Nigeria’s inflation rate slightly eased in April 2025, but fresh data from the National Bureau of Statistics (NBS) reveals that Abuja and 10 other states continue to grapple with inflation rates above 30%, signaling persistent economic hardship across much of the country.
According to the NBS’s latest Consumer Price Index (CPI) report, headline inflation slowed to 23.71% year-on-year in April, down from 24.23% in March and significantly lower than 33.69% recorded in April 2024. On a monthly basis, inflation also moderated to 1.86%, from 3.90% in March—reflecting a decline in the rate of price increases.
Yet this national average belies more severe state-level pressures. The report shows that Enugu, Kebbi, Niger, Benue, Ekiti, Nasarawa, Zamfara, Delta, Gombe, and Sokoto—as well as the Federal Capital Territory—each posted inflation above 30%, far outpacing the national figure.
State-by-State Breakdown
- Enugu posted the highest inflation at 36.0% year-on-year, with a steep 12.3% month-on-month increase.
- Kebbi followed with 35.1%, driven largely by rising food prices, which surged 33.8% year-on-year.
- Niger experienced a 34.8% inflation rate, with the sharpest monthly jump at 14.7%.
- Benue recorded 34.3%, with food inflation hitting a staggering 51.8%—a consequence of ongoing insecurity in the region.
- Ekiti and Nasarawa reported inflation rates of 34.0% and 33.3%, respectively, with both experiencing double-digit monthly increases.
- Zamfara recorded 33.2%, while Delta and Gombe saw inflation at 31.9% and 31.0%, respectively.
- Sokoto reported a 30.5% inflation rate, with a dramatic 16.3% month-on-month rise.
- The FCT Abuja registered 32.9%, though food inflation in the capital fell slightly to 22.2% year-on-year.
These figures reflect deep regional disparities and highlight that many households remain under intense financial pressure despite the national slowdown.
Food Prices a Major Driver
Food inflation, a critical issue for Nigerian households, slowed nationally to 21.26% year-on-year in April, down sharply from 40.53% in April 2024. This drop is attributed to changes in the base year and declining prices of staples such as maize flour, yam flour, and beans. However, in states like Benue, Ekiti, and Kebbi, food inflation remains alarmingly high, with year-on-year increases exceeding 30%.
MSMEs: “No Relief Yet”
Despite the headline slowdown, Micro, Small, and Medium Enterprises (MSMEs) report no tangible improvement. Dr. Femi Egbesola, National President of the Association of Small Business Owners of Nigeria, said that operating costs remain high and consumer demand weak.
“Input costs are still high, and access to credit is limited. The drop in inflation offers hope, but we are not seeing it in business performance,” he noted.
The Organised Private Sector of Nigeria and the Nigerian Association of Small-Scale Industrialists also expressed skepticism. “The decline is too small to make a difference,” said Segun Kuti-George, Vice President of NASSI. “Prices of basic raw materials are still climbing.”
LCCI: No Reason to Celebrate
The Lagos Chamber of Commerce and Industry (LCCI) downplayed the significance of the 0.52% drop, with its President, Gabriel Idahosa, calling it “statistically insignificant.”
“There’s no real impact yet. We need sustained, broader drops in inflation to see change,” Idahosa said. He added that transport costs—especially the transition to electric and CNG-powered vehicles—would play a key role in easing inflation in the coming months.
Core Inflation and Outlook
Core inflation (excluding food and energy) also eased to 23.39% year-on-year, down from 26.84% in April 2024. Month-on-month, it dropped to 1.34% from 3.73% in March.
However, energy prices surged 13.6% month-on-month, and services inflation remained high at 2.20%.
World Bank Forecast
Despite the challenging outlook, the World Bank projects that Nigeria’s inflation will average 22.1% in 2025. The forecast, included in its latest Nigeria Development Update, attributes this to the Central Bank of Nigeria’s sustained monetary tightening aimed at stabilising prices and restoring confidence.
Key inflation drivers identified include the fuel subsidy removal, currency unification, energy costs, and food supply disruptions.
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