transfer and artificial intelligence.
He also coordinated major research funding initiatives, including a ¥300 million nanotechnology grant and an €18 million European Union research grant, while supporting the establishment of Africa’s first Active Pharmaceutical Ingredient (API) training facility through support from Afreximbank.
The statement said the new office would be guided by a steering committee co-chaired by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, and the Chairman of the Nigerian Economic Summit Group, Mr Olaniyi Yusuf.
Other members of the committee include the Minister of State for Health, Dr Iziaq Adekunle Salako; senior officials of the Federal Ministry of Health and Social Welfare; representatives of the National Information Technology Development Agency (NITDA); and heads of key health agencies, including the National Primary Health Care Development Agency (NPHCDA) and the National Health Insurance Authority (NHIA).
The committee will also include representatives of state commissioners for health from the six geopolitical zones, as well as industry and community stakeholders.
The Federal Government expressed optimism that the office would strengthen coordination across the health sector, accelerate digital transformation and improve healthcare delivery in line with the Renewed Hope Agenda.
The Gathering on 100 made its latest stop in Enugu over the weekend, bringing together hundreds of young Nigerians for a day of networking, fun, entertainment, and business opportunities.
The event, previously held in Lagos and Aba, arrived in Enugu as the city gains recognition as one of Nigeria’s emerging innovation and startup hubs. Recent ecosystem reports rank Enugu among the country’s leading startup cities. The South-East region now accounts for more than half of identified startups across the South-East and South-South, highlighting the region’s growing role in Nigeria’s entrepreneurial landscape.
A major highlight of the Enugu edition was the Pitch-a-thon competition, where three entrepreneurs received a combined ₦5 million in grants to support their business growth. More than 100 entrepreneurs applied for the competition, with 10 finalists selected to pitch before a panel of judges. At the end of the contest, Velas Global Nutrition Limited emerged as the overall winner, securing ₦2.5 million. Werxio, founded by Donatus Prince, received ₦1.5 million, while Whipcare Company was awarded ₦1 million.
These grants address a persistent funding challenge. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the country is home to over 39 million MSMEs, contributing nearly half of Nigeria’s Gross Domestic Product and accounting for about 84 per cent of employment nationwide. Despite this, access to finance remains a significant obstacle to business growth.
For Chizoba Osuji, founder of Velas Global Nutrition Limited, the funding facilitates the expansion of a business built on years of research. Her company processes indigenous crops into shelf-stable blends, supporting nutrition and local women smallholder farmers. “This is motivation to keep making Nigerians healthier through better food,” she remarked, noting the grant will fund semi-automated equipment to increase production capacity to 20 tonnes monthly.
She added that the ₦2.5 million grant would be used to acquire semi-automated equipment capable of increasing production capacity to about 20 tonnes monthly. Beyond increasing output, the expansion is expected to create additional opportunities for women smallholder farmers across the South-East who supply many of the raw materials used by the company.
Speaking on the initiative, MTN’s Regional General Manager (Sales), Callima Inino, represented by Peter Kajovo, said The Gathering on 100 was designed to provide young Nigerians with platforms to connect, learn, showcase their talents and access opportunities that can help them grow.“We want to encourage youths to live their best lives and have fuller expressions of themselves,” he said.
As the Enugu edition concludes, the energy of the South-East’s startup scene remains evident. The Gathering on 100 continues its nationwide tour, connecting more young founders with the visibility and support they need. Stay tuned to discover where the tour will land next as it moves to its next exciting location.
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