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Floods, Cost of Transportation Fuel Inflation in October -NBS

National Bureau of Statistics (NBS) said Monday that the composite Consumer Price Index which measures inflation in Nigeria rose to 11.7 per cent year-on-year in October (compared to 11.3 percent in September) on account of the recent floods which impacted on transportation of food.
According to NBS, on a year-on-year basis, the relative moderation in the headline index in September was offset by the rising cost of food items during the period.
The statement from the agency said that “While the “Core” index continued its declining trend over the last few months, rising to 12.4 percent in October from 13.1 percent in September, the food index increased to 11.1 percent from 10.2 percent over the same period,”
“ Since its year on- year peak of 15.2 percent in June of this year, the Core index continues to exhibit a declining trend partially as a result of uncompromising monetary policy on the part of the Central Bank of Nigeria.” NBS also said.
The Headline Index is made up of the Core Index and Farm Produce items. As Processed Foods are included in both the Core and Food sub-indices, this implies that these sub-indices are not mutually-exclusive.
“On a monthly basis, the composite CPI was higher by 0.88 percent when compared with September 2012. In October, the Urban inflation rate was recorded at 15.3 percent year- on- year, while the Rural index recorded a 9.1 percent year-on-year increase, relatively unchanged from September. Both the Urban and Rural All Items index increased by approximately 0.9 percent month-on- month each, when compared with the previous month. The percentage change in the average composite CPI for the twelve-month period ending in October 2012 over the average of the CPI for the previous twelve-month period remained unchanged at 11.9 percent, while the corresponding 12- month year-on-year average percentage change for Urban and Rural indices was 13.5 percent and 10.8 percent respectively.”
In October, the composite Food Index increased year-on-year to 11.1 percent, 0.9 percentage points higher than 10.2 percent recorded in September.
On a month-on-month basis, the Food index increased by 1.0 percent in September.
The rise in the Food Index was mainly due to higher food prices in various classes lead by meat, fish, potatoes, yams and other tubers, fruits, bread and cereals as well as other foods.
While the impact of security concerns on agricultural production has eased significantly, the higher food prices continue to reflect the impact of recent floods on the production of farm produce, resulting difficulty of moving food products to markets across the country, coupled with higher demand for food items due to the just concluded Muslim festival.
News
UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.
The mission follows the high profile and well received state visit to the UK in March, which also included education engagements. Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.
The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.
In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.
In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.
British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.
“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”
“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”
DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”
DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.
News
Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu
In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.
The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.
The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.
News
Karex, World’s Top Condom Maker to Hike Prices due to Iran war

Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.
Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.
Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.
“The situation is definitely very fragile, prices are expensive… We have no choice but to transfer the costs right now to the customers,” Goh told Reuters.
Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.
Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.
The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.
“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.
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